NorthEast Community Bancorp, Inc. Reports Results for the Quarter Ended June 30, 2021

Rhea-AI Summary

NorthEast Community Bancorp reported a strong financial performance for the second quarter of 2021, with net income rising to $3.7 million from $2.5 million in the same period last year, translating to $0.31 per share. Total assets increased to $1.1 billion, up 11.2% year-to-date, driven by a 136.8% rise in cash and cash equivalents. The company maintained a low non-performing assets ratio of 0.52% and issued a modest provision for loan losses of $17,000. Deposits grew by 3.5% to $798.8 million, reflecting robust loan demand despite COVID-19 challenges.

Positive

• Net income increased to $3.7 million for Q2 2021, up from $2.5 million in Q2 2020.
• Total assets rose by 11.2% to $1.1 billion as of June 30, 2021.
• Cash and cash equivalents increased by 136.8% to $163.8 million.
• Deposits grew by 3.5% to $798.8 million.
• Strong asset quality with non-performing assets at 0.52%.

Negative

• Non-interest income decreased to $1.2 million for the six months ended June 30, 2021, down from $1.4 million in the prior year.
• Provision for loan losses totaled $17,000, showing ongoing concerns amid the pandemic.

WHITE PLAINS, N.Y., July 30, 2021 (GLOBE NEWSWIRE) -- NorthEast Community Bancorp, Inc. (NasdaqCM: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”) reported net income of $3.7 million and $7.0 million, or $0.31 and $0.58 per basic and diluted common share, for the three months and six months ended June 30, 2021, respectively, compared to net income of $2.5 million and $5.7 million, or $0.21 and $0.48 per basic and diluted common share, for the three months and six months ended June 30, 2020, respectively.

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. Throughout the COVID-19 pandemic, loan demand remained strong with originations and outstanding commitments increasing quarter over quarter. Our commitments, loans-in-process, and standby letters of credit outstanding totaled $785.7 million as of June 30, 2021. The performance of our loan portfolios remains strong with one loan past due and in foreclosure at June 30, 2021. At this time, we have two loans on deferral as a result of the COVID-19 pandemic, both with conservative loan to value ratios. As has been in the past, construction lending for affordable housing units in homogeneous high demand high absorption areas continues to be our focus.”

Highlights for the three and six months ended and at June 30, 2021 are as follows:

• During the three months ended June 30, 2021, the Company recorded net income of $3.7 million, or $0.31 per basic and diluted share.
• Net interest income increased by $869,000, or 9.1%, for the three months ended June 30, 2021 compared to the same period in the prior year.
• The Company maintained strong credit reserves amidst the uncertain economic environment and recorded a $17,000 provision for loan losses during the six months ended June 30, 2021.
• Asset quality metrics continued to remain strong with non-performing assets to total assets of 0.52% as of June 30, 2021. Our allowance for loan losses totaled $5.1 million, or 0.61% of total loans as of June 30, 2021 compared to $5.2 million, or 0.64% of total loans as of June 30, 2020.
• In accordance with the provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) since March 2020, we have granted pandemic-related loan payment deferrals to 195 loans totaling $190.8 million at the time payment deferral was requested. As of June 30, 2021, we had two loans totaling $9.5 million still in deferral status.
  

Balance Sheet
Total assets increased by $108.3 million, or 11.2%, to $1.1 billion at June 30, 2021, from $968.2 million at December 31, 2020. The increase in assets was primarily due to increases in cash and cash equivalents of $94.6 million, premises and equipment of $4.5 million, net loans of $5.5 million, and investment securities held-to-maturity of $3.5 million.

Cash and cash equivalents increased by $94.6 million, or 136.8%, to $163.8 million at June 30, 2021 from $69.2 million at December 31, 2020. The increase in cash can primarily be attributed to an increase in deposits of $27.1 million and an increase in stock subscriptions funds of $74.9 million related to our recently completed second-step conversion offering, partially offset by an increase in loans of $5.5 million, an increase in investment securities held-to-maturity of $3.5 million, an increase in premises and equipment of $4.5 million due to the purchase of a branch building, a decrease in advance payments by borrowers for taxes and insurance of $246,000 and cash dividends of $295,000.

