secwatch.observer — SEC 8-K summary
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Issuer:     NorthEast Community Bancorp, Inc./MD/ (NECB)
CIK:        0001847398
Form:       8-K
Filed at:   2021-10-12T23:59:59+00:00
Accession:  0001104659-21-125385
Event type: other_material
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1847398/000110465921125385/0001104659-21-125385-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1847398/000110465921125385/tm2129807d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-21-125385

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