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NorthEast Community Bancorp reported strong Q3 2024 financial results with net income of $12.7 million ($0.97 per basic share), up from $11.8 million in Q3 2023. For the nine months ended September 30, 2024, net income reached $36.9 million ($2.81 per basic share) compared to $34.2 million in the same period 2023. Total assets increased 11.6% to $2.0 billion, driven by net loan growth of $173.6 million and increased cash equivalents. The bank maintained strong performance metrics with a 2.62% return on assets and 16.48% return on equity. Net interest income grew by 4.6% to $26.3 million in Q3 2024, despite challenging interest rate conditions.
NorthEast Community Bancorp (NECB) has announced two significant dividend updates. Firstly, the Board of Directors has declared a special cash dividend of $0.15 per share on outstanding common stock. Secondly, they have approved an increase in the quarterly cash dividend from $0.10 to $0.15 per share.
Both the increased quarterly dividend and the special cash dividend will be paid on or about November 6, 2024, to shareholders of record as of the close of business on October 4, 2024. Chairman and CEO Kenneth A. Martinek stated that this move represents part of their long-term commitment to enhancing shareholder value.
NorthEast Community Bancorp operates through eleven branch offices in New York and Massachusetts, along with three loan production offices.
NorthEast Community Bancorp, Inc. (Nasdaq: NECB) reported strong financial results for the three and six months ended June 30, 2024.
For Q2 2024, net income was $12.8 million, or $0.98 per basic share, up from $11.1 million, or $0.75 per basic share, in Q2 2023. For the first half of 2024, net income was $24.2 million, or $1.84 per basic share, compared to $22.3 million, or $1.56 per basic share, in the same period of 2023.
Key metrics: return on average assets at 2.70%, return on average equity at 17.28%, and an efficiency ratio of 35.24% for Q2 2024.
Total assets rose to $1.9 billion, driven by a $121.5 million increase in net loans and a $45.2 million rise in cash and cash equivalents.
Loan originations totaled $364.7 million with significant contributions from construction loans.
Total deposits increased by $163.8 million to $1.6 billion.
Stockholders' equity grew by $20.7 million to $300.0 million.
NorthEast Community Bancorp (Nasdaq: NECB) has declared a quarterly cash dividend of $0.10 per common share. This dividend is scheduled for payment on August 6, 2024, to shareholders recorded by July 5, 2024. NorthEast Community Bancorp is the holding company for NorthEast Community Bank, which operates through eleven branches in New York and Massachusetts, and three loan production offices. The company is headquartered in White Plains, New York.
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