false
0001847398
0001847398
2024-10-28
2024-10-28
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported): October 28, 2024
NORTHEAST COMMUNITY BANCORP, INC.
(Exact Name of Registrant as Specified in Its
Charter)
| Maryland |
001-40589 |
86-3173858 |
| (State or other jurisdiction of |
(Commission |
(IRS Employer |
| incorporation or organization) |
File Number) |
Identification No.) |
325 Hamilton Avenue, White Plains, New York 10601
(Address of principal executive offices) (Zip Code)
(914) 684-2500
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading symbol(s) |
Name of each exchange on which registered |
| Common Stock, par value $0.01 per share |
NECB |
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934
(17 CFR §240.12b-2).
Emerging growth company x
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
| Item 2.02 | Results of Operations and Financial Condition. |
On October 28, 2024, NorthEast
Community Bancorp, Inc. (the “Company”) issued a press release announcing its financial results for the three and nine months
ended September 30, 2024. A copy of the Company’s press release is attached as Exhibit 99.1 and is furnished herewith.
The information contained
in this Item 2.02 and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act
of 1934 (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or
the Exchange Act, except as shall be expressly set forth by specific references in such a filing.
| Item 9.01 | Financial Statements and Other Exhibits. |
| | |
| (d) | Exhibits |
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
| |
|
NORTHEAST COMMUNITY BANCORP, INC. |
| |
|
| |
|
Date: October 29, 2024 |
By: |
/s/ Kenneth A. Martinek |
| |
|
Kenneth A. Martinek |
| |
|
Chairman and Chief Executive Officer |
Exhibit 99.1
NECB Earnings Press Release for 09/30/2024:
NORTHEAST
COMMUNITY BANCORP, INC. REPORTS RESULTS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER
30, 2024
White Plains, New York, October 28, 2024 – NorthEast Community
Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”),
generated net income of $12.7 million, or $0.97 per basic share and $0.95 per diluted share, for the three months ended September 30,
2024 compared to net income of $11.8 million, or $0.80 per basic and diluted share, for the three months ended September 30, 2023.
In addition, the Company generated net income of $36.9 million, or $2.81 per basic share and $2.78 per diluted share, for the nine months
ended September 30, 2024 compared to net income of $34.2 million, or $2.42 per basic share and $2.41 per diluted share, for the
nine months ended September 30, 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, offset by a reduction in interest rates
towards the end of the third quarter 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 three months and nine months ended September 30,
2024 are as follows:
| · | Performance
metrics continue to be strong with a return on average total assets ratio of 2.62%, a return
on average shareholders’ equity ratio of 16.48%, and an efficiency ratio of 36.04%
for the three months ended September 30, 2024. For the nine months ended September 30,
2024, the Company generated a return on average total assets ratio of 2.61%, a return on
average shareholders’ equity ratio of 16.55%, and an efficiency ratio of 36.37%. |
| · | Net
interest income increased by $1.2 million and $5.5 million, or 4.6% and 7.7%, respectively,
for the three months and nine months ended September 30, 2024 compared to the same periods
in 2023. |
| · | Our
commitments, loans-in-process, and standby letters of credit outstanding totaled $659.0 million
at September 30, 2024 compared to $719.6 million at December 31, 2023. |
Balance Sheet Summary
Total assets increased $203.8 million, or 11.6%, to $2.0 billion
at September 30, 2024, from $1.8 billion at December 31, 2023. The increase in assets was primarily due to an increase
in net loans of $173.6 million and an increase in cash and cash equivalents of $29.1 million.
Cash and cash equivalents increased $29.1 million, or 42.4%, to $97.8 million
at September 30, 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 $228.0 million, partially offset by a decrease in borrowings of $57.0 million, an increase of $173.6 million
in net loans, and stock repurchases of $2.4 million.
Equity securities increased $2.4 million, or 13.5%, to $20.5 million
at September 30, 2024 from $18.1 million at December 31, 2023. The increase in equity securities was attributable to the purchase
of $2.0 million in equity securities during the third quarter of 2024 and market appreciation of $445,000 due to market interest rate
volatility during the nine months ended September 30, 2024.
Securities
held-to-maturity decreased $799,000, or 5.0%, to $15.1 million at September 30, 2024 from $15.9 million at December 31, 2023
due to $810,000 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 $173.6 million,
or 11.0%, to $1.8 billion at September 30, 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 $569.2 million during the nine months ended September 30,
2024, consisting primarily of $499.7 million in construction loans with respect to which approximately 34.1% 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 nine months
ended September 30, 2024, we originated $44.7 million in commercial and industrial loans, $14.0 million in non-residential loans,
$4.2 million in multi-family loans, and $600,000 in mixed-use loans.
Loan originations during the nine months ended September 30,
2024 resulted in a net increase of $148.8 million in construction loans, $14.4 million in commercial and industrial loans, $9.2 million
in non-residential loans, $3.6 million in multi-family loans, and $788,000 in consumer loans. The increase in our loan portfolio was
partially offset by decreases of $1.7 million in residential loans and $1.2 million in mixed-use loans, coupled with normal pay-downs
and principal reductions.
The allowance for credit losses related to loans decreased to $4.8
million as of September 30, 2024 from $5.1 million as of December 31, 2023. The decrease in the allowance for credit losses
related to loans was due to a credit to the provision for credit losses totaling $145,000 and charge-offs of $115,000.
Premises and equipment decreased $507,000, or 2.0%, to $24.9 million
at September 30, 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 $217,000, or
23.4%, to $712,000 at September 30, 2024 from $929,000 at December 31, 2023. The decrease was due primarily to the mandatory
redemption of Federal Home Loan Bank stock totaling $315,000 in connection with the maturity of $7.0 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 $486,000,
or 1.9%, to $25.6 million at September 30, 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 9.4%, to $13.5
million at September 30, 2024 from $12.3 million at December 31, 2023 due to an increase in the loan portfolio.
Real estate owned decreased $478,000, or 32.8%, to $978,000 at September 30,
2024 from $1.5 million at December 31, 2023 due to a charge-off of $478,000 resulting from a decrease in the estimated fair value
of the foreclosed property.
Right of use assets — operating decreased $422,000,
or 9.2%, to $4.1 million at September 30, 2024 from $4.6 million at December 31, 2023, primarily due to amortization.
Other assets decreased $548,000, or 6.8%, to $7.5 million at
September 30, 2024 from $8.0 million at December 31, 2023 due to decreases in tax assets of $671,000, prepaid expenses
of $56,000, miscellaneous assets of $4,000, and securities receivables of $1,000, partially offset by increase in suspense accounts of
$184,000.
Total deposits increased $228.0 million, or 16.3%, to $1.6 billion
at September 30, 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 $230.5 million,
or 30.3%, and NOW/money market accounts increased $83.5 million, or 57.4%, partially offset by decreases in savings account balances
of $53.4 million, or 27.7%, and non-interest bearing demand deposits of $32.6 million, or 10.9%.
Federal Home Loan Bank advances decreased $7.0 million, or 50.0%,
to $7.0 million at September 30, 2024 from $14.0 million at December 31, 2023 due to the maturity of borrowings in 2024.
Federal Reserve Bank borrowings of $50.0 million at December 31, 2023 were paid-off during the nine months ended September 30,
2024.
Advance payments by borrowers for taxes and insurance increased $442,000,
or 21.9%, to $2.5 million at September 30, 2024 from $2.0 million at December 31, 2023 due primarily to accumulation of real
estate tax payments by borrowers.
Lease liability – operating decreased $384,000, or 8.3%, to
$4.2 million at September 30, 2024 from $4.6 million at December 31, 2023, primarily due to amortization.
Accounts payable and accrued expenses increased $2.4 million, or 17.8%,
to $16.0 million at September 30, 2024 from $13.6 million at December 31, 2023 due primarily to increases in dividends payable
of $3.2 million and deferred compensation of $395,000, partially offset by a decrease in accrued expense of $810,000. The allowance for
credit losses for off-balance sheet commitments decreased $130,000, or 12.5%, to $908,000 at September 30, 2024 from $1.0 million
at December 31, 2023.
Stockholders’
equity increased $30.3 million, or 10.8% to $309.6 million at September 30, 2024, from $279.3 million at December 31,
2023. The increase in stockholders’ equity was due to net income of $36.9 million for the nine months ended September 30,
2024, the amortization expense of $1.4 million relating to restricted stock and stock options granted under the Company’s 2022
Equity Incentive Plan, a reduction of $652,000 in unearned employee stock ownership plan shares coupled with an increase of $532,000
in earned employee stock ownership plan shares, an exercise of stock options totaling $14,000, and $10,000 in other comprehensive income,
partially offset by stock repurchases totaling $2.5 million and dividends paid and declared of $6.7 million.
Results of Operations for the Three Months Ended September 30,
2024 and 2023
Net Interest Income
Net interest income was $26.3 million for the three months
ended September 30, 2024, as compared to $25.1 million for the three months ended September 30, 2023. The increase
in net interest income of $1.2 million, or 4.6%, 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. The increase in interest income is also attributable to the Federal Reserve’s interest rate increases in 2023 that
continued until September 2024.
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 three months
ended September 30, 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 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 $6.0 million, or 17.2%, to $41.2 million for the three months ended September 30,
2024 from $35.1 million for the three months ended September 30, 2023. The increase in interest and dividend income was due to an
increase in the average balance of interest earning assets of $282.6 million, or 18.0%, to $1.9 billion for the three months ended September 30,
2024 from $1.6 billion for the three months ended September 30, 2023, partially offset by a decrease in the yield on interest earning
assets by 6 basis points from 8.95% for the three months ended September 30, 2023 to 8.89% for the three months ended September 30,
2024.
Interest expense increased $4.9 million, or 48.9%, to $14.9 million
for the three months ended September 30, 2024 from $10.0 million for the three months ended September 30, 2023. The increase
in interest expense was due to an increase in the cost of interest bearing liabilities by 59 basis points from 3.86% for the three months
ended September 30, 2023 to 4.45% for the three months ended September 30, 2024 and an increase in average interest bearing
liabilities of $301.8 million, or 29.1%, to $1.3 billion for the three months ended September 30, 2024 from $1.0 billion
for the three months ended September 30, 2023.
