NorthEast Community Bancorp, Inc. Reports Results for the Fourth Quarter and Year Ended December 31, 2024
NorthEast Community Bancorp (NECB) reported Q4 2024 net income of $10.9 million ($0.83 per basic share), compared to $12.1 million ($0.82 per basic share) in Q4 2023. For the full year 2024, net income was $47.8 million ($3.64 per basic share), up from $46.3 million ($3.32 per basic share) in 2023.
Key performance metrics for Q4 2024 included a 2.19% return on average assets, 13.80% return on equity, and 38.99% efficiency ratio. Net interest income increased by $91,000 (0.4%) in Q4 and $5.6 million (5.8%) for the full year compared to 2023. Net loans increased by $227.0 million (14.3%) to $1.8 billion, while total assets grew by $246.2 million (14.0%) to $2.0 billion.
Total deposits increased by $270.3 million (19.3%) to $1.7 billion, driven by competitive interest rates. The company's loan portfolio growth was primarily in construction loans, with $656.0 million in total loan originations during 2024.
NorthEast Community Bancorp (NECB) ha riportato un utile netto di 10,9 milioni di dollari (0,83 dollari per azione base) nel quarto trimestre del 2024, rispetto ai 12,1 milioni di dollari (0,82 dollari per azione base) del quarto trimestre del 2023. Per l'intero anno 2024, l'utile netto è stato di 47,8 milioni di dollari (3,64 dollari per azione base), in aumento rispetto ai 46,3 milioni di dollari (3,32 dollari per azione base) del 2023.
I principali indicatori di performance per il quarto trimestre del 2024 hanno incluso un ritorno del 2,19% sugli attivi medi, un ritorno del 13,80% sul capitale e un rapporto di efficienza del 38,99%. Il reddito da interessi netto è aumentato di 91.000 dollari (0,4%) nel quarto trimestre e di 5,6 milioni di dollari (5,8%) per l'intero anno rispetto al 2023. I prestiti netti sono aumentati di 227,0 milioni di dollari (14,3%) raggiungendo i 1,8 miliardi di dollari, mentre il totale degli attivi è cresciuto di 246,2 milioni di dollari (14,0%) raggiungendo i 2,0 miliardi di dollari.
I depositi totali sono aumentati di 270,3 milioni di dollari (19,3%) raggiungendo i 1,7 miliardi di dollari, trainati da tassi di interesse competitivi. La crescita del portafoglio prestiti della società è stata principalmente nei prestiti per costruzione, con 656,0 milioni di dollari di origini di prestiti totali durante il 2024.
NorthEast Community Bancorp (NECB) reportó una ganancia neta de 10.9 millones de dólares (0.83 dólares por acción básica) en el cuarto trimestre de 2024, en comparación con 12.1 millones de dólares (0.82 dólares por acción básica) en el cuarto trimestre de 2023. Para todo el año 2024, la ganancia neta fue de 47.8 millones de dólares (3.64 dólares por acción básica), un aumento respecto a 46.3 millones de dólares (3.32 dólares por acción básica) en 2023.
Los principales indicadores de rendimiento para el cuarto trimestre de 2024 incluyeron un retorno del 2.19% sobre los activos promedio, un retorno del 13.80% sobre el patrimonio y un ratio de eficiencia del 38.99%. Los ingresos netos por intereses aumentaron en 91,000 dólares (0.4%) en el cuarto trimestre y en 5.6 millones de dólares (5.8%) para el año completo en comparación con 2023. Los préstamos netos aumentaron en 227.0 millones de dólares (14.3%) alcanzando los 1.8 mil millones de dólares, mientras que el total de activos creció en 246.2 millones de dólares (14.0%) alcanzando los 2.0 mil millones de dólares.
Los depósitos totales aumentaron en 270.3 millones de dólares (19.3%) alcanzando los 1.7 mil millones de dólares, impulsados por tasas de interés competitivas. El crecimiento de la cartera de préstamos de la compañía fue principalmente en préstamos de construcción, con 656.0 millones de dólares en origines de préstamos totales durante 2024.
NorthEast Community Bancorp (NECB)는 2024년 4분기에 1,090만 달러(기본주당 0.83달러)의 순이익을 보고했으며, 이는 2023년 4분기의 1,210만 달러(기본주당 0.82달러)와 비교됩니다. 2024년 전체 연도의 순이익은 4,780만 달러(기본주당 3.64달러)로, 2023년의 4,630만 달러(기본주당 3.32달러)에서 증가하였습니다.
