NECB Q4 net income up 19.8% to $4.2M; full-year impacted by $3.6M write-off

NorthEast Community Bancorp, Inc./MD/

2021-FY EPS reported $0.75

Q4 net income $4.2M ($0.27/diluted) vs $3.5M ($0.22) YoY, up 19.8% driven by higher net interest income.
Full-year 2021 net income $11.9M ($0.75/diluted) compared to $12.3M ($0.76) in 2020; includes $3.6M Q3 write-off on a non-residential bridge loan.
Net interest income rose 13.9% in Q4 to $11.7M; net interest margin was 4.32% vs 4.64% in Q4 2020.
Non-performing assets fell to 0.16% of total assets at Dec 2021, from 0.58% a year earlier; allowance for loan losses 0.54% of total loans.
Total assets grew 26.5% to $1.2B; stockholders' equity increased 63.4% to $251.4M primarily from second-step conversion.

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