secwatch.observer — SEC 8-K summary
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Issuer:     NorthEast Community Bancorp, Inc./MD/ (NECB)
CIK:        0001847398
Form:       8-K
Filed at:   2022-07-28T23:59:59+00:00
Accession:  0001104659-22-083597
Event type: earnings
Sentiment:  positive
Materiality: 0.70
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1847398/000110465922083597/0001104659-22-083597-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1847398/000110465922083597/tm2222063d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-22-083597

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer