NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”),
the parent holding company of NorthEast Community Bank (the
“Bank”), reported net income of $3.6 million, or $0.23 per basic
and diluted common share, for the quarter ended March 31, 2022
compared to net income of $3.2 million, or $0.20 per basic and
diluted common share, for the quarter ended March 31, 2021.
Kenneth A. Martinek, NorthEast Community Bancorp’s Chairman of
the Board and Chief Executive Officer, stated “We are pleased to
report a strong start to 2022, with net income of $3.6 million for
the first quarter due to the strong performance of our loan
portfolio and no loans past due or in foreclosure at March 31,
2022. Despite the continuing 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 $838.1 million at
March 31, 2022 compared to $749.0 million at December 31, 2021. At
this time, we have no loans on deferral as a result of the COVID-19
pandemic. As has been in the past, construction lending for
affordable housing units in high demand high absorption areas
continues to be our focus.”
Highlights for the three months ended and at March 31, 2022 are
as follows:
- Net income increased by $400,000,
or 12.3%, for the quarter ended March 31, 2022 compared to the same
period in the prior year.
- Net interest income increased by
$1.6 million, or 15.2%, for the quarter ended March 31, 2022
compared to the same period in 2021.
- Asset quality metrics continued to
remain strong with non-performing assets to total assets of 0.16%
at March 31, 2022 and at December 31, 2021. Our allowance for loan
losses totaled $5.3 million, or 0.53% of total loans at March 31,
2022 compared to $5.2 million, or 0.54% of total loans at December
31, 2021.
- In accordance with the provisions
of the Coronavirus Aid, Relief, and Economic Security Act (the
“CARES Act”) since March 2020, we granted pandemic-related loan
payment deferrals to 196 loans totaling $190.9 million at the time
payment deferral was requested. At March 31, 2022, we had no loans
in deferral status.
Balance Sheet SummaryTotal assets increased by
$56.3 million, or 4.6%, to $1.3 billion at March 31, 2022,
from $1.2 billion at December 31, 2021. The increase in
assets was primarily due to increases in net loans of $34.1 million
and cash and cash equivalents of $22.4 million.
Cash and cash equivalents increased by $22.4 million, or
14.7%, to $174.7 million at March 31, 2022 from
$152.3 million at December 31, 2021. The increase in cash
was primarily attributable to an increase in deposits of $64.8
million. These sources of funds were deployed via an increase in
net loans of $34.1 million, an increase in property and equipment
of $1.6 million due primarily to the purchase of property and
equipment for a new branch office, and a reduction in FHLB advances
of $7.0 million.
Equity securities decreased by $634,000, or 3.2%, to $19.3
million at March 31, 2022 from $19.9 million at December 31, 2021.
The decrease in equity securities was primarily attributable to
market depreciation of $634,000 as market interest rates increased
during the March 31, 2022 quarter.
Securities held-to-maturity decreased by $241,000, or 1.3%, to
$17.6 million at March 31, 2022 from $17.9 million at December 31,
2021 due primarily to maturities and pay-downs.
Loans, net of the allowance for loan losses, increased by
$34.1 million, or 3.5%, to $1.0 billion at March 31, 2022 from
$968.1 million at December 31, 2021. The
increase in loans, net of the allowance for loan losses, was
primarily due to loan originations of $121.8 million during the
quarter ended March 31, 2022, consisting primarily of $112.8
million in construction loans with respect to which approximately
31.4% of the funds were disbursed at loan closings and the
remaining funds to be disbursed over the terms of the construction
loans.
Loan originations resulted in a net increase of
$52.9 million in construction loans. The increase in our loan
portfolio was partially offset by decreases in multi-family loans
of $9.0 million, non-residential loans of $4.7 million,
mixed-use loans of $2.3 million, and commercial and industrial
loans of $2.9 million, coupled with normal pay-downs and principal
reductions.
Premises and equipment increased by $1.6 million, or 6.6%, to
$25.5 million at March 31, 2022 from $23.9 million at
December 31, 2021 due to the acquisition of property and
equipment for a new branch site located in Bloomingburg, New
York.
Investments in restricted stock decreased by $315,000, or 20.1%,
to $1.3 million at March 31, 2022 from $1.6 million at December 31,
2021 due to a reduction in mandatory Federal Home Loan Bank stock
in connection with the maturity/pay-off of $7.0 million in advances
during the quarter ended March 31, 2022.
Accrued interest receivable increased by $460,000, or 10.7%, to
$4.7 million at March 31, 2022 from $4.3 million at December 31,
2021 due to an increase in the loan portfolio.
Foreclosed real estate was $2.0 million at March 31, 2022
and December 31, 2021.
Right of use assets — operating decreased by $134,000, or 5.2%,
to $2.4 million at March 31, 2022 from $2.6 million at
December 31, 2021, primarily due to amortization.
Other assets decreased by $1.1 million, or 23.8%, to
$3.6 million at March 31, 2022 from $4.7 million at
December 31, 2021 due to a decrease in tax assets of $1.1
million.
Total deposits increased by $64.8 million, or 7.0%, to
$991.9 million at March 31, 2022 from $927.2 million at
December 31, 2021. The increase was primarily due to an
increase in non-interest bearing demand deposits of
$50.4 million, or 15.2%, and an increase in savings account
balances of $24.1 million, or 13.0%. These increases were partially
offset by a decrease in certificates of deposit of
$8.3 million, or 2.9% and a decrease in NOW/money market
accounts of $1.4 million, or 1.2%, from December 31, 2021 to
March 31, 2022.
Federal Home Loan Bank advances decreased by $7.0 million, or
25.0%, to $21.0 million at March 31, 2022 from $28.0 million
at December 31, 2021.
Advance payments by borrowers for taxes and insurance increased
by $387,000, or 20.5%, to $2.3 million at March 31, 2022 from $1.9
million at December 31, 2021 due primarily to the accumulation of
tax payments from borrowers.
Lease liability – operating decreased by $130,000, or 5.0%, to
$2.5 million at March 31, 2022 from $2.6 million at December 31,
2021, primarily due to amortization.
Accounts payable and accrued expenses decreased by $4.7 million,
or 35.0%, to $8.8 million at March 31, 2022 from $13.5 million at
December 31, 2021 due primarily to a decrease in suspense accounts
for loan closings of $2.6 million and a decrease in accrued
expenses of $2.2 million.
Stockholders’ equity increased by $3.0 million, or 1.2% to
$254.4 million at March 31, 2022, from $251.4 million at
December 31, 2021. The increase in stockholders’ equity was
due to net income of $3.6 million for the quarter ended
March 31, 2022, a reduction of $217,000 in unearned employee stock
ownership plan shares, and $19,000 in other comprehensive income,
partially offset by dividends declared of $931,000.
Net Interest IncomeNet interest income totaled
$11.9 million for the quarter ended March 31, 2022, as
compared to $10.4 million for the quarter ended March 31,
2021. The increase in net interest income of $1.6 million, or
15.2%, was primarily due to an increase in interest income combined
with a decrease in interest expense.
The increase in interest income is attributable to increases in
loans, investment securities, equity securities, and
interest-bearing deposits as we continued to deploy the proceeds
raised in our July 2021 second-step conversion. The decrease in
interest expense is attributable to a decrease in the balances and
cost of funds on our certificates of deposits, partially offset by
increases in the balances and cost of funds in our interest-bearing
demand deposits and our savings and club accounts.
In this regard, interest and dividend income increased by $1.5
million, or 12.3%, to $13.3 million for the quarter ended March 31,
2022 from $11.8 million for the quarter ended March 31, 2021 due to
an increase in the average balance of interest earning assets of
$268.0 million, or 29.7%, to $1.2 billion for the quarter ended
March 31, 2022 from $902.0 million for the quarter ended March 31,
2021, partially offset by a decrease in the yield on interest
earning assets by 70 basis points from 5.24% for the quarter ended
March 31, 2021 to 4.54% for the quarter ended March 31, 2022.
Interest expense decreased by $117,000, or 8.0%, to $1.3 million
for the quarter ended March 31, 2022 from $1.5 million for the
quarter ended March 31, 2021 due to a decrease in the cost of
interest bearing liabilities by 17 basis points from 1.02% for the
quarter ended March 31, 2021 to 0.85% for the quarter ended March
31, 2022, partially offset by an increase in average interest
bearing liabilities of $60.0 million, or 10.4%, to $635.3
million for the quarter ended March 31, 2022 from $575.4 million
for the quarter ended March 31, 2021.
Net interest margin decreased by 51 basis points, or 11.2%,
during the quarter ended March 31, 2022 to 4.08% compared to
4.59% during the quarter ended March 31, 2021.
Provision for Loan LossesThe Company recorded
no loan loss provision for the quarter ended March 31, 2022
compared to a loan loss provision of $17,000 for the quarter ended
March 31, 2021. We charged-off $10,000 and $11,000 during the
quarter ended March 31, 2022 and March 31, 2021, respectively,
against various unpaid overdrafts in our demand deposit accounts.
We recorded recoveries of $95,000 and $8,000 during the quarter
ended March 31, 2022 and March 31, 2021, respectively.
Non-Interest IncomeNon-interest income for the
quarter ended March 31, 2022 was $58,000 compared to non-interest
income of $443,000 for the quarter ended March 31, 2021. The
decrease in total non-interest income was primarily due to
unrealized loss of $634,000 on equity securities during the quarter
ended March 31, 2022 compared to an unrealized loss of $155,000 on
equity securities during the quarter ended March 31, 2021. The
unrealized loss of $634,000 on equity securities was primarily due
to a rising interest rate environment and the Federal Reserve’s
interest rate increase during the March 31, 2022 quarter.
The decrease in total non-interest income was partially offset
by an increase of $69,000 in other loan fees and service charges,
an increase of $19,000 in investment advisory fees, and an increase
of $5,000 in other non-interest income.
Non-Interest ExpenseNon-interest expense
increased by $666,000, or 10.2%, to $7.2 million for
the quarter ended March 31, 2022 from $6.6 million for
the quarter ended March 31, 2021. The increase resulted
primarily from increases of $455,000 in other operating expense,
$171,000 in salaries and employee benefits, $41,000 in equipment
expense, $30,000 in occupancy expense, and $30,000 in advertising
expense, partially offset by decreases of $51,000 in outside data
processing expense and $10,000 in real estate owned expense.
Income TaxesWe recorded income tax expense
of $1.1 million and $982,000 for the quarter ended March 31,
2022 and 2021, respectively. For the quarter ended March 31,
2022, we had approximately $184,000 in tax exempt income, compared
to approximately $162,000 in tax exempt income for the quarter
ended March 31, 2021. Our effective income tax rates were 23.5% and
23.2% for the quarters ended March 31, 2022 and 2021,
respectively.
Asset QualityNon-performing assets totaled $2.0
million at both March 31, 2022 and December 31, 2021. We had no
non-performing loans at March 31, 2022 and December 31, 2021. Our
ratio of non-performing assets to total assets remained low at
0.16% at March 31, 2022 and December 31, 2021.
Based on a review of the loans that were in the loan portfolio
at March 31, 2022, management believes that the allowance for loan
losses is maintained at a level that represents its best estimate
of inherent losses in the loan portfolio that were both probable
and reasonably estimable.
The Company’s allowance for loan losses totaled $5.3 million, or
0.53% of total loans as of March 31, 2022, compared to $5.2
million, or 0.54% of total loans as of December 31, 2021.
CapitalThe Company’s total stockholder’s equity
to assets was 19.85% as of March 31, 2022. At March 31, 2022, the
Company had the ability to borrow $30.5 million from the Federal
Home Loan Bank of New York.
