0001104659-23-054973.txt : 20230502 0001104659-23-054973.hdr.sgml : 20230502 20230502144146 ACCESSION NUMBER: 0001104659-23-054973 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20230501 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230502 DATE AS OF CHANGE: 20230502 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NorthEast Community Bancorp, Inc./MD/ CENTRAL INDEX KEY: 0001847398 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-40589 FILM NUMBER: 23878263 BUSINESS ADDRESS: STREET 1: 325 HAMILTON AVENUE CITY: WHITE PLAINS STATE: NY ZIP: 10601 BUSINESS PHONE: (914) 684-2500 MAIL ADDRESS: STREET 1: 325 HAMILTON AVENUE CITY: WHITE PLAINS STATE: NY ZIP: 10601 8-K 1 tm2314391d1_8k.htm FORM 8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): May 1, 2023

 

NORTHEAST COMMUNITY BANCORP, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Maryland 001-40589 86-3173858
(State or other jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)

 

325 Hamilton Avenue, White Plains, New York 10601

(Address of principal executive offices) (Zip Code)

 

(914) 684-2500

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 per share NECB The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 

Emerging growth company x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

Item 2.02Results of Operations and Financial Condition.

 

On May 1, 2023, NorthEast Community Bancorp, Inc. (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2023. A copy of the Company’s press release is attached as Exhibit 99.1 and is furnished herewith.

 

The information contained in this Item 2.02 and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific references in such a filing.

 

Item 9.01Financial Statements and Other Exhibits.

 

(d)          Exhibits

 

  Number Description
     
  99.1 Press Release dated May 1, 2023
     
  104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  NORTHEAST COMMUNITY BANCORP, INC.
 
Date: May 2, 2023 By: /s/ Kenneth A. Martinek
    Kenneth A. Martinek
    Chairman and Chief Executive Officer

 

 

 

 EX-99.1 2 tm239208d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

NECB Earnings Press Release for 3/31/2023:

 

NORTHEAST COMMUNITY BANCORP, INC. REPORTS RESULTS

FOR THE THREE MONTHS AND YEAR ENDED MARCH 31, 2023

 

White Plains, New York, May 1, 2023 – NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), reported net income of $11.2 million, or $0.77 per basic and diluted common share, for the three months ended March 31, 2023 compared to net income of $3.6 million, or $0.23 per basic and diluted common share for the three months ended March 31, 2022.

 

Kenneth A. Martinek, NorthEast Community Bancorp’s Chairman of the Board and Chief Executive Officer, stated “We are pleased to report another quarter of strong earnings due to the strong performance of our loan portfolio. Despite the lingering effects of the COVID-19 pandemic and the recent increase in interest rates, loan demand remained strong with originations and outstanding commitments remaining robust. 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 March 31, 2023 are as follows:

 

·Net income increased by $7.6 million, or 208.5%, for the three months ended March 31, 2023 compared to the same period in the prior year.

 

·Net interest income increased by $10.9 million, or 91.5%, for the three months ended March 31, 2023 compared to the same period in 2022.

 

·Our commitments, loans-in-process, and standby letters of credit outstanding totaled $836.7 million at March 31, 2023 compared to $948.7 million at December 31, 2022.

 

·The performance of our loan portfolio remains strong with no non-accrual loans.

 

Balance Sheet Summary

 

Total assets increased by $77.8 million, or 5.5%, to $1.5 billion at March 31, 2023, from $1.4 billion at December 31, 2022. The increase in assets was primarily due to an increase in net loans of $98.6 million, partially offset by decreases in cash and cash equivalents of $18.3 million and other assets of $3.3 million.

 

Cash and cash equivalents decreased by $18.3 million, or 19.2%, to $77.0 million at March 31, 2023 from $95.3 million at December 31, 2022. The decrease in cash and cash equivalents was a result of cash being deployed to fund an increase in gross loans of $97.2 million, a reduction in FHLB advances of $7.0 million, and stock repurchases of $10.5 million.

 

Equity securities increased by $225,000, or 1.2%, to $18.3 million at March 31, 2023 from $18.0 million at December 31, 2022. The increase in equity securities was attributable to market appreciation of $225,000 due to market interest rate volatility during the quarter ended March 31, 2023.

 

Securities held-to-maturity decreased by $287,000, or 1.1%, to $26.1 million at March 31, 2023 from $26.4 million at December 31, 2022 due partially to the establishment of $136,000 in an allowance for credit losses for held-to-maturity securities pursuant to the adoption of the current expected credit losses model (“CECL”) on held-to-maturity investment securities loss exposures and to maturities and pay-downs.

 

Loans, net of the allowance for credit losses, increased by $98.6 million, or 8.1%, to $1.3 billion at March 31, 2023 from $1.2 billion at December 31, 2022. The increase in loans, net of the allowance for loan losses, was primarily due to loan originations of $214.7 million during the quarter ended March 31, 2023, consisting primarily of $176.4 million in construction loans with respect to which approximately 31.5% of the funds were disbursed at loan closings, with the remaining funds to be disbursed over the terms of the construction loans. In addition, we originated $17.0 million in commercial and industrial loans, $13.1 million in multi-family loans, and $8.2 million in mixed-use loans.

 

 

 

 

Loan originations resulted in a net increase of $78.2 million in construction loans, $13.5 million in commercial and industrial loans, $7.2 million in mixed-use loans, $1.6 million in multi-family loans, and $490,000 in consumer loans. The increase in our loan portfolio was partially offset by decreases in non-residential loans of $3.7 million and residential loans of $66,000, coupled with normal pay-downs and principal reductions.

 

Upon adoption of CECL, the allowance for credit losses related to loans decreased to $4.1 million as of March 31, 2023 from $5.5 million as of December 31, 2022. In addition, the Company established an allowance for credit losses related to off-balance sheet commitments totaling $1.4 million and an allowance for credit losses related to held-to-maturity debt securities totaling $136,000 as of March 31, 2023.

 

Premises and equipment decreased by $220,000, or 0.8%, to $25.8 million at March 31, 2023 from $26.1 million at December 31, 2022 primarily due to depreciation of fixed assets.

 

Investments in Federal Home Loan Bank stock decreased by $315,000, or 25.4%, to $923,000 at March 31, 2023 from $1.2 million at December 31, 2022 due primarily to a reduction in mandatory Federal Home Loan Bank stock in connection with the maturity of $7.0 million in advances during the quarter ended March 31, 2023.

 

Accrued interest receivable increased by $1.3 million, or 15.4%, to $9.9 million at March 31, 2023 from $8.6 million at December 31, 2022 due to an increase in the loan portfolio and two interest rate increases in 2023 that resulted in an increase in the interest rates on loans in our construction loan portfolio.

 

Foreclosed real estate was $1.5 million at March 31, 2023 and December 31, 2022.

 

Right of use assets — operating decreased by $130,000, or 5.6%, to $2.2 million at March 31, 2023 from $2.3 million at December 31, 2022, primarily due to amortization.

 

Other assets decreased by $3.3 million, or 61.5%, to $2.1 million at March 31, 2023 from $5.3 million at December 31, 2022 due to a decrease in tax assets of $4.1 million coupled with a reclassification of tax assets totaling $1.0 million from other assets to other liabilities and a decrease in suspense accounts of $268,000, partially offset by increases in prepaid expense of $47,000 and miscellaneous assets of $5,000.

 

Total deposits increased by $86.4 million, or 7.7%, to $1.2 billion at March 31, 2023 from $1.1 billion at December 31, 2022. The increase was primarily due to increases in certificates of deposit of $122.3 million, or 31.9%, savings account balances of $5.1 million, or 1.9%, and NOW/money market accounts of $4.7 million, or 5.3%. These increases were partially offset by a decrease in non-interest bearing demand deposits of $45.7 million, or 12.2%, from December 31, 2022 to March 31, 2023.

 

Federal Home Loan Bank advances decreased by $7.0 million, or 33.3%, to $14.0 million at March 31, 2023 from $21.0 million at December 31, 2022 due to maturity of borrowings.

