NorthEast Community Bancorp, Inc. Reports Results for the Quarter Ended June 30, 2021
07/30/2021 - 04:30 PM
WHITE PLAINS, N.Y., July 30, 2021 (GLOBE NEWSWIRE) -- NorthEast Community Bancorp, Inc. (NasdaqCM: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”) reported net income of $3.7 million and $7.0 million , or $0.31 and $0.58 per basic and diluted common share, for the three months and six months ended June 30, 2021, respectively, compared to net income of $2.5 million and $5.7 million , or $0.21 and $0.48 per basic and diluted common share, for the three months and six months ended June 30, 2020, respectively.
Kenneth A. Martinek, NorthEast Community Bancorp’s Chairman of the Board and Chief Executive Officer, stated “We are pleased to report another quarter of strong earnings. Throughout the COVID-19 pandemic, loan demand remained strong with originations and outstanding commitments increasing quarter over quarter. Our commitments, loans-in-process, and standby letters of credit outstanding totaled $785.7 million as of June 30, 2021. The performance of our loan portfolios remains strong with one loan past due and in foreclosure at June 30, 2021. At this time, we have two loans on deferral as a result of the COVID-19 pandemic, both with conservative loan to value ratios. As has been in the past, construction lending for affordable housing units in homogeneous high demand high absorption areas continues to be our focus.”
Highlights for the three and six months ended and at June 30, 2021 are as follows:
During the three months ended June 30, 2021, the Company recorded net income of $3.7 million , or $0.31 per basic and diluted share. Net interest income increased by $869,000 , or 9.1% , for the three months ended June 30, 2021 compared to the same period in the prior year. The Company maintained strong credit reserves amidst the uncertain economic environment and recorded a $17,000 provision for loan losses during the six months ended June 30, 2021. Asset quality metrics continued to remain strong with non-performing assets to total assets of 0.52% as of June 30, 2021. Our allowance for loan losses totaled $5.1 million , or 0.61% of total loans as of June 30, 2021 compared to $5.2 million , or 0.64% of total loans as of June 30, 2020. In accordance with the provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) since March 2020, we have granted pandemic-related loan payment deferrals to 195 loans totaling $190.8 million at the time payment deferral was requested. As of June 30, 2021, we had two loans totaling $9.5 million still in deferral status. Balance Sheet Total assets increased by $108.3 million , or 11.2% , to $1.1 billion at June 30, 2021, from $968.2 million at December 31, 2020. The increase in assets was primarily due to increases in cash and cash equivalents of $94.6 million , premises and equipment of $4.5 million , net loans of $5.5 million , and investment securities held-to-maturity of $3.5 million .
Cash and cash equivalents increased by $94.6 million , or 136.8% , to $163.8 million at June 30, 2021 from $69.2 million at December 31, 2020. The increase in cash can primarily be attributed to an increase in deposits of $27.1 million and an increase in stock subscriptions funds of $74.9 million related to our recently completed second-step conversion offering, partially offset by an increase in loans of $5.5 million , an increase in investment securities held-to-maturity of $3.5 million , an increase in premises and equipment of $4.5 million due to the purchase of a branch building, a decrease in advance payments by borrowers for taxes and insurance of $246,000 and cash dividends of $295,000.
Securities held-to-maturity increased by $3.5 million , or 46.9% , to $10.8 million at June 30, 2021 from $7.4 million at December 31, 2020. The increase was primarily due to the purchase of investment securities totaling $4.3 million , partially offset by maturities and pay-downs of $793,000.
Loans, net of the allowance for loan losses, increased by $5.5 million , or 0.7% , to $825.2 million at June 30, 2021 from $819.7 million at December 31, 2020. The increase in loans, net of the allowance for loan losses, was primarily due to a net increase in construction loans of $26.2 million . The increases were partially offset by decreases in non-residential loans of $5.5 million , mixed-use loans of $2.3 million , commercial and industrial loans of $10.6 million , one- to four-family loans of $1.4 million , and multi-family loans of $992,000 , coupled with normal pay-downs and principal reductions.
Premises and equipment increased by $4.5 million , or 24.2% , to $23.2 million at June 30, 2021 from $18.7 million at December 31, 2020 due to the acquisition of property for a new branch site located in Monsey, New York.
Foreclosed real estate was $2.0 million at June 30, 2021 and December 31, 2020.
Right of use assets — operating, recognized in accordance with Accounting Standards Codification 842 “Leases”, decreased by $264,000 , or 8.5% , to $2.8 million at June 30, 2021 from $3.1 million at December 31, 2020, primarily due to amortization.
Other assets increased by $510,000 , or 10.1% , to $5.6 million at June 30, 2021 from $5.1 million at December 31, 2020 due to an increase in suspense accounts of $1.0 million and an increase in prepaid expense of $240,000 , partially offset by a decrease in tax assets of $728,000.
Total deposits increased by $27.1 million , or 3.5% , to $798.8 million at June 30, 2021, from $771.7 million at December 31, 2020. The increase was primarily due to an increase in non-interest bearing demand deposits of $36.4 million , or 16.5% , and an increase in NOW/money market accounts of $18.0 million , or 17.9% , from December 31, 2020 to June 30, 2021. The increase was partially offset by a decrease in certificates of deposit of $25.3 million , or 7.3% , and a decrease in savings account balances of $2.0 million , or 2.0% , from December 31, 2020 to June 30, 2021.
Federal Home Loan Bank advances were $28.0 million at both June 30, 2021 and December 31, 2020.
Stock subscription was $74.9 million at June 30, 2021 due to stock subscription orders received in connection with our recently completed second-step conversion offering.
Stockholders’ equity increased by $7.0 million , or 4.6% to $160.8 million at June 30, 2021, from $153.8 million at December 31, 2020. The increase in stockholders’ equity was primarily a result of net income of $7.0 million for the six months ended June 30, 2021, a reduction of $202,000 in unearned employee stock ownership plan shares, partially offset by dividends declared of $144,000 and $3,000 in other comprehensive loss.
Net Interest Income Net interest income totaled $10.4 million for the three months ended June 30, 2021, as compared to $9.5 million for the three months ended June 30, 2020. The increase in net interest income of $870,000 , or 9.1% , was primarily due to the decrease in interest expense that exceeded a decrease in interest income.
The decrease in interest expense and interest income is consistent with the decrease in interest rates in response to the COVID-19 pandemic and its impact on the economy and interest rate environment. However, our cost of interest bearing liabilities decreased much greater than our yield on interest earning assets as our interest bearing liabilities repriced much faster to lower rates than our yield on interest earning assets. In this regard, our cost of interest bearing liabilities decreased by 89 basis points from 1.80% for the three months ended June 30, 2020 to 0.91% for the three months ended June 30, 2021. Our yield on interest earning assets decreased by 53 basis points from 5.58% for the three months ended June 30, 2020 to 5.05% for the three months ended June 30, 2021.
Net interest margin increased by 18 basis points, or 4.2% , during the three months ended June 30, 2021 to 4.49% compared to 4.31% during the three months ended June 30, 2020.
Net interest income totaled $20.7 million for the six months ended June 30, 2021, as compared to $19.0 million for the six months ended June 30, 2020. The increase in net interest income of $1.8 million , or 9.4% , was primarily due to the decrease in interest expense that exceeded a decrease in interest income.
In a manner consistent with the decrease in interest rates in response to the COVID-19 pandemic, our cost of interest bearing liabilities decreased much greater than our yield on interest earning assets as our interest bearing liabilities repriced much faster to lower rates than our yield on interest earning assets. In this regard, our cost of interest bearing liabilities decreased by 96 basis points from 1.93% for the six months ended June 30, 2020 to 0.97% for the six months ended June 30, 2021. Our yield on interest earning assets decreased by 62 basis points from 5.76% for the six months ended June 30, 2020 to 5.14% for the six months ended June 30, 2021.
Net interest margin increased by 17 basis points, or 3.9% , during the six months ended June 30, 2021 to 4.54% compared to 4.37% during the six months ended June 30, 2020.
Non-Interest Income Non-interest income for the three months ended June 30, 2021 was $778,000 compared to non-interest income of $541,000 for the three months ended June 30, 2020. The increase in total non-interest income was primarily due to an increase of $193,000 in other loan fees and service charges, an increase of $32,000 in investment advisory fees, a net gain of $7,000 on the sale of fixed assets, and an increase of $6,000 in other non-interest income, partially offset by a decrease of $1,000 in bank owned life insurance income.
Non-interest income for the six months ended June 30, 2021 was $1.2 million compared to non-interest income of $1.4 million for the six months ended June 30, 2020. The decrease in total non-interest income was primarily due to an unrealized loss of $62,000 in our equity securities in the 2021 period compared to an unrealized gain of $299,000 in the comparable period in 2020, a decrease of $119,000 in other non-interest income, and a decrease of $10,000 in bank owned life insurance income. These were partially offset by an increase of $245,000 in other loan fees and service charges, an increase of $36,000 in investment advisory fees, and a net gain of $7,000 on the sale of fixed assets.
Non-Interest Expense Non-interest expense increased by $8,000 , or 0.1% , to $6.3 million for the three months ended June 30, 2021 from $6.3 million for the three months ended June 30, 2020. The increase resulted primarily from increases of $244,000 in other operating expense and $45,000 in equipment expense, partially offset by decreases of $88,000 in outside data processing expense, $77,000 in salaries and employee benefits, $67,000 in real estate owned expense, $42,000 in advertising expense, and $7,000 in occupancy expense.
Non-interest expense increased by $493,000 , or 4.0% , to $12.9 million for the six months ended June 30, 2021 from $12.4 million for the six months ended June 30, 2020. The increase resulted primarily from increases of $303,000 in salaries and employee benefits, $195,000 in other operating expense, $88,000 in occupancy expense, and $77,000 in equipment expense, partially offset by decreases of $73,000 in real estate owned expense, $71,000 in advertising expense, and $26,000 in outside data processing expense.
Income Taxes We recorded income tax expense of $1.1 million and $752,000 for the three months ended June 31, 2021 and 2020, respectively. For the three months ended June 30, 2021, we had approximately $174,000 in tax exempt income, compared to approximately $165,000 in tax exempt income for the three months ended June 30, 2020. Our effective income tax rates were 23.2% and 23.3% for the three months ended June 30, 2021 and 2020, respectively.
We recorded income tax expense of $2.1 million and $1.7 million for the six months ended June 31, 2021 and 2020, respectively. For the six months ended June 30, 2021, we had approximately $336,000 in tax exempt income, compared to approximately $337,000 in tax exempt income for the six months ended June 30, 2020. Our effective income tax rates were 23.2% and 23.4% for the six months ended June 30, 2021 and 2020, respectively.
Asset Quality Our ratio of non-performing assets to total assets remained low at 0.52% as of June 30, 2021. Our net charge-offs remained low with $11,000 of net charge-offs recorded during the six months ended June 30, 2021, compared to a net recovery of $21,000 during the six months ended June 30, 2020. We recorded a $17,000 provision for loan losses during the six months ended June 30, 2021, compared to a $532,000 provision for loan losses during the six months ended June 30, 2020.
The provision recorded for the six months ended June 30, 2020 was primarily attributed to the perceived potential credit risk associated with the COVID-19 pandemic, although no specific or probable losses were identified at that time. Although the COVID-19 pandemic and the resulting recession has impacted the local economy, we have not experienced any significant deterioration of our borrowers’ ability to keep current in accordance with the terms of their obligations. Based on a review of the loans that were in the loan portfolio at June 30, 2021, management believes that the allowance is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that were both probable and reasonably estimable.
Our allowance for loan losses totaled $5.1 million , or 0.61% of total loans as of June 30, 2021, compared to $5.1 million , or 0.62% of total loans as of December 31, 2020.
