NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”),
the parent holding company of NorthEast Community Bank (the
“Bank”), generated net income of $10.9 million, or $0.83 per basic
share and $0.80 per diluted share, for the fourth quarter ended
December 31, 2024 compared to net income of $12.1 million, or $0.82
per basic and diluted share, for the fourth quarter ended December
31, 2023. In addition, the Company generated net income of $47.8
million, or $3.64 per basic share and $3.58 per diluted share, for
the year ended December 31, 2024 compared to net income of $46.3
million, or $3.32 per basic share and diluted share, for the year
ended December 31, 2023.
Kenneth A. Martinek, 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 challenging high interest rate
environment during 2023 that continued into most of 2024, loan
demand remained strong with originations and outstanding
commitments remaining robust. As has been in the past, construction
lending in high demand-high absorption areas continues to be our
focus.”
Highlights for the fourth quarter and the year ended December
31, 2024 are as follows:
- Performance metrics continue to be
strong with a return on average total assets ratio of 2.19%, a
return on average shareholders’ equity ratio of 13.80%, and an
efficiency ratio of 38.99% for the quarter ended December 31, 2024.
For the year ended December 31, 2024, the Company generated a
return on average total assets ratio of 2.50%, a return on average
shareholders’ equity ratio of 15.83%, and an efficiency ratio of
37.00%.
- Net interest income increased by
$91,000 and $5.6 million, or 0.4% and 5.8%, respectively, for the
quarter and year ended December 31, 2024 compared to the same
periods in 2023.
- Our net loans receivable increased
by $227.0 million, or 14.3%, to $1.8 billion at December 31, 2024
compared to $1.6 billion at December 31, 2023.
Balance Sheet Summary
Total assets increased $246.2 million, or 14.0%, to $2.0
billion at December 31, 2024, from $1.8 billion at December
31, 2023. The increase in assets was primarily due to increases in
net loans of $227.0 million, cash and cash equivalents of $9.6
million, equity securities of $3.9 million, real estate owned of
$3.7 million, and other assets of $3.3 million.
Cash and cash equivalents increased $9.6 million, or 14.0%, to
$78.3 million at December 31, 2024 from $68.7 million at
December 31, 2023. The increase in cash and cash equivalents was a
result of an increase in deposits of $270.3 million, partially
offset by a decrease in borrowings of $64.0 million, an increase of
$227.0 million in net loans, dividends to shareholders of $8.7
million, and stock repurchases of $2.4 million.
Equity securities increased $3.9 million, or 21.5%, to $22.0
million at December 31, 2024 from $18.1 million at December 31,
2023. The increase in equity securities was attributable to the
purchase of $4.0 million in equity securities during the second
half of 2024, offset by market depreciation of $109,000 due to
market interest rate volatility during the year ended December 31,
2024.
Securities held-to-maturity decreased $1.2 million, or 7.8%, to
$14.6 million at December 31, 2024 from $15.9 million at December
31, 2023 due to $1.2 million in maturities and pay-downs of various
investment securities, partially offset by a decrease of $10,000 in
the allowance for credit losses for held-to-maturity
securities.
Loans, net of the allowance for credit losses, increased
$227.0 million, or 14.3%, to $1.8 billion at December 31, 2024
from $1.6 billion at December 31, 2023. The increase in loans,
net of the allowance for credit losses, was primarily due to loan
originations of $656.0 million during the year ended December 31,
2024, consisting primarily of $573.8 million in construction loans
with respect to which approximately 36.3% 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, 2024, we originated $54.9
million in commercial and industrial loans, $14.0 million in
non-residential loans, $12.6 million in multi-family loans, and
$600,000 in mixed-use loans. We also originated $9.2 million in
letters of credit.
Loan originations during the year ended December 31, 2024
resulted in a net increase of $206.8 million in construction loans,
$8.6 million in commercial and industrial loans, $8.3 million in
non-residential loans, $7.7 million in multi-family loans, and
$409,000 in consumer loans. The increase in our loan portfolio was
partially offset by decreases of $3.1 million in mixed-use loans
and $1.8 million in residential loans, coupled with normal
pay-downs and principal reductions.
The allowance for credit losses related to loans decreased to
$4.8 million as of December 31, 2024, from $5.1 million as of
December 31, 2023. The decrease in the allowance for credit losses
related to loans was due to charge-offs totaling $347,000, offset
by provision for credit losses totaling $84,000.
Premises and equipment decreased $647,000, or 2.5%, to $24.8
million at December 31, 2024 from $25.5 million at December 31,
2023 primarily due to the depreciation of fixed assets.
Investments in Federal Home Loan Bank stock decreased $532,000,
or 57.3%, to $397,000 at December 31, 2024 from $929,000 at
December 31, 2023. The decrease was due primarily to the mandatory
redemption of Federal Home Loan Bank stock totaling $630,000 in
connection with the maturity of $14.0 million in advances in 2024,
offset by purchases of Federal Home Loan Bank stock totaling
$98,000 due to the growth of our mortgage loan portfolio.
Bank owned life insurance (“BOLI”) increased $656,000, or 2.6%,
to $25.7 million at December 31, 2024 from $25.1 million at
December 31, 2023 due to increases in the BOLI cash value.
Accrued interest receivable increased $1.2 million, or 9.5%, to
$13.5 million at December 31, 2024 from $12.3 million at December
31, 2023 due to an increase in the loan portfolio.
Real estate owned increased $3.7 million, or 251.6%, to $5.1
million at December 31, 2024 from $1.5 million at December 31, 2023
due to foreclosure of a property, with a book value of $4.4
million, located in the Bronx, New York, offset by charge-offs
totaling $689,000 resulting from a decrease in the estimated fair
value of a foreclosed property located in Pittsburgh,
Pennsylvania.
Right of use assets — operating decreased $565,000, or 12.4%, to
$4.0 million at December 31, 2024 from $4.6 million at
December 31, 2023, primarily due to amortization.
Other assets increased $3.3 million, or 40.5%, to
$11.3 million at December 31, 2024 from $8.0 million at
December 31, 2023 due to increases of $2.8 million in tax assets,
$476,000 in suspense accounts, and $6,000 in miscellaneous assets,
partially offset by decreases of $40,000 in prepaid expenses and
$2,000 in securities receivables.
Total deposits increased $270.3 million, or 19.3%, to $1.7
billion at December 31, 2024 from $1.4 billion at December 31,
2023. The increase in deposits was primarily due to the Bank
offering competitive interest rates to attract deposits. This
resulted in a shift in deposits whereby certificates of deposit
increased $239.7 million, or 31.5%, and NOW/money market
accounts increased $98.0 million, or 67.4%, partially offset by
decreases in savings account balances of $54.3 million, or 28.2%,
and non-interest bearing demand deposits of $14.7 million, or
4.9%.
Federal Reserve Bank borrowings of $50.0 million at December 31,
2023 and Federal Home Loan Bank advances of $14.0 million at
December 31, 2023 were paid-off during the year ended December 31,
2024.
Advance payments by borrowers for taxes and insurance decreased
$402,000, or 19.9%, to $1.6 million at December 31, 2024 from $2.0
million at December 31, 2023 due primarily to real estate tax
payments for borrowers.
Lease liability – operating decreased $517,000, or 11.2%, to
$4.1 million at December 31, 2024 from $4.6 million at December 31,
2023, primarily due to amortization.
Accounts payable and accrued expenses increased $972,000, or
7.2%, to $14.5 million at December 31, 2024 from $13.6 million at
December 31, 2023 due primarily to increases in dividends payable
and other payables of $856,000 and deferred compensation of
$729,000, partially offset by decreases in accrued interest expense
of $102,000, suspense account for loan closings of $99,000, and
accrued expense of $79,000. The allowance for credit losses for
off-balance sheet commitments decreased $333,000, or 32.1%, to
$704,000 at December 31, 2024 from $1.0 million at December 31,
2023.
Stockholders’ equity increased $39.7 million, or 14.2% to
$319.1 million at December 31, 2024, from $279.3 million
at December 31, 2023. The increase in stockholders’ equity was due
to net income of $47.8 million for the year ended December 31,
2024, the amortization expense of $2.0 million relating to
restricted stock and stock options granted under the Company’s 2022
Equity Incentive Plan, an increase of $1.3 million in earned
employee stock ownership plan shares coupled with a reduction
of $475,000 in unearned employee stock ownership plan shares, and
an exercise of stock options totaling $14,000, partially offset by
dividends paid and declared of $8.7 million, stock repurchases and
stock repurchase excise taxes totaling $2.5 million, awarding
restricted stock totaling $725,000. and $93,000 in other
comprehensive income.
Results of Operations for the Quarter Ended
December 31, 2024 and 2023
Net Interest Income
Net interest income was $25.3 million for the quarter
ended December 31, 2024, as compared to $25.2 million for
the quarter ended December 31, 2023. The increase in net
interest income of $92,000, or 0.4%, was primarily due to an
increase in interest income that exceeded an increase in interest
expense.
The increase in interest income is attributable to increases in
the average balances of loans, interest-bearing deposits, and
investment securities, partially offset by a decrease in the
average balances of FHLB stock. However, the Federal Reserve’s
decrease of interest rates starting in September 2024 impacted the
yield on our interest earning assets.
The increase in market interest rates in 2023 that continued
until September 2024 also caused an increase in our interest
expense. As a result, the increase in interest expense for the
quarter ended December 31, 2024 was due to an increase in the cost
of funds on our deposits. The increase in interest expense was also
due to an increase in the average balances on our certificates of
deposits and our interest-bearing demand deposits, offset by a
decrease in the average balances on our savings and club deposits
and our borrowed money.
Total interest and dividend income increased $3.3 million, or
9.0%, to $40.5 million for the quarter ended December 31, 2024 from
$37.1 million for the quarter ended December 31, 2023. The increase
in interest and dividend income was due to an increase in the
average balance of interest earning assets of $249.5 million, or
15.0%, to $1.9 billion for the quarter ended December 31, 2024 from
$1.7 billion for the quarter ended December 31, 2023, partially
offset by a decrease in the yield on interest earning assets by 47
basis points from 8.93% for the quarter ended December 31, 2023 to
8.46% for the quarter ended December 31, 2024.
Interest expense increased $3.3 million, or 27.3%, to $15.2
million for the quarter ended December 31, 2024 from $11.9 million
for the quarter ended December 31, 2023. The increase in interest
expense was due to an increase in the cost of interest bearing
liabilities by 20 basis points from 4.14% for the quarter ended
December 31, 2023 to 4.34% for the quarter ended December 31, 2024
and an increase in average interest bearing liabilities of $247.3
million, or 21.5%, to $1.4 billion for the quarter ended December
31, 2024 from $1.2 billion for the quarter ended December 31,
2023.
Our net interest margin decreased 77 basis points, or 12.7%, to
5.29% for the quarter ended December 31, 2024 compared to 6.06% for
the quarter ended December 31, 2023. The decrease in the net
interest margin was due to an increase in the cost of funds on
interest-bearing liabilities and a decrease in the yield on
interest-earning assets.
Credit Loss Expense
The Company recorded a credit loss expense of $26,000 for the
quarter ended December 31, 2024 compared to a credit loss expense
of $205,000 for the quarter ended December 31, 2023. The credit
loss expense of $26,000 for the quarter ended December 31, 2024 was
comprised of credit loss expense for loans of $230,000 due to
charge-offs of $232,000 in unpaid overdrafts in our demand deposit
accounts, offset by credit loss expense reduction for off-balance
sheet commitments of $204,000 primarily attributable to a decrease
in the aggregate unfunded off-balance sheet commitments.
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.
With respect to the allowance for credit losses for loans, we
charged-off $232,000 during the quarter ended December 31, 2024 as
compared to charge-offs of $27,000 during the quarter ended
December 31, 2023. The charge-offs during both periods were against
various unpaid overdrafts in our demand deposit accounts.
We recorded no recoveries from previously charged-off loans
during the quarter ended December 31, 2024 and 2023.
Non-Interest Income
Non-interest income for the quarter ended December 31, 2024 was
$149,000 compared to non-interest income of $1.4 million for the
quarter ended December 31, 2023. The decrease of $1.2 million, or
89.2%, in total non-interest income was primarily due to decreases
of $1.2 million in unrealized gain (loss) on equity securities,
$115,000 in investment advisory fees, and $12,000 in miscellaneous
other non-interest income, partially offset by increases of $40,000
from sale/disposition of fixed assets, $14,000 in BOLI income, and
$11,000 in other loan fees and service charges.
The increase in unrealized gain (loss) on equity securities was
due to an unrealized loss of $554,000 on equity securities during
the quarter ended December 31, 2024 compared to an unrealized gain
of $621,000 on equity securities during the quarter ended December
31, 2023. The unrealized loss of $554,000 on equity securities
during the quarter ended December 31, 2024 was due to market
interest rate volatility during the quarter ended December 31,
2024.
The decrease in investment advisory fees was due to the
disposition in January 2024 of the Bank’s assets relating to the
Harbor West Wealth Management Group. As a result of the
transaction, the Bank no longer generates investment advisory
fees.
Regarding the sale/disposition of fixed assets, we recorded
gains of $22,000 during the quarter ended December 31, 2024
compared to losses of $18,000 during the quarter ended December 31,
2023.
The increase in BOLI income of $14,000 was due to an increase in
the yield on BOLI assets.
The increase of $11,000 in other loan fees and service charges
was due to an increase of $24,000 in ATM/debit card/ACH fees and an
increase of $2,000 in deposit account fees, partially offset by a
decrease of $15,000 in other loan fees and loan servicing fees.
Non-Interest Expense
Non-interest expense increased $688,000, or 7.5%, to
$9.9 million for the quarter ended December 31, 2024 from
$9.2 million for the quarter ended December 31, 2023. The
increase resulted primarily from increases of $444,000 in salaries
and employee benefits, $163,000 in real estate owned expense,
$108,000 in outside data processing expense, $79,000 in other
operating expense, $18,000 in equipment expense, $7,000 in
occupancy expense, and $7,000 in advertising expense, partially
offset by a decrease of $138,000 in loss on the disposition of the
Bank’s assets relating to the Harbor West Wealth Management
Group.
Income Taxes
We recorded income tax expense of $4.6 million and $5.1 million
for the quarter ended December 31, 2024 and 2023,
respectively. For the quarter ended December 31, 2024, we had
approximately $205,000 in tax exempt income, compared to
approximately $190,000 in tax exempt income for the quarter
ended December 31, 2023. Our effective income tax rates were 29.5%
for the quarter ended December 31, 2024 and 2023,
respectively.
Results of Operations for the Year Ended December
31, 2024 and 2023
Net Interest Income
Net interest income was $102.8 million for the year ended
December 31, 2024 as compared to $97.2 million for
the year ended December 31, 2023. The increase in net interest
income of $5.6 million, or 5.8%, was primarily due to an increase
in interest income that exceeded an increase in interest
expense.
The increase in interest income is attributable to increases in
loans and interest-bearing deposits, partially offset by decreases
in investment securities and FHLB stock. The increase in interest
income is also attributable to the Federal Reserve’s interest rate
increases during 2023 that continued until September 2024. However,
the Federal Reserve’s decrease of interest rates starting in
September 2024 impacted the yield on our interest earning
assets.
The increase in market interest rates in 2023 that continued
until September 2024 also caused an increase in our interest
expense. As a result, the increase in interest expense for the year
ended December 31, 2024 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 increases 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 balance of
our savings and club deposits.
Total interest and dividend income increased $27.5 million, or
20.8%, to $160.0 million for the year ended December 31, 2024 from
$132.5 million for the year ended December 31, 2023. The increase
in interest and dividend income was due to an increase in the
average balance of interest earning assets of $312.3 million, or
20.6%, to $1.8 billion for the year ended December 31, 2024 from
$1.5 billion for the year ended December 31, 2023 and an increase
in the yield on interest earning assets by two basis points from
8.73% for the year ended December 31, 2023 to 8.75% for the year
ended December 31, 2024.
Interest expense increased $21.9 million, or 62.1%, to $57.2
million for the year ended December 31, 2024 from $35.3 million for
the year ended December 31, 2023. The increase in interest expense
was due to an increase in the cost of interest bearing liabilities
by 77 basis points from 3.58% for the year ended December 31, 2023
to 4.35% for the year ended December 31, 2024, and an increase in
average interest bearing liabilities of $328.9 million, or 33.3%,
to $1.3 billion for the year ended December 31, 2024 from $986.3
million for the year ended December 31, 2023.
Net interest margin decreased 79 basis points, or 12.3%, for
the year ended December 31, 2024 to 5.62% compared to 6.41%
for the year ended December 31, 2023.
Credit Loss Expense
The Company recorded a credit loss expense reduction totaling
$260,000 for the year ended December 31, 2024 compared to a credit
loss expense totaling $972,000 for the year ended December 31,
2023. The credit loss expense reduction of $260,000 for the year
ended December 31, 2024 was comprised of a credit loss expense
reduction for off-balance sheet commitments of $334,000 and a
credit loss expense reduction for held-to-maturity investment
securities of $10,000, offset by a credit loss expense for loans of
$84,000.
The credit loss expense reduction for off-balance sheet
commitments of $334,000 for the year ended December 31, 2024 was
primarily attributed to a reduction of $157.6 million in the level
of off-balance sheet commitments. The credit loss expense reduction
for held-to-maturity investment securities of $10,000 for the year
ended December 31, 2024 was primarily attributed to a reduction of
$708,000 in the level of applicable held-to-maturity investment
securities.
The credit loss expense for loans of $84,000 for the year ended
December 31, 2024 was primarily attributed to charge-offs totaling
$347,000, partially offset by favorable trends in the
economy.
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.
We charged-off $347,000 during the year ended December 31, 2024
as compared to charge-offs of $313,000 during the year ended
December 31, 2023. The charge-offs of $347,000 during the year
ended December 31, 2024 were against various unpaid overdrafts in
our demand deposit accounts. 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. The remaining charge-offs of $153,000 for the 2023 period
were against various unpaid overdrafts in our demand deposit
accounts.
We recorded no recoveries from previously charged-off loans
during the year ended December 31, 2024 and 2023.
Non-Interest Income
Non-interest income for the year ended December 31, 2024 was
$2.8 million compared to non-interest income of $3.7 million for
the year ended December 31, 2023. The decrease of $960,000, or
25.6%, in total non-interest income was primarily due to decreases
of $458,000 in investment advisory fees, $403,000 in unrealized
gains (losses) on equity securities, and $357,000 in BOLI income,
partially offset by increases of $207,000 in other loan fees and
service charges, $40,000 from sale/disposition of fixed assets, and
$11,000 in miscellaneous other non-interest income.
The decrease in investment advisory fees was due to the
disposition in January 2024 of the Bank’s assets relating to the
Harbor West Wealth Management Group. As a result of the
transaction, the Bank no longer generates investment advisory fees.
The decrease in unrealized gain (loss) on equity securities was due
to an unrealized loss of $109,000 on equity securities during the
year ended December 31, 2024 compared to an unrealized gain of
$294,000 on equity securities during the year ended December 31,
2023. The unrealized loss of $109,000 on equity securities during
the 2024 period was due to market interest rate volatility during
the year ended December 31, 2024.
The decrease 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 in the year ended December 31,
2023.
The increase of $207,000 in other loan fees and service charges
was due to increases of $148,000 in other loan fees and loan
servicing fees, $51,000 in ATM/debit card/ACH fees, and $7,000 in
deposit account fees.
Regarding the sale/disposition of fixed assets, we recorded
gains of $22,000 during the year ended December 31, 2024 compared
to losses of $18,000 during the year ended December 31, 2023.
Non-Interest Expense
Non-interest expense increased $3.8 million, or 10.9%, to
$39.1 million for the year ended December 31, 2024 from
$35.2 million for the year ended December 31, 2023. The
increase resulted primarily from increases of $2.1 million in
salaries and employee benefits, $879,000 in other operating
expense, $638,000 in real estate owned expense, $394,000 in outside
data processing expense, and $233,000 in occupancy expense,
partially offset by decreases of $165,000 in equipment expense,
$138,000 in loss on the disposition of the Bank’s assets relating
to the Harbor West Wealth Management Group, and $103,000 in
advertising expense.
Income Taxes
We recorded income tax expense of $19.0 million and $18.5
million for the year ended December 31, 2024 and 2023,
respectively. For the year ended December 31, 2024, we had
approximately $802,000 in tax exempt income, compared to
approximately $1.1 million in tax exempt income for the year
ended December 31, 2023. The decrease in tax exempt income was due
to two death claims totaling $1.8 million on BOLI policies during
the year ended December 31, 2023. Our effective income tax rates
were 28.4% and 28.5% for the year ended December 31, 2024 and
2023, respectively.
Asset Quality
Non-performing assets were $5.1 million at December 31, 2024
compared to $5.8 million at December 31, 2023. 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 successfully foreclosed on these two loans on
October 21, 2024 and the balances were transferred to foreclosed
real estate. As a result, at December 31, 2024, we had two
non-performing assets consisting of two foreclosed properties, with
one foreclosed property totaling $4.4 million located in the Bronx,
New York and one foreclosed property totaling $767,000 located in
Pittsburgh, Pennsylvania.
Our ratio of non-performing assets to total assets remained low
at 0.25% at December 31, 2024 as compared to 0.33% at December 31,
2023.
The Company’s allowance for credit losses related to loans was
$4.8 million, or 0.27% of total loans as of December 31, 2024,
compared to $5.1 million, or 0.32% of total loans, as of December
31, 2023. Based on a review of the loans that were in the loan
portfolio at December 31, 2024, 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, 2024, the Company’s allowance for
credit losses related to off-balance sheet commitments totaled
$704,000 and the allowance for credit losses related to
held-to-maturity debt securities totaled $126,000.
Capital
The Company’s total stockholders’ equity to assets ratio was
15.87% as of December 31, 2024. At December 31, 2024,
the Company had the ability to borrow $834.7 million from the
Federal Reserve Bank of New York, $18.2 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, 2024, the Bank had a tier 1 leverage
capital ratio of 14.76% and a total risk-based capital ratio of
14.04%.
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 costs 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. As of December
31, 2024, the Company had repurchased 1,091,174 shares of common
stock under its second repurchase program, at a cost of $17.2
million, including commission costs and Federal excise taxes.
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, |
|
|
|
2024 |
|
2023 |
|
|
|
(In thousands, except share |
|
|
|
and per share amounts) |
|
ASSETS |
|
|
|
|
|
|
|
Cash and amounts due from depository institutions |
|
$ |
13,700 |
|
|
$ |
13,394 |
|
|
Interest-bearing deposits |
|
|
64,559 |
|
|
|
55,277 |
|
|
Total cash and cash equivalents |
|
|
78,259 |
|
|
|
68,671 |
|
|
Certificates of deposit |
|
|
100 |
|
|
|
100 |
|
|
Equity securities |
|
|
21,994 |
|
|
|
18,102 |
|
|
Securities held-to-maturity ( net of allowance for credit losses of
$126 and $136, respectively ) |
|
|
14,616 |
|
|
|
15,860 |
|
|
Loans receivable |
|
|
1,813,647 |
|
|
|
1,586,721 |
|
|
Deferred loan (fees) costs, net |
|
|
(49 |
) |
|
|
176 |
|
|
Allowance for credit losses |
|
|
(4,830 |
) |
|
|
(5,093 |
) |
|
Net loans |
|
|
1,808,768 |
|
|
|
1,581,804 |
|
|
Premises and equipment, net |
|
|
24,805 |
|
|
|
25,452 |
|
|
Investments in restricted stock, at cost |
|
|
397 |
|
|
|
929 |
|
|
Bank owned life insurance |
|
|
25,738 |
|
|
|
25,082 |
|
|
Accrued interest receivable |
|
|
13,481 |
|
|
|
12,311 |
|
|
Real estate owned |
|
|
5,120 |
|
|
|
1,456 |
|
|
Property held for investment |
|
|
1,370 |
|
|
|
1,407 |
|
|
Right of Use Assets – Operating |
|
|
4,001 |
|
|
|
4,566 |
|
|
Right of Use Assets – Financing |
|
|
347 |
|
|
|
351 |
|
|
Other assets |
|
|
11,302 |
|
|
|
8,044 |
|
|
Total assets |
|
$ |
2,010,298 |
|
|
$ |
1,764,135 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
Non-interest bearing |
|
$ |
287,135 |
|
|
$ |
300,184 |
|
|
Interest bearing |
|
|
1,383,240 |
|
|
|
1,099,852 |
|
|
Total deposits |
|
|
1,670,375 |
|
|
|
1,400,036 |
|
|
Advance payments by borrowers for taxes and insurance |
|
|
1,618 |
|
|
|
2,020 |
|
|
Borrowings |
|
|
- |
|
|
|
64,000 |
|
|
Lease Liability – Operating |
|
|
4,108 |
|
|
|
4,625 |
|
|
Lease Liability – Financing |
|
|
609 |
|
|
|
571 |
|
|
Accounts payable and accrued expenses |
|
|
14,530 |
|
|
|
13,558 |
|
|
Total liabilities |
|
|
1,691,240 |
|
|
|
1,484,810 |
|
|
|
|
|
|
|
|
|
| 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;
14,016,254 shares and 14,144,856 shares outstanding,
respectively |
|
|
140 |
|
|
|
142 |
|
|
Additional paid-in capital |
|
|
110,091 |
|
|
|
109,924 |
|
|
Unearned Employee Stock Ownership Plan (“ESOP”) shares |
|
|
(6,088 |
) |
|
|
(6,563 |
) |
|
Retained earnings |
|
|
214,691 |
|
|
|
175,505 |
|
|
Accumulated other comprehensive income |
|
|
224 |
|
|
|
317 |
|
|
Total stockholders’ equity |
|
|
319,058 |
|
|
|
279,325 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
2,010,298 |
|
|
$ |
1,764,135 |
|
| |
|
|
|
|
|
|
|
NORTHEAST COMMUNITY
BANCORP, INC.CONSOLIDATED STATEMENTS OF
INCOME(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31, |
|
Year Ended December 31, |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
(In thousands, except per share amounts) |
| INTEREST
INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
39,081 |
|
|
$ |
35,660 |
|
|
$ |
153,902 |
|
|
$ |
127,486 |
|
|
Interest-earning deposits |
|
|
1,144 |
|
|
|
1,257 |
|
|
|
5,202 |
|
|
|
4,143 |
|
|
Securities |
|
|
247 |
|
|
|
209 |
|
|
|
909 |
|
|
|
859 |
|
|
Total Interest Income |
|
|
40,472 |
|
|
|
37,126 |
|
|
|
160,013 |
|
|
|
132,488 |
|
| INTEREST
EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
15,160 |
|
|
|
11,131 |
|
|
|
55,619 |
|
|
|
34,181 |
|
|
Borrowings |
|
|
5 |
|
|
|
779 |
|
|
|
1,564 |
|
|
|
1,078 |
|
|
Financing lease |
|
|
9 |
|
|
|
10 |
|
|
|
38 |
|
|
|
38 |
|
|
Total Interest Expense |
|
|
15,174 |
|
|
|
11,920 |
|
|
|
57,221 |
|
|
|
35,297 |
|
|
Net Interest Income |
|
|
25,298 |
|
|
|
25,206 |
|
|
|
102,792 |
|
|
|
97,191 |
|
| Provision for
(reversal of) credit loss |
|
|
26 |
|
|
|
205 |
|
|
|
(260 |
) |
|
|
972 |
|
|
Net Interest Income after Provision for (Reversal of)
Credit Loss |
|
|
25,272 |
|
|
|
25,001 |
|
|
|
103,052 |
|
|
|
96,219 |
|
| NON-INTEREST
INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other loan fees and service charges |
|
|
485 |
|
|
|
474 |
|
|
|
2,098 |
|
|
|
1,891 |
|
|
Gain (loss) on disposition of equipment |
|
|
22 |
|
|
|
(18 |
) |
|
|
22 |
|
|
|
(18 |
) |
|
Earnings on bank owned life insurance |
|
|
170 |
|
|
|
156 |
|
|
|
656 |
|
|
|
1,013 |
|
|
Investment advisory fees |
|
|
- |
|
|
|
115 |
|
|
|
- |
|
|
|
458 |
|
|
Realized and unrealized (loss) gain on equity securities |
|
|
(554 |
) |
|
|
621 |
|
|
|
(109 |
) |
|
|
294 |
|
|
Other |
|
|
26 |
|
|
|
38 |
|
|
|
116 |
|
|
|
105 |
|
|
Total Non-Interest Income |
|
|
149 |
|
|
|
1,386 |
|
|
|
2,783 |
|
|
|
3,743 |
|
| NON-INTEREST
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
5,204 |
|
|
|
4,760 |
|
|
|
20,942 |
|
|
|
18,839 |
|
|
Occupancy expense |
|
|
712 |
|
|
|
705 |
|
|
|
2,828 |
|
|
|
2,595 |
|
|
Equipment |
|
|
229 |
|
|
|
211 |
|
|
|
890 |
|
|
|
1,055 |
|
|
Outside data processing |
|
|
680 |
|
|
|
572 |
|
|
|
2,604 |
|
|
|
2,210 |
|
|
Advertising |
|
|
108 |
|
|
|
101 |
|
|
|
418 |
|
|
|
521 |
|
|
Loss on disposition of business |
|
|
- |
|
|
|
138 |
|
|
|
- |
|
|
|
138 |
|
|
Real estate owned expense |
|
|
204 |
|
|
|
41 |
|
|
|
731 |
|
|
|
93 |
|
|
Other |
|
|
2,785 |
|
|
|
2,706 |
|
|
|
10,649 |
|
|
|
9,770 |
|
|
Total Non-Interest Expenses |
|
|
9,922 |
|
|
|
9,234 |
|
|
|
39,062 |
|
|
|
35,221 |
|
| INCOME BEFORE
PROVISION FOR INCOME TAXES |
|
|
15,499 |
|
|
|
17,153 |
|
|
|
66,773 |
|
|
|
64,741 |
|
| PROVISION FOR INCOME
TAXES |
|
|
4,566 |
|
|
|
5,052 |
|
|
|
18,982 |
|
|
|
18,465 |
|
| NET
INCOME |
|
$ |
10,933 |
|
|
$ |
12,101 |
|
|
$ |
47,791 |
|
|
$ |
46,276 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTHEAST COMMUNITY
BANCORP, INC.SELECTED CONSOLIDATED FINANCIAL
DATA(Unaudited) |
|
|
|
|
|
Quarter Ended December 31, |
|
Year Ended December 31, |
|
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
(In thousands, except per share amounts) |
|
(In thousands, except per share amounts) |
|
| Per share
data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - basic |
|
$ |
0.83 |
|
|
$ |
0.82 |
|
|
$ |
3.64 |
|
|
$ |
3.32 |
|
|
|
Earnings per share - diluted |
|
|
0.80 |
|
|
|
0.82 |
|
|
|
3.58 |
|
|
|
3.32 |
|
|
|
Weighted average shares outstanding - basic |
|
|
13,132 |
|
|
|
14,720 |
|
|
|
13,136 |
|
|
|
13,930 |
|
|
|
Weighted average shares outstanding - diluted |
|
|
13,582 |
|
|
|
14,778 |
|
|
|
13,359 |
|
|
|
13,936 |
|
|
| Performance
ratios/data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average total assets |
|
|
2.19 |
% |
|
|
2.77 |
% |
|
|
2.50 |
% |
|
|
2.90 |
% |
|
|
Return on average shareholders' equity |
|
|
13.80 |
% |
|
|
17.49 |
% |
|
|
15.83 |
% |
|
|
17.09 |
% |
|
|
Net interest income |
|
$ |
25,298 |
|
|
$ |
25,206 |
|
|
$ |
102,792 |
|
|
$ |
97,191 |
|
|
|
Net interest margin |
|
|
5.29 |
% |
|
|
6.06 |
% |
|
|
5.62 |
% |
|
|
6.41 |
% |
|
|
Efficiency ratio |
|
|
38.99 |
% |
|
|
34.72 |
% |
|
|
37.00 |
% |
|
|
34.90 |
% |
|
|
Net charge-off ratio |
|
|
0.05 |
% |
|
|
0.01 |
% |
|
|
0.02 |
% |
|
|
0.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loan portfolio
composition: |
|
|
|
|
|
|
|
December 31, 2024 |
|
December 31, 2023 |
|
|
One-to-four family |
|
|
|
|
|
|
|
$ |
3,472 |
|
|
$ |
5,252 |
|
|
|
Multi-family |
|
|
|
|
|
|
|
|
206,606 |
|
|
|
198,927 |
|
|
|
Mixed-use |
|
|
|
|
|
|
|
|
26,571 |
|
|
|