 

Advance payments by borrowers for taxes and insurance increased by $1.4 million, or 58.4%, to $3.8 million at March 31, 2023 from $2.4 million at December 31, 2022 due primarily to the accumulation of tax payments from borrowers.

 

Lease liability – operating decreased by $129,000, or 5.6%, to $2.2 million at March 31, 2023 from $2.4 million at December 31, 2022, primarily due to amortization.

 

Allowance for off-balance sheet commitments was $1.4 million at March 31, 2023 due to the adoption of CECL on off-balance sheet exposures.

 

Accounts payable and accrued expenses decreased by $4.8 million, or 32.7%, to $9.9 million at March 31, 2023 from $14.8 million at December 31, 2022 due primarily to a decrease in accrued bonus expense of $3.2 million for employees and a decrease in suspense account for loan closings of $2.7 million, partially offset by a reclassification of tax assets totaling $1.0 million from other assets to other liabilities.

 

Stockholders’ equity increased by $514,000, or 0.2% to $262.5 million at March 31, 2023, from $262.0 million at December 31, 2022. The increase in stockholders’ equity was due to net income of $11.2 million for the three months ended March 31, 2023, $432,000 in the amortization of restricted stocks and stock options granted in connection with the 2022 Equity Incentive Plan, a reduction of $145,000 in unearned employee stock ownership plan shares coupled with an increase of $109,000 in earned employee stock ownership plan shares, and $7,000 in other comprehensive income, partially offset by stock repurchases totaling $10.5 million, dividends paid and declared of $879,000, and a one-time adjustment to retained earnings of $99,000 due to the adoption of CECL.

 

 

 

 

Net Interest Income

 

Net interest income totaled $22.8 million for the three months ended March 31, 2023, as compared to $11.9 million for the three months ended March 31, 2022. The increase in net interest income of $10.9 million, or 91.5%, was primarily due to an increase in interest income offset by an increase in interest expense.

 

The increase in interest income is attributable to increases in loans and investment securities, offset by a decrease in interest-bearing deposits. The increase in interest income is also attributable to a rising interest rate environment as a result of the Federal Reserve’s interest rate increases in the past year.

 

The increase in market interest rates in the past year also caused an increase in our interest expense. As a result, the increase in interest expense for the three months ended March 31, 2023 was due to an increase in the cost of funds on our deposits and borrowed money and an increase in the balances on our savings and club balances and our certificates of deposits, partially offset by a decrease in the balances on our interest-bearing demand deposits and a decrease in our borrowed money’s balances.

 

Total interest and dividend income increased by $15.2 million, or 114.8%, to $28.5 million for the three months ended March 31, 2023 from $13.3 million for the three months ended March 31, 2022. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $207.0 million, or 17.7%, to $1.4 billion for the three months ended March 31, 2023 from $1.2 billion for the three months ended March 31, 2022 and an increase in the yield on interest earning assets by 374 basis points from 4.54% for the three months ended March 31, 2022 to 8.28% for the three months ended March 31, 2023.

 

Interest expense increased by $4.3 million, or 320.8%, to $5.7 million for the three months ended March 31, 2023 from $1.3 million for the three months ended March 31, 2022. The increase in interest expense was due to an increase in the cost of interest bearing liabilities by 189 basis points from 0.85% for the three months ended March 31, 2022 to 2.74% for the three months ended March 31, 2023, and an increase in average interest bearing liabilities of $189.7 million, or 29.8%, to $827.0 million for the three months ended March 31, 2023 from $635.3 million for the three months ended March 31, 2022.

 

Net interest margin increased by 255 basis points, or 62.5%, during the three months ended March 31, 2023 to 6.63% compared to 4.08% during the three months ended March 31, 2022.

 

Credit Loss Expense

 

The Company recorded credit loss expense of $1,000 for the three months ended March 31, 2023 compared to no credit loss expense for the three months ended March 31, 2022. The credit loss expense of $1,000 for the three months ended March 31, 2023 was due to the implementation of CECL and was comprised of credit loss expense for loans of $197,000 and credit loss expense for held-to-maturity investment securities of $3,000, which expense were mostly offset by a credit loss expense reduction for off-balance sheet commitments of $199,000.

 

We charged-off $21,000 during the three months ended March 31, 2023 as compared to charge-offs of $10,000 during the three months ended March 31, 2022 against various unpaid overdrafts in our demand deposit accounts.

 

We recorded no recoveries from previously charged-off loans during the three months ended March 31, 2023 compared to recoveries of $96,000 during the three months ended March 31, 2022, which was comprised of $53,000 from a previously charged-off loan secured by a non-residential property and $43,000 regarding a previously charged-off loan secured by a mixed-use property.

 

Non-Interest Income

 

Non-interest income for the three months ended March 31, 2023 was $1.1 million compared to non-interest income of $58,000 for the three months ended March 31, 2022. The increase in total non-interest income was primarily due to an unrealized gain on equity securities of $225,000 during the three months ended March 31, 2023 compared to an unrealized loss of $634,000 on equity securities during the three months ended March 31, 2022. The unrealized gain of $225,000 on equity securities during the 2023 period was due to market interest rate volatility during the quarter ended March 31, 2023.

 

 

 

 

The increase in total non-interest income was also due to increases of $216,000 in other loan fees and service charges and $2,000 in bank-owned life insurance income, partially offset by a decrease of $20,000 in investment advisory fees.

 

Non-Interest Expense

 

Non-interest expense increased by $971,000, or 13.4%, to $8.2 million for the three months ended March 31, 2023 from $7.2 million for the three months ended March 31, 2022. The increase resulted primarily from increases of $714,000 in salaries and employee benefits, $113,000 in other operating expense, $79,000 in outside data processing expense, $66,000 in occupancy expense, and $14,000 in equipment expense, partially offset by decreases of $10,000 in real estate owned expense and $5,000 in advertising expense.

 

Income Taxes

 

We recorded income tax expense of $4.5 million and $1.1 million for the three months ended March 31, 2023 and 2022, respectively. For the three months ended March 31, 2023 and 2022, we had approximately $182,000 and $184,000, respectively, in tax exempt income. Our effective income tax rates were 28.7% and 23.5% for the three months ended March 31, 2023 and 2022, respectively.

 

Asset Quality

 

Non-performing assets totaled $1.5 million at March 31, 2023 compared to $1.5 million at December 31, 2022. We had no non-performing loans at March 31, 2023 and December 31, 2022. Our non-performing assets consisted of one foreclosed property at March 31, 2023 and December 31, 2022. Our ratio of non-performing assets to total assets remained low at 0.10% at March 31, 2023 and at December 31, 2022.

 

The Company’s allowance for credit losses related to loans totaled $4.1 million, or 0.31% of total loans as of March 31, 2023, compared to $5.5 million, or 0.45% of total loans as of December 31, 2022. Based on a review of the loans that were in the loan portfolio at March 31, 2023, management believes that the allowance for credit losses related to loans is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that were both probable and reasonably estimable.

 

In addition, the Company established an allowance for credit losses related to off-balance sheet commitments totaling $1.4 million and an allowance for credit losses related to held-to-maturity debt securities totaling $136,000 in connection with the implementation of CECL as of March 31, 2023.

 

Capital

 

The Company’s total stockholder’s equity to assets was 17.47% as of March 31, 2023. At March 31, 2023, the Company had the ability to borrow $35.5 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, 2023, the Bank had a tier 1 leverage capital ratio of 16.21% and a total risk-based capital ratio of 14.11%.

 

The Company completed its first stock repurchase program on April 14, 2023 whereby the Company repurchased 1,637,794 shares, or 10%, of the Company’s issued and outstanding common stock. The cost of the stock repurchase program totaled $23.0 million, including commission cost and Federal excise taxes.

 

About NorthEast Community Bancorp

 

NorthEast 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 eleven branch offices located in Bronx, New York, Orange, Rockland, and Sullivan 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 Statement

 

This 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.” These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. 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 (including higher inflation and its impact on 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, decreases in deposit levels necessitating increased borrowing to fund loans and securities, 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. Martinek
  Chairman and Chief Executive Officer
   
 PHONE:(914) 684-2500

 

 

 

 

NORTHEAST COMMUNITY BANCORP, INC.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)

 

   March 31,   December 31, 
   2023   2022 
   (In thousands, except share 
   and per share amounts) 
ASSETS        
Cash and amounts due from depository institutions  $14,330   $13,210 
Interest-bearing deposits   62,715    82,098 
       Total cash and cash equivalents   77,045    95,308 
Certificates of deposit   100    100 
Equity securities   18,266    18,041 
Securities available-for-sale, at fair value   -    1 
Securities held-to-maturity ( net of allowance for credit losses of $136 )   26,108    26,395 
Loans receivable   1,314,505    1,217,321 
     Deferred loan costs, net   369    372 
     Allowance for credit losses   (4,066)   (5,474)
              Net loans   1,310,808    1,212,219 
Premises and equipment, net   25,843    26,063 
Investments in restricted stock, at cost   923    1,238 
Bank owned life insurance   26,046    25,896 
Accrued interest receivable   9,919    8,597 
Goodwill   200    200 
Real estate owned   1,456    1,456 
Property held for investment   1,435    1,444 
Right of Use Assets – Operating   2,182    2,312 
Right of Use Assets – Financing   354    355 
Other assets   2,055    5,338 
Total assets  $1,502,740   $1,424,963 
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Liabilities:          
Deposits:          
Non-interest bearing  $330,573   $376,302 
Interest bearing   877,820    745,653 
Total deposits   1,208,393    1,121,955 
Advance payments by borrowers for taxes and insurance   3,753    2,369 
Federal Home Loan Bank advances   14,000    21,000 
Lease Liability – Operating   2,234    2,363 
Lease Liability – Financing   542    533 
Accounts payable and accrued expenses   11,315    14,754 
Total liabilities   1,240,237    1,162,974 
           
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; 15,325,828 shares and 16,049,454 shares outstanding, respectively   153    161 
Additional paid-in capital   126,462    136,434 
Unearned Employee Stock Ownership Plan (“ESOP”) shares   (7,215)   (7,432)
Retained earnings   142,940    132,670 
Accumulated other comprehensive gain   163    156 
Total stockholders’ equity   262,503    261,989 
Total liabilities and stockholders’ equity  $1,502,740   $1,424,963 

 

 

 

 

NORTHEAST COMMUNITY BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

   Quarter Ended March 31, 
   2023   2022 
   (In thousands, except per share amounts) 
INTEREST INCOME:          
Loans  $27,575   $13,061 
Interest-earning deposits   703    54 
Securities   233    158 
Total Interest Income   28,511    13,273 
INTEREST EXPENSE:          
Deposits   5,552    1,178 
Borrowings   112    161 
Financing lease   9    9 
Total Interest Expense   5,673    1,348 
Net Interest Income   22,838    11,925 
Credit loss expenses   1      
Net Interest Income after Credit Loss Expense   22,837    11,925 
NON-INTEREST INCOME:          
Other loan fees and service charges   607    391 
Earnings on bank owned life insurance   150    148 
Investment advisory fees   117    137 
Realized and unrealized gain (loss) on equity securities   225    (634)
Other   16    16 
Total Non-Interest Income   1,115    58 
NON-INTEREST EXPENSES:          
Salaries and employee benefits   4,542    3,828 
Occupancy expense   669    603 
Equipment   304    290 
Outside data processing   515    436 
Advertising   49    54 
Real estate owned expense   21    31 
Other   2,091    1,978 
Total Non-Interest Expenses   8,191    7,220 
INCOME BEFORE PROVISION FOR INCOME TAXES   15,761    4,763 
PROVISION FOR INCOME TAXES   4,517    1,118 
NET INCOME  $11,244   $3,645 

 

 

 

 

NORTHEAST COMMUNITY BANCORP, INC.

