secwatch.observer — SEC 8-K summary
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Issuer:     NorthEast Community Bancorp, Inc./MD/ (NECB)
CIK:        0001847398
Form:       8-K
Filed at:   2024-04-26T23:59:59+00:00
Accession:  0001104659-24-052963
Event type: earnings
Sentiment:  positive
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1847398/000110465924052963/0001104659-24-052963-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1847398/000110465924052963/tm2412744d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-052963

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