Securities held-to-maturity increased by $3.5 million, or 46.9%, to $10.8 million at June 30, 2021 from $7.4 million at December 31, 2020. The increase was primarily due to the purchase of investment securities totaling $4.3 million, partially offset by maturities and pay-downs of $793,000.

Loans, net of the allowance for loan losses, increased by $5.5 million, or 0.7%, to $825.2 million at June 30, 2021 from $819.7 million at December 31, 2020. The increase in loans, net of the allowance for loan losses, was primarily due to a net increase in construction loans of $26.2 million. The increases were partially offset by decreases in non-residential loans of $5.5 million, mixed-use loans of $2.3 million, commercial and industrial loans of $10.6 million, one- to four-family loans of $1.4 million, and multi-family loans of $992,000, coupled with normal pay-downs and principal reductions.

Premises and equipment increased by $4.5 million, or 24.2%, to $23.2 million at June 30, 2021 from $18.7 million at December 31, 2020 due to the acquisition of property for a new branch site located in Monsey, New York.

Foreclosed real estate was $2.0 million at June 30, 2021 and December 31, 2020.

Right of use assets — operating, recognized in accordance with Accounting Standards Codification 842 “Leases”, decreased by $264,000, or 8.5%, to $2.8 million at June 30, 2021 from $3.1 million at December 31, 2020, primarily due to amortization.

Other assets increased by $510,000, or 10.1%, to $5.6 million at June 30, 2021 from $5.1 million at December 31, 2020 due to an increase in suspense accounts of $1.0 million and an increase in prepaid expense of $240,000, partially offset by a decrease in tax assets of $728,000.

Total deposits increased by $27.1 million, or 3.5%, to $798.8 million at June 30, 2021, from $771.7 million at December 31, 2020. The increase was primarily due to an increase in non-interest bearing demand deposits of $36.4 million, or 16.5%, and an increase in NOW/money market accounts of $18.0 million, or 17.9%, from December 31, 2020 to June 30, 2021. The increase was partially offset by a decrease in certificates of deposit of $25.3 million, or 7.3%, and a decrease in savings account balances of $2.0 million, or 2.0%, from December 31, 2020 to June 30, 2021.

Federal Home Loan Bank advances were $28.0 million at both June 30, 2021 and December 31, 2020.

Stock subscription was $74.9 million at June 30, 2021 due to stock subscription orders received in connection with our recently completed second-step conversion offering.

Stockholders’ equity increased by $7.0 million, or 4.6% to $160.8 million at June 30, 2021, from $153.8 million at December 31, 2020. The increase in stockholders’ equity was primarily a result of net income of  $7.0 million for the six months ended June 30, 2021, a reduction of $202,000 in unearned employee stock ownership plan shares, partially offset by dividends declared of $144,000 and $3,000 in other comprehensive loss.

Net Interest Income
Net interest income totaled $10.4 million for the three months ended June 30, 2021, as compared to $9.5 million for the three months ended June 30, 2020. The increase in net interest income of $870,000, or 9.1%, was primarily due to the decrease in interest expense that exceeded a decrease in interest income.

The decrease in interest expense and interest income is consistent with the decrease in interest rates in response to the COVID-19 pandemic and its impact on the economy and interest rate environment. However, our cost of interest bearing liabilities decreased much greater than our yield on interest earning assets as our interest bearing liabilities repriced much faster to lower rates than our yield on interest earning assets. In this regard, our cost of interest bearing liabilities decreased by 89 basis points from 1.80% for the three months ended June 30, 2020 to 0.91% for the three months ended June 30, 2021. Our yield on interest earning assets decreased by 53 basis points from 5.58% for the three months ended June 30, 2020 to 5.05% for the three months ended June 30, 2021.

Net interest margin increased by 18 basis points, or 4.2%, during the three months ended June 30, 2021 to 4.49% compared to 4.31% during the three months ended June 30, 2020.

Net interest income totaled $20.7 million for the six months ended June 30, 2021, as compared to $19.0 million for the six months ended June 30, 2020. The increase in net interest income of $1.8 million, or 9.4%, was primarily due to the decrease in interest expense that exceeded a decrease in interest income.

In a manner consistent with the decrease in interest rates in response to the COVID-19 pandemic, our cost of interest bearing liabilities decreased much greater than our yield on interest earning assets as our interest bearing liabilities repriced much faster to lower rates than our yield on interest earning assets. In this regard, our cost of interest bearing liabilities decreased by 96 basis points from 1.93% for the six months ended June 30, 2020 to 0.97% for the six months ended June 30, 2021. Our yield on interest earning assets decreased by 62 basis points from 5.76% for the six months ended June 30, 2020 to 5.14% for the six months ended June 30, 2021.

Net interest margin increased by 17 basis points, or 3.9%, during the six months ended June 30, 2021 to 4.54% compared to 4.37% during the six months ended June 30, 2020.

Non-Interest Income
Non-interest income for the three months ended June 30, 2021 was $778,000 compared to non-interest income of $541,000 for the three months ended June 30, 2020. The increase in total non-interest income was primarily due to an increase of $193,000 in other loan fees and service charges, an increase of $32,000 in investment advisory fees, a net gain of $7,000 on the sale of fixed assets, and an increase of $6,000 in other non-interest income, partially offset by a decrease of $1,000 in bank owned life insurance income.

Non-interest income for the six months ended June 30, 2021 was $1.2 million compared to non-interest income of $1.4 million for the six months ended June 30, 2020. The decrease in total non-interest income was primarily due to an unrealized loss of $62,000 in our equity securities in the 2021 period compared to an unrealized gain of $299,000 in the comparable period in 2020, a decrease of $119,000 in other non-interest income, and a decrease of $10,000 in bank owned life insurance income. These were partially offset by an increase of $245,000 in other loan fees and service charges, an increase of $36,000 in investment advisory fees, and a net gain of $7,000 on the sale of fixed assets.

Non-Interest Expense
Non-interest expense increased by $8,000, or 0.1%, to $6.3 million for the three months ended June 30, 2021 from $6.3 million for the three months ended June 30, 2020. The increase resulted primarily from increases of $244,000 in other operating expense and $45,000 in equipment expense, partially offset by decreases of $88,000 in outside data processing expense, $77,000 in salaries and employee benefits, $67,000 in real estate owned expense, $42,000 in advertising expense, and $7,000 in occupancy expense.

Non-interest expense increased by $493,000, or 4.0%, to $12.9 million for the six months ended June 30, 2021 from $12.4 million for the six months ended June 30, 2020. The increase resulted primarily from increases of $303,000 in salaries and employee benefits, $195,000 in other operating expense, $88,000 in occupancy expense, and $77,000 in equipment expense, partially offset by decreases of $73,000 in real estate owned expense, $71,000 in advertising expense, and $26,000 in outside data processing expense.

Income Taxes
We recorded income tax expense of $1.1 million and $752,000 for the three months ended June 31, 2021 and 2020, respectively. For the three months ended June 30, 2021, we had approximately $174,000 in tax exempt income, compared to approximately $165,000 in tax exempt income for the three months ended June 30, 2020. Our effective income tax rates were 23.2% and 23.3% for the three months ended June 30, 2021 and 2020, respectively.

We recorded income tax expense of $2.1 million and $1.7 million for the six months ended June 31, 2021 and 2020, respectively. For the six months ended June 30, 2021, we had approximately $336,000 in tax exempt income, compared to approximately $337,000 in tax exempt income for the six months ended June 30, 2020. Our effective income tax rates were 23.2% and 23.4% for the six months ended June 30, 2021 and 2020, respectively.

Asset Quality
Our ratio of non-performing assets to total assets remained low at 0.52% as of June 30, 2021. Our net charge-offs remained low with $11,000 of net charge-offs recorded during the six months ended June 30, 2021, compared to a net recovery of $21,000 during the six months ended June 30, 2020. We recorded a $17,000 provision for loan losses during the six months ended June 30, 2021, compared to a $532,000 provision for loan losses during the six months ended June 30, 2020.

The provision recorded for the six months ended June 30, 2020 was primarily attributed to the perceived potential credit risk associated with the COVID-19 pandemic, although no specific or probable losses were identified at that time. Although the COVID-19 pandemic and the resulting recession has impacted the local economy, we have not experienced any significant deterioration of our borrowers’ ability to keep current in accordance with the terms of their obligations. Based on a review of the loans that were in the loan portfolio at June 30, 2021, management believes that the allowance is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that were both probable and reasonably estimable.

Our allowance for loan losses totaled $5.1 million, or 0.61% of total loans as of June 30, 2021, compared to $5.1 million, or 0.62% of total loans as of December 31, 2020.

Capital
The Bank’s capital position remains strong relative to current regulatory requirements and is considered a well-capitalized institution under the Prompt Corrective Action framework. As of June 30, 2021, the Bank had a tier 1 leverage capital ratio of 14.84% and a total risk-based capital ratio of 13.58%. The Company’s total stockholder’s equity to assets was 14.94% as of June 30, 2021. At June 30, 2021, the Company had the ability to borrow $41.2 million from the Federal Home Loan Bank of New York.

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 nine branch offices located in Bronx, New York, Orange, and Rockland 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.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain 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, the effect of the COVID-19 pandemic (including its impact on NorthEast Community Bank’s business operations and credit quality, on our customers and their ability to repay their loan obligations and on general economic and financial market 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, deposit flows, 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 and changes in relevant accounting principles and guidelines. 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.

NORTHEAST COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)

		June 30,				December 31,
		2021				2020
		(In thousands, except share
		and per share amounts)
ASSETS
Cash and amounts due from depository institutions		$	8,953			$	7,613
Interest-bearing deposits			154,882				61,578
Cash and cash equivalents			163,835				69,191
Certificates of deposit			100				100
Equity Securities			10,270				10,332
Securities available-for-sale, at fair value			2				2
Securities held-to-maturity (fair value of  $10,932 and $7,519, respectively)			10,842				7,382
Loans receivable			829,970				824,708
Deferred loan (fees) costs, net			338				113
Allowance for loan losses			(5,094	)			(5,088	)
Net loans			825,214				819,733
Premises and equipment, net			23,187				18,675
Investments in restricted stock, at cost			1,569				1,595
Bank owned life insurance			24,987				24,691
Accrued interest receivable			3,619				3,838
Goodwill			651				651
Real estate owned			1,996				1,996
Property held for investment			1,500				1,518
Right of Use Assets – Operating			2,830				3,094
Right of Use Assets – Financing			361				363
Other assets			5,570				5,060
Total assets		$	1,076,533			$	968,221
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing		$	257,808			$	221,371
Interest bearing			540,996				550,335
Total deposits			798,804				771,706
Advance payments by borrowers for taxes and insurance			2,012				2,258
Federal Home Loan Bank advances			28,000				28,000
Lease Liability – Operating			2,864				3,115
Lease Liability – Financing			478				460
Stock Subscription			74,933				-
Accounts payable and accrued expenses			8,595				8,857
Total liabilities			915,686				814,396
Stockholders’ equity:
Preferred stock, $0.01 par value; 1,000,000 shares authorized, none issued			—				—
Common stock, $0.01 par value; 19,000,000 shares authorized; 13,225,000 shares issued; and 12,194,611 shares outstanding at June 30, 2021 and December 31, 2020, respectively		$	132			$	132
Additional paid-in capital			56,974				56,901
Unearned Employee Stock Ownership Plan (“ESOP”) shares			(1,166	)			(1,296	)
Treasury stock – at cost, 1,030,389 shares at June 30, 2021 and December 31, 2020, respectively			(7,032	)			(7,032	)
Retained earnings			112,127				105,305
Accumulated other comprehensive loss			(188	)			(185	)
Total stockholders’ equity			160,847				153,825
Total liabilities and stockholders’ equity		$	1,076,533			$	968,221

NORTHEAST COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

		Three Months Ended June 30,						Six Months Ended June 30,
		2021			2020			2021				2020
		(In thousands, except per share amounts)						(In thousands, except per share amounts)
INTEREST INCOME:
Loans		$	11,575		$	12,196		$	23,302			$	24,441
Interest-earning deposits			11			11			21				331
Securities – taxable			90			108			173				224
Total Interest Income			11,676			12,315			23,496				24,996
INTEREST EXPENSE:
Deposits			1,113			2,622			2,395				5,685
Borrowings			176			176			350				332
Financing Lease			9			9			18				18
Total Interest Expense			1,298			2,807			2,763				6,035
Net Interest Income			10,378			9,508			20,733				18,961
Provision for loan loss			—			518			17				532
Net Interest Income after Provision for Loan Losses			10,378			8,990			20,716				18,429
NON-INTEREST INCOME:
Other loan fees and service charges			393			200			715				470
Gain on disposition of equipment			7			—			7				—
Earnings on bank owned life insurance			148			149			295				305
Investment advisory fees			124			92			242				206
Unrealized gain (loss) on equity securities			93			93			(62	)			299
Other			13			7			24				143
Total Non-Interest Income			778			541			1,221				1,423
NON-INTEREST EXPENSES:
Salaries and employee benefits			3,512			3,589			7,169				6,866
Occupancy expense			472			479			1,045				957
Equipment			239			194			488				411
Outside data processing			337			425			824				850
Advertising			24			66			47				118
Real estate owned expense			26			93			68				141
Other			1,699			1,455			3,223				3,028
Total Non-Interest Expenses			6,309			6,301			12,864				12,371
INCOME BEFORE PROVISION FOR INCOME TAXES			4,847			3,230			9,073				7,481
PROVISION FOR INCOME TAXES			1,126			752			2,107				1,747
NET INCOME		$	3,721		$	2,478		$	6,966			$	5,734
EARNINGS PER COMMON SHARE – BASIC AND DILUTED		$	0.31		$	0.21		$	0.58			$	0.48
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – BASIC AND DILUTED			12,075			12,049			12,075				12,049
DIVIDENDS DECLARED PER COMMON SHARE		$	0.03		$	0.03		$	0.03			$	0.03

NORTHEAST COMMUNITY BANCORP, INC.
SELECTED CONSOLIDATED FINANCIAL DATA
(Unaudited)

		Three Months Ended June 30,								Six Months Ended June 30,
		2021				2020				2021				2020
		(In thousands, except per share amounts)								(In thousands, except per share amounts)
Per share data:
Earnings per share - basic and diluted		$	0.31			$	0.21			$	0.58			$	0.48
Weighted average shares outstanding - basic and diluted			12,075				12,049				12,075				12,049
Performance ratios/data:
Return on average total assets			1.50	%			1.05	%			1.42	%			1.23	%
Return on average shareholders' equity			9.32	%			6.75	%			8.83	%			7.88	%
Net interest income		$	10,378			$	9,509			$	20,733			$	18,960
Net interest margin			4.49	%			4.31	%			4.54	%			4.37	%
Efficiency ratio			56.56	%			62.71	%			58.60	%			60.69	%
Loan portfolio composition:											June 30, 2021				December 31, 2020
One-to-four family										$	4,803			$	6,170
Multi-family											89,514				90,506
Mixed-use											28,230				30,508
Total residential real estate											122,547				127,184
Non-residential real estate											55,144				60,665
Construction											571,963				545,788
Commercial and industrial											79,973				90,577
Overdrafts											302				452
Consumer											41				42
Gross loans											829,970				824,708
Deferred loan (fees) costs, net											338				113
Total loans										$	830,308			$	824,821
Asset quality data:
Loans past due over 90 days and still accruing										$	-			$	-
Non-accrual loans											3,593				3,572
OREO property											1,996				1,996
Total non-performing assets										$	5,589			$	5,568
Net recoveries (charge-offs)		$	(8	)		$	7			$	(11	)		$	21
Allowance for loan losses to total loans											0.61	%			0.62	%
Allowance for loan losses to non-performing loans											141.78	%			142.60	%
Non-performing loans to total loans											0.43	%			0.43	%
Non-performing assets to total assets											0.52	%			0.58	%
Bank's Regulatory Capital ratios:
Common equity tier 1 capital to risk-weighted assets											13.58	%			13.72	%
Total capital to risk-weighted assets											13.12	%			13.23	%
Tier 1 capital to risk-weighted assets											13.12	%			13.23	%
Tier 1 leverage ratio											14.84	%			14.79	%

NORTHEAST COMMUNITY BANCORP, INC.
NET INTEREST MARGIN ANALYSIS
(Unaudited)

		Three Months Ended June 30, 2021											Three Months Ended June 30, 2020
		Average				Interest			Average				Average							Average
		Balance				and dividend			Yield				Balance				Interest			Yield
		(In thousands, except yield/cost information)											(In thousands, except yield/cost information)
Loan receivable Gross		$	833,973			$	11,575			5.55	%		$	804,843			$	12,196			6.06	%
Securities (1)			21,513				90			1.67	%			20,689				108			2.09	%
Other interest-earning assets			69,368				11			0.06	%			57,037				11			0.08	%
Total interest-earning assets			924,854				11,676			5.05	%			882,569				12,315			5.58	%
Allowance for loan losses			(5,103	)										(4,881	)
Non-interest-earning assets			72,615											62,887
Total assets		$	992,366										$	940,575
Interest-bearing demand deposit		$	114,675			$	164			0.57	%		$	109,640			$	142			0.52	%
Savings and club accounts			101,162				48			0.19	%			104,526				236			0.90	%
Certificates of deposit			324,420				901			1.11	%			379,913				2,244			2.36	%
Total interest-bearing deposits			540,257				1,113			0.82	%			594,079				2,622			1.77	%
Borrowed money			28,000				185			2.64	%			28,000				185			2.64	%
Total interest-bearing liabilities			568,257				1,298			0.91	%			622,079				2,807			1.80	%
Non-interest-bearing demand deposit			239,996											159,953
Other non-interest-bearing liabilities			24,429											11,656
Total liabilities			832,682											793,688
Equity			159,684											146,887
Total liabilities and equity		$	992,366										$	940,575
Net interest income / interest spread						$	10,378			4.14	%						$	9,508			3.78	%
Net interest rate margin										4.49	%										4.31	%
Net interest earning assets		$	356,597										$	260,490
Average interest-earning assets
to interest-bearing liabilities			162.75	%										141.87	%

---

      (1)   Includes Federal Home Loan Bank of New York stock.

		Six Months Ended June 30, 2021											Six Months Ended June 30, 2020
		Average				Interest			Average				Average							Average
		Balance				and dividend			Yield				Balance				Interest			Yield
		(In thousands, except yield/cost information)											(In thousands, except yield/cost information)
Loan receivable Gross		$	834,219			$	23,302			5.59	%		$	785,691			$	24,441			6.22	%
Securities (1)			20,312				173			1.70	%			20,683				224			2.17	%
Other interest-earning assets			58,942				21			0.07	%			61,079				331			1.08	%
Total interest-earning assets			913,473				23,496			5.14	%			867,453				24,996			5.76	%
Allowance for loan losses			(5,096	)										(4,751	)
Non-interest-earning assets			70,157											67,842
Total assets		$	978,534										$	930,544
Interest-bearing demand deposit		$	111,357			$	320			0.57	%		$	109,973			$	464			0.84	%
Savings and club accounts			101,893				127			0.25	%			102,163				459			0.90	%
Certificates of deposit			330,546				1,948			1.18	%			387,125				4,762			2.46	%
Total interest-bearing deposits			543,796				2,395			0.88	%			599,261				5,685			1.90	%
Borrowed money			28,000				368			2.63	%			25,577				350			2.74	%
Total interest-bearing liabilities			571,796				2,763			0.97	%			624,838				6,035			1.93	%
Non-interest-bearing demand deposit			229,854											148,964
Other non-interest-bearing liabilities			19,020											11,221
Total liabilities			820,670											785,023
Equity			157,864											145,521
Total liabilities and equity		$	978,534										$	930,544
Net interest income / interest spread						$	20,733			4.18	%						$	18,961			3.83	%
Net interest rate margin										4.54	%										4.37	%
Net interest earning assets		$	341,677										$	242,615
Average interest-earning assets
to interest-bearing liabilities			159.76	%										138.83	%

---

(1)   Includes Federal Home Loan Bank of New York stock.

FAQ

What were the earnings of NorthEast Community Bancorp for Q2 2021?

NorthEast Community Bancorp reported net income of $3.7 million for Q2 2021.

How much did total assets increase for NorthEast Community Bancorp by June 30, 2021?

Total assets increased by 11.2% to $1.1 billion as of June 30, 2021.

What is the net interest income for NorthEast Community Bancorp for Q2 2021?

Net interest income totaled $10.4 million for the three months ended June 30, 2021.

What was the non-performing assets ratio for NorthEast Community Bank as of June 30, 2021?

The non-performing assets ratio was 0.52% as of June 30, 2021.

How much did deposits grow for NorthEast Community Bancorp by June 30, 2021?

Deposits grew by 3.5% to $798.8 million.