secwatch.observer — SEC 8-K summary
======================================

Issuer:     NorthEast Community Bancorp, Inc./MD/ (NECB)
CIK:        0001847398
Form:       8-K
Filed at:   2023-05-02T23:59:59+00:00
Accession:  0001104659-23-054973
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1847398/000110465923054973/0001104659-23-054973-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1847398/000110465923054973/tm2314391d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-054973

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