NECB reports Q1 net income $11.2M ($0.77 EPS), up 208% YoY from $3.6M ($0.23)

NorthEast Community Bancorp, Inc./MD/

2023-Q1 EPS reported $0.77

Net income $11.2M ($0.77 per share) for Q1 2023 vs $3.6M ($0.23) in Q1 2022, a 208.5% increase.
Net interest income $22.8M (+91.5% YoY); net interest margin widened to 6.63% from 4.08%.
Total assets $1.5B (+5.5% from Dec 2022); net loans $1.3B (+8.1%) driven by $176.4M in construction loans.
Completed stock repurchase of 1,637,794 shares (10% of outstanding) for $23.0M on April 14, 2023.
No non-accrual loans; non-performing assets at 0.10% of total assets; allowance for credit losses 0.31% of loans.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

NorthEast Community Bancorp, Inc./MD/ reported for the three months ended March 31, 2023 results: net income $11.2 million, EPS $0.77 per basic and diluted common share.

Period: for the three months ended March 31, 2023
Net income: $11.2 million
EPS: $0.77 per basic and diluted common share
Result: reported results

Exact text from the filing

On May 1, 2023, NorthEast Community Bancorp, Inc. (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2023.

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Source: SEC EDGAR

accession 0001104659-23-054973

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