NECB Q3 net income drops to $730K from $3.1M; $3.6M loan charge-off drives provision

NorthEast Community Bancorp, Inc./MD/

2022-Q3 EPS reported $0.48

Q3 2021 EPS $0.05 vs $0.26 YoY; nine-month EPS $0.48 vs $0.74.
Net interest income rose 11.3% to $10.9M on higher earning assets; margin 4.26%.
Provision for loan losses surged to $3.6M, primarily from a $3.6M non-residential bridge loan charge-off.
Non-performing assets fell to $2.0M (0.18% of assets) from $5.6M at Dec 2020.
Assets grew 14.4% to $1.1B; deposits up 5.8%, equity +61.7% on second-step conversion.

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