The Bank’s capital position remains strong relative to current
regulatory requirements and the Bank is considered a
well-capitalized institution under the Prompt Corrective Action
framework. As of March 31, 2022, the Bank had a tier 1 leverage
capital ratio of 16.03% and a total risk-based capital ratio of
15.03%.
About NorthEast Community BancorpNorthEast
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 ten 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 StatementThis 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. Additionally, other
risks and uncertainties may be described in our annual and
quarterly reports filed with the U.S. Securities and Exchange
Commission (the “SEC”), which are available through the SEC’s
website located at www.sec.gov. 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. MartinekChairman and Chief Executive Officer |
|
|
|
PHONE: |
|
(914) 684-2500 |
|
|
|
NORTHEAST COMMUNITY
BANCORP, INC.CONSOLIDATED STATEMENTS OF
FINANCIAL CONDITION(Unaudited)
|
|
March 31, |
|
December 31, |
|
|
2022 |
|
2021 |
|
|
(In thousands, except share |
|
|
and per share amounts) |
ASSETS |
|
|
|
|
|
|
Cash and amounts due from depository institutions |
|
$ |
9,091 |
|
|
$ |
8,344 |
|
Interest-bearing deposits |
|
|
165,593 |
|
|
|
143,925 |
|
Total Cash and cash equivalents |
|
|
174,684 |
|
|
|
152,269 |
|
Certificates of deposit |
|
|
100 |
|
|
|
100 |
|
Equity securities |
|
|
19,309 |
|
|
|
19,943 |
|
Securities available-for-sale, at fair value |
|
|
1 |
|
|
|
1 |
|
Securities held-to-maturity (fair value of $15,790 and $17,620,
respectively) |
|
|
17,639 |
|
|
|
17,880 |
|
Loans receivable |
|
|
1,007,040 |
|
|
|
972,851 |
|
Deferred loan costs, net |
|
|
512 |
|
|
|
484 |
|
Allowance for loan losses |
|
|
(5,328 |
) |
|
|
(5,242 |
) |
Net loans |
|
|
1,002,224 |
|
|
|
968,093 |
|
Premises and equipment, net |
|
|
25,491 |
|
|
|
23,907 |
|
Investments in restricted stock, at cost |
|
|
1,254 |
|
|
|
1,569 |
|
Bank owned life insurance |
|
|
25,439 |
|
|
|
25,291 |
|
Accrued interest receivable |
|
|
4,743 |
|
|
|
4,283 |
|
Goodwill |
|
|
651 |
|
|
|
651 |
|
Real estate owned |
|
|
1,996 |
|
|
|
1,996 |
|
Property held for investment |
|
|
1,472 |
|
|
|
1,481 |
|
Right of Use Assets – Operating |
|
|
2,430 |
|
|
|
2,564 |
|
Right of Use Assets – Financing |
|
|
358 |
|
|
|
359 |
|
Other assets |
|
|
3,568 |
|
|
|
4,683 |
|
Total assets |
|
$ |
1,281,359 |
|
|
$ |
1,225,070 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Non-interest bearing |
|
$ |
381,276 |
|
|
$ |
330,853 |
|
Interest bearing |
|
|
610,662 |
|
|
|
596,311 |
|
Total deposits |
|
|
991,938 |
|
|
|
927,164 |
|
