Business
NorthEast Community Bancorp, Inc. Reports Results for the Three and Six Months Ended June 30, 2022
WHITE PLAINS, N.Y., July 22, 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., July 22, 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 $5.4 million and $9.0 million, or $0.35 and $0.58 per basic and diluted common share, for the three months and six months ended June 30, 2022 compared to net income of $3.7 million and $7.0 million, or $0.23 and $0.43 per basic and diluted common share, for the three months and six months ended June 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 $879.0 million at June 30, 2022 compared to $749.0 million at December 31, 2021. The performance of our loan portfolio remains strong with only two non-residential loans secured by the same property to one borrower that are on non-accrual and in foreclosure due to a maturity default at June 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 six months ended June 30, 2022 are as follows: Net income increased by $1.7 million and $2.0 million, or 44.9% and 29.7%, for the three months and six months ended June 30, 2022 compared to the same periods in the prior year.Net interest income increased by $3.2 million and $4.7 million, or 30.5% and 22.8%, for the three months and six months ended June 30, 2022 compared to the same periods in 2021.Asset quality metrics continued to remain strong with non-performing assets to total assets of 0.23% and 0.16% at June 30, 2022 and at December 31, 2021. Our allowance for loan losses totaled $5.5 million, or 0.53% of total loans at June 30, 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, an...