SELECTED CONSOLIDATED FINANCIAL DATA

(Unaudited)

 

   Quarter Ended March 31, 
   2023   2022 
   (In thousands, except per share amounts) 
Per share data:        
Earnings per share - basic  $0.77   $0.23 
Earnings per share - diluted   0.77    NA 
Weighted average shares outstanding - basic   14,649    15,523 
Weighted average shares outstanding - diluted   14,696    NA 
Performance ratios/data:          
Return on average total assets   3.10%   1.17%
Return on average shareholders' equity   16.98%   5.74%
Net interest income  $22,838   $11,925 
Net interest margin   6.63%   4.08%
Efficiency ratio   34.20%   60.25%
Net charge-off ratio   0.00%   0.00%
           

 

Loan portfolio composition:  March 31, 2023   December 31, 2022 
One-to-four family  $5,401   $5,467 
Multi-family   124,996    123,385 
Mixed-use   29,096    21,902 
   Total residential real estate   159,493    150,754 
Non-residential real estate   21,662    25,324 
Construction   1,008,781    930,628 
Commercial and industrial   123,533    110,069 
Consumer   1,036    546 
    Gross loans   1,314,505    1,217,321 
Deferred loan (fees) costs, net   369    372 
Total loans  $1,314,874   $1,217,693 
Asset quality data:          
Loans past due over 90 days and still accruing  $-   $- 
Non-accrual loans   -    - 
OREO property   1,456    1,456 
Total non-performing assets  $1,456   $1,456 
           
Allowance for credit losses to total loans   0.31%   0.45%
Allowance for credit losses to non-performing loans   NA    NA 
Non-performing loans to total loans   0.00%   0.00%
Non-performing assets to total assets   0.10%   0.10%
           
Bank's Regulatory Capital ratios:          
Total capital to risk-weighted assets   14.11%   13.66%
Common equity tier 1 capital to risk-weighted assets   13.78%   13.33%
Tier 1 capital to risk-weighted assets   13.78%   13.33%
Tier 1 leverage ratio   16.21%   16.50%

 

 

 

 

NORTHEAST COMMUNITY BANCORP, INC.

NET INTEREST MARGIN ANALYSIS

(Unaudited)

 

   Quarter Ended March 31, 2023   Quarter Ended March 31, 2022 
   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  $1,269,850   $27,575    8.69%  $989,729   $13,061    5.28%
Securities   44,523    211    1.90%   37,816    142    1.50%
Federal Home Loan Bank stock   1,150    22    7.65%   1,254    16    5.10%
Other interest-earning assets   61,484    703    4.57%   141,191    54    0.15%
Total interest-earning assets   1,377,007    28,511    8.28%   1,169,990    13,273    4.54%
Allowance for loan losses   (5,459)             (5,283)          
Non-interest-earning assets   80,900              76,155           
Total assets  $1,452,448             $1,240,862           
                               
Interest-bearing demand deposit  $90,199   $428    1.90%  $117,370   $169    0.58%
Savings and club accounts   286,510    1,913    2.67%   203,255    328    0.65%
Certificates of deposit   431,259    3,211    2.98%   288,664    681    0.94%
Total interest-bearing deposits   807,968    5,552    2.75%   609,289    1,178    0.77%
Borrowed money   19,056    121    2.54%   26,056    170    2.61%
Total interest-bearing liabilities   827,024    5,673    2.74%   635,345    1,348    0.85%
Non-interest-bearing demand deposit   345,298              336,845           
Other non-interest-bearing liabilities   15,181              14,590           
Total liabilities   1,187,503              986,780           
Equity   264,945              254,082           
Total liabilities and equity  $1,452,448             $1,240,862           
                               
Net interest income / interest spread       $22,838    5.54%       $11,925    3.69%
Net interest rate margin             6.63%             4.08%
Net interest earning assets  $549,983             $534,645           
Average interest-earning assets to interest-bearing liabilities   166.50%             184.15%          

 

 

 

 

 

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Entity Registrant Name NORTHEAST COMMUNITY BANCORP, INC.
Entity Central Index Key 0001847398
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Entity Incorporation, State or Country Code MD
Entity Address, Address Line One 325 Hamilton Avenue
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