Advance payments by borrowers for taxes and insurance |
|
|
2,271 |
|
|
|
1,884 |
|
Federal Home Loan Bank advances |
|
|
21,000 |
|
|
|
28,000 |
|
Lease Liability – Operating |
|
|
2,474 |
|
|
|
2,604 |
|
Lease Liability – Financing |
|
|
505 |
|
|
|
496 |
|
Accounts payable and accrued expenses |
|
|
8,798 |
|
|
|
13,540 |
|
Total liabilities |
|
|
1,026,986 |
|
|
|
973,688 |
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred stock, $0.01 par value; 25,000,000 shares authorized;
none issued or outstanding |
|
|
— |
|
|
|
— |
|
Common stock, $0.01 par value; 75,000,000 shares authorized;
16,377,936 shares issued; 16,377,936 shares outstanding |
|
$ |
164 |
|
|
$ |
164 |
|
Additional paid-in capital |
|
|
145,376 |
|
|
|
145,335 |
|
Unearned Employee Stock Ownership Plan (“ESOP”) shares |
|
|
(8,084 |
) |
|
|
(8,301 |
) |
Retained earnings |
|
|
117,037 |
|
|
|
114,323 |
|
Accumulated other comprehensive loss |
|
|
(120 |
) |
|
|
(139 |
) |
Total stockholders’ equity |
|
|
254,373 |
|
|
|
251,382 |
|
Total liabilities and stockholders’ equity |
|
$ |
1,281,359 |
|
|
$ |
1,225,070 |
|
|
|
|
|
|
|
|
NORTHEAST COMMUNITY
BANCORP, INC.CONSOLIDATED STATEMENTS OF
INCOME(Unaudited)
|
|
Three Months Ended March 31, |
|
|
2022 |
|
2021 |
|
|
|
|
|
|
|
INTEREST
INCOME: |
|
|
|
|
|
|
Loans |
|
$ |
13,061 |
|
|
$ |
11,727 |
|
Interest-earning deposits |
|
|
54 |
|
|
|
10 |
|
Securities |
|
|
158 |
|
|
|
83 |
|
Total Interest Income |
|
|
13,273 |
|
|
|
11,820 |
|
INTEREST
EXPENSE: |
|
|
|
|
|
|
Deposits |
|
|
1,178 |
|
|
|
1,282 |
|
Borrowings |
|
|
161 |
|
|
|
174 |
|
Financing lease |
|
|
9 |
|
|
|
9 |
|
Total Interest Expense |
|
|
1,348 |
|
|
|
1,465 |
|
Net Interest Income |
|
|
11,925 |
|
|
|
10,355 |
|
Provision for loan
loss |
|
|
— |
|
|
|
17 |
|
Net Interest Income after Provision for Loan
Losses |
|
|
11,925 |
|
|
|
10,338 |
|
NON-INTEREST
INCOME: |
|
|
|
|
|
|
Other loan fees and service charges |
|
|
391 |
|
|
|
322 |
|
Earnings on bank owned life insurance |
|
|
148 |
|
|
|
147 |
|
Investment advisory fees |
|
|
137 |
|
|
|
118 |
|
Unrealized loss on equity securities |
|
|
(634 |
) |
|
|
(155 |
) |
Other |
|
|
16 |
|
|
|
11 |
|
Total Non-Interest Income |
|
|
58 |
|
|
|
443 |
|
NON-INTEREST
EXPENSES: |
|
|
|
|
|
|
Salaries and employee benefits |
|
|
3,828 |
|
|
|
3,657 |
|
Occupancy expense |
|
|
603 |
|
|
|
573 |
|
Equipment |
|
|
290 |
|
|
|
249 |
|
Outside data processing |
|
|
436 |
|
|
|
487 |
|
Advertising |
|
|
54 |
|
|
|
24 |
|
Real estate owned expense |
|
|
31 |
|
|
|
41 |
|
Other |
|
|
1,978 |
|
|
|
1,523 |
|
Total Non-Interest Expenses |
|
|
7,220 |
|
|
|
6,554 |
|
INCOME BEFORE
PROVISION FOR INCOME TAXES |
|
|
4,763 |
|
|
|
4,227 |
|
