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 $3.22 million for the quarter ended
March 31, 2019 compared to net income of $3.51 million for the
quarter ended March 31, 2018, a decrease of 8.32%.
Financial Condition and Operating
Results for March 31, 2019 compared to March 31, 2018:
Net interest income for the three months ended
March 31, 2019 increased by $1.07 million, or 11.95%, to $10.01
million from $8.94 million for the three months ended March 31,
2018.
Net income before taxes for the three months
ended March 31, 2019 was $4.21 million compared to $4.58 million
for the three months ended March 31, 2018, a decrease of 8.19%.
The decrease in net income before taxes was the result of
increases of $155,000 in provision for loan losses and $1.20
million in non-interest expense, partially offset by an increase of
$1.07 million in net interest income.
Total consolidated assets increased by $101.52
million, or 12.22%, to $932.07 million at March 31, 2019 from
$830.55 million at March 31, 2018. Loans receivable (net)
increased by $48.33 million, or 6.75%, to $764.45 million at March
31, 2019 from $716.12 million at March 31, 2018, while commitments,
loans-in-process and standby letters of credit outstanding
increased to $484.79 million at March 31, 2019 compared to $405.72
million at March 31, 2018. The increase in loans receivable
was primarily due to strong growth in our construction loan
portfolio resulting from our continuing focus on our construction
lending operations in the lower Hudson Valley.
Total liabilities at March 31, 2019 were $799.38
million compared to $710.30 million at March 31, 2018, an increase
of $89.08 million, or 12.54%. The increase in total
liabilities was primarily due to a $114.37 million increase in
deposits from $634.36 million at March 31, 2018 to $748.73 million
at March 31, 2019.
Federal Home Loan Bank advances decreased by
$24.57 million, or 39.09% to $38.30 million at March 31, 2019 from
$62.87 million at March 31, 2018.
Total stockholders' equity increased by $12.44
million, or 10.34%, to $132.69 million at March 31, 2019 from
$120.25 million at March 31, 2018. The increase was a result
of net income of $12.74 million for the twelve month period ended
March 31, 2019, partially offset by dividends declared and paid and
accounting adjustments during the twelve month period.
Financial Condition and Operating
Results for March 31, 2019 compared to December 31,
2018:
Net interest income remained the same at $10.01
million for the quarter ended March 31, 2019 compared to the
quarter ended December 31, 2018.
Net income before taxes for the quarter ended
March 31, 2019 was $4.21 million compared to $6.23 million for the
quarter ended December 31, 2018.
Total consolidated assets increased by $61.74
million, or 7.09%, to $932.07 million at March 31, 2019 from
$870.33 million at December 31, 2018. Loans receivable (net)
increased by $16.61 million or 2.22% to $764.45 million at March
31, 2019 from $747.84 million at December 31, 2018, while
commitments, loans-in-process and standby letters of credit
outstanding increased to $484.79 million as of March 31, 2019
compared to $458.06 million at December 31, 2018.
Total liabilities at March 31, 2019 were $799.38
million compared to $740.71 million at December 31, 2018, an
increase of $58.67 million, or 7.92%. The increase in total
liabilities was due to a $61.63 million increase in deposits from
$687.10 million at December 31, 2018 to $748.73 million at March
31, 2019. Federal Home Loan Bank advances decreased by $4.16
million, or 9.81% to $38.30 million at March 31, 2019 from $42.46
million at December 31, 2018.
Total stockholders’ equity at March 31, 2019 is
a strong 14.24% of assets compared to 14.89% of assets at December
31, 2018.
During the first quarter of 2019, the first of
the Bank’s two new offices in Orange County continued to deliver
strong account and deposit growth. The second office is
scheduled to open in early June.
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 five
full-service branches in New York State and three full-service
branches in Danvers, Framingham and Quincy, Massachusetts and loan
production offices in 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
NorthEast Community Banc... (NASDAQ:NECB)
Historical Stock Chart
From Jun 2024 to Jul 2024
NorthEast Community Banc... (NASDAQ:NECB)
Historical Stock Chart
From Jul 2023 to Jul 2024