Capital The Bank’s capital position remains strong relative to current regulatory requirements and is considered a well-capitalized institution under the Prompt Corrective Action framework. As of June 30, 2021, the Bank had a tier 1 leverage capital ratio of 14.84% and a total risk-based capital ratio of 13.58% . The Company’s total stockholder’s equity to assets was 14.94% as of June 30, 2021. At June 30, 2021, the Company had the ability to borrow $41.2 million from the Federal Home Loan Bank of New York.
About NorthEast Community Bancorp NorthEast Community Bancorp, headquartered at 325 Hamilton Avenue, White Plains, New York 10601, is the holding company for NorthEast Community Bank, which conducts business through its nine branch offices located in Bronx, New York, Orange, and Rockland Counties in New York and Essex, Middlesex, and Norfolk Counties in Massachusetts and three loan production offices located in New City, New York, White Plains, New York, and Danvers, Massachusetts. For more information about NorthEast Community Bancorp and NorthEast Community Bank, please visit www.necb.com.
Forward Looking Statement This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include, but are not limited to, changes in market interest rates, regional and national economic conditions, the effect of the COVID-19 pandemic (including its impact on NorthEast Community Bank’s business operations and credit quality, on our customers and their ability to repay their loan obligations and on general economic and financial market conditions), legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the quality and composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in NorthEast Community Bank’s market area, changes in the real estate market values in NorthEast Community Bank’s market area and changes in relevant accounting principles and guidelines. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.
NORTHEAST COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
June 30, December 31, 2021 2020 (In thousands, except share and per share amounts) ASSETS Cash and amounts due from depository institutions $ 8,953 $ 7,613 Interest-bearing deposits 154,882 61,578 Cash and cash equivalents 163,835 69,191 Certificates of deposit 100 100 Equity Securities 10,270 10,332 Securities available-for-sale, at fair value 2 2 Securities held-to-maturity (fair value of $10,932 and $7,519 , respectively) 10,842 7,382 Loans receivable 829,970 824,708 Deferred loan (fees) costs, net 338 113 Allowance for loan losses (5,094 ) (5,088 ) Net loans 825,214 819,733 Premises and equipment, net 23,187 18,675 Investments in restricted stock, at cost 1,569 1,595 Bank owned life insurance 24,987 24,691 Accrued interest receivable 3,619 3,838 Goodwill 651 651 Real estate owned 1,996 1,996 Property held for investment 1,500 1,518 Right of Use Assets – Operating 2,830 3,094 Right of Use Assets – Financing 361 363 Other assets 5,570 5,060 Total assets $ 1,076,533 $ 968,221 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities: Deposits: Non-interest bearing $ 257,808 $ 221,371 Interest bearing 540,996 550,335 Total deposits 798,804 771,706 Advance payments by borrowers for taxes and insurance 2,012 2,258 Federal Home Loan Bank advances 28,000 28,000 Lease Liability – Operating 2,864 3,115 Lease Liability – Financing 478 460 Stock Subscription 74,933 - Accounts payable and accrued expenses 8,595 8,857 Total liabilities 915,686 814,396 Stockholders’ equity: Preferred stock, $0.01 par value; 1,000,000 shares authorized, none issued — — Common stock, $0.01 par value; 19,000,000 shares authorized; 13,225,000 shares issued; and 12,194,611 shares outstanding at June 30, 2021 and December 31, 2020, respectively $ 132 $ 132 Additional paid-in capital 56,974 56,901 Unearned Employee Stock Ownership Plan (“ESOP”) shares (1,166 ) (1,296 ) Treasury stock – at cost, 1,030,389 shares at June 30, 2021 and December 31, 2020, respectively (7,032 ) (7,032 ) Retained earnings 112,127 105,305 Accumulated other comprehensive loss (188 ) (185 ) Total stockholders’ equity 160,847 153,825 Total liabilities and stockholders’ equity $ 1,076,533 $ 968,221
