secwatch.observer — SEC 8-K summary
======================================

Issuer:     NorthEast Community Bancorp, Inc./MD/ (NECB)
CIK:        0001847398
Form:       8-K
Filed at:   2021-11-03T23:59:59+00:00
Accession:  0001104659-21-133527
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1847398/000110465921133527/0001104659-21-133527-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1847398/000110465921133527/tm2131447d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-21-133527

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer