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NorthEast Community Bancorp (Nasdaq: NECB) reported strong financial results for Q3 and YTD 2022. Net income surged to $7.5 million and $16.6 million, reflecting increases of 933.2% and 115.4%, respectively, compared to the same periods in 2021. Net interest income rose 60% to $17.5 million for Q3. Loan originations reached $499.2 million, emphasizing robust demand amid rising interest rates. Total assets increased by 4.9% to $1.3 billion. The company's asset quality remains solid, with non-performing assets at 0.14% of total assets. Overall, the outlook is positive despite economic challenges.
NorthEast Community Bancorp (Nasdaq: NECB) has declared a quarterly cash dividend of $0.06 per common share. This dividend is scheduled for payment on or about November 15, 2022, to shareholders recorded by the close of business on October 14, 2022. The Company is the parent of NorthEast Community Bank, which operates eight branches in New York and three branches in Massachusetts, alongside loan production offices in White Plains and New City, New York.
NorthEast Community Bancorp has authorized a stock repurchase program to buy back up to 1,637,794 shares, representing 10% of its outstanding common stock, starting on August 1, 2022. This action marks the first repurchase since their second-step conversion in July 2021. The stock could be repurchased through open market or private transactions according to a Rule 10b5-1 plan, which enables share buybacks during certain market conditions. The actual number of shares repurchased will vary based on market conditions and other factors.
NorthEast Community Bancorp (NECB) reported robust earnings for the second quarter of 2022, with net income rising to $5.4 million from $3.7 million in Q2 2021. The company’s net interest income increased 30.5% year-over-year, totaling $13.5 million. Strong loan demand drove total commitments to $879 million, up from $749 million at year-end 2021. Despite a slight decrease in total assets, the company maintained low non-performing loans, at 0.23% of total assets. Total stockholder’s equity increased 2.0% to $256.3 million as of June 30, 2022.
NorthEast Community Bancorp, Inc. (Nasdaq: NECB) announced a quarterly cash dividend of $0.06 per common share on June 23, 2022. The dividend is scheduled for payment on or about August 5, 2022, to shareholders of record as of July 5, 2022. The company operates a network of branches in New York and Massachusetts through its subsidiary, NorthEast Community Bank.
NorthEast Community Bancorp has declared a special cash dividend of $0.18 per share, payable on or about May 31, 2022. Shareholders on record by May 16, 2022 will be eligible for this dividend. The announcement reflects the company's confidence in its financial stability.
The Company operates NorthEast Community Bank, which has several branches across New York and Massachusetts, focusing on serving local communities.
NorthEast Community Bancorp (Nasdaq: NECB) reported a net income of $3.6 million or $0.23 per share for Q1 2022, up from $3.2 million or $0.20 per share in Q1 2021. Net interest income increased 15.2% to $11.9 million, fueled by a strong loan portfolio performance and increased loan originations totaling $121.8 million. Total assets rose 4.6% to $1.3 billion, and total deposits increased 7.0% to $991.9 million. Low non-performing assets at 0.16% and strong capital ratios indicate robust asset quality.
NorthEast Community Bancorp, Inc. (NASDAQ: NECB) has declared a quarterly cash dividend of $0.06 per common share, scheduled for payment on or about May 6, 2022. Shareholders of record as of the close of business on April 8, 2022 will be eligible for this dividend. The company operates through its subsidiary, NorthEast Community Bank, which features seven branches in New York and three in Massachusetts. This dividend reflects the company's ongoing commitment to returning value to shareholders.
NorthEast Community Bancorp (NASDAQ: NECB) reported net income of $4.2 million ($0.27 per share) for Q4 2021, an increase from $3.5 million ($0.22 per share) in Q4 2020. For the full year, net income was $11.9 million ($0.75 per share), slightly down from $12.3 million ($0.76 per share) in 2020. Net interest income increased 13.9% to $11.7 million for Q4. Total assets rose 26.5% to $1.2 billion, driven by a $148.4 million increase in net loans. Asset quality remained strong, with non-performing assets at 0.16%. The annual stockholders' meeting is scheduled for May 26, 2022.
NorthEast Community Bancorp (NECB) has declared a quarterly cash dividend of $0.06 per common share, payable on or about February 5, 2022, to shareholders of record as of January 3, 2022. The company operates full-service branches in New York and Massachusetts and offers various financial services. This announcement reflects the company's commitment to returning value to its shareholders, amidst ongoing economic challenges.
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