NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”),
the parent holding company of NorthEast Community Bank (the
“Bank”), reported net income of $12.1 million and $46.3 million, or
$0.82 and $3.32 per basic and diluted common share, for the fourth
quarter and for the year ended December 31, 2023, respectively,
compared to net income of $8.3 million and $24.8 million, or $0.54
and $1.61 per basic common share and $0.54 and $1.58 per diluted
common share for the fourth quarter and for the year ended December
31, 2022, respectively.
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 high interest rate
environment 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 fourth quarter and the year ended December
31, 2023 are as follows:
- Net income increased by $3.8
million and $21.4 million, or 46.4% and 86.3%, respectively, for
the three months and year ended December 31, 2023 compared to the
same periods in the prior year.
- Net interest income increased by
$4.3 million and $33.3 million, or 20.3% and 52.2%, respectively,
for the three months and year ended December 31, 2023 compared to
the same periods in 2022.
- Our commitments, loans-in-process,
and standby letters of credit outstanding totaled $728.1 million at
December 31, 2023 compared to $948.7 million at December 31,
2022.
Balance Sheet Summary
Total assets increased by $339.2 million, or 23.8%, to $1.8
billion at December 31, 2023, from $1.4 billion at December
31, 2022. The increase in assets was primarily due to an increase
in net loans of $369.6 million, partially offset by decreases in
cash and cash equivalents of $26.6 million and securities
held-to-maturity of $10.5 million.
Cash and cash equivalents decreased by $26.6 million, or 27.9%,
to $68.7 million at December 31, 2023 from $95.3 million
at December 31, 2022. The decrease in cash and cash equivalents was
a result of an increase of $369.6 million in net loans and stock
repurchases of $28.7 million, partially offset by an increase in
deposits of $278.1 million, an increase in borrowings of $43.0
million and a decrease in securities held-to-maturity of $10.5
million.
Equity securities increased by $61,000, or 0.3%, to $18.1
million at December 31, 2023 from $18.0 million at December 31,
2022. The increase in equity securities was attributable to market
appreciation of $61,000 due to market interest rate volatility
during the year ended December 31, 2023.
Securities held-to-maturity decreased by $10.5 million, or
39.9%, to $15.9 million at December 31, 2023 from $26.4 million at
December 31, 2022 due to the maturity of $10.0 million in U.S.
Treasury holdings, the establishment of $137,000 in an allowance
for credit losses for held-to-maturity securities, and to
maturities and pay-downs of various investment securities.
The allowance for credit losses for held-to-maturity securities
totaling $137,000 was established pursuant to the adoption in 2023
of the current expected credit losses model (“CECL”) on
held-to-maturity investment securities loss exposures. In this
regard, we recognized a one-time credit of $132,000 due to the
adoption of CECL at January 1, 2023 and a credit loss expense
totaling $5,000 during the year ended December 31, 2023.
Loans, net of the allowance for credit losses, increased by
$369.6 million, or 30.5%, to $1.6 billion at December 31, 2023
from $1.2 billion at December 31, 2022. The increase in loans,
net of the allowance for credit losses, was primarily due to loan
originations of $815.8 million during the year ended December 31,
2023, consisting primarily of $703.4 million in construction loans
with respect to which approximately 38.4% of the funds were
disbursed at loan closings, with the remaining funds to be
disbursed over the terms of the construction loans. In addition,
during the year ended December 31, 2023, we originated $70.7
million in multi-family loans, $26.6 million in commercial and
industrial loans, $11.3 million in mixed-use loans, and $3.8
million in non-residential loans.
Loan originations during 2023 resulted in a net increase of
$288.8 million in construction loans, $75.5 million in multi-family
loans, $7.7 million in mixed-use loans, $1.0 million in commercial
and industrial loans, and $694,000 in consumer loans. The increase
in our loan portfolio was partially offset by decreases of $4.2
million in non-residential loans, and $215,000 in residential
loans, coupled with normal pay-downs and principal reductions.
The allowance for credit losses related to loans decreased to
$5.1 million as of December 31, 2023 from $5.5 million as of
December 31, 2022. The decrease in the allowance for credit losses
related to loans was due to a one-time decrease of $1.6 million due
to the adoption of CECL at January 1, 2023 and charge-offs of
$312,000, partially offset by provision for credit losses totaling
$1.5 million.
Premises and equipment decreased by $611,000, or 2.3%, to $25.5
million at December 31, 2023 from $26.1 million at December 31,
2022 primarily due to the depreciation of fixed assets.
Investments in Federal Home Loan Bank stock decreased by
$309,000, or 25.0%, to $929,000 at December 31, 2023 from $1.2
million at December 31, 2022 due primarily to the mandatory
redemption of Federal Home Loan Bank stock in connection with the
maturity of $7.0 million in advances in 2023.
Bank owned life insurance (“BOLI”) decreased by $814,000, or
3.1%, to $25.1 million at December 31, 2023 from $25.9 million at
December 31, 2022 due to two death claims totaling $1.8 million on
BOLI policies, partially offset by increases in the BOLI cash
value.
Accrued interest receivable increased by $3.7 million, or 43.2%,
to $12.3 million at December 31, 2023 from $8.6 million at December
31, 2022 due to an increase in the loan portfolio and interest rate
increases in 2023 that resulted in an increase in the interest
rates on loans in our construction loan portfolio.
The agreement to sell all of the Bank’s assets relating to
Harbor West Wealth Management Group to a third party was executed
in December 2023, with the transaction closing in January 2024. As
a result, goodwill decreased to zero at December 31, 2023 from
$200,000 at December 31, 2022.
Foreclosed real estate was $1.5 million at both December 31,
2023 and December 31, 2022.
Right of use assets — operating increased by $2.3 million, or
97.5%, to $4.6 million at December 31, 2023 from
$2.3 million at December 31, 2022, primarily due to the
leasing of additional space to support the current and anticipated
future operations of the Company.
Other assets increased by $2.7 million, or 50.7%, to
$8.0 million at December 31, 2023 from $5.3 million at
December 31, 2022 due to an increase in tax assets of $2.2 million
and an increase in suspense accounts of $484,000.
Total deposits increased by $278.1 million, or 24.8%, to
$1.4 billion at December 31, 2023 from $1.1 billion at
December 31, 2022. The increase in deposits was due to the Bank
offering competitive interest rates to attract deposits. This
resulted in a shift in deposits whereby certificates of deposit
increased by $378.1 million, or 98.5% and NOW/money market
accounts increased by $57.4 million, or 65.1%, partially offset by
decreases in savings account balances of $81.2 million, or 29.7%,
and non-interest bearing demand deposits of $76.1 million, or
20.2%.
Federal Home Loan Bank advances decreased by $7.0 million, or
33.3%, to $14.0 million at December 31, 2023 from
$21.0 million at December 31, 2022 due to the maturity of
borrowings in 2023. Federal Reserve Bank borrowings increased to
$50.0 million at December 31, 2023 from no such borrowings
outstanding at December 31, 2022.
Advance payments by borrowers for taxes and insurance decreased
by $349,000, or 14.7%, to $2.0 million at December 31, 2023 from
$2.4 million at December 31, 2022 due primarily to remittance of
real estate tax payments for our borrowers.
Lease liability – operating increased by $2.3 million, or 95.7%,
to $4.6 million at December 31, 2023 from $2.4 million at December
31, 2022, primarily due to the leasing of additional space to
support the current and anticipated future operations of the
Company.
Accounts payable and accrued expenses decreased by $1.2 million,
or 8.1%, to $13.6 million at December 31, 2023 from $14.8 million
at December 31, 2022 due primarily to a decrease in suspense
accounts for loan closings of $2.7 million and a decrease in
accounts payable of $132,000, partially offset by increases in the
allowance for credit losses for off-balance sheet commitments of
$1.0 million, deferred compensation of $102,000, accrued interest
expense of $102,000, and accrued expense of $89,000.
The allowance for credit losses for off-balance sheet
commitments was $1.0 million at December 31, 2023 due to a one-time
credit of $1.6 million resulting from the adoption of CECL at
January 1, 2023, partially offset by a credit loss expense
reduction totaling $548,000 during the year ended December 31,
2023.
Stockholders’ equity increased by $17.3 million, or 6.6% to
$279.3 million at December 31, 2023, from $262.0 million
at December 31, 2022. The increase in stockholders’ equity was due
to net income of $46.3 million for the year ended December 31,
2023, $1.7 million in the amortization of restricted stock and
stock options granted under the Company’s 2022 Equity Incentive
Plan, a reduction of $869,000 in unearned employee stock ownership
plan shares coupled with an increase of $445,000 in earned employee
stock ownership plan shares, and $161,000 in other comprehensive
income, partially offset by stock repurchases totaling $28.7
million, dividends paid and declared of $3.3 million, and a
one-time adjustment to retained earnings of $99,000 due to the
adoption of CECL.
Net Interest Income
Net interest income totaled $25.2 million for
the three months ended December 31, 2023, as compared to
$20.9 million for the three months ended December 31,
2022. The increase in net interest income of $4.3 million, or
20.3%, was primarily due to an increase in interest income offset
by an increase in interest expense.
The increase in interest income is attributable to increases in
the average balances of loans and interest-bearing deposits,
partially offset by decreases in the average balances of investment
securities and FHLB stock. The increase in interest income is also
attributable to a rising interest rate environment due to the
Federal Reserve’s interest rate increases in the past year.
The increase in market interest rates in the past year also
caused an increase in our interest expense. As a result, the
increase in interest expense for the three months ended December
31, 2023 was due to an increase in the cost of funds on our
deposits and borrowed money. The increase in interest expense was
also due to an increase in the average balances on our certificates
of deposits, our interest-bearing demand deposits, and our borrowed
money, offset by a decrease in the average balances on our savings
and club deposits.
Total interest and dividend income increased by $12.6 million,
or 51.5%, to $37.1 million for the three months ended December 31,
2023 from $24.5 million for the three months ended December 31,
2022. The increase in interest and dividend income was due to an
increase in the average balance of interest earning assets of
$401.8 million, or 31.9%, to $1.7 billion for the three months
ended December 31, 2023 from $1.3 billion for the three months
ended December 31, 2022 and an increase in the yield on interest
earning assets by 116 basis points from 7.77% for the three months
ended December 31, 2022 to 8.93% for the three months ended
December 31, 2023.
Interest expense increased by $8.4 million, or 234.9%, to $11.9
million for the three months ended December 31, 2023 from $3.6
million for the three months ended December 31, 2022. The increase
in interest expense was due to an increase in the cost of interest
bearing liabilities by 213 basis points from 2.01% for the three
months ended December 31, 2022 to 4.14% for the three months ended
December 31, 2023 and an increase in average interest bearing
liabilities of $443.8 million, or 62.8%, to $1.2 billion for the
three months ended December 31, 2023 from $707.0 million for the
three months ended December 31, 2022.
Net interest margin decreased by 58 basis points, or 8.7%,
during the three months ended December 31, 2023 to 6.06% compared
to 6.64% during the three months ended December 31, 2022.
Net interest income totaled $97.2 million for the year ended
December 31, 2023 as compared to $63.9 million for the year
ended December 31, 2022. The increase in net interest income of
$33.3 million, or 52.2%, was primarily due to an increase in
interest income offset by an increase in interest expense.
The increase in interest income is attributable to increases in
the average balances of loans, partially offset by decreases in the
average balances of interest-earning deposits, investment
securities, and FHLB stock. The increase in interest income is also
attributable to a rising interest rate environment as a result of
the Federal Reserve’s interest rate increases during 2023.
The increase in market interest rates in 2023 also caused an
increase in our interest expense. As a result, the increase in
interest expense for the year ended December 31, 2023 was due to an
increase in the cost of funds on our deposits and our borrowed
money. The increase in interest expense was also due to increases
in the average balances on our certificates of deposits, our
savings and club deposits, and our borrowed money, offset by a
decrease in the average balances on our interest-bearing demand
deposits.
Total interest and dividend income increased by $60.5 million,
or 84.0%, to $132.5 million for the year ended December 31, 2023
from $72.0 million for the year ended December 31, 2022. The
increase in interest and dividend income was due to an increase in
the average balance of interest earning assets of $316.2 million,
or 26.3%, to $1.5 billion for the year ended December 31, 2023 from
$1.2 billion for the year ended December 31, 2022 and an increase
in the yield on interest earning assets by 273 basis points from
6.00% for the year ended December 31, 2022 to 8.73% for the year
ended December 31, 2023.
Interest expense increased by $27.2 million, or 334.3%, to $35.3
million for the year ended December 31, 2023 from $8.1 million for
the year ended December 31, 2022. The increase in interest expense
was due to an increase in the cost of interest bearing liabilities
by 232 basis points from 1.26% for the year ended December 31, 2022
to 3.58% for the year ended December 31, 2023, and an increase in
average interest bearing liabilities of $341.2 million, or 52.9%,
to $986.3 million for the year ended December 31, 2023 from $645.1
million for the year ended December 31, 2022.
Net interest margin increased by 109 basis points, or 20.5%, for
the year ended December 31, 2023 to 6.41% compared to 5.32% for the
year ended December 31, 2022. The increase in the net interest
margin was due to an increase in the net interest income of $33.3
million, or 52.2%, partially offset by an increase in the average
balance of interest earning assets of $316.2 million, or 26.3%.
Credit Loss Expense
The Company recorded credit loss expenses totaling $205,000 for
the three months ended December 31, 2023 compared to credit loss
expenses totaling $439,000 for the three months ended December 31,
2022. The credit loss expense of $205,000 for the three months
ended December 31, 2023 was comprised of credit loss expense for
loans of $352,000 and credit loss expense for held-to-maturity
investment securities of $6,000, partially offset by credit loss
expense reduction for off-balance sheet commitments of $153,000.
The credit loss expense of $439,000 for the three months ended
December 31, 2022 was primarily attributed to the charge-off of
$426,000 during the three months ended December 31, 2022.
We charged-off $27,000 during the three months ended December
31, 2023 as compared to charge-offs of $426,000 during the three
months ended December 31, 2022. The charge-offs of $27,000 during
the three months ended December 31, 2023 were against various
unpaid overdrafts in our demand deposit accounts. The charge-offs
of $426,000 during the three months ended December 31, 2022
comprised of a $328,000 charge-off against one construction project
in connection with the sale of the project’s two non-performing
loans to a third party precipitated by legal action between the two
partners/borrowers in the project, an $86,000 charge-off against
two mixed-use loans to a borrower in connection with the sale of
the two performing troubled debt restructured loans to a third
party, and $12,000 charge-offs against various unpaid overdrafts in
our demand deposit accounts.
We recorded no recoveries from previously charged-off loans
during the three months ended December 31, 2023 and 2022.
The Company recorded credit loss expenses totaling $972,000 for
the year ended December 31, 2023 compared to credit loss expense
totaling $439,000 for the year ended December 31, 2022. The credit
loss expense of $972,000 for the year ended December 31, 2023 was
comprised of credit loss expense for loans of $1.5 million and
credit loss expense for held-to-maturity investment securities of
$5,000, partially offset by a credit loss expense reduction for
off-balance sheet commitments of $548,000. The credit loss expense
of $493,000 for the year ended December 31, 2022 was primarily
attributable to the charge-offs totaling $414,000 against the sale
of four loans and charge-offs of $34,000 against various unpaid
overdrafts in our demand deposit accounts.
We charged-off $312,000 during the year ended December 31, 2023
as compared to charge-offs of $449,000 during the year ended
December 31, 2022. The charge-offs of $312,000 during the year
ended December 31, 2023 were comprised of a charge-off of $159,000
related to three performing construction loans on the same project
whereby we sold the loans to a third-party at a loss of $159,000,
as well as charge-offs of $153,000 against various unpaid
overdrafts in our demand deposit accounts.
The charge-offs of $449,000 during the year ended December 31,
2022 were comprised of a $328,000 charge-off against one
construction project in connection with the sale of the project’s
two non-performing loans to a third party precipitated by legal
action between the two partners/borrowers in the project, an
$86,000 charge-off against two mixed-use loans to a borrower in
connection with the sale of the two performing troubled debt
restructured loans to a third party, and $35,000 charge-offs
against various unpaid overdrafts in our demand deposit
accounts.
We recorded no recoveries from previously charged-off loans
during the year ended December 31, 2023 compared to recoveries of
$242,000 during the year ended December 31, 2022, which was
comprised of $146,000 from a previously charged-off loan secured by
a multi-family property, $53,000 from a previously charged-off loan
secured by a non-residential property, and $43,000 regarding a
previously charged-off loan secured by a mixed-use property.
Non-Interest Income
Non-interest income for the three months ended December 31, 2023
was $1.4 million compared to non-interest income of $779,000 for
the three months ended December 31, 2022. The increase of $607,000,
or 77.9%, in total non-interest income was primarily due to an
increase of $558,000 in unrealized gain on equity securities, an
increase of $42,000 in other loan fees and service charges, and an
increase of $18,000 in other non-interest income, partially offset
by a net loss of $18,000 on the sale/disposition of fixed
assets.
The increase in unrealized gain on equity was due to an
unrealized gain of $621,000 on equity securities during the three
months ended December 31, 2023 compared to an unrealized gain of
$63,000 on equity securities during the three months ended December
31, 2022. The unrealized gain of $621,000 on equity securities
during the three months ended December 31, 2023 was due to market
interest rate volatility during the quarter ended December 31,
2023.
The increase of $42,000 in other loan fees and service charges
was due to an increase of $34,000 in other loan fees and loan
servicing fees, an increase of $6,000 in ATM/debit card/ACH fees,
and an increase of $2,000 in deposit account fees. The increase of
$18,000 in other non-interest income was due to an increase in
miscellaneous income from our branch operations.
Non-interest income for the year ended December 31, 2023 was
$3.7 million compared to non-interest income of $1.7 million for
the year ended December 31, 2022. The increase of $2.1 million, or
122.4%, in total non-interest income was primarily due to an
increase of $1.9 million in unrealized gain on equity securities,
an increase of $409,000 in BOLI income, and an increase of $19,000
in other non-interest income. These were partially offset by a
decrease of $116,000 in gain/loss on sale of fixed assets, a
decrease of $103,000 in loan fees and service charges, and a
decrease of $16,000 in investment advisory fees.
