NECB reports Q2 net income $5.4M ($0.35 EPS) up 46% YoY; authorizes repurchase of 10% of shares

NorthEast Community Bancorp, Inc./MD/

2022-Q2 EPS reported $0.58

Q2 net income $5.4M ($0.35 EPS) vs $3.7M ($0.23 EPS) YoY; H1 net income $9.0M ($0.58 EPS) vs $7.0M ($0.43 EPS).
Net interest income Q2 $13.5M (+30.5% YoY); net interest margin 4.58%.
Loans net of allowance increased 5.2% to $1.0B; loan commitments, LIP, and standby LOCs totaled $879M.
Board authorized repurchase of up to 1,637,794 shares (10% outstanding) starting Aug 1, 2022; first such program since July 2021 conversion.
Non-performing assets rose to $2.8M (0.23% of assets) from $2.0M (0.16%) year-end; no COVID deferrals remaining.

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