29,643 |
|
|
|
Total residential real estate |
|
|
|
|
|
|
|
|
236,649 |
|
|
|
233,822 |
|
|
|
Non-residential real estate |
|
|
|
|
|
|
|
|
29,446 |
|
|
|
21,130 |
|
|
|
Construction |
|
|
|
|
|
|
|
|
1,426,167 |
|
|
|
1,219,413 |
|
|
|
Commercial and industrial |
|
|
|
|
|
|
|
|
119,736 |
|
|
|
111,116 |
|
|
|
Consumer |
|
|
|
|
|
|
|
|
1,649 |
|
|
|
1,240 |
|
|
|
Gross loans |
|
|
|
|
|
|
|
|
1,813,647 |
|
|
|
1,586,721 |
|
|
|
Deferred loan (fees) costs, net |
|
|
|
|
|
|
|
|
(49 |
) |
|
|
176 |
|
|
|
Total loans |
|
|
|
|
|
|
|
$ |
1,813,598 |
|
|
$ |
1,586,897 |
|
|
| Asset quality
data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due over 90 days and still accruing |
|
|
|
|
|
|
|
$ |
- |
|
|
$ |
- |
|
|
|
Non-accrual loans |
|
|
|
|
|
|
|
|
- |
|
|
|
4,385 |
|
|
|
OREO property |
|
|
|
|
|
|
|
|
5,120 |
|
|
|
1,456 |
|
|
| Total non-performing
assets |
|
|
|
|
|
|
|
$ |
5,120 |
|
|
$ |
5,841 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for credit losses to
total loans |
|
|
|
|
|
|
|
|
0.27 |
% |
|
|
0.32 |
% |
|
| Allowance for credit losses to
non-performing loans |
|
|
|
|
|
|
|
|
0.00 |
% |
|
|
116.15 |
% |
|
| Non-performing loans to total
loans |
|
|
|
|
|
|
|
|
0.00 |
% |
|
|
0.28 |
% |
|
| Non-performing assets to total
assets |
|
|
|
|
|
|
|
|
0.25 |
% |
|
|
0.33 |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bank's Regulatory
Capital ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital to risk-weighted assets |
|
|
|
|
|
|
|
|
13.92 |
% |
|
|
13.43 |
% |
|
|
Common equity tier 1 capital to risk-weighted assets |
|
|
|
|
|
|
|
|
13.65 |
% |
|
|
13.10 |
% |
|
|
Tier 1 capital to risk-weighted assets |
|
|
|
|
|
|
|
|
13.65 |
% |
|
|
13.10 |
% |
|
|
Tier 1 leverage ratio |
|
|
|
|
|
|
|
|
14.44 |
% |
|
|
14.43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTHEAST COMMUNITY BANCORP, INC.NET
INTEREST MARGIN ANALYSIS(Unaudited) |
|
|
| |
|
Quarter Ended December 31, 2024 |
|
Quarter Ended December 31, 2023 |
| |
|
Average |
|
Interest |
|
Average |
|
Average |
|
Interest |
|
Average |
| |
|
Balance |
|
and dividend |
|
Yield |
|
Balance |
|
and dividend |
|
Yield |
| |
|
(In thousands, except yield/cost
information) |
|
(In thousands, except yield/cost
information) |
|
Loan receivable gross |
|
$ |
1,784,920 |
|
|
$ |
39,081 |
|
|
8.76 |
% |
|
$ |
1,545,446 |
|
|
$ |
35,660 |
|
|
9.23 |
% |
| Securities |
|
|
36,817 |
|
|
|
232 |
|
|
2.52 |
% |
|
|
33,124 |
|
|
|
188 |
|
|
2.27 |
% |
| Federal Home Loan Bank
stock |
|
|
455 |
|
|
|
15 |
|
|
13.19 |
% |
|
|
929 |
|
|
|
21 |
|
|
9.04 |
% |
| Other interest-earning
assets |
|
|
90,279 |
|
|
|
1,144 |
|
|
5.07 |
% |
|
|
83,436 |
|
|
|
1,257 |
|
|
6.03 |
% |
|
Total interest-earning assets |
|
|
1,912,471 |
|
|
|
40,472 |
|
|
8.46 |
% |
|
|
1,662,935 |
|
|
|
37,126 |
|
|
8.93 |
% |
| Allowance for credit
losses |
|
|
(4,833 |
) |
|
|
|
|
|
|
|
|
(4,771 |
) |
|
|
|
|
|
|
| Non-interest-earning
assets |
|
|
92,422 |
|
|
|
|
|
|
|
|
|
87,557 |
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,000,060 |
|
|
|
|
|
|
|
|
$ |
1,745,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing demand
deposit |
|
$ |
233,112 |
|
|
$ |
2,198 |
|
|
3.77 |
% |
|
$ |
118,691 |
|
|
$ |
1,026 |
|
|
3.46 |
% |
| Savings and club accounts |
|
|
137,295 |
|
|
|
767 |
|
|
2.23 |
% |
|
|
206,120 |
|
|
|
1,404 |
|
|
2.72 |
% |
| Certificates of deposit |
|
|
1,026,433 |
|
|
|
12,195 |
|
|
4.75 |
% |
|
|
758,928 |
|
|
|
8,701 |
|
|
4.59 |
% |
|
Total interest-bearing deposits |
|
|
1,396,840 |
|
|
|
15,160 |
|
|
4.34 |
% |
|
|
1,083,739 |
|
|
|
11,131 |
|
|
4.11 |
% |
| Borrowed money |
|
|
1,293 |
|
|
|
14 |
|
|
4.33 |
% |
|
|
67,049 |
|
|
|
789 |
|
|
4.71 |
% |
|
Total interest-bearing liabilities |
|
|
1,398,133 |
|
|
|
15,174 |
|
|
4.34 |
% |
|
|
1,150,788 |
|
|
|
11,920 |
|
|
4.14 |
% |
| Non-interest-bearing
demand deposit |
|
|
263,711 |
|
|
|
|
|
|
|
|
|
298,739 |
|
|
|
|
|
|
|
| Other
non-interest-bearing liabilities |
|
|
21,428 |
|
|
|
|
|
|
|
|
|
19,449 |
|
|
|
|
|
|
|
|
Total liabilities |
|
|
1,683,272 |
|
|
|
|
|
|
|
|
|
1,468,976 |
|
|
|
|
|
|
|
| Equity |
|
|
316,788 |
|
|
|
|
|
|
|
|
|
276,745 |
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
2,000,060 |
|
|
|
|
|
|
|
|
$ |
1,745,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income / interest spread |
|
|
|
|
$ |
25,298 |
|
|
4.12 |
% |
|
|
|
|
$ |
25,206 |
|
|
4.79 |
% |
|
Net interest rate margin |
|
|
|
|
|
|
|
|
5.29 |
% |
|
|
|
|
|
|
|
|
6.06 |
% |
|
Net interest earning assets |
|
$ |
514,338 |
|
|
|
|
|
|
|
|
$ |
512,147 |
|
|
|
|
|
|
|
|
Average interest-earning assets to interest-bearing
liabilities |
|
|
136.79 |
% |
|
|
|
|
|
|
|
|
144.50 |
% |
|
|
|
|
|
|
|
|
|
NORTHEAST COMMUNITY BANCORP, INC.NET
INTEREST MARGIN ANALYSIS(Unaudited) |
|
|
|
|
|
Year Ended December 31, 2024 |
|
Year Ended December 31, 2023 |
|
|
|
Average |
|
Interest |
|
Average |
|
Average |
|
Interest |
|
Average |
|
|
|
Balance |
|
and dividend |
|
Yield |
|
Balance |
|
and dividend |
|
Yield |
|
|
|
(In thousands, except yield/cost
information) |
|
(In thousands, except yield/cost
information) |
|
Loan receivable gross |
|
$ |
1,701,079 |
|
|
$ |
153,902 |
|
|
9.05 |
% |
|
$ |
1,401,492 |
|
|
$ |
127,486 |
|
|
9.10 |
% |
| Securities |
|
|
34,765 |
|
|
|
839 |
|
|
2.41 |
% |
|
|
37,819 |
|
|
|
777 |
|
|
2.05 |
% |
| Federal Home Loan Bank
stock |
|
|
677 |
|
|
|
70 |
|
|
10.34 |
% |
|
|
984 |
|
|
|
82 |
|
|
8.33 |
% |
| Other interest-earning
assets |
|
|
92,610 |
|
|
|
5,202 |
|
|
5.62 |
% |
|
|
76,542 |
|
|
|
4,143 |
|
|
5.41 |
% |
|
Total interest-earning assets |
|
|
1,829,131 |
|
|
|
160,013 |
|
|
8.75 |
% |
|
|
1,516,837 |
|
|
|
132,488 |
|
|
8.73 |
% |
| Allowance for credit
losses |
|
|
(4,940 |
) |
|
|
|
|
|
|
|
|
(4,676 |
) |
|
|
|
|
|
|
| Non-interest-earning
assets |
|
|
90,675 |
|
|
|
|
|
|
|
|
|
84,287 |
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,914,866 |
|
|
|
|
|
|
|
|
$ |
1,596,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing demand
deposit |
|
$ |
209,993 |
|
|
$ |
8,498 |
|
|
4.05 |
% |
|
$ |
93,426 |
|
|
$ |
2,459 |
|
|
2.63 |
% |
| Savings and club accounts |
|
|
154,430 |
|
|
|
3,799 |
|
|
2.46 |
% |
|
|
248,755 |
|
|
|
6,777 |
|
|
2.72 |
% |
| Certificates of deposit |
|
|
917,665 |
|
|
|
43,322 |
|
|
4.72 |
% |
|
|
615,124 |
|
|
|
24,945 |
|
|
4.06 |
% |
|
Total interest-bearing deposits |
|
|
1,282,088 |
|
|
|
55,619 |
|
|
4.34 |
% |
|
|
957,305 |
|
|
|
34,181 |
|
|
3.57 |
% |
| Borrowed money |
|
|
33,117 |
|
|
|
1,602 |
|
|
4.84 |
% |
|
|
29,007 |
|
|
|
1,116 |
|
|
3.85 |
% |
|
Total interest-bearing liabilities |
|
|
1,315,205 |
|
|
|
57,221 |
|
|
4.35 |
% |
|
|
986,312 |
|
|
|
35,297 |
|
|
3.58 |
% |
| Non-interest-bearing
demand deposit |
|
|
277,957 |
|
|
|
|
|
|
|
|
|
322,185 |
|
|
|
|
|
|
|
| Other
non-interest-bearing liabilities |
|
|
19,739 |
|
|
|
|
|
|
|
|
|
17,139 |
|
|
|
|
|
|
|
|
Total liabilities |
|
|
1,612,901 |
|
|
|
|
|
|
|
|
|
1,325,636 |
|
|
|
|
|
|
|
| Equity |
|
|
301,965 |
|
|
|
|
|
|
|
|
|
270,812 |
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
1,914,866 |
|
|
|
|
|
|
|
|
$ |
1,596,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income / interest spread |
|
|
|
|
$ |
102,792 |
|
|
4.40 |
% |
|
|
|
|
$ |
97,191 |
|
|
5.15 |
% |
|
Net interest rate margin |
|
|
|
|
|
|
|
|
5.62 |
% |
|
|
|
|
|
|
|
|
6.41 |
% |
|
Net interest earning assets |
|
$ |
513,926 |
|
|
|
|
|
|
|
|
$ |
530,525 |
|
|
|
|
|
|
|
|
Average interest-earning assets to interest-bearing
liabilities |
|
|
139.08 |
% |
|
|
|
|
|
|
|
|
153.79 |
% |
|
|
|
|
|
|
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