The increase of $1.9 million in unrealized gain on equity was
due to an unrealized gain of $294,000 on equity securities during
the year ended December 31, 2023 compared to an unrealized loss of
$1.6 million on equity securities during the year ended December
31, 2022. The unrealized gain of $294,000 on equity securities
during 2023 was due to market interest rate volatility during the
year ended December 31, 2023.
The increase of $409,000 in BOLI income was primarily due to two
death claims totaling $1.8 million on BOLI policies that resulted
in additional BOLI income of $404,000 during the year ended
December 31, 2023. The increase of $19,000 in other non-interest
income was due to an increase in miscellaneous income from our
branch operations.
The decrease of $116,000 in gain/loss on sale of fixed assets
was due to a loss of $18,000 on sale of fixed assets in 2023
compared to a gain of $98,000 on sale of fixed assets in 2022. The
decrease of $103,000 in other loan fees and service charges was due
to a decrease of $174,000 in other loan fees and loan servicing
fees and a decrease of $10,000 in deposit account fees, partially
offset by an increase of $81,000 in ATM/debit card/ACH fees.
Non-Interest Expense
Non-interest expense increased by $595,000, or 6.9%, to
$9.2 million for the three months ended December 31, 2023
from $8.6 million for the three months ended December 31,
2022. The increase resulted primarily from increases of $631,000 in
salaries and employee benefits, $579,000 in other operating
expense, $138,000 in loss on the disposition of the Bank’s assets
relating to the Harbor West Wealth Management Group, $74,000 in
outside data processing expense, and $40,000 in occupancy expense,
partially offset by decreases of $451,000 in goodwill impairment
charges, $330,000 in real estate owned expense, $71,000 in
equipment expense, and $15,000 in advertising expense.
Non-interest expense increased by $4.5 million, or 14.8%, to
$35.2 million for the year ended December 31, 2023 from
$30.7 million for the year ended December 31, 2022. The
increase resulted primarily from increases of $3.3 million in
salaries and employee benefits, $1.4 million in other operating
expense, $324,000 in outside data processing expense, $222,000 in
advertising expense, $167,000 in occupancy expense, and $138,000 in
loss on the disposition of the Bank’s assets relating to the Harbor
West Wealth Management Group, partially offset by decreases of
$530,000 in real estate owned expense, $451,000 in goodwill
impairment charges, and $52,000 in equipment expense.
Income Taxes
We recorded income tax expense of $5.1 million and $4.4 million
for the three months ended December 31, 2023 and 2022,
respectively. For the three months ended December 31, 2023, we
had approximately $190,000 in tax exempt income, compared to
approximately $186,000 in tax exempt income for the three
months ended December 31, 2022. Our effective income tax rates were
29.5% and 34.7% for the three months ended December 31, 2023
and 2022, respectively.
We recorded income tax expense of $18.5 million and $9.6 million
for the year ended December 31, 2023 and 2022, respectively. For
the years ended December 31, 2023 and 2022, we had approximately
$1.1 million and $740,000, respectively, in tax exempt income. Our
effective income tax rates were 28.5% and 27.8% for the year ended
December 31, 2023 and 2022, respectively.
Asset Quality
Non-performing assets totaled $5.8 million at December 31, 2023
compared to $1.5 million at December 31, 2022. At December 31,
2023, we had two non-performing construction loans totaling $4.4
million secured by the same project located in the Bronx, New York.
We had no non-performing loans at December 31, 2022. The other
non-performing assets consisted of one foreclosed property at
December 31, 2023 and December 31, 2022. Our ratio of
non-performing assets to total assets remained low at 0.33% at
December 31, 2023 as compared to 0.10% at December 31, 2022.
The Company’s allowance for credit losses related to loans
totaled $5.1 million, or 0.32% of total loans as of December 31,
2023, compared to $5.5 million, or 0.45% of total loans as of
December 31, 2022. Based on a review of the loans that were in the
loan portfolio at December 31, 2023, management believes that the
allowance for credit losses related to loans is maintained at a
level that represents its best estimate of inherent losses in the
loan portfolio that were both probable and reasonably
estimable.
In addition, at December 31, 2023, the Company’s allowance for
credit losses related to off-balance sheet commitments totaled $1.0
million and the allowance for credit losses related to
held-to-maturity debt securities totaled $137,000.
Capital
The Company’s total stockholders’ equity to assets ratio was
15.83% as of December 31, 2023. At December 31, 2023, the Company
had the ability to borrow $815.1 million from the Federal Reserve
Bank of New York, $29.7 million from the Federal Home Loan Bank of
New York and $8.0 million from Atlantic Community Bankers Bank.
The Bank’s capital position remains strong relative to current
regulatory requirements and the Bank is considered a
well-capitalized institution under the Prompt Corrective Action
framework. As of December 31, 2023, the Bank had a tier 1 leverage
capital ratio of 14.44% and a total risk-based capital ratio of
13.43%.
The Company completed its first stock repurchase program on
April 14, 2023 whereby the Company repurchased 1,637,794 shares, or
10%, of the Company’s issued and outstanding common stock. The cost
of the stock repurchase program totaled $23.0 million, including
commission cost and Federal excise taxes. Of the total shares
repurchased under this program, 957,275 of such shares were
repurchased during 2023 at a total cost of $13.7 million, including
commission costs and Federal excise taxes.
The Company commenced its second stock repurchase program on May
30, 2023 whereby the Company will repurchase 1,509,218, or 10%, of
the Company’s issued and outstanding common stock. The Company has
repurchased 935,920 shares of common stock under its second
repurchase program, at a cost of $14.7 million, including
commission costs and Federal excise taxes, at December 31,
2023.
About NorthEast Community Bancorp
NorthEast Community Bancorp, headquartered at 325 Hamilton
Avenue, White Plains, New York 10601, is the holding company for
NorthEast Community Bank, which conducts business through its
eleven branch offices located in Bronx, New York, Orange, Rockland,
and Sullivan Counties in New York and Essex, Middlesex, and Norfolk
Counties in Massachusetts and three loan production offices located
in New City, New York, White Plains, New York, and Danvers,
Massachusetts. For more information about NorthEast Community
Bancorp and NorthEast Community Bank, please visit
www.necb.com.
Forward Looking Statement
This press release contains certain forward-looking statements.
