Business
CORRECTING and REPLACING: Northeast Community Bancorp, Inc. Reports Results for the Quarter Ended September 30, 2021
WHITE PLAINS, N.Y., Nov. 02, 2021 (GLOBE NEWSWIRE) -- The basic and diluted earnings per common share in the first paragraph should read $0.19 and $0.55for
About this update from Northeast Community Bancorp, Inc.
[{"type":"text","content":"WHITE PLAINS, N.Y., Nov. 02, 2021 (GLOBE NEWSWIRE) -- The basic and diluted earnings per common share in the first paragraph should read $0.19 and $0.55for the three and nine months ended September 30, 2020, respectively. NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), has determined that the basic and diluted earnings per common share amounts for the three and nine months ended September 30, 2020 were incorrectly reported as $0.26 and $0.74, respectively, in the first paragraph of the earnings release that it issued on October 29, 2021. The corrected basic and diluted earnings per common share amounts for the three and nine months ended September 30, 2020, which were disclosed correctly in the financial tables included in the earnings release, were $0.19 and $0.55, respectively. The basic and diluted earnings per common share amounts for the three and nine months ended September 30, 2020 were reported incorrectly in the first paragraph of the earnings release because the underlying number of outstanding shares of Company common stock had not been restated to give retroactive recognition to the 1.3400 exchange ratio applied in the Company’s second-step conversion offering. The corrected release reads in its entirety as follows: NORTHEAST COMMUNITY BANCORP, INC. REPORTS RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2021 NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), reported net income of $730,000 and $7.7 million, or $0.05 and $0.48 per basic and diluted common share, for the three months and nine months ended September 30, 2021, respectively, compared to net income of $3.1 million and $8.9 million, or $0.26 and $0.74 per basic and diluted common share, for the three months and nine months ended September 30, 2020, respectively. Kenneth A. Martinek, NorthEast Community Bancorp’s Chairman of the Board and Chief Executive Officer, stated “Although we generated net income of $730,000 for the quarter, we are pleased to report that the performance of our loan portfolio remains strong with no loans past due and in foreclosure at September 30, 2021. Throughout the COVID-19 pandemic, loan demand remained strong with originations and outstanding commitments increasing...