Our net interest margin decreased 72 basis points, or 11.3%, to 5.68%
for the three months ended September 30, 2024 compared to 6.40% for the three months ended September 30, 2023. The decrease
in the net interest margin was due to the increase in the cost of interest-bearing liabilities outpacing the increase in the yield on
interest-earning assets.
Credit Loss Expense
The
Company recorded a provision for credit loss of $105,000 for the three months ended September 30, 2024 compared to a provision for
credit loss of $156,000 for the three months ended September 30, 2023. The credit loss expense of $105,000 for the three months
ended September 30, 2024 was comprised of a credit loss expense for off-balance sheet commitments of $105,000 primarily attributable
to an increase in the weighted average remaining maturity for the aggregate unfunded off-balance sheet commitments. The credit
loss expense of $156,000 for the three months ended September 30, 2023 was comprised of credit loss for loans of $438,000, partially
offset by credit loss expense reduction for off-balance sheet commitments of $278,000 and credit loss expense reduction for held-to-maturity
securities of $4,000.
With respect to the allowance for credit losses for loans, we charged-off
$82,000 during the three months ended September 30, 2024 as compared to charge-offs of $71,000 during the three months ended September 30,
2023. These charge-offs during the three months ended September 30, 2024 and 2023 were against various unpaid overdrafts in our
demand deposit accounts.
We recorded no recoveries from previously charged-off loans during
the three months ended September 30, 2024 and 2023.
Non-Interest Income
Non-interest income for the three months ended September 30,
2024 was $1.3 million compared to non-interest income of $221,000 for the three months ended September 30, 2023. The increase of
$1.1 million, or 510.4%, in total non-interest income was primarily due to increases of $977,000 in unrealized gain on equity securities,
$225,000 in other loan fees and service charges, $26,000 in miscellaneous other non-interest income, and $14,000 in BOLI income, partially
offset by a decrease of $114,000 in investment advisory fees.
The
increase in unrealized gain (loss) on equity securities was due to an unrealized gain of $547,000 on equity securities during the three
months ended September 30, 2024 compared to an unrealized loss of $430,000 on equity securities during the three months ended September 30,
2023. The unrealized gain of $547,000 on equity securities during the three months ended September 30, 2024 was due to market
interest rate volatility during the quarter ended September 30, 2024.
The increase of $225,000 in other loan fees and service charges was
due to an increase of $210,000 in other loan fees and loan servicing fees and an increase of $15,000 in ATM/debit card/ACH fees.
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.
Non-Interest Expense
Non-interest expense increased $1.0 million, or 11.7%, to $10.0 million
for the three months ended September 30, 2024 from $8.9 million for the three months ended September 30, 2023. The
increase resulted primarily from increases of $477,000 in real estate owned expense, $435,000 in salaries and employee benefits, $119,000
in occupancy expense, and $112,000 in outside data processing expense, partially offset by decreases of $53,000 in equipment expense,
$39,000 in other operating expense, and $5,000 in advertising expense.
Income Taxes
We recorded income tax expense of $4.9 million and $4.4 million
for the three months ended September 30, 2024 and 2023, respectively. For the three months ended September 30, 2024,
we had approximately $203,000 in tax exempt income, compared to approximately $187,000 in tax exempt income for the three months
ended September 30, 2023. Our effective income tax rates were 27.8% and 27.3% for the three months ended September 30,
2024 and 2023, respectively.
Results of Operations for the Nine Months Ended September 30,
2024 and 2023
Net Interest Income
Net interest income was $77.5 million for the nine months ended September 30,
2024 as compared to $72.0 million for the nine months ended September 30, 2023. The increase in net interest income of
$5.5 million, or 7.7%, 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.
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 nine months
ended September 30, 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 balances on our certificates of deposits, our interest-bearing demand deposits, and our borrowed
money, offset by a decrease in the balances of our savings and club deposits.
Total
interest and dividend income increased $24.2 million, or 25.4%, to $119.5 million for the nine months ended September 30,
2024 from $95.4 million for the nine months ended September 30, 2023. The increase in interest and dividend income was due to an
increase in the average balance of interest earning assets of $332.7 million, or 22.7%, to $1.8 billion for the nine months ended September 30,
2024 from $1.5 billion for the nine months ended September 30, 2023 and an increase in the yield on interest earning assets by 19
basis points from 8.66% for the nine months ended September 30, 2023 to 8.85% for the nine months ended September 30, 2024.
Interest expense increased $18.7 million, or 79.9%, to $42.0 million
for the nine months ended September 30, 2024 from $23.4 million for the nine months ended September 30, 2023. The increase
in interest expense was due to an increase in the cost of interest bearing liabilities by 101 basis points from 3.35% for the nine months
ended September 30, 2023 to 4.36% for the nine months ended September 30, 2024, and an increase in average interest bearing
liabilities of $355.6 million, or 38.2%, to $1.3 billion for the nine months ended September 30, 2024 from $931.5 million
for the nine months ended September 30, 2023.
Net interest margin decreased 80 basis points, or 12.2%, for the nine
months ended September 30, 2024 to 5.74% compared to 6.54% for the nine months ended September 30, 2023.
Credit Loss Expense
The
Company recorded a credit loss expense reduction totaling $286,000 for the nine months ended September 30, 2024 compared to a credit
loss expense totaling $767,000 for the nine months ended September 30, 2023. The credit loss expense reduction of $286,000 for the
nine months ended September 30, 2024 was comprised of a credit loss expense reduction for loans of $145,000, a credit loss expense
reduction for off-balance sheet commitments of $130,000, and a credit loss expense reduction for held-to-maturity investment securities
of $11,000. The credit loss expense reduction for loans of $145,000 for the nine months ended September 30, 2024 was primarily
attributed to favorable trends in the economy. The credit loss expense reduction for off-balance sheet commitments of $130,000 for the
nine months ended September 30, 2024 was primarily attributed to a reduction of $69.1 million in the level of off-balance sheet
commitments, partially offset by an increase in the weighted average remaining maturity for the aggregate unfunded off-balance sheet
commitments during the quarter ended September 30, 2024.
The credit loss expense of $767,000 for the nine months ended September 30,
2023 was comprised of credit loss expense for loans of $1.2 million, partially offset by a credit loss expense reduction for off-balance
sheet commitments of $395,000 and credit loss expense reduction for held-to-maturity investment securities of $1,000.
We
charged-off $115,000 during the nine months ended September 30, 2024 as compared to charge-offs of $285,000 during the nine months
ended September 30, 2023. The charge-offs of $115,000 during the nine months ended September 30, 2024 were against various
unpaid overdrafts in our demand deposit accounts. The charge-offs of $285,000 during the nine months ended September 30,
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 subsequent to June 30, 2023 at a loss of $159,000. The remaining charge-offs of $126,000 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 nine months ended September 30, 2024 and 2023.
Non-Interest Income
Non-interest income for the nine months ended September 30, 2024
was $2.6 million compared to non-interest income of $2.4 million for the nine months ended September 30, 2023. The increase of $277,000,
or 11.8%, in total non-interest income was primarily due to increases of $772,000 in unrealized gains on equity securities, $196,000
in other loan fees and service charges, and $23,000 in miscellaneous other non-interest income, offset by decreases of $371,000 in BOLI
income and $343,000 in investment advisory fees.
The
increase in unrealized gain (loss) on equity securities was due to an unrealized gain of $445,000 on equity securities during the nine
months ended September 30, 2024 compared to an unrealized loss of $327,000 on equity securities during the nine months ended September 30,
2023. The unrealized gain of $445,000 on equity securities during the 2024 period was due to market interest rate volatility during
the nine months ended September 30, 2024.
The increase of $196,000 in other loan fees and service charges was
due to increases of $164,000 in other loan fees and loan servicing fees, $27,000 in ATM/debit card/ACH fees, and $5,000 in savings account
fees.
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 nine months ended September 30, 2023. 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.
Non-Interest Expense
Non-interest
expense increased $3.2 million, or 12.1%, to $29.1 million for the nine months ended September 30, 2024 from $26.0 million
for the nine months ended September 30, 2023. The increase resulted primarily from increases of $1.7 million in salaries and
employee benefits, $800,000 in other operating expense, $475,000 in real estate owned expense, $286,000 in outside data processing
expense, and $226,000 in occupancy expense, partially offset by decreases of $183,000 in equipment expense and $110,000 in advertising
expense.
Income Taxes
We
recorded income tax expense of $14.4 million and $13.4 million for the nine months ended September 30, 2024 and 2023,
respectively. For the nine months ended September 30, 2024, we had approximately $597,000 in tax exempt income, compared to
approximately $956,000 in tax exempt income for the nine months ended September 30, 2023. The decrease in tax exempt
income was due to two death claims totaling $1.8 million on BOLI policies during the nine months ended September 30, 2023. Our effective
income tax rates were 28.1% and 28.2% for the nine months ended September 30, 2024 and 2023, respectively.
Asset Quality
Non-performing assets were $5.4 million at September 30, 2024
compared to $5.8 million at December 31, 2023. At September 30, 2024 and 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. The other non-performing assets consisted
of one foreclosed property at September 30, 2024 and December 31, 2023. Our ratio of non-performing assets to total assets
remained low at 0.27% at September 30, 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 September 30, 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 September 30, 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 September 30, 2024, the Company’s allowance
for credit losses related to off-balance sheet commitments totaled $908,000 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 15.73% as of September 30, 2024. At September 30, 2024, the Company had the ability to borrow $832.1 million from the Federal
Reserve Bank of New York, $14.8 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
September 30, 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 September 30,
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)
| | |
September 30, | | |
December 31, | |
| | |
2024 | | |
2023 | |
| | |
(In thousands, except share | |
| | |
and per share amounts) | |
| ASSETS | |
| | | |
| | |
| Cash and amounts due from depository institutions | |
$ | 16,023 | | |
$ | 13,394 | |
| Interest-bearing deposits | |
| 81,766 | | |
| 55,277 | |
| Total cash and cash equivalents | |
| 97,789 | | |
| 68,671 | |
| Certificates of deposit | |
| 100 | | |
| 100 | |
| Equity securities | |
| 20,547 | | |
| 18,102 | |
| Securities held-to-maturity ( net of allowance for credit
losses of $126 and $136, respectively ) | |
| 15,061 | | |
| 15,860 | |
| Loans receivable | |
| 1,760,504 | | |
| 1,586,721 | |
| Deferred loan (fees) costs, net | |
| (245 | ) | |
| 176 | |
| Allowance for credit losses | |
| (4,833 | ) | |
| (5,093 | ) |
| Net loans | |
| 1,755,426 | | |
| 1,581,804 | |
| Premises and equipment, net | |
| 24,945 | | |
| 25,452 | |
| Investments in restricted stock, at cost | |
| 712 | | |
| 929 | |
| Bank owned life insurance | |
| 25,568 | | |
| 25,082 | |
| Accrued interest receivable | |
| 13,463 | | |
| 12,311 | |
| Real estate owned | |
| 978 | | |
| 1,456 | |
| Property held for investment | |
| 1,380 | | |
| 1,407 | |
| Right of Use Assets – Operating | |
| 4,144 | | |
| 4,566 | |
| Right of Use Assets – Financing | |
| 348 | | |
| 351 | |
| Other assets | |
| 7,496 | | |
| 8,044 | |
| Total assets | |
$ | 1,967,957 | | |
$ | 1,764,135 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| Liabilities: | |
| | | |
| | |
| Deposits: | |
| | | |
| | |
| Non-interest bearing | |
$ | 267,592 | | |
$ | 300,184 | |
| Interest bearing | |
| 1,360,475 | | |
| 1,099,852 | |
| Total deposits | |
| 1,628,067 | | |
| 1,400,036 | |
| Advance payments by borrowers for taxes and insurance | |
| 2,462 | | |
| 2,020 | |
| Borrowings | |
| 7,000 | | |
| 64,000 | |
| Lease Liability – Operating | |
| 4,241 | | |
| 4,625 | |
| Lease Liability – Financing | |
| 599 | | |
| 571 | |
| Accounts payable and accrued expenses | |
| 15,965 | | |
| 13,558 | |
| Total liabilities | |
| 1,658,334 | | |
| 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;
14,020,602 shares and 14,144,856 shares outstanding, respectively | |
| 140 | | |
| 142 | |
| Additional paid-in capital | |
| 109,368 | | |
| 109,924 | |
| Unearned Employee Stock Ownership Plan
(“ESOP”) shares | |
| (5,911 | ) | |
| (6,563 | ) |
| Retained earnings | |
| 205,699 | | |
| 175,505 | |
| Accumulated other
comprehensive income | |
| 327 | | |
| 317 | |
| Total stockholders’
equity | |
| 309,623 | | |
| 279,325 | |
| Total liabilities
and stockholders’ equity | |
$ | 1,967,957 | | |
$ | 1,764,135 | |
| | |
| | | |
| | |
NORTHEAST COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
| | |
Three Months
Ended September 30, | | |
Nine Months
Ended September 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
| | |
| | |
(In thousands, except per share amounts) | |
| INTEREST INCOME: | |
| | | |
| | | |
| | | |
| | |
| Loans | |
$ | 39,484 | | |
$ | 33,757 | | |
$ | 114,821 | | |
$ | 91,826 | |
