NorthEast Community Bancorp, Inc. Reports Results for the Fourth Quarter and Year Ended December 31, 2023
- Net income increased by 46.4% and 86.3% for the fourth quarter and year ended December 31, 2023 respectively.
- Total assets increased by 23.8% to $1.8 billion.
- Net interest income increased by 20.3% and 52.2% for the fourth quarter and year ended December 31, 2023 respectively.
- Loan originations during 2023 resulted in a net increase of $288.8 million in construction loans.
- Total deposits increased by 24.8%, but there were decreases in savings account balances and non-interest bearing demand deposits.
- The company recorded credit loss expenses totaling $972,000 for the year ended December 31, 2023.
Insights
The reported financial results by NorthEast Community Bancorp, Inc. show a significant increase in net income for both the quarterly and annual periods, indicating a robust financial performance despite the challenging high interest rate environment of 2023. This performance is primarily attributed to the bank's focus on construction lending, particularly for affordable housing, which has remained in high demand. The reported increase in net loans, along with a strategic shift in deposit types, suggests an effective management of assets and liabilities.
From an investor's perspective, the substantial rise in net income and net interest income could signal a strong potential for future dividends and stock appreciation. However, the decrease in cash and cash equivalents, coupled with a significant increase in certificates of deposit, may indicate a reduced liquidity position that could affect the bank's ability to respond to sudden financial needs. The adoption of CECL has also influenced the bank's reported financials, as evidenced by the one-time credits and adjustments in various financial line items, which stakeholders should consider when evaluating the bank's credit risk management and future earnings potential.
The financial results of NorthEast Community Bancorp, Inc. reflect broader economic trends, such as the rising interest rate environment led by the Federal Reserve's monetary policy actions in 2023. The bank's ability to maintain strong loan demand and increased net interest income in such a climate indicates resilience and adaptability to macroeconomic shifts. The increase in net interest margin for the year, while net interest margin decreased for the quarter, suggests that the bank has been successful in passing on higher rates to borrowers more effectively across the year than in the shorter quarterly period.
Looking forward, the bank's focus on construction lending for affordable housing aligns with the ongoing need for housing in high-demand areas, potentially positioning the bank favorably in terms of loan portfolio growth. However, the economic outlook, including potential further interest rate changes and economic growth rates, will be crucial in assessing the sustainability of the bank's performance. The increased lease liabilities and premises expansion also indicate a forward-looking investment in operational capacity, anticipating future growth.
NorthEast Community Bancorp's performance is noteworthy within the regional banking sector, where many institutions have struggled under similar economic conditions. The bank's strategic focus on affordable housing construction loans capitalizes on a niche market that continues to exhibit strong demand. This specialization not only differentiates the bank from its competitors but also provides a buffer against the adverse effects of interest rate hikes on loan origination volumes.
Another key takeaway is the bank's strategic deposit restructuring, which has resulted in a significant increase in certificates of deposit. This shift may reflect a strategic response to attract more stable, longer-term funding sources in a volatile rate environment. The bank's balance sheet expansion, with a notable increase in total assets, suggests that it is positioning itself for future growth. However, the decrease in non-interest bearing demand deposits could be a point of concern if it indicates a trend of decreasing customer engagement with traditional checking accounts.
WHITE PLAINS, N.Y., Feb. 01, 2024 (GLOBE NEWSWIRE) -- NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), reported net income of
Kenneth A. Martinek, NorthEast Community Bancorp’s 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 high interest rate environment during 2023, loan demand remained strong with originations and outstanding commitments remaining robust. As has been in the past, construction lending for affordable housing units in high demand-high absorption areas continues to be our focus.”
Highlights for the fourth quarter and the year ended December 31, 2023 are as follows:
- Net income increased by
$3.8 million and$21.4 million , or46.4% and86.3% , respectively, for the three months and year ended December 31, 2023 compared to the same periods in the prior year. - Net interest income increased by
$4.3 million and$33.3 million , or20.3% and52.2% , respectively, for the three months and year ended December 31, 2023 compared to the same periods in 2022. - Our commitments, loans-in-process, and standby letters of credit outstanding totaled
$728.1 million at December 31, 2023 compared to$948.7 million at December 31, 2022.
Balance Sheet Summary
Total assets increased by
Cash and cash equivalents decreased by
Equity securities increased by
Securities held-to-maturity decreased by
The allowance for credit losses for held-to-maturity securities totaling
Loans, net of the allowance for credit losses, increased by
Loan originations during 2023 resulted in a net increase of
The allowance for credit losses related to loans decreased to
Premises and equipment decreased by
Investments in Federal Home Loan Bank stock decreased by
Bank owned life insurance (“BOLI”) decreased by
Accrued interest receivable increased by
The agreement to sell all of the Bank’s assets relating to Harbor West Wealth Management Group to a third party was executed in December 2023, with the transaction closing in January 2024. As a result, goodwill decreased to zero at December 31, 2023 from
Foreclosed real estate was
Right of use assets — operating increased by
Other assets increased by
Total deposits increased by
Federal Home Loan Bank advances decreased by
Advance payments by borrowers for taxes and insurance decreased by
Lease liability – operating increased by
Accounts payable and accrued expenses decreased by
The allowance for credit losses for off-balance sheet commitments was
Stockholders’ equity increased by
Net Interest Income
Net interest income totaled
The increase in interest income is attributable to increases in the average balances of loans and interest-bearing deposits, partially offset by decreases in the average balances of investment securities and FHLB stock. The increase in interest income is also attributable to a rising interest rate environment due to the Federal Reserve’s interest rate increases in the past year.
The increase in market interest rates in the past year also caused an increase in our interest expense. As a result, the increase in interest expense for the three months ended December 31, 2023 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 by
Interest expense increased by
Net interest margin decreased by 58 basis points, or
Net interest income totaled
The increase in interest income is attributable to increases in the average balances of loans, partially offset by decreases in the average balances of interest-earning deposits, investment securities, and FHLB stock. The increase in interest income is also attributable to a rising interest rate environment as a result of the Federal Reserve’s interest rate increases during 2023.
The increase in market interest rates in 2023 also caused an increase in our interest expense. As a result, the increase in interest expense for the year ended December 31, 2023 was due to an increase in the cost of funds on our deposits and our borrowed money. The increase in interest expense was also due to increases in the average balances on our certificates of deposits, our savings and club deposits, and our borrowed money, offset by a decrease in the average balances on our interest-bearing demand deposits.
Total interest and dividend income increased by
Interest expense increased by
Net interest margin increased by 109 basis points, or
Credit Loss Expense
The Company recorded credit loss expenses totaling
We charged-off
We recorded no recoveries from previously charged-off loans during the three months ended December 31, 2023 and 2022.
The Company recorded credit loss expenses totaling
We charged-off
The charge-offs of
We recorded no recoveries from previously charged-off loans during the year ended December 31, 2023 compared to recoveries of