NORTHEAST COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In thousands, except per share amounts) (In thousands, except per share amounts) INTEREST INCOME: Loans $ 11,575 $ 12,196 $ 23,302 $ 24,441 Interest-earning deposits 11 11 21 331 Securities – taxable 90 108 173 224 Total Interest Income 11,676 12,315 23,496 24,996 INTEREST EXPENSE: Deposits 1,113 2,622 2,395 5,685 Borrowings 176 176 350 332 Financing Lease 9 9 18 18 Total Interest Expense 1,298 2,807 2,763 6,035 Net Interest Income 10,378 9,508 20,733 18,961 Provision for loan loss — 518 17 532 Net Interest Income after Provision for Loan Losses 10,378 8,990 20,716 18,429 NON-INTEREST INCOME: Other loan fees and service charges 393 200 715 470 Gain on disposition of equipment 7 — 7 — Earnings on bank owned life insurance 148 149 295 305 Investment advisory fees 124 92 242 206 Unrealized gain (loss) on equity securities 93 93 (62 ) 299 Other 13 7 24 143 Total Non-Interest Income 778 541 1,221 1,423 NON-INTEREST EXPENSES: Salaries and employee benefits 3,512 3,589 7,169 6,866 Occupancy expense 472 479 1,045 957 Equipment 239 194 488 411 Outside data processing 337 425 824 850 Advertising 24 66 47 118 Real estate owned expense 26 93 68 141 Other 1,699 1,455 3,223 3,028 Total Non-Interest Expenses 6,309 6,301 12,864 12,371 INCOME BEFORE PROVISION FOR INCOME TAXES 4,847 3,230 9,073 7,481 PROVISION FOR INCOME TAXES 1,126 752 2,107 1,747 NET INCOME $ 3,721 $ 2,478 $ 6,966 $ 5,734 EARNINGS PER COMMON SHARE – BASIC AND DILUTED $ 0.31 $ 0.21 $ 0.58 $ 0.48 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – BASIC AND DILUTED 12,075 12,049 12,075 12,049 DIVIDENDS DECLARED PER COMMON SHARE $ 0.03 $ 0.03 $ 0.03 $ 0.03
NORTHEAST COMMUNITY BANCORP, INC. SELECTED CONSOLIDATED FINANCIAL DATA (Unaudited)
Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In thousands, except per share amounts) (In thousands, except per share amounts) Per share data: Earnings per share - basic and diluted $ 0.31 $ 0.21 $ 0.58 $ 0.48 Weighted average shares outstanding - basic and diluted 12,075 12,049 12,075 12,049 Performance ratios/data: Return on average total assets 1.50 % 1.05 % 1.42 % 1.23 % Return on average shareholders' equity 9.32 % 6.75 % 8.83 % 7.88 % Net interest income $ 10,378 $ 9,509 $ 20,733 $ 18,960 Net interest margin 4.49 % 4.31 % 4.54 % 4.37 % Efficiency ratio 56.56 % 62.71 % 58.60 % 60.69 % Loan portfolio composition: June 30, 2021 December 31, 2020 One-to-four family $ 4,803 $ 6,170 Multi-family 89,514 90,506 Mixed-use 28,230 30,508 Total residential real estate 122,547 127,184 Non-residential real estate 55,144 60,665 Construction 571,963 545,788 Commercial and industrial 79,973 90,577 Overdrafts 302 452 Consumer 41 42 Gross loans 829,970 824,708 Deferred loan (fees) costs, net 338 113 Total loans $ 830,308 $ 824,821 Asset quality data: Loans past due over 90 days and still accruing $ - $ - Non-accrual loans 3,593 3,572 OREO property 1,996 1,996 Total non-performing assets $ 5,589 $ 5,568 Net recoveries (charge-offs) $ (8 ) $ 7 $ (11 ) $ 21 Allowance for loan losses to total loans 0.61 % 0.62 % Allowance for loan losses to non-performing loans 141.78 % 142.60 % Non-performing loans to total loans 0.43 % 0.43 % Non-performing assets to total assets 0.52 % 0.58 % Bank's Regulatory Capital ratios: Common equity tier 1 capital to risk-weighted assