Business
NorthEast Community Bancorp, Inc. Reports Results for the Quarter and Year Ended March 31, 2022
WHITE PLAINS, N.Y., April 27, 2022 (GLOBE NEWSWIRE) -- NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of
About this update from Northeast Community Bancorp, Inc.
[{"type":"text","content":"WHITE PLAINS, N.Y., April 27, 2022 (GLOBE NEWSWIRE) -- NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), reported net income of $3.6 million, or $0.23 per basic and diluted common share, for the quarter ended March 31, 2022 compared to net income of $3.2 million, or $0.20 per basic and diluted common share, for the quarter ended March 31, 2021. Kenneth A. Martinek, NorthEast Community Bancorp’s Chairman of the Board and Chief Executive Officer, stated “We are pleased to report a strong start to 2022, with net income of $3.6 million for the first quarter due to the strong performance of our loan portfolio and no loans past due or in foreclosure at March 31, 2022. Despite the continuing COVID-19 pandemic, loan demand remained strong with originations and outstanding commitments increasing quarter over quarter. Our commitments, loans-in-process, and standby letters of credit outstanding totaled $838.1 million at March 31, 2022 compared to $749.0 million at December 31, 2021. At this time, we have no loans on deferral as a result of the COVID-19 pandemic. As has been in the past, construction lending for affordable housing units in high demand high absorption areas continues to be our focus.” Highlights for the three months ended and at March 31, 2022 are as follows: Net income increased by $400,000, or 12.3%, for the quarter ended March 31, 2022 compared to the same period in the prior year.Net interest income increased by $1.6 million, or 15.2%, for the quarter ended March 31, 2022 compared to the same period in 2021.Asset quality metrics continued to remain strong with non-performing assets to total assets of 0.16% at March 31, 2022 and at December 31, 2021. Our allowance for loan losses totaled $5.3 million, or 0.53% of total loans at March 31, 2022 compared to $5.2 million, or 0.54% of total loans at December 31, 2021.In accordance with the provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) since March 2020, we granted pandemic-related loan payment deferrals to 196 loans totaling $190.9 million at the time payment deferral was requested. At March 31, 2022, we had no loans in deferral status. Balance Sheet SummaryTotal assets increased by $56.3 million, or 4.6%, to $1.3 billion at March 31, 2022, from $1.2 bil...