Non-Interest Income
Non-interest income for the three months ended December 31, 2023 was
The increase in unrealized gain on equity was due to an unrealized gain of
The increase of
Non-interest income for the year ended December 31, 2023 was
The increase of
The increase of
The decrease of
Non-Interest Expense
Non-interest expense increased by
Non-interest expense increased by
Income Taxes
We recorded income tax expense of
We recorded income tax expense of
Asset Quality
Non-performing assets totaled
The Company’s allowance for credit losses related to loans totaled
In addition, at December 31, 2023, 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, 2023, 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, | |||||||
| 2023 | 2022 | |||||||
| (In thousands, except share | ||||||||
| and per share amounts) | ||||||||
| ASSETS | ||||||||
| Cash and amounts due from depository institutions | $ | 13,394 | $ | 13,210 | ||||
| Interest-bearing deposits | 55,277 | 82,098 | ||||||
| Total cash and cash equivalents | 68,671 | 95,308 | ||||||
| Certificates of deposit | 100 | 100 | ||||||
| Equity securities | 18,102 | 18,041 | ||||||
| Securities available-for-sale, at fair value | - | 1 | ||||||
| Securities held-to-maturity ( net of allowance for credit losses of | 15,860 | 26,395 | ||||||
| Loans receivable | 1,586,721 | 1,217,321 | ||||||
| Deferred loan costs, net | 176 | 372 | ||||||
| Allowance for credit losses | (5,093 | ) | (5,474 | ) | ||||
| Net loans | 1,581,804 | 1,212,219 | ||||||
| Premises and equipment, net | 25,452 | 26,063 | ||||||
| Investments in restricted stock, at cost | 929 | 1,238 | ||||||
| Bank owned life insurance | 25,082 | 25,896 | ||||||
| Accrued interest receivable | 12,311 | 8,597 | ||||||
| Goodwill | - | 200 | ||||||
| Real estate owned | 1,456 | 1,456 | ||||||
| Property held for investment | 1,407 | 1,444 | ||||||
| Right of Use Assets – Operating | 4,566 | 2,312 | ||||||
| Right of Use Assets – Financing | 351 | 355 | ||||||
| Other assets | 8,044 | 5,338 | ||||||
| Total assets | $ | 1,764,135 | $ | 1,424,963 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Liabilities: | ||||||||
| Deposits: | ||||||||
| Non-interest bearing | $ | 300,184 | $ | 376,302 | ||||
| Interest bearing | 1,099,852 | 745,653 | ||||||
| Total deposits | 1,400,036 | 1,121,955 | ||||||
| Advance payments by borrowers for taxes and insurance | 2,020 | 2,369 | ||||||
| Borrowings | 64,000 | 21,000 | ||||||
| Lease Liability – Operating | 4,625 | 2,363 | ||||||
| Lease Liability – Financing | 571 | 533 | ||||||
| Accounts payable and accrued expenses | 13,558 | 14,754 | ||||||
| Total liabilities | 1,484,810 | 1,162,974 | ||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, | $ | — | $ | — | ||||
| Common stock, | 142 | 161 | ||||||
| Additional paid-in capital | 109,924 | 136,434 | ||||||
| Unearned Employee Stock Ownership Plan (“ESOP”) shares | (6,563 | ) | (7,432 | ) | ||||
| Retained earnings | 175,505 | 132,670 | ||||||
| Accumulated other comprehensive gain | 317 | 156 | ||||||
| Total stockholders’ equity | 279,325 | 261,989 | ||||||
| Total liabilities and stockholders’ equity | $ | 1,764,135 | $ | 1,424,963 | ||||
| NORTHEAST COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | |||||||||||||||
| Quarter Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||
| INTEREST INCOME: | |||||||||||||||
| Loans | $ | 35,660 | $ | 23,748 | $ | 127,486 | $ | 69,992 | |||||||
