Northeast Community Bancorp, Inc. - NECB STOCK NEWS

NorthEast Community Bancorp (NECB) reported net income of $730,000 for Q3 2021, down from $3.1 million in Q3 2020. Year-to-date, net income is $7.7 million, a decrease compared to $8.9 million last year. Strong loan demand led to total assets rising to $1.1 billion, a 14.4% increase. Non-performing assets fell to 0.18% of total assets. The company’s second-step conversion offering boosted stockholders’ equity by $88.4 million. Despite challenges in income, the bank's loan quality remains solid with low defaults.

NorthEast Community Bancorp (NECB) reported a write-down of a non-performing loan worth $3.5 million, secured by commercial real estate in Greenwich, CT. The loan is currently in foreclosure, with recovery from guarantors expected but uncertain. A provision for loan losses will be recorded to replenish the bank's allowance, maintaining a total around $5.1 million. Despite this setback, NECB anticipates a net income of approximately $730,000 for Q3 2021, with no non-performing assets expected post-write-down. Financial results will be announced during the week of October 24, 2021.

NorthEast Community Bancorp, Inc. (NasdaqCM: NECB) announced a quarterly cash dividend of $0.06 per share. This dividend will be paid on or about November 8, 2021, to shareholders of record as of the close of business on October 25, 2021. NorthEast Community Bank operates six branches in New York and three in Massachusetts, providing various financial services.

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.

NorthEast Community Bancorp has declared a quarterly cash dividend of $0.06 per common share, marking its first dividend payment since converting to a stock holding company. The dividend will be paid on August 16, 2021, to shareholders of record as of August 2, 2021. Chairman Kenneth A. Martinek expressed commitment to enhancing shareholder value through consistent dividend payments, contingent on the company's financial stability.

NorthEast Community Bancorp announced the successful completion of its second-step conversion, transforming from a mutual holding company to a stock holding company.

The offering resulted in the sale of 9,784,077 shares at $10.00 each, raising gross proceeds of $97.8 million. From this conversion, approximately 16,378,201 shares of common stock will be outstanding. The stock is set to trade on the Nasdaq Capital Market under the symbol NECB starting July 13, 2021.

NorthEast Community Bancorp, the parent of NorthEast Community Bank, has announced the results of its subscription offering in connection with its conversion from a mutual holding company. This conversion will close on July 12, 2021, following shareholder approval on June 28 and member approval on July 9. A total of 9,784,077 shares at $10.00 each are expected to be sold, with public shareholders receiving 1.3400 shares of the new company stock for each share of the old company. The new stock will trade on Nasdaq under the symbol NECB starting July 13, 2021.

NorthEast Community Bancorp announced a quarterly cash dividend of $0.03 per common share, payable on or about May 7, 2021 to stockholders on record by April 9, 2021. The MHC, the company's majority stockholder, has chosen to waive receipt of this dividend after obtaining regulatory non-objection. NorthEast Community Bank, which the Company holds, operates six branches in New York and three in Massachusetts, along with loan offices in New York.

NorthEast Community Bancorp, Inc. (OTC: NECB) reported a net income of $3.46 million for Q4 2020, up from $2.95 million in Q4 2019. For the full year, net interest income rose by 1.45% to $40.22 million, despite a 7.79% drop in net income before taxes to $15.61 million. Loans increased by 9.55% to $819.28 million, funded by a significant decrease in cash reserves. The total stockholder’s equity grew by 8.24% to $153.82 million, with a strong equity ratio of 15.89%.