NECB reports Q3 net income $11.8M ($0.80/sh), up 57% YoY; nine-month net income $34.2M up 106%

NorthEast Community Bancorp, Inc./MD/

2023-Q3 EPS reported $2.41

Q3 net income $11.8M ($0.80/sh), up 57% YoY; nine-month net income $34.2M ($2.42), up 106% YoY.
Net interest income up 43.9% to $25.1M (Q3) and 67.7% to $72.0M (nine months); net interest margin 6.40% and 6.54%.
Non-performing assets $5.8M (0.34% of assets) vs $1.5M at Dec 31, 2022, driven by $4.4M in two non-performing construction loans.
Bank well-capitalized (tier 1 leverage 14.70%, total risk-based 13.50%); stock buybacks: first program completed, second bought 610,565 shares for $9.7M.

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 three and nine months ended September 30, 2023 results: net income net income of $11.8 million and $34.2 million, or $0.80 and $2.42 per basic and $0.80 and $2.41 per diluted common share, EPS $0.80 and $2.42 per basic and $0.80 and $2.41 per diluted common share, for the three months and nine months ended Septe.

Period: three and nine months ended September 30, 2023
Net income: net income of $11.8 million and $34.2 million, or $0.80 and $2.42 per basic and $0.80 and $2.41 per diluted common share
EPS: $0.80 and $2.42 per basic and $0.80 and $2.41 per diluted common share, for the three months and nine months ended Septe
Result: reported results

Exact text from the filing

NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), reported net income of $11.8 million and $34.2 million, or $0.80 and $2.42 per basic and $0.80 and $2.41 per diluted common share, for the three months and nine months ended September 30, 2023, respectively, compared to net income of $7.5 million and $16.6 million, or $0.49 and $1.07 per basic and diluted common share for the three months and nine months ended September 30, 2022, respectively.

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Source: SEC EDGAR

accession 0001104659-23-112542

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