Northeast Community Bancorp writes off $3.5M non-performing loan; Q3 net income ~$730k

NorthEast Community Bancorp, Inc./MD/

Write-off of $3.5M non-residential real estate loan secured by Greenwich, CT property.
Appraisal showed property value zero due to parking easement; loan was in foreclosure.
Expects to record loan loss provision at least equal to write-off to replenish $5.1M allowance.
After charge-off, company expects no nonperforming assets at Sept. 30, 2021.
Q3 net income estimated at ~$730,000, adversely affected by the write-down and provision.

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