NorthEast Community Bancorp Q1 net income $11.4M, EPS $0.86; net interest income up 9.4% to $25.0M

NorthEast Community Bancorp, Inc./MD/

2024-Q1 EPS reported $0.86

Net income $11.4M ($0.86 diluted EPS) vs $11.2M ($0.77) in Q1 2023; ROAA 2.50%, ROAE 15.88%.
Net interest income rose 9.4% to $25.0M; net interest margin narrowed 88bps to 5.75% due to higher funding costs.
Total loans grew $67.8M to $1.6B, led by $180.5M in originations (94.7% construction); deposits up $112.0M (8.0%) to $1.5B.
Non-interest income fell 50.3% to $554k, driven by sale of wealth management unit and $82k unrealized loss on equity securities.
Credit loss expense reduced by $165k; non-performing assets stable at $5.8M (0.31% of assets); bank remains well-capitalized.

item 2.02 item 9.01

Key facts

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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 March 31, 2024 results: net income $11.4 million, EPS $0.86 per diluted share.

Period: the three months ended March 31, 2024
Net income: $11.4 million
EPS: $0.86 per diluted share
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 $11.4 million, or $0.87 per basic share and $0.86 per diluted share, for the three months ended March 31, 2024 compared to net income of $11.2 million, or $0.77 per basic and diluted share, for the three months ended March 31, 2023.

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Source: SEC EDGAR

accession 0001104659-24-052963

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