NorthEast Community Bancorp, Inc. (OTC:NECB) (the “Company”), a
majority owned subsidiary of NorthEast Community Bancorp, MHC, and
the parent holding company of NorthEast Community Bank (the
“Bank”), reported net income of $3.51 million for the quarter ended
March 31, 2018 compared to net income of $1.94 million for the
quarter ended December 31, 2017, an increase of 80.45%.
Financial Condition and Operating
Results for March 31, 2018 compared to March 31, 2017:
Net interest income for the three months ended
March 31, 2018 increased by $2.12 million, or 31.16%, to $8.94
million from $6.82 million for the three months ended March 31,
2017.
Net income before taxes for the three months
ended March 31, 2018 was $4.58 million compared to $2.47 million
for the three months ended March 31, 2017, an increase of 85.58%.
The increase in net income before taxes was the result of our
continued focus on construction lending in the lower Hudson
Valley.
Total consolidated assets increased by $87.95
million, or 11.84%, to $830.55 million at March 31, 2018 from
$742.60 million at March 31, 2017. Loans receivable (net)
increased by $92.53 million, or 14.84%, to $716.12 million at March
31, 2018 from $623.59 million at March 31, 2017, while commitments,
loans-in-process and standby letters of credit outstanding
increased to $405.72 million at March 31, 2018 compared to $297.54
million at March 31, 2017. The increase in loans receivable
was primarily due to growth in our construction loan portfolio
resulting from our continued focus on growing our construction
lending operations in the lower Hudson Valley.
Total liabilities at March 31, 2018 were $710.30
million compared to $631.75 million at March 31, 2017, an increase
of $78.55 million, or 12.43%. The increase in total
liabilities was primarily due to a $74.95 million increase in
deposits from $559.41 million at March 31, 2017 to $634.36 million
at March 31, 2018.
Federal Home Loan Bank advances remained the
same at $62.87 million at March 31, 2018 and March 31, 2017.
Total stockholders' equity increased by $9.40
million, or 8.48%, to $120.26 million at March 31, 2018 from
$110.86 million at March 31, 2017. The increase was a result
of net income of $10.06 million for the twelve month period ended
March 31, 2018, partially offset by dividends declared and paid
during the twelve month period.
Financial Condition and Operating
Results for March 31, 2018 compared to December 31,
2017:
Net interest income for the quarter ended March
31, 2018 increased by $451,000 or 5.31% to $8.94 million compared
to $8.49 million for the quarter ended December 31, 2017.
Net income before taxes for the quarter ended
March 31, 2018 was $4.58 million compared to $4.36 million for the
quarter ended December 31, 2017.
Total consolidated assets increased by $15.73
million, or 1.93%, to $830.55 million at March 31, 2018 from
$814.82 million at December 31, 2017. Loans receivable (net)
increased by $11.99 million or 1.70% to $716.12 million at March
31, 2018 from $704.12 million at December 31, 2017, while
commitments, loans-in-process and standby letters of credit
outstanding increased to $405.72 million as of March 31, 2018
compared to $359.42 million at December 31, 2017.
Total liabilities at March 31, 2018 were $710.30
million compared to $697.92 million at December 31, 2017, an
increase of $12.37 million, or 1.77%. The increase in total
liabilities was due to a $9.15 million increase in deposits from
$625.21 million at December 31, 2017 to $634.36 million at March
31, 2018. Federal Home Loan Bank advances remained the same
to $62.87 million at the end of the first quarter of 2018 and at
December 31, 2017.
NorthEast Community Bancorp, Inc.’s total
stockholders’ equity at March 31, 2018 is a strong 14.48% compared
to 14.35% at December 31, 2017.
During the first quarter of 2018, the Bank
notified the FDIC and NYSDFS of its intent to open two new branch
offices in Orange County, New York. Both agencies have
issued non-objection letters to the opening of the new branches.
The first office is scheduled to open during the third
quarter 2018 and the second office is scheduled to open during the
first quarter 2019.
NorthEast Community Bancorp, Inc. is the holding
company for NorthEast Community Bank. NorthEast Community Bank is a
New York State-chartered savings bank that operates four
full-service branches in New York State and three full-service
branches in Danvers, Framingham and Quincy, Massachusetts and loan
production offices in Danvers, Massachusetts and White Plains and
New City, New York.
This release contains “forward-looking
statements” that are based on assumptions and may describe future
plans, strategies and expectations of the Company. These
forward-looking statements are generally identified by the use of
the words “believe,” “expect,” “intend,” “anticipate,” “estimate,”
“project” or similar expressions. The Company’s ability to predict
results or the actual effect of future plans or strategies is
inherently uncertain. Factors that could have a material adverse
effect on the operations of the Company and its subsidiaries
include, but are not limited to, changes in market interest rates,
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, deposit
flows, competition, demand for financial services in the Company’s
market area, changes in the real estate market values in the
Company’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.
Contact:Kenneth A. MartinekChief Executive
Officer(914) 684-2500
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