secwatch.observer — SEC 8-K summary
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Issuer:     NorthEast Community Bancorp, Inc./MD/ (NECB)
CIK:        0001847398
Form:       8-K
Filed at:   2022-02-08T23:59:59+00:00
Accession:  0001104659-22-013926
Event type: earnings
Sentiment:  positive
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1847398/000110465922013926/0001104659-22-013926-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1847398/000110465922013926/tm225760d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-22-013926

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