Forward-looking statements include statements regarding anticipated
future events and can be identified by the fact that they do not
relate strictly to historical or current facts. They often include
words such as “believe,” “expect,” “anticipate,” “estimate,” and
“intend” or future or conditional verbs such as “will,” “would,”
“should,” “could,” or “may.” These statements are based upon the
current beliefs and expectations of the Company’s management and
are subject to significant risks and uncertainties. Actual results
may differ materially from those set forth in the forward-looking
statements as a result of numerous factors. Factors that could
cause actual results to differ materially from expected results
include, but are not limited to, changes in market interest rates,
regional and national economic conditions (including higher
inflation and its impact on regional and national economic
conditions), legislative and regulatory changes, monetary and
fiscal policies of the United States government, including policies
of the United States Treasury and the Federal Reserve Board, the
quality and composition of the loan or investment portfolios,
demand for loan products, decreases in deposit levels necessitating
increased borrowing to fund loans and securities, competition,
demand for financial services in NorthEast Community Bank’s market
area, changes in the real estate market values in NorthEast
Community Bank’s market area, the impact of failures or disruptions
in or breaches of the Company’s operational or security systems,
data or infrastructure, or those of third parties, including as a
result of cyberattacks or campaigns, and changes in relevant
accounting principles and guidelines. Additionally, other risks and
uncertainties may be described in our annual and quarterly reports
filed with the U.S. Securities and Exchange Commission (the “SEC”),
which are available through the SEC’s website located at
www.sec.gov. These risks and uncertainties should be considered in
evaluating any forward-looking statements and undue reliance should
not be placed on such statements. Except as required by applicable
law or regulation, the Company does not undertake, and specifically
disclaims any obligation, to release publicly the result of any
revisions that may be made to any forward-looking statements to
reflect events or circumstances after the date of the statements or
to reflect the occurrence of anticipated or unanticipated
events.
| CONTACT: |
|
Kenneth A.
Martinek |
| |
|
Chairman and Chief Executive Officer |
| |
|
|
| PHONE: |
|
(914) 684-2500 |
| |
|
NORTHEAST COMMUNITY
BANCORP, INC.CONSOLIDATED STATEMENTS OF
FINANCIAL CONDITION(Unaudited) |
| |
| |
|
|
|
|
|
|
| |
|
December 31, |
|
December 31, |
| |
|
2023 |
|
2022 |
| |
|
(In thousands, except share |
| |
|
and per share amounts) |
|
ASSETS |
|
|
|
|
|
|
|
Cash and amounts due from depository institutions |
|
$ |
13,394 |
|
|
$ |
13,210 |
|
| Interest-bearing deposits |
|
|
55,277 |
|
|
|
82,098 |
|
|
Total cash and cash equivalents |
|
|
68,671 |
|
|
|
95,308 |
|
| Certificates of deposit |
|
|
100 |
|
|
|
100 |
|
| Equity securities |
|
|
18,102 |
|
|
|
18,041 |
|
| Securities available-for-sale,
at fair value |
|
|
- |
|
|
|
1 |
|
| Securities held-to-maturity (
net of allowance for credit losses of $137 and $0 ) |
|
|
15,860 |
|
|
|
26,395 |
|
| Loans receivable |
|
|
1,586,721 |
|
|
|
1,217,321 |
|
|
Deferred loan costs, net |
|
|
176 |
|
|
|
372 |
|
|
Allowance for credit losses |
|
|
(5,093 |
) |
|
|
(5,474 |
) |
|
Net loans |
|
|
1,581,804 |
|
|
|
1,212,219 |
|
| Premises and equipment,
net |
|
|
25,452 |
|
|
|
26,063 |
|
| Investments in restricted
stock, at cost |
|
|
929 |
|
|
|
1,238 |
|
| Bank owned life insurance |
|
|
25,082 |
|
|
|
25,896 |
|
| Accrued interest
receivable |
|
|
12,311 |
|
|
|
8,597 |
|
| Goodwill |
|
|
- |
|
|
|
200 |
|
| Real estate owned |
|
|
1,456 |
|
|
|
1,456 |
|
| Property held for
investment |
|
|
1,407 |
|
|
|
1,444 |
|
| Right of Use
Assets – Operating |
|
|
4,566 |
|
|
|
2,312 |
|
| Right of Use
Assets – Financing |
|
|
351 |
|
|
|
355 |
|
| Other assets |
|
|
8,044 |
|
|
|
5,338 |
|
|
Total assets |
|
$ |
1,764,135 |
|
|
$ |
1,424,963 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
Non-interest bearing |
|
$ |
300,184 |
|
|
$ |
376,302 |
|
|
Interest bearing |
|
|
1,099,852 |
|
|
|
745,653 |
|
|
Total deposits |
|
|
1,400,036 |
|
|
|
1,121,955 |
|
|
Advance payments by borrowers for taxes and insurance |
|
|
2,020 |
|
|
|
2,369 |
|
|
Borrowings |
|
|
64,000 |
|
|
|
21,000 |
|
|
Lease Liability – Operating |
|
|
4,625 |
|
|
|
2,363 |
|
|
Lease Liability – Financing |
|
|
571 |
|
|
|
533 |
|
|
Accounts payable and accrued expenses |
|
|
13,558 |
|
|
|
14,754 |
|
|
Total liabilities |
|
|
1,484,810 |
|
|
|
1,162,974 |
|
| |
|
|
|
|
|
|
| Stockholders’ equity: |
|
|
|
|
|
|
|
Preferred stock, $0.01 par value; 25,000,000 shares authorized;
none issued or outstanding |
|
$ |
— |
|
|
$ |
— |
|
|
Common stock, $0.01 par value; 75,000,000 shares authorized;
14,144,856 shares and 16,049,454 shares outstanding,
respectively |
|
|
142 |
|
|
|
161 |
|
|
Additional paid-in capital |
|
|
109,924 |
|
|
|
136,434 |
|
|
Unearned Employee Stock Ownership Plan (“ESOP”) shares |
|
|
(6,563 |
) |
|
|
(7,432 |
) |
|
Retained earnings |
|
|
175,505 |
|
|
|
132,670 |
|
|
Accumulated other comprehensive gain |
|
|
317 |
|
|
|
156 |
|
|
Total stockholders’ equity |
|
|
279,325 |
|
|
|
261,989 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
1,764,135 |
|
|
$ |
1,424,963 |
|
| |
|
NORTHEAST COMMUNITY
BANCORP, INC.CONSOLIDATED STATEMENTS OF
INCOME(Unaudited) |
| |
| |
|
Quarter Ended December 31, |
|
Year Ended December 31, |
| |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
| |
|
(In thousands, except per share amounts) |
| INTEREST
INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
35,660 |
|
|
$ |
23,748 |
|
$ |
127,486 |
|
|
$ |
69,992 |
|
|
Interest-earning deposits |
|
|
1,257 |
|
|
|
542 |
|
|
4,143 |
|
|
|
1,260 |
|
|
Securities |
|
|
209 |
|
|
|
216 |
|
|
859 |
|
|
|
750 |
|
|
Total Interest Income |
|
|
37,126 |
|
|
|
24,506 |
|
|
132,488 |
|
|
|
72,002 |
|
| INTEREST
EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
11,131 |
|
|
|
3,421 |
|
|
34,181 |
|
|
|
7,544 |
|
|
Borrowings |
|
|
779 |
|
|
|
129 |
|
|
1,078 |
|
|
|
546 |
|
|
Financing lease |
|
|
10 |
|
|
|
9 |
|
|
38 |
|
|
|
37 |
|
|
Total Interest Expense |
|
|
11,920 |
|
|
|
3,559 |
|
|
35,297 |
|
|
|
8,127 |
|
|
Net Interest Income |
|
|
25,206 |
|
|
|
20,947 |
|
|
97,191 |
|
|
|
63,875 |
|
| Credit loss
expenses |
|
|
205 |
|
|
|
439 |
|
|
972 |
|
|
|
439 |
|
|
Net Interest Income after Credit Loss Expense |
|
|
25,001 |
|
|
|
20,508 |
|
|
96,219 |
|
|
|
63,436 |
|
| NON-INTEREST
INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other loan fees and service charges |
|
|
474 |
|
|
|
432 |
|
|
1,891 |
|
|
|
1,994 |
|
|
(Loss) Gain on disposition of equipment |
|
|
(18 |
) |
|
|
- |
|
|
(18 |
) |
|
|
98 |
|
|
Earnings on bank owned life insurance |
|
|
156 |
|
|
|
154 |
|
|
1,013 |
|
|
|
604 |
|
|
Investment advisory fees |
|
|
115 |
|
|
|
110 |
|
|
458 |
|
|
|
474 |
|
|
Realized and unrealized gain (loss) on equity securities |
|
|
621 |
|
|
|
63 |
|
|
294 |
|
|
|
(1,573 |
) |
|
Other |
|
|
38 |
|
|
|
20 |
|
|
105 |
|
|
|
86 |
|
|
Total Non-Interest Income |
|
|
1,386 |
|
|
|
779 |
|
|
3,743 |
|
|
|
1,683 |
|
| NON-INTEREST
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
4,760 |
|
|
|
4,129 |
|
|
18,839 |
|
|
|
15,549 |
|
|
Occupancy expense |
|
|
705 |
|
|
|
665 |
|
|
2,595 |
|
|
|
2,428 |
|
|
Equipment |
|
|
211 |
|
|
|
282 |
|
|
1,055 |
|
|
|
1,107 |
|
|
Outside data processing |
|
|
572 |
|
|
|
498 |
|
|
2,210 |
|
|
|
1,886 |
|
|
Advertising |
|
|
101 |
|
|
|
116 |
|
|
521 |
|
|
|
299 |
|
|
Impairment loss on goodwill |
|
|
- |
|
|
|
451 |
|
|
- |
|
|
|
451 |
|
|
Loss on disposition of business |
|
|
138 |
|
|
|
- |
|
|
138 |
|
|
|
- |
|
|
Real estate owned expense |
|
|
41 |
|
|
|
371 |
|
|
93 |
|
|
|
623 |
|
|
Other |
|
|
2,706 |
|
|
|
2,127 |
|
|
9,770 |
|
|
|
8,347 |
|
|
Total Non-Interest Expenses |
|
|
9,234 |
|
|
|
8,639 |
|
|
35,221 |
|
|
|
30,690 |
|
| INCOME BEFORE
PROVISION FOR INCOME TAXES |
|
|
17,153 |
|
|
|
12,648 |
|
|
64,741 |
|
|
|
34,429 |
|
| PROVISION FOR INCOME
TAXES |
|
|
5,052 |
|
|
|
4,385 |
|
|
18,465 |
|
|
|
9,586 |
|
| NET
INCOME |
|
$ |
12,101 |
|
|
$ |
8,263 |
|
$ |
46,276 |
|
|
$ |
24,843 |
|
| |
|
NORTHEAST COMMUNITY
BANCORP, INC.SELECTED CONSOLIDATED FINANCIAL
DATA(Unaudited) |
| |
| |
|
Quarter Ended December 31, |
|
Year Ended December 31, |
| |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
| |
|
(In thousands, except per share amounts) |
| Per share
data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - basic |
|
$ |
0.82 |
|
|
$ |
0.54 |
|
|
$ |
3.32 |
|
|
$ |
1.61 |
|
|
Earnings per share - diluted |
|
|
0.82 |
|
|
|
0.54 |
|
|
|
3.32 |
|
|
|
1.58 |
|
|
Weighted average shares outstanding - basic |
|
|
14,720 |
|
|
|
15,187 |
|
|
|
13,930 |
|
|
|
15,433 |
|
|
Weighted average shares outstanding - diluted |
|
|
14,778 |
|
|
|
15,330 |
|
|
|
13,936 |
|
|
|
15,726 |
|
| Performance
ratios/data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average total assets |
|
|
2.77 |
% |
|
|
2.47 |
% |
|
|
2.90 |
% |
|
|
1.95 |
% |
|
Return on average shareholders' equity |
|
|
17.49 |
% |
|
|
12.50 |
% |
|
|
17.09 |
% |
|
|
9.60 |
% |
|
Net interest income |
|
$ |
25,206 |
|
|
$ |
20,947 |
|
|
$ |
97,191 |
|
|
$ |
63,875 |
|
|
Net interest margin |
|
|
6.06 |
% |
|
|
6.64 |
% |
|
|
6.41 |
% |
|
|
5.32 |
% |
|
Efficiency ratio |
|
|
34.72 |
% |
|
|
39.76 |
% |
|
|
34.90 |
% |
|
|
46.81 |
% |
|
Net charge-off (recovery) ratio |
|
|
0.01 |
% |
|
|
0.15 |
% |
|
|
0.02 |
% |
|
|
0.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loan portfolio
composition: |
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
December 31, 2022 |
|
One-to-four family |
|
|
|
|
|
|
|
$ |
5,252 |
|
|
$ |
5,467 |
|
|
Multi-family |
|
|
|
|
|
|
|
|
198,927 |
|
|
|
123,385 |
|
|
Mixed-use |
|
|
|
|
|
|
|
|
29,643 |
|
|
|
21,902 |
|
|
Total residential real estate |
|
|
|
|
|
|
|
|
233,822 |
|
|
|
150,754 |
|
|
Non-residential real estate |
|
|
|
|
|
|
|
|
21,130 |
|
|
|
25,324 |
|
|
Construction |
|
|
|
|
|
|
|
|
1,219,413 |
|
|
|
930,628 |
|
|
Commercial and industrial |
|
|
|
|
|
|
|
|
111,116 |
|
|
|
110,069 |
|
|
Consumer |
|
|
|
|
|
|
|
|
1,240 |
|
|
|
546 |
|
|
Gross loans |
|
|
|
|
|
|
|
|
1,586,721 |
|
|
|
1,217,321 |
|
|
Deferred loan costs, net |
|
|
|
|
|
|
|
|
176 |
|
|
|
372 |
|
|
Total loans |
|
|
|
|
|
|
|
$ |
1,586,897 |
|
|
$ |
1,217,693 |
|
| Asset quality
data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due over 90 days and still accruing |
|
|
|
|
|
|
|
$ |
- |
|
|
$ |
- |
|
|
Non-accrual loans |
|
|
|
|
|
|
|
|
4,385 |
|
|
|
- |
|
|
OREO property |
|
|
|
|
|
|
|
|
1,456 |
|
|
|
1,456 |
|
| Total non-performing
assets |
|
|
|
|
|
|
|
$ |
5,841 |
|
|
$ |
1,456 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for credit losses to
total loans |
|
|
|
|
|
|
|
|
0.32 |
% |
|
|
0.45 |
% |
| Allowance for credit losses to
non-performing loans |
|
|
|
|
|
|
|
|
116.15 |
% |
|
|
NA |
|
| Non-performing loans to total
loans |
|
|
|
|
|
|
|
|
0.28 |
% |
|
|
0.00 |
% |
| Non-performing assets to total
assets |
|
|
|
|
|
|
|
|
0.33 |
% |
|
|
0.10 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Bank's Regulatory
Capital ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital to risk-weighted assets |
|
|
|
|
|
|
|
|
13.43 |
% |
|
|
13.66 |
% |
|
Common equity tier 1 capital to risk-weighted assets |
|
|
|
|
|
|
|
|
13.10 |
% |
|
|
13.33 |
% |
|
Tier 1 capital to risk-weighted assets |
|
|
|
|
|
|
|
|
13.10 |
% |
|
|
13.33 |
% |
|
Tier 1 leverage ratio |
|
|
|
|
|
|
|
|
14.44 |
% |
|
|
16.50 |
% |
| |
|
NORTHEAST COMMUNITY BANCORP, INC.NET
INTEREST MARGIN ANALYSIS(Unaudited) |
| |
| |
|
Quarter Ended December 31, 2023 |
|
Quarter Ended December 31, 2022 |
| |
|
AverageBalance |
|
Interestand dividend |
|
AverageYield |
|
AverageBalance |
|
Interestand dividend |
|
AverageYield |
| |
|
(In thousands, except yield/cost
information) |
|
Loan receivable gross |
|
$ |
1,545,446 |
|
|
$ |
35,660 |
|
|
9.23 |
% |
|
$ |
1,160,736 |
|
|
$ |
23,748 |
|
|
8.18 |
% |
| Securities |
|
|
33,124 |
|
|
|
188 |
|
|
2.27 |
% |
|
|
44,825 |
|
|
|
196 |
|
|
1.75 |
% |
| Federal Home Loan Bank
stock |
|
|
929 |
|
|
|
21 |
|
|
9.04 |
% |
|
|
1,238 |
|
|
|
20 |
|
|
6.46 |
% |
| Other interest-earning
assets |
|
|
83,436 |
|
|
|
1,257 |
|
|
6.03 |
% |
|
|
54,339 |
|
|
|
542 |
|
|
3.99 |
% |
|
Total interest-earning assets |
|
|
1,662,935 |
|
|
|
37,126 |
|
|
8.93 |
% |
|
|
1,261,138 |
|
|
|
24,506 |
|
|
7.77 |
% |
| Allowance for credit
losses |
|
|
(4,771 |
) |
|
|
|
|
|
|
|
|
(5,462 |
) |
|
|
|
|
|
|
| Non-interest-earning
assets |
|
|
87,557 |
|
|
|
|
|
|
|
|
|
83,687 |
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,745,721 |
|
|
|
|
|
|
|
|
$ |
1,339,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing demand
deposit |
|
$ |
118,691 |
|
|
$ |
1,026 |
|
|
3.46 |
% |
|
$ |
95,448 |
|
|
$ |
317 |
|
|
1.33 |
% |
| Savings and club accounts |
|
|
206,120 |
|
|
|
1,404 |
|
|
2.72 |
% |
|
|
262,994 |
|
|