| Interest-earning deposits | |
| 1,472 | | |
| 1,181 | | |
| 4,058 | | |
| 2,886 | |
| Securities | |
| 227 | | |
| 199 | | |
| 662 | | |
| 650 | |
| Total Interest
Income | |
| 41,183 | | |
| 35,137 | | |
| 119,541 | | |
| 95,362 | |
| INTEREST EXPENSE: | |
| | | |
| | | |
| | | |
| | |
| Deposits | |
| 14,630 | | |
| 9,889 | | |
| 40,459 | | |
| 23,050 | |
| Borrowings | |
| 257 | | |
| 109 | | |
| 1,559 | | |
| 299 | |
| Financing lease | |
| 10 | | |
| 10 | | |
| 29 | | |
| 28 | |
| Total Interest
Expense | |
| 14,897 | | |
| 10,008 | | |
| 42,047 | | |
| 23,377 | |
| Net Interest Income | |
| 26,286 | | |
| 25,129 | | |
| 77,494 | | |
| 71,985 | |
| Provision for (reversal of) credit
loss | |
| 105 | | |
| 156 | | |
| (286 | ) | |
| 767 | |
| Net Interest
Income after Provision for (Reversal of) Credit Loss | |
| 26,181 | | |
| 24,973 | | |
| 77,780 | | |
| 71,218 | |
| NON-INTEREST INCOME: | |
| | | |
| | | |
| | | |
| | |
| Other loan fees and service charges | |
| 589 | | |
| 364 | | |
| 1,613 | | |
| 1,417 | |
| Earnings on bank owned life insurance | |
| 167 | | |
| 153 | | |
| 486 | | |
| 857 | |
| Investment advisory fees | |
| - | | |
| 114 | | |
| - | | |
| 343 | |
| Unrealized gain (loss) on equity securities | |
| 547 | | |
| (430 | ) | |
| 445 | | |
| (327 | ) |
| Other | |
| 46 | | |
| 20 | | |
| 90 | | |
| 67 | |
| Total Non-Interest
Income | |
| 1,349 | | |
| 221 | | |
| 2,634 | | |
| 2,357 | |
| NON-INTEREST EXPENSES: | |
| | | |
| | | |
| | | |
| | |
| Salaries and employee benefits | |
| 5,135 | | |
| 4,700 | | |
| 15,738 | | |
| 14,079 | |
| Occupancy expense | |
| 735 | | |
| 616 | | |
| 2,116 | | |
| 1,890 | |
| Equipment | |
| 187 | | |
| 240 | | |
| 661 | | |
| 844 | |
| Outside data processing | |
| 681 | | |
| 569 | | |
| 1,924 | | |
| 1,638 | |
| Advertising | |
| 128 | | |
| 133 | | |
| 310 | | |
| 420 | |
| Real estate owned expense | |
| 488 | | |
| 11 | | |
| 527 | | |
| 52 | |
| Other | |
| 2,607 | | |
| 2,646 | | |
| 7,864 | | |
| 7,064 | |
| Total Non-Interest
Expenses | |
| 9,961 | | |
| 8,915 | | |
| 29,140 | | |
| 25,987 | |
| INCOME BEFORE PROVISION FOR INCOME TAXES | |
| 17,569 | | |
| 16,279 | | |
| 51,274 | | |
| 47,588 | |
| PROVISION FOR INCOME TAXES | |
| 4,883 | | |
| 4,436 | | |
| 14,416 | | |
| 13,413 | |
| NET INCOME | |
$ | 12,686 | | |
$ | 11,843 | | |
$ | 36,858 | | |
$ | 34,175 | |
NORTHEAST COMMUNITY BANCORP, INC.
SELECTED CONSOLIDATED FINANCIAL DATA
(Unaudited)
| | |
Three Months
Ended September 30, | | |
Nine Months
Ended September 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
(In thousands, except per share amounts) | | |
(In thousands, except per share amounts) | |
| Per share data: | |
| | | |
| | | |
| | | |
| | |
| Earnings per share - basic | |
$ | 0.97 | | |
$ | 0.80 | | |
$ | 2.81 | | |
$ | 2.42 | |
| Earnings per share - diluted | |
| 0.95 | | |
| 0.80 | | |
| 2.78 | | |
| 2.41 | |
| Weighted average shares outstanding - basic | |
| 13,075 | | |
| 14,743 | | |
| 13,108 | | |
| 14,143 | |
| Weighted average shares outstanding - diluted | |
| 13,417 | | |
| 14,822 | | |
| 13,279 | | |
| 14,192 | |
| Performance ratios/data: | |
| | | |
| | | |
| | | |
| | |
| Return on average total assets | |
| 2.62 | % | |
| 2.87 | % | |
| 2.61 | % | |
| 2.95 | % |
| Return on average shareholders' equity | |
| 16.48 | % | |
| 17.26 | % | |
| 16.55 | % | |
| 16.95 | % |
| Net interest income | |
$ | 26,286 | | |
$ | 25,129 | | |
$ | 77,494 | | |
$ | 71,985 | |
| Net interest margin | |
| 5.68 | % | |
| 6.40 | % | |
| 5.74 | % | |
| 6.54 | % |
| Efficiency ratio | |
| 36.04 | % | |
| 35.17 | % | |
| 36.37 | % | |
| 34.96 | % |
| Net charge-off ratio | |
| 0.02 | % | |
| 0.02 | % | |
| 0.01 | % | |
| 0.03 | % |
| | |
| | | |
| | | |
| | | |
| | |
| Loan portfolio
composition: | |
| | | |
| | | |
| September 30,
2024 | | |
| December 31,
2023 | |
| One-to-four family | |
| | | |
| | | |
$ | 3,507 | | |
$ | 5,252 | |
| Multi-family | |
| | | |
| | | |
| 202,516 | | |
| 198,927 | |
| Mixed-use | |
| | | |
| | | |
| 28,399 | | |
| 29,643 | |
| Total residential real
estate | |
| | | |
| | | |
| 234,422 | | |
| 233,822 | |
| Non-residential real estate | |
| | | |
