Business
NorthEast Community Bancorp, Inc. Reports Results for the Three and Nine Months Ended September 30, 2022
WHITE PLAINS, N.Y., Oct. 28, 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., Oct. 28, 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 $7.5 million and $16.6 million, or $0.49 and $1.07 per basic and diluted common share, for the three months and nine months ended September 30, 2022 compared to 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. Kenneth A. Martinek, NorthEast Community Bancorp’s Chairman of the Board and Chief Executive Officer, stated “We are pleased to report another quarter of strong earnings due to the strong performance of our loan portfolio. Despite the continuing COVID-19 pandemic and the recent increase in interest rates, 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 $1.1 billion at September 30, 2022 compared to $749.0 million at December 31, 2021. The performance of our loan portfolio remains strong with no non-accrual loans and one fully charged-off loan which was previously disclosed and remains in foreclosure at September 30, 2022. 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 and nine months ended September 30, 2022 are as follows: Net income increased by $6.8 million and $8.9 million, or 933.2% and 115.4%, for the three months and nine months ended September 30, 2022 compared to the same periods in the prior year.Net interest income increased by $6.6 million and $11.3 million, or 60.0% and 35.7%, for the three months and nine months ended September 30, 2022 compared to the same periods in 2021.Asset quality metrics continued to remain strong with non-performing assets to total assets of 0.14% and 0.16% at September 30, 2022 and at December 31, 2021. Our allowance for loan losses totaled $5.5 million, or 0.49% of total loans at September 30, 2022 compared to $5.2 million, or 0.54% of total loans at December 31, 2021. Balance Sheet SummaryTotal assets increased by $59.8 mi...