secwatch.observer — SEC 8-K summary
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Issuer:     NorthEast Community Bancorp, Inc./MD/ (NECB)
CIK:        0001847398
Form:       8-K
Filed at:   2022-04-29T23:59:59+00:00
Accession:  0001104659-22-053325
Event type: earnings
Sentiment:  positive
Materiality: 0.55
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1847398/000110465922053325/0001104659-22-053325-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1847398/000110465922053325/tm2213947d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-22-053325

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