| | | |
| 30,312 | | |
| 21,130 | |
| Construction | |
| | | |
| | | |
| 1,368,222 | | |
| 1,219,413 | |
| Commercial and industrial | |
| | | |
| | | |
| 125,520 | | |
| 111,116 | |
| Consumer | |
| | | |
| | | |
| 2,028 | | |
| 1,240 | |
| Gross loans | |
| | | |
| | | |
| 1,760,504 | | |
| 1,586,721 | |
| Deferred loan (fees)
costs, net | |
| | | |
| | | |
| (245 | ) | |
| 176 | |
| Total loans | |
| | | |
| | | |
$ | 1,760,259 | | |
$ | 1,586,897 | |
| Asset quality data: | |
| | | |
| | | |
| | | |
| | |
| Loans past due over 90 days and still accruing | |
| | | |
| | | |
$ | - | | |
$ | - | |
| Non-accrual loans | |
| | | |
| | | |
| 4,413 | | |
| 4,385 | |
| OREO property | |
| | | |
| | | |
| 978 | | |
| 1,456 | |
| Total non-performing assets | |
| | | |
| | | |
$ | 5,391 | | |
$ | 5,841 | |
| | |
| | | |
| | | |
| | | |
| | |
| Allowance for credit losses to total loans | |
| | | |
| | | |
| 0.27 | % | |
| 0.32 | % |
| Allowance for credit losses to non-performing loans | |
| | | |
| | | |
| 109.52 | % | |
| 116.15 | % |
| Non-performing loans to total loans | |
| | | |
| | | |
| 0.25 | % | |
| 0.28 | % |
| Non-performing assets to total assets | |
| | | |
| | | |
| 0.27 | % | |
| 0.33 | % |
| | |
| | | |
| | | |
| | | |
| | |
| Bank's Regulatory Capital ratios: | |
| | | |
| | | |
| | | |
| | |
| Total capital to risk-weighted assets | |
| | | |
| | | |
| 14.04 | % | |
| 14.11 | % |
| Common equity tier 1 capital to risk-weighted
assets | |
| | | |
| | | |
| 13.76 | % | |
| 13.78 | % |
| Tier 1 capital to risk-weighted assets | |
| | | |
| | | |
| 13.76 | % | |
| 13.78 | % |
| Tier 1 leverage ratio | |
| | | |
| | | |
| 14.76 | % | |
| 16.21 | % |
NORTHEAST COMMUNITY BANCORP, INC.
NET INTEREST MARGIN ANALYSIS
(Unaudited)
| |
|
Three
Months Ended September 30, 2024 |
|
Three
Months Ended September 30, 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 |
|
$ |
1,717,875 |
|
$ |
39,484 |
|
|
9.19% |
|
$ |
1,446,946 |
|
$ |
33,757 |
|
|
9.33% |
| Securities |
|
|
34,920 |
|
|
212 |
|
|
2.43% |
|
|
33,754 |
|
|
181 |
|
|
2.14% |
| Federal Home Loan Bank stock |
|
|
712 |
|
|
15 |
|
|
8.43% |
|
|
929 |
|
|
18 |
|
|
7.75% |
| Other interest-earning assets |
|
|
98,903 |
|
|
1,472 |
|
|
5.95% |
|
|
88,156 |
|
|
1,181 |
|
|
5.36% |
| Total
interest-earning assets |
|
|
1,852,410 |
|
|
41,183 |
|
|
8.89% |
|
|
1,569,785 |
|
|
35,137 |
|
|
8.95% |
| Allowance for credit losses |
|
|
(4,914) |
|
|
|
|
|
|
|
|
(4,404) |
|
|
|
|
|
|
| Non-interest-earning assets |
|
|
90,313 |
|
|
|
|
|
|
|
|
85,133 |
|
|
|
|
|
|
| Total
assets |
|
$ |
1,937,809 |
|
|
|
|
|
|
|
$ |
1,650,514 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing demand deposit |
|
$ |
228,975 |
|
$ |
2,423 |
|
|
4.23% |
|
$ |
78,768 |
|
$ |
522 |
|
|
2.65% |
| Savings and club accounts |
|
|
140,047 |
|
|
848 |
|
|
2.42% |
|
|
235,613 |
|
|
1,624 |
|
|
2.76% |
| Certificates of deposit |
|
|
946,290 |
|
|
11,359 |
|
|
4.80% |
|
|
707,142 |
|
|
7,743 |
|
|
4.38% |
| Total
interest-bearing deposits |
|
|
1,315,312 |
|
|
14,630 |
|
|
4.45% |
|
|
1,021,523 |
|
|
9,889 |
|
|
3.87% |
| Borrowed money |
|
|
23,603 |
|
|
267 |
|
|
4.52% |
|
|
15,631 |
|
|
119 |
|
|
3.05% |
| Total
interest-bearing liabilities |
|
|
1,338,915 |
|
|
14,897 |
|
|
4.45% |
|
|
1,037,154 |
|
|
10,008 |
|
|
3.86% |
| Non-interest-bearing demand deposit |
|
|
271,207 |
|
|
|
|
|
|
|
|
322,213 |
|
|
|
|
|
|
| Other non-interest-bearing liabilities |
|
|
19,758 |
|
|
|
|
|
|
|
|
16,694 |
|
|
|
|
|
|
| Total
liabilities |
|
|
1,629,880 |
|
|
|
|
|
|
|
|
1,376,061 |
|
|
|
|
|
|
| Equity |
|
|
307,929 |
|
|
|
|
|
|
|
|
274,453 |
|
|
|
|
|
|
| Total
liabilities and equity |
|
$ |
1,937,809 |
|
|
|
|
|
|
|
$ |
1,650,514 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
interest income / interest spread |
|
|
|
|
$ |
26,286 |
|
|
4.44% |
|
|
|
|
$ |
25,129 |
|
|
5.09% |
| Net
interest rate margin |
|
|
|
|
|
|
|
|
5.68% |
|
|
|
|
|
|
|
|
6.40% |
| Net
interest earning assets |
|
$ |
513,495 |
|
|
|
|
|
|
|
$ |
532,631 |
|
|
|
|
|
|
| Average
interest-earning assets to interest-bearing liabilities |
|
|
138.35% |
|
|
|
|
|
|
|
|
151.36% |
|
|
|
|
|
|
NORTHEAST COMMUNITY BANCORP, INC.
NET INTEREST MARGIN ANALYSIS
(Unaudited)
| |
|
Nine
Months Ended September 30, 2024 |
|
Nine
Months Ended September 30, 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 |
|
$ |
1,672,582 |
|
$ |
114,821 |
|
|
9.15% |
|
$ |
1,353,446 |
|
$ |
91,826 |
|
|
9.05% |
| Securities |
|
|
34,071 |
|
|
607 |
|
|
2.38% |
|
|
39,375 |
|
|
589 |
|
|
1.99% |
| Federal Home Loan Bank stock |
|
|
752 |
|
|
55 |
|
|
9.75% |
|
|
1,002 |
|
|
61 |
|
|
8.12% |
| Other interest-earning assets |
|
|
93,417 |
|
|
4,058 |
|
|
5.79% |
|
|
74,308 |
|
|
2,886 |
|
|
5.18% |
| Total
interest-earning assets |
|
|
1,800,822 |
|
|
119,541 |
|
|
8.85% |
|
|
1,468,131 |
|
|
95,362 |
|
|
8.66% |
| Allowance for credit losses |
|
|
(4,977) |
|
|
|
|
|
|
|
|
(4,640) |
|
|
|
|
|
|
| Non-interest-earning assets |
|
|
90,087 |
|
|
|
|
|
|
|
|
83,200 |
|
|
|
|
|
|
| Total
assets |
|
$ |
1,885,932 |
|
|
|
|
|
|
|
$ |
1,546,691 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing demand deposit |
|
$ |
202,097 |
|
$ |
6,300 |
|
|
4.16% |
|
$ |
84,920 |
|
$ |
1,433 |
|
|
2.25% |
| Savings and club accounts |
|
|
160,296 |
|
|
3,032 |
|
|
2.52% |
|
|
262,977 |
|
|
5,373 |
|
|
2.72% |
| Certificates of deposit |
|
|
880,741 |
|
|
31,127 |
|
|
4.71% |
|
|
567,378 |
|
|
16,244 |
|
|
3.82% |
| Total
interest-bearing deposits |
|
|
1,243,134 |
|
|
40,459 |
|
|
4.34% |
|
|
915,275 |
|
|
23,050 |
|
|
3.36% |
| Borrowed money |
|
|
43,916 |
|
|
1,588 |
|
|
4.82% |
|
|
16,216 |
|
|
327 |
|
|
2.69% |
| Total
interest-bearing liabilities |
|
|
1,287,050 |
|
|
42,047 |
|
|
4.36% |
|
|
931,491 |
|
|
23,377 |
|
|
3.35% |
| Non-interest-bearing demand deposit |
|
|
282,786 |
|
|
|
|
|
|
|
|
329,993 |
|
|
|
|
|
|
| Other non-interest-bearing liabilities |
|
|
19,163 |
|
|
|
|
|
|
|
|
16,373 |
|
|
|
|
|
|
| Total
liabilities |
|
|
1,588,999 |
|
|
|
|
|
|
|
|
1,277,857 |
|
|
|
|
|
|
| Equity |
|
|
296,933 |
|
|
|
|
|
|
|
|
268,834 |
|
|
|
|
|
|
| Total
liabilities and equity |
|
$ |
1,885,932 |
|
|
|
|
|
|
|
$ |
1,546,691 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
interest income / interest spread |
|
|
|
|
$ |
77,494 |
|
|
4.49% |
|
|
|
|
$ |
71,985 |
|
|
5.31% |
| Net
interest rate margin |
|
|
|
|
|
|
|
|
5.74% |
|
|
|
|
|
|
|
|
6.54% |
| Net
interest earning assets |
|
$ |
513,772 |
|
|
|
|
|
|
|
$ |
536,640 |
|
|
|
|
|
|
| Average
interest-earning assets to interest-bearing liabilities |
|
|
139.92% |
|
|
|
|
|
|
|
|
157.61% |
|
|
|
|
|
|
v3.24.3
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
NorthEast Community Banc... (NASDAQ:NECB)
Historical Stock Chart
From Nov 2024 to Dec 2024
NorthEast Community Banc... (NASDAQ:NECB)
Historical Stock Chart
From Dec 2023 to Dec 2024
