Business
NorthEast Community Bancorp, Inc. Reports Results for the Quarter Ended September 30, 2021
WHITE PLAINS, N.Y., Oct. 29, 2021 (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., Oct. 29, 2021 (GLOBE NEWSWIRE) -- 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 quarter over quarter. Our commitments, loans-in-process, and standby letters of credit outstanding totaled $779.1 million as of September 30, 2021. At this time, we have two loans on deferral as a result of the COVID-19 pandemic, both with conservative loan to value ratios. As has been in the past, construction lending for affordable housing units in homogeneous high demand high absorption areas continues to be our focus.” Highlights for the three and nine months ended and at September 30, 2021 are as follows: During the nine months ended September 30, 2021, the Company recorded net income of $7.7 million, or $0.48 per basic and diluted share.Net interest income increased by $1.1 million, or 11.3%, for the three months ended September 30, 2021 compared to the same period in the prior year.Asset quality metrics continued to remain strong with non-performing assets to total assets of 0.18% as of September 30, 2021 compared to 0.58% as of December 31, 2020. Our allowance for loan losses totaled $5.2 million, or 0.58% of total loans as of September 30, 2021 compared to $5.1 million, or 0.62% of total loans as of September 30, 2020.In accordance with the provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) since March 2020, we have granted pandemic-related loan payment deferrals to 196 loans totaling $190.9 million at th...