| Interest-earning deposits | 1,257 | 542 | 4,143 | 1,260 | |||||||||||
| Securities | 209 | 216 | 859 | 750 | |||||||||||
| Total Interest Income | 37,126 | 24,506 | 132,488 | 72,002 | |||||||||||
| INTEREST EXPENSE: | |||||||||||||||
| Deposits | 11,131 | 3,421 | 34,181 | 7,544 | |||||||||||
| Borrowings | 779 | 129 | 1,078 | 546 | |||||||||||
| Financing lease | 10 | 9 | 38 | 37 | |||||||||||
| Total Interest Expense | 11,920 | 3,559 | 35,297 | 8,127 | |||||||||||
| Net Interest Income | 25,206 | 20,947 | 97,191 | 63,875 | |||||||||||
| Credit loss expenses | 205 | 439 | 972 | 439 | |||||||||||
| Net Interest Income after Credit Loss Expense | 25,001 | 20,508 | 96,219 | 63,436 | |||||||||||
| NON-INTEREST INCOME: | |||||||||||||||
| Other loan fees and service charges | 474 | 432 | 1,891 | 1,994 | |||||||||||
| (Loss) Gain on disposition of equipment | (18 | ) | - | (18 | ) | 98 | |||||||||
| Earnings on bank owned life insurance | 156 | 154 | 1,013 | 604 | |||||||||||
| Investment advisory fees | 115 | 110 | 458 | 474 | |||||||||||
| Realized and unrealized gain (loss) on equity securities | 621 | 63 | 294 | (1,573 | ) | ||||||||||
| Other | 38 | 20 | 105 | 86 | |||||||||||
| Total Non-Interest Income | 1,386 | 779 | 3,743 | 1,683 | |||||||||||
| NON-INTEREST EXPENSES: | |||||||||||||||
| Salaries and employee benefits | 4,760 | 4,129 | 18,839 | 15,549 | |||||||||||
| Occupancy expense | 705 | 665 | 2,595 | 2,428 | |||||||||||
| Equipment | 211 | 282 | 1,055 | 1,107 | |||||||||||
| Outside data processing | 572 | 498 | 2,210 | 1,886 | |||||||||||
| Advertising | 101 | 116 | 521 | 299 | |||||||||||
| Impairment loss on goodwill | - | 451 | - | 451 | |||||||||||
| Loss on disposition of business | 138 | - | 138 | - | |||||||||||
| Real estate owned expense | 41 | 371 | 93 | 623 | |||||||||||
| Other | 2,706 | 2,127 | 9,770 | 8,347 | |||||||||||
| Total Non-Interest Expenses | 9,234 | 8,639 | 35,221 | 30,690 | |||||||||||
| INCOME BEFORE PROVISION FOR INCOME TAXES | 17,153 | 12,648 | 64,741 | 34,429 | |||||||||||
| PROVISION FOR INCOME TAXES | 5,052 | 4,385 | 18,465 | 9,586 | |||||||||||
| NET INCOME | $ | 12,101 | $ | 8,263 | $ | 46,276 | $ | 24,843 | |||||||
| NORTHEAST COMMUNITY BANCORP, INC. SELECTED CONSOLIDATED FINANCIAL DATA (Unaudited) | ||||||||||||||||
| Quarter Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||
| Per share data: | ||||||||||||||||
| Earnings per share - basic | $ | 0.82 | $ | 0.54 | $ | 3.32 | $ | 1.61 | ||||||||
| Earnings per share - diluted | 0.82 | 0.54 | 3.32 | 1.58 | ||||||||||||
| Weighted average shares outstanding - basic | 14,720 | 15,187 | 13,930 | 15,433 | ||||||||||||
| Weighted average shares outstanding - diluted | 14,778 | 15,330 | 13,936 | 15,726 | ||||||||||||
| Performance ratios/data: | ||||||||||||||||
| Return on average total assets | 2.77 | % | 2.47 | % | 2.90 | % | 1.95 | % | ||||||||
| Return on average shareholders' equity | 17.49 | % | 12.50 | % | 17.09 | % | 9.60 | % | ||||||||
| Net interest income | $ | 25,206 | $ | 20,947 | $ | 97,191 | $ | 63,875 | ||||||||
| Net interest margin | 6.06 | % | 6.64 | % | 6.41 | % | 5.32 | % | ||||||||
| Efficiency ratio | 34.72 | % | 39.76 | % | 34.90 | % | 46.81 | % | ||||||||
| Net charge-off (recovery) ratio | 0.01 | % | 0.15 | % | 0.02 | % | 0.02 | % | ||||||||
| Loan portfolio composition: | December 31, 2023 | December 31, 2022 | ||||||||||||||
| One-to-four family | $ | 5,252 | $ | 5,467 | ||||||||||||
| Multi-family | 198,927 | 123,385 | ||||||||||||||
| Mixed-use | 29,643 | 21,902 | ||||||||||||||
| Total residential real estate | 233,822 | 150,754 | ||||||||||||||
| Non-residential real estate | 21,130 | 25,324 | ||||||||||||||
| Construction | 1,219,413 | 930,628 | ||||||||||||||
| Commercial and industrial | 111,116 | 110,069 | ||||||||||||||
| Consumer | 1,240 | 546 | ||||||||||||||
| Gross loans | 1,586,721 | 1,217,321 | ||||||||||||||
| Deferred loan costs, net | 176 | 372 | ||||||||||||||
| Total loans | $ | 1,586,897 | $ | 1,217,693 | ||||||||||||
| Asset quality data: | ||||||||||||||||
| Loans past due over 90 days and still accruing | $ | - | $ | - | ||||||||||||
| Non-accrual loans | 4,385 | - | ||||||||||||||
| OREO property | 1,456 | 1,456 | ||||||||||||||
| Total non-performing assets | $ | 5,841 | $ | 1,456 | ||||||||||||
| Allowance for credit losses to total loans | 0.32 | % | 0.45 | % | ||||||||||||
| Allowance for credit losses to non-performing loans | 116.15 | % | NA | |||||||||||||
| Non-performing loans to total loans | 0.28 | % | 0.00 | % | ||||||||||||
| Non-performing assets to total assets | 0.33 | % | 0.10 | % | ||||||||||||
| Bank's Regulatory Capital ratios: | ||||||||||||||||
| Total capital to risk-weighted assets | 13.43 | % | 13.66 | % | ||||||||||||
| Common equity tier 1 capital to risk-weighted assets | 13.10 | % | 13.33 | % | ||||||||||||
| Tier 1 capital to risk-weighted assets | 13.10 | % | 13.33 | % | ||||||||||||
| Tier 1 leverage ratio | 14.44 | % | 16.50 | % | ||||||||||||
| NORTHEAST COMMUNITY BANCORP, INC. NET INTEREST MARGIN ANALYSIS (Unaudited) | ||||||||||||||||||||||
| Quarter Ended December 31, 2023 | Quarter Ended December 31, 2022 | |||||||||||||||||||||
| Average Balance | Interest and dividend | Average Yield | Average Balance | Interest and dividend | Average Yield | |||||||||||||||||
| (In thousands, except yield/cost information) | ||||||||||||||||||||||
| Loan receivable gross | $ | 1,545,446 | $ | 35,660 | 9.23 | % | $ | 1,160,736 | $ | 23,748 | 8.18 | % | ||||||||||
| Securities | 33,124 | 188 | 2.27 | % | 44,825 | 196 | 1.75 | % | ||||||||||||||
| Federal Home Loan Bank stock | 929 | 21 | 9.04 | % | 1,238 | 20 | 6.46 | % | ||||||||||||||
| Other interest-earning assets | 83,436 | 1,257 | 6.03 | % | 54,339 | 542 | 3.99 | % | ||||||||||||||
| Total interest-earning assets | 1,662,935 | 37,126 | 8.93 | % | 1,261,138 | 24,506 | 7.77 | % | ||||||||||||||
| Allowance for credit losses | (4,771 | ) | (5,462 | ) | ||||||||||||||||||
| Non-interest-earning assets | 87,557 | 83,687 | ||||||||||||||||||||
| Total assets | $ | 1,745,721 | $ | 1,339,363 | ||||||||||||||||||
| Interest-bearing demand deposit | $ | 118,691 | $ | 1,026 | 3.46 | % | $ | 95,448 | $ | 317 | 1.33 | % | ||||||||||
| Savings and club accounts | 206,120 | 1,404 | 2.72 | % | 262,994 | 1,347 | 2.05 | % | ||||||||||||||
| Certificates of deposit | 758,928 | 8,701 | 4.59 | % | 327,551 | 1,757 | 2.15 | % | ||||||||||||||
| Total interest-bearing deposits | 1,083,739 | 11,131 | 4.11 | % | 685,993 | 3,421 | 1.99 | % | ||||||||||||||
| Borrowed money | 67,049 | 789 | 4.71 | % | 21,000 | 138 | 2.63 | % | ||||||||||||||
| Total interest-bearing liabilities | 1,150,788 | 11,920 | 4.14 | % | 706,993 | 3,559 | 2.01 | % | ||||||||||||||
| Non-interest-bearing demand deposit | 298,739 | 349,991 | ||||||||||||||||||||
| Other non-interest-bearing liabilities | 19,449 | 18,034 | ||||||||||||||||||||
