NECB Q1 2022 net income $3.6M ($0.23/share), up 12.3% YoY; no loan deferrals

NorthEast Community Bancorp, Inc./MD/

2022-Q1 EPS reported $0.23

Net income $3.6M ($0.23 basic/diluted) vs $3.2M ($0.20) in Q1 2021; net interest income up 15.2% to $11.9M.
Loan originations $121.8M, primarily construction; net loans up 3.5% to $1.0B; deposits rose 7.0% to $991.9M.
Non-performing assets 0.16% of total assets; no non-performing loans; no COVID deferrals outstanding at March 31.
Net interest margin declined to 4.08% from 4.59%; unrealized loss of $634K on equity securities from rising rates.
Bank remains well-capitalized: tier 1 leverage 16.03%, total risk-based 15.03%.

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