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

Issuer:     NorthEast Community Bancorp, Inc./MD/ (NECB)
CIK:        0001847398
Form:       8-K
Filed at:   2023-07-27T23:59:59+00:00
Accession:  0001104659-23-084669
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1847398/000110465923084669/0001104659-23-084669-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1847398/000110465923084669/tm2322195d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-084669

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