| Total liabilities | 1,468,976 | 1,075,018 | ||||||||||||||||||||
| Equity | 276,745 | 264,345 | ||||||||||||||||||||
| Total liabilities and equity | $ | 1,745,721 | $ | 1,339,363 | ||||||||||||||||||
| Net interest income / interest spread | $ | 25,206 | 4.79 | % | $ | 20,947 | 5.76 | % | ||||||||||||||
| Net interest rate margin | 6.06 | % | 6.64 | % | ||||||||||||||||||
| Net interest earning assets | $ | 512,147 | $ | 554,145 | ||||||||||||||||||
| Average interest-earning assets | ||||||||||||||||||||||
| to interest-bearing liabilities | 144.50 | % | 178.38 | % | ||||||||||||||||||
| NORTHEAST COMMUNITY BANCORP, INC. NET INTEREST MARGIN ANALYSIS (Unaudited) | ||||||||||||||||||||||
| Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||||||||||
| Average Balance | Interest and dividend | Average Yield | Average Balance | Interest and dividend | Average Yield | |||||||||||||||||
| (In thousands, except yield/cost information) | ||||||||||||||||||||||
| Loan receivable gross | $ | 1,401,492 | $ | 127,486 | 9.10 | % | $ | 1,054,577 | $ | 69,992 | 6.64 | % | ||||||||||
| Securities | 37,819 | 777 | 2.05 | % | 42,771 | 681 | 1.59 | % | ||||||||||||||
| Federal Home Loan Bank stock | 984 | 82 | 8.33 | % | 1,299 | 69 | 5.31 | % | ||||||||||||||
| Other interest-earning assets | 76,542 | 4,143 | 5.41 | % | 101,999 | 1,260 | 1.24 | % | ||||||||||||||
| Total interest-earning assets | 1,516,837 | 132,488 | 8.73 | % | 1,200,646 | 72,002 | 6.00 | % | ||||||||||||||
| Allowance for credit losses | (4,676 | ) | (5,387 | ) | ||||||||||||||||||
| Non-interest-earning assets | 84,287 | 79,835 | ||||||||||||||||||||
| Total assets | $ | 1,596,448 | $ | 1,275,094 | ||||||||||||||||||
| Interest-bearing demand deposit | $ | 93,426 | $ | 2,459 | 2.63 | % | $ | 108,077 | $ | 918 | 0.85 | % | ||||||||||
| Savings and club accounts | 248,755 | 6,777 | 2.72 | % | 228,811 | 2,688 | 1.17 | % | ||||||||||||||
| Certificates of deposit | 615,124 | 24,945 | 4.06 | % | 285,991 | 3,938 | 1.38 | % | ||||||||||||||
| Total interest-bearing deposits | 957,305 | 34,181 | 3.57 | % | 622,879 | 7,544 | 1.21 | % | ||||||||||||||
| Borrowed money | 29,007 | 1,116 | 3.85 | % | 22,247 | 583 | 2.62 | % | ||||||||||||||
| Total interest-bearing liabilities | 986,312 | 35,297 | 3.58 | % | 645,126 | 8,127 | 1.26 | % | ||||||||||||||
| Non-interest-bearing demand deposit | 322,185 | 355,118 | ||||||||||||||||||||
| Other non-interest-bearing liabilities | 17,139 | 16,137 | ||||||||||||||||||||
| Total liabilities | 1,325,636 | 1,016,381 | ||||||||||||||||||||
| Equity | 270,812 | 258,713 | ||||||||||||||||||||
| Total liabilities and equity | $ | 1,596,448 | $ | 1,275,094 | ||||||||||||||||||
| Net interest income / interest spread | $ | 97,191 | 5.15 | % | $ | 63,875 | 4.74 | % | ||||||||||||||
| Net interest rate margin | 6.41 | % | 5.32 | % | ||||||||||||||||||
| Net interest earning assets | $ | 530,525 | $ | 555,520 | ||||||||||||||||||
| Average interest-earning assets | ||||||||||||||||||||||
| to interest-bearing liabilities | 153.79 | % | 186.11 | % | ||||||||||||||||||
FAQ
What is the ticker symbol for NorthEast Community Bancorp, Inc.?
How much did net income increase by for the fourth quarter and year ended December 31, 2023?
What was the percentage increase in total assets?
What was the percentage increase in net interest income for the fourth quarter and year ended December 31, 2023?
What was the net increase in construction loans due to loan originations in 2023?