2024년 4분기 주요 성과 지표로는 평균 자산에 대한 2.19%의 수익률, 13.80%의 자기자본 수익률, 38.99%의 효율성 비율이 포함되었습니다. 순이자 수익은 4분기 동안 91,000달러(0.4%) 증가했고, 2023년 대비 연간으로는 560만 달러(5.8%) 증가했습니다. 순대출은 2억 2,700만 달러(14.3%) 증가하여 18억 달러에 도달하였으며, 총 자산은 2억 4,620만 달러(14.0%) 증가하여 20억 달러에 도달했습니다.
총 예금은 2억 7,030만 달러(19.3%) 증가하여 17억 달러에 도달하였으며, 이는 경쟁력 있는 이자율에 의해 촉진되었습니다. 회사의 대출 포트폴리오 성장은 주로 건설 대출에서 나타났으며 2024년에는 총 6억 5,600만 달러의 대출이 발생했습니다.
NorthEast Community Bancorp (NECB) a annoncé un revenu net de 10,9 millions de dollars (0,83 dollars par action de base) pour le quatrième trimestre 2024, contre 12,1 millions de dollars (0,82 dollars par action de base) pour le quatrième trimestre 2023. Pour l'année complète 2024, le revenu net s'élevait à 47,8 millions de dollars (3,64 dollars par action de base), en hausse par rapport à 46,3 millions de dollars (3,32 dollars par action de base) en 2023.
Les principaux indicateurs de performance pour le quatrième trimestre 2024 comprenaient un retour de 2,19 % sur les actifs moyens, un retour sur fonds propres de 13,80 %, et un ratio d'efficacité de 38,99 %. Les revenus d'intérêts nets ont augmenté de 91 000 dollars (0,4 %) au quatrième trimestre et de 5,6 millions de dollars (5,8 %) pour l'année entière par rapport à 2023. Les prêts nets ont augmenté de 227,0 millions de dollars (14,3 %) pour atteindre 1,8 milliard de dollars, tandis que le total des actifs a crû de 246,2 millions de dollars (14,0 %) pour atteindre 2,0 milliards de dollars.
Les dépôts totaux ont augmenté de 270,3 millions de dollars (19,3 %) pour atteindre 1,7 milliard de dollars, soutenus par des taux d'intérêt compétitifs. La croissance du portefeuille de prêts de l'entreprise s'est principalement concentrée sur les prêts à la construction, avec 656,0 millions de dollars d'origines de prêts totaux en 2024.
NorthEast Community Bancorp (NECB) meldete für das 4. Quartal 2024 einen Nettogewinn von 10,9 Millionen Dollar (0,83 Dollar pro Stammaktie) im Vergleich zu 12,1 Millionen Dollar (0,82 Dollar pro Stammaktie) im 4. Quartal 2023. Für das gesamte Jahr 2024 betrug der Nettogewinn 47,8 Millionen Dollar (3,64 Dollar pro Stammaktie), was einem Anstieg von 46,3 Millionen Dollar (3,32 Dollar pro Stammaktie) im Jahr 2023 entspricht.
Wichtige Leistungskennzahlen für das 4. Quartal 2024 umfassten eine Rendite von 2,19 % auf das durchschnittliche Vermögen, eine Eigenkapitalrendite von 13,80 % und eine Effizienzquote von 38,99 %. Die Nettozinsüberschüsse stiegen im 4. Quartal um 91.000 Dollar (0,4 %) und im Gesamtjahr im Vergleich zu 2023 um 5,6 Millionen Dollar (5,8 %). Die Nettokredite stiegen um 227,0 Millionen Dollar (14,3 %) auf 1,8 Milliarden Dollar, während die Gesamtaktiva um 246,2 Millionen Dollar (14,0 %) auf 2,0 Milliarden Dollar anstiegen.
Die Einlagen insgesamt stiegen um 270,3 Millionen Dollar (19,3 %) auf 1,7 Milliarden Dollar, angetrieben durch wettbewerbsfähige Zinssätze. Das Wachstum des Kreditportfolios des Unternehmens lag hauptsächlich bei Baukrediten, mit 656,0 Millionen Dollar an gesamten Kreditvergaben im Jahr 2024.