PROVISION FOR INCOME
TAXES |
|
|
1,118 |
|
|
|
982 |
|
NET
INCOME |
|
$ |
3,645 |
|
|
$ |
3,245 |
|
|
|
|
|
|
|
|
|
|
NORTHEAST COMMUNITY
BANCORP, INC.SELECTED CONSOLIDATED FINANCIAL
DATA(Unaudited)
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2022 |
|
2021 |
|
|
(In thousands, except per share amounts) |
Per share
data: |
|
|
|
|
|
|
Earnings per share - basic and diluted¹ |
|
$ |
0.23 |
|
|
$ |
0.20 |
|
Weighted average shares outstanding - basic and diluted¹ |
|
|
15,523 |
|
|
|
16,171 |
|
Performance
ratios/data: |
|
|
|
|
|
|
Return on average total assets |
|
|
1.17 |
% |
|
|
1.35 |
% |
Return on average shareholders' equity |
|
|
5.74 |
% |
|
|
8.32 |
% |
Net interest income |
|
$ |
11,925 |
|
|
$ |
10,355 |
|
Net interest margin |
|
|
4.08 |
% |
|
|
4.59 |
% |
Efficiency ratio |
|
|
60.25 |
% |
|
|
60.70 |
% |
Net charge-off ratio |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
|
|
|
|
|
Loan portfolio
composition: |
|
March 31, 2022 |
|
December 31, 2021 |
One-to-four family |
|
$ |
7,223 |
|
|
$ |
7,189 |
|
Multi-family |
|
|
75,458 |
|
|
|
84,425 |
|
Mixed-use |
|
|
26,418 |
|
|
|
28,744 |
|
Total residential real estate |
|
|
109,099 |
|
|
|
120,358 |
|
Non-residential real estate |
|
|
45,358 |
|
|
|
50,016 |
|
Construction |
|
|
736,690 |
|
|
|
683,830 |
|
Commercial and industrial |
|
|
115,450 |
|
|
|
118,378 |
|
Consumer |
|
|
443 |
|
|
|
269 |
|
Gross loans |
|
|
1,007,040 |
|
|
|
972,851 |
|
Deferred loan (fees) costs, net |
|
|
512 |
|
|
|
484 |
|
Total loans |
|
$ |
1,007,552 |
|
|
$ |
973,335 |
|
Asset quality
data: |
|
|
|
|
|
|
Loans past due over 90 days and still accruing |
|
$ |
- |
|
|
$ |
- |
|
Non-accrual loans |
|
|
- |
|
|
|
- |
|
OREO property |
|
|
1,996 |
|
|
|
1,996 |
|
Total non-performing
assets |
|
$ |
1,996 |
|
|
$ |
1,996 |
|
|
|
|
|
|
|
|
Allowance for loan losses to
total loans |
|
|
0.53 |
% |
|
|
0.54 |
% |
Allowance for loan losses to
non-performing loans |
|
|
NA |
|
|
|
NA |
|
Non-performing loans to total
loans |
|
|
0.00 |
% |
|
|
0.00 |
% |
Non-performing assets to total
assets |
|
|
0.16 |
% |
|
|
0.16 |
% |
|
|
|
|
|
|
|
Bank's Regulatory
Capital ratios: |
|
|
|
|
|
|
Common equity tier 1 capital to risk-weighted assets |
|
|
15.03 |
% |
|
|
15.28 |
% |
Total capital to risk-weighted assets |
|
|
14.64 |
% |
|
|
14.87 |
% |
Tier 1 capital to risk-weighted assets |
|
|
14.64 |
% |
|
|
14.87 |
% |
Tier 1 leverage ratio |
|
|
16.03 |
% |
|
|
16.79 |
% |
|
|
|
|
|
|
|
|
|
¹Shares amounts related to periods prior to the July 12, 2021
closing of the conversion offering have been restated to give
retroactive recognition to the 1.3400 exchange ratio applied in the
conversion offering.
NORTHEAST COMMUNITY
BANCORP, INC.NET INTEREST MARGIN
ANALYSIS(Unaudited)
|
|
Three Months Ended March 31, 2022 |
|
Three Months Ended March 31, 2021 |
|
|
Average |
|
Interest |
|
Average |
|
Average |
|
Interest |
|
Average |
|
|
Balance |
|
and dividend |
|
Yield |
|
Balance |
|
and dividend |
|
Yield |
|
|
(In thousands, except yield/cost
information) |
|
(In thousands, except yield/cost
information) |
Loan receivable Gross |
|
$ |
989,729 |
|
|
$ |
13,061 |
|
|
5.28 |
% |
|
$ |
834,468 |
|
|
$ |
11,727 |
|
|
5.62 |
% |
Securities (1) |
|
|
39,070 |
|
|
|
158 |
|
|
1.62 |
% |
|
|
19,098 |
|
|
|
83 |
|
|
1.74 |
% |
Other interest-earning
assets |
|
|
141,191 |
|
|
|
54 |
|
|
0.15 |
% |
|
|
48,400 |
|
|
|
10 |
|
|
0.08 |
% |
Total interest-earning assets |
|
|
1,169,990 |
|
|
|
13,273 |
|
|
4.54 |
% |
|
|
901,966 |
|
|
|
11,820 |
|
|
5.24 |
% |
Allowance for loan losses |
|
|
(5,283 |
) |
|
|
|
|
|
|
|
|
(5,090 |
) |
|
|
|
|
|
|
Non-interest-earning
assets |
|
|
76,155 |
|
|
|
|
|
|
|
|
|
67,674 |
|
|
|
|
|
|
|
Total assets |
|
$ |
1,240,862 |
|
|
|
|
|
|
|
|
$ |
964,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposit |
|
$ |
117,370 |
|
|
$ |
169 |
|
|
0.58 |
% |
|
$ |
108,002 |
|
|
$ |
156 |
|
|
0.58 |
% |
Savings and club accounts |
|
|
203,255 |
|
|
|
328 |
|
|
0.65 |
% |
|
|
102,632 |
|
|
|
79 |
|
|
0.31 |
% |
Certificates of deposit |
|
|
288,664 |
|
|
|
681 |
|
|
0.94 |
% |
|
|
336,739 |
|
|
|
1,047 |
|
|
1.24 |
% |
Total interest-bearing deposits |
|
|
609,289 |
|
|
|
1,178 |
|
|
0.77 |
% |
|
|
547,373 |
|
|
|
1,282 |
|
|
0.94 |
% |
Borrowed money |
|
|
26,056 |
|
|
|
170 |
|
|
2.61 |
% |
|
|
28,000 |
|
|
|
183 |
|
|
2.61 |
% |
Total interest-bearing liabilities |
|
|
635,345 |
|
|
|
1,348 |
|
|
0.85 |
% |
|
|
575,373 |
|
|
|
1,465 |
|
|
1.02 |
% |
Non-interest-bearing
demand deposit |
|
|
336,845 |
|
|
|
|
|
|
|
|
|
219,599 |
|
|
|
|
|
|
|
Other
non-interest-bearing liabilities |
|
|
14,590 |
|
|
|
|
|
|
|
|
|
13,553 |
|
|
|
|
|
|
|
Total liabilities |
|
|
986,780 |
|
|
|
|
|
|
|
|
|
808,525 |
|
|
|
|
|
|
|
Equity |
|
|
254,082 |
|
|
|
|
|
|
|
|
|
156,025 |
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
1,240,862 |
|
|
|
|
|
|
|
|
$ |
964,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income / interest spread |
|
|
|
|
$ |
11,925 |
|
|
3.69 |
% |
|
|
|
|
$ |
10,355 |
|
|
4.22 |
% |
Net interest rate margin |
|
|
|
|
|
|
|
|
4.08 |
% |
|
|
|
|
|
|
|
|
4.59 |
% |
Net interest earning assets |
|
$ |
534,645 |
|
|
|
|
|
|
|
|
$ |
326,593 |
|
|
|
|
|
|
|
Average interest-earning assets to interest-bearing
liabilities |
|
|
184.15 |
% |
|
|
|
|
|
|
|
|
156.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______________(1) Includes Federal Home Loan Bank of New York
stock.
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