|
1,347 |
|
|
2.05 |
% |
| Certificates of deposit |
|
|
758,928 |
|
|
|
8,701 |
|
|
4.59 |
% |
|
|
327,551 |
|
|
|
1,757 |
|
|
2.15 |
% |
|
Total interest-bearing deposits |
|
|
1,083,739 |
|
|
|
11,131 |
|
|
4.11 |
% |
|
|
685,993 |
|
|
|
3,421 |
|
|
1.99 |
% |
| Borrowed money |
|
|
67,049 |
|
|
|
789 |
|
|
4.71 |
% |
|
|
21,000 |
|
|
|
138 |
|
|
2.63 |
% |
|
Total interest-bearing liabilities |
|
|
1,150,788 |
|
|
|
11,920 |
|
|
4.14 |
% |
|
|
706,993 |
|
|
|
3,559 |
|
|
2.01 |
% |
| Non-interest-bearing
demand deposit |
|
|
298,739 |
|
|
|
|
|
|
|
|
|
349,991 |
|
|
|
|
|
|
|
| Other
non-interest-bearing liabilities |
|
|
19,449 |
|
|
|
|
|
|
|
|
|
18,034 |
|
|
|
|
|
|
|
|
Total liabilities |
|
|
1,468,976 |
|
|
|
|
|
|
|
|
|
1,075,018 |
|
|
|
|
|
|
|
| Equity |
|
|
276,745 |
|
|
|
|
|
|
|
|
|
264,345 |
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
1,745,721 |
|
|
|
|
|
|
|
|
$ |
1,339,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income / interest spread |
|
|
|
|
$ |
25,206 |
|
|
4.79 |
% |
|
|
|
|
$ |
20,947 |
|
|
5.76 |
% |
|
Net interest rate margin |
|
|
|
|
|
|
|
|
6.06 |
% |
|
|
|
|
|
|
|
|
6.64 |
% |
|
Net interest earning assets |
|
$ |
512,147 |
|
|
|
|
|
|
|
|
$ |
554,145 |
|
|
|
|
|
|
|
|
Average interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to interest-bearing liabilities |
|
|
144.50 |
% |
|
|
|
|
|
|
|
|
178.38 |
% |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
NORTHEAST COMMUNITY BANCORP, INC.NET
INTEREST MARGIN ANALYSIS(Unaudited) |
| |
| |
|
Year Ended December 31, 2023 |
|
Year Ended December 31, 2022 |
| |
|
AverageBalance |
|
Interestand dividend |
|
AverageYield |
|
AverageBalance |
|
Interestand dividend |
|
AverageYield |
| |
|
(In thousands, except yield/cost
information) |
|
Loan receivable gross |
|
$ |
1,401,492 |
|
|
$ |
127,486 |
|
|
9.10 |
% |
|
$ |
1,054,577 |
|
|
$ |
69,992 |
|
|
6.64 |
% |
| Securities |
|
|
37,819 |
|
|
|
777 |
|
|
2.05 |
% |
|
|
42,771 |
|
|
|
681 |
|
|
1.59 |
% |
| Federal Home Loan Bank
stock |
|
|
984 |
|
|
|
82 |
|
|
8.33 |
% |
|
|
1,299 |
|
|
|
69 |
|
|
5.31 |
% |
| Other interest-earning
assets |
|
|
76,542 |
|
|
|
4,143 |
|
|
5.41 |
% |
|
|
101,999 |
|
|
|
1,260 |
|
|
1.24 |
% |
|
Total interest-earning assets |
|
|
1,516,837 |
|
|
|
132,488 |
|
|
8.73 |
% |
|
|
1,200,646 |
|
|
|
72,002 |
|
|
6.00 |
% |
| Allowance for credit
losses |
|
|
(4,676 |
) |
|
|
|
|
|
|
|
|
(5,387 |
) |
|
|
|
|
|
|
| Non-interest-earning
assets |
|
|
84,287 |
|
|
|
|
|
|
|
|
|
79,835 |
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,596,448 |
|
|
|
|
|
|
|
|
$ |
1,275,094 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing demand
deposit |
|
$ |
93,426 |
|
|
$ |
2,459 |
|
|
2.63 |
% |
|
$ |
108,077 |
|
|
$ |
918 |
|
|
0.85 |
% |
| Savings and club accounts |
|
|
248,755 |
|
|
|
6,777 |
|
|
2.72 |
% |
|
|
228,811 |
|
|
|
2,688 |
|
|
1.17 |
% |
| Certificates of deposit |
|
|
615,124 |
|
|
|
24,945 |
|
|
4.06 |
% |
|
|
285,991 |
|
|
|
3,938 |
|
|
1.38 |
% |
|
Total interest-bearing deposits |
|
|
957,305 |
|
|
|
34,181 |
|
|
3.57 |
% |
|
|
622,879 |
|
|
|
7,544 |
|
|
1.21 |
% |
| Borrowed money |
|
|
29,007 |
|
|
|
1,116 |
|
|
3.85 |
% |
|
|
22,247 |
|
|
|
583 |
|
|
2.62 |
% |
|
Total interest-bearing liabilities |
|
|
986,312 |
|
|
|
35,297 |
|
|
3.58 |
% |
|
|
645,126 |
|
|
|
8,127 |
|
|
1.26 |
% |
| Non-interest-bearing
demand deposit |
|
|
322,185 |
|
|
|
|
|
|
|
|
|
355,118 |
|
|
|
|
|
|
|
| Other
non-interest-bearing liabilities |
|
|
17,139 |
|
|
|
|
|
|
|
|
|
16,137 |
|
|
|
|
|
|
|
|
Total liabilities |
|
|
1,325,636 |
|
|
|
|
|
|
|
|
|
1,016,381 |
|
|
|
|
|
|
|
| Equity |
|
|
270,812 |
|
|
|
|
|
|
|
|
|
258,713 |
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
1,596,448 |
|
|
|
|
|
|
|
|
$ |
1,275,094 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income / interest spread |
|
|
|
|
$ |
97,191 |
|
|
5.15 |
% |
|
|
|
|
$ |
63,875 |
|
|
4.74 |
% |
|
Net interest rate margin |
|
|
|
|
|
|
|
|
6.41 |
% |
|
|
|
|
|
|
|
|
5.32 |
% |
|
Net interest earning assets |
|
$ |
530,525 |
|
|
|
|
|
|
|
|
$ |
555,520 |
|
|
|
|
|
|
|
|
Average interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to interest-bearing liabilities |
|
|
153.79 |
% |
|
|
|
|
|
|
|
|
186.11 |
% |
|
|
|
|
|
|
NorthEast Community Banc... (NASDAQ:NECB)
과거 데이터 주식 차트
부터 12월(12) 2024 으로 1월(1) 2025
NorthEast Community Banc... (NASDAQ:NECB)
과거 데이터 주식 차트
부터 1월(1) 2024 으로 1월(1) 2025
