Business
NorthEast Community Bancorp, Inc. Reports Results for the Three and Six Months Ended June 30, 2023
WHITE PLAINS, N.Y., July 26, 2023 (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 26, 2023 (GLOBE NEWSWIRE) -- NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), reported net income of $11.1 million and $22.3 million, or $0.75 and $1.56 per basic and diluted common share, for the three months and six months ended June 30, 2023 compared to 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. 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 continued increases in interest rates during 2023, loan demand remained strong with originations and outstanding commitments remaining robust. 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, 2023 are as follows: Net income increased by $5.7 million and $13.3 million, or 105.6% and 147.1%, for the three months and six months ended June 30, 2023 compared to the same periods in the prior year.Net interest income increased by $10.5 million and $21.4 million, or 77.4% and 84.0%, for the three months and six months ended June 30, 2023 compared to the same periods in 2022.Our commitments, loans-in-process, and standby letters of credit outstanding totaled $815.8 million at June 30, 2023 compared to $948.7 million at December 31, 2022. Balance Sheet Summary Total assets increased by $190.7 million, or 13.4%, to $1.6 billion at June 30, 2023, from $1.4 billion at December 31, 2022. The increase in assets was primarily due to an increase in net loans of $175.2 million and an increase in cash and cash equivalents of $24.6 million, partially offset by a decrease in Federal Home Loan Bank advances of $7.0 million and a decrease in bank owned life insurance of $1.1 million. Cash and cash equivalents increased by $24.6 million, or 25.8%, to $119.9 million at June 30, 2023 from $95.3 million at December 31, 2022. The increase in cash and cash equivalents was a result of increases in deposits of $193.9 million, partially offset by a reduction in FHLB...