Northeast Community Bancorp, Inc. - NECB STOCK NEWS

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.

NorthEast Community Bancorp, Inc. reported net income of $11.4 million for Q1 2024, with a strong loan portfolio performance. Key metrics include a return on average assets of 2.50%, a return on average equity of 15.88%, and an efficiency ratio of 37.91%. Total assets increased to $1.9 billion, with net interest income up by 9.4% to $25.0 million. Deposits rose by $112.0 million, and stockholders' equity increased by $9.6 million. Non-performing assets remained low at 0.31% of total assets, and the Company's capital position is strong.

NorthEast Community Bancorp, Inc. (NECB) declares a quarterly cash dividend of $0.10 per common share.

NorthEast Community Bancorp, Inc. schedules annual stockholders meeting for May 23, 2024. Record date set for April 4, 2024. Proxy materials to be sent to stockholders.

NorthEast Community Bancorp, Inc. (Nasdaq: NECB) reported strong financial results for the fourth quarter and year ended December 31, 2023, with net income increasing by 46.4% and 86.3% respectively. Total assets increased by 23.8% to $1.8 billion, and net interest income increased by 20.3% and 52.2% for the same periods. Loan originations during 2023 resulted in a net increase of $288.8 million in construction loans, contributing to the growth in the loan portfolio. However, the increase in assets was partially due to a decrease in cash and cash equivalents, and the company recorded credit loss expenses totaling $972,000 for the year ended December 31, 2023.

NorthEast Community Bancorp, Inc. (NECB) Declares Quarterly Cash Dividend of $0.06 per Common Share