NECB Q2 net income $3.7M ($0.31/sh) vs $2.5M ($0.21) YoY; NIM expands

NorthEast Community Bancorp, Inc./MD/

2022-Q2 EPS reported $0.43

Net income $3.7M ($0.31 per share) in Q2 2021 vs $2.5M ($0.21) in Q2 2020; six-month net income $7.0M ($0.58/sh).
Net interest income rose 9.1% to $10.4M; net interest margin expanded 18 bps to 4.49%.
Completed second-step conversion offering with $74.9M in stock subscriptions; total assets up 11.2% to $1.1B.
Non-performing assets to total assets remained low at 0.52%; allowance for loan losses $5.1M (0.61% of total loans).
Loan commitments, loans-in-process and standby LCs totaled $785.7M; only $9.5M in loans still in COVID deferral.

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