- Net income increased to $47.8 million in 2024 from $46.3 million in 2023
- Net loans grew 14.3% to $1.8 billion
- Total deposits increased 19.3% to $1.7 billion
- Strong loan originations of $656.0 million in 2024
- Stockholders' equity increased 14.2% to $319.1 million
- Q4 2024 net income decreased to $10.9 million from $12.1 million in Q4 2023
- Net interest margin declined to 5.29% in Q4 2024 from 6.06% in Q4 2023
- Interest expense increased 27.3% in Q4 2024 compared to Q4 2023
- Non-interest income decreased 89.2% in Q4 2024 compared to Q4 2023
Insights
The bank's FY 2024 performance reveals a well-executed strategy despite challenging market conditions. The
Notable strengths include:
- Robust loan growth of
14.3% , primarily in construction lending ($573.8 million in originations) - Strong asset quality with minimal charge-offs of
$347,000 - Impressive efficiency ratio of
38.99% in Q4 - Substantial deposit growth of
$270.3 million , reducing reliance on borrowings
However, the compression in net interest margin to
The bank's capital position remains solid with equity increasing
WHITE PLAINS, N.Y., Jan. 29, 2025 (GLOBE NEWSWIRE) -- NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), generated net income of
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 of13.80% , and an efficiency ratio of38.99% for the quarter ended December 31, 2024. For the year ended December 31, 2024, the Company generated a return on average total assets ratio of2.50% , a return on average shareholders’ equity ratio of15.83% , and an efficiency ratio of37.00% . - Net interest income increased by
$91,000 and$5.6 million , or0.4% and5.8% , 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 , or14.3% , to$1.8 billion at December 31, 2024 compared to$1.6 billion at December 31, 2023.
Balance Sheet Summary
Total assets increased
Cash and cash equivalents increased
Equity securities increased
Securities held-to-maturity decreased
Loans, net of the allowance for credit losses, increased
Loan originations during the year ended December 31, 2024 resulted in a net increase of
The allowance for credit losses related to loans decreased to
Premises and equipment decreased
Investments in Federal Home Loan Bank stock decreased
Bank owned life insurance (“BOLI”) increased
Accrued interest receivable increased
Real estate owned increased
Right of use assets — operating decreased
Other assets increased
Total deposits increased
Federal Reserve Bank borrowings of
Advance payments by borrowers for taxes and insurance decreased
Lease liability – operating decreased
Accounts payable and accrued expenses increased
Stockholders’ equity increased
Results of Operations for the Quarter Ended December 31, 2024 and 2023
Net Interest Income
Net interest income was
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
Interest expense increased
Our net interest margin decreased 77 basis points, or
Credit Loss Expense
The Company recorded a credit loss expense of
The credit loss expense of
With respect to the allowance for credit losses for loans, we charged-off
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
The increase in unrealized gain (loss) on equity securities was due to an unrealized loss of
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
The increase in BOLI income of
The increase of
Non-Interest Expense
Non-interest expense increased
Income Taxes
We recorded income tax expense of
Results of Operations for the Year Ended December 31, 2024 and 2023
Net Interest Income
Net interest income was
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
Interest expense increased
Net interest margin decreased 79 basis points, or
Credit Loss Expense
The Company recorded a credit loss expense reduction totaling
The credit loss expense reduction for off-balance sheet commitments of
The credit loss expense for loans of
The credit loss expense of
We charged-off
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
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
The decrease in BOLI income was primarily due to two death claims totaling
The increase of
Regarding the sale/disposition of fixed assets, we recorded gains of
Non-Interest Expense
Non-interest expense increased
Income Taxes
We recorded income tax expense of
Asset Quality
Non-performing assets were
Our ratio of non-performing assets to total assets remained low at
The Company’s allowance for credit losses related to loans was
In addition, at December 31, 2024, the Company’s allowance for credit losses related to off-balance sheet commitments totaled
Capital
The Company’s total stockholders’ equity to assets ratio was
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
The Company completed its first stock repurchase program on April 14, 2023 whereby the Company repurchased 1,637,794 shares, or
The Company commenced its second stock repurchase program on May 30, 2023 whereby the Company will repurchase 1,509,218, or
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 | 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, | $ | — | $ | — | ||||
| Common stock, | 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 | % | ||||||||||||||||||
FAQ
What was NECB's net income for Q4 2024?
How much did NECB's loan portfolio grow in 2024?
What was NECB's deposit growth in 2024?
How did NECB's net interest margin perform in Q4 2024?
What was NECB's total loan origination volume in 2024?
