secwatch.observer — SEC 8-K summary
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Issuer:     NorthEast Community Bancorp, Inc./MD/ (NECB)
CIK:        0001847398
Form:       8-K
Filed at:   2024-07-24T23:59:59+00:00
Accession:  0001104659-24-082131
Event type: earnings
Sentiment:  positive
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Northeast Community Bancorp Q2 net income $12.8M, EPS $0.97; net interest income +9.2%
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- Q2 net income $12.8M ($0.97 diluted EPS) vs $11.1M ($0.75) in Q2 2023; H1 net income $24.2M ($1.83 diluted) vs $22.3M ($1.56).
- Net interest income $26.2M, up 9.2%; net interest margin 5.79%, down 81 bps YoY due to rising deposit costs.
- Loans net of allowance grew $121.5M to $1.7B; deposits increased $163.8M to $1.6B; total assets $1.9B, up 9.4%.
- ROAA 2.70%, ROAE 17.28%, efficiency ratio 35.24% for Q2; non-performing assets low at 0.30% of total assets.
- Bank well-capitalized: tier 1 leverage 14.37%, total risk-based capital 13.66%; second stock repurchase program ongoing.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1847398/000110465924082131/0001104659-24-082131-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1847398/000110465924082131/tm2420021d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-082131

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