Q2 net income doubles to $11.1M, EPS $0.75; net interest margin expands to 6.60%

NorthEast Community Bancorp, Inc./MD/

2023-Q2 EPS reported $1.56

Q2 net income $11.1M vs $5.4M YoY (+106%); H1 net income $22.3M, up 147%.
Net interest income Q2 $24.0M (+77% YoY); net interest margin 6.60% vs 4.58% a year ago.
Loans net $1.4B, up 14.5% from Dec 2022; driven by $448M in originations, mostly construction.
Non-performing assets rose to $5.8M from $1.5M due to two construction loans totaling $4.4M.
Stock repurchases: first program completed (1.64M shares, $23M); second program underway, 55K shares repurchased.

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 0.9

NorthEast Community Bancorp, Inc./MD/ reported the six months ended June 30, 2023 results: net income $22.3 million, EPS $1.56 per basic and diluted common share.

Period: the six months ended June 30, 2023
Net income: $22.3 million
EPS: $1.56 per basic and diluted common share
Result: reported results

Exact text from the filing

reported net income of $11.1 million and $22.3 million, or $0.75 and $1.56 per basic and diluted common share, for the three months and six months ended June 30, 2023

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NorthEast Community Bancorp, Inc./MD/ reported the three months ended June 30, 2023 results: net income $11.1 million, EPS $0.75 per basic and diluted common share.

Period: the three months ended June 30, 2023
Net income: $11.1 million
EPS: $0.75 per basic and diluted common share
Result: reported results

Exact text from the filing

reported net income of $11.1 million and $22.3 million, or $0.75 and $1.56 per basic and diluted common share, for the three months and six months ended June 30, 2023

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Source: SEC EDGAR

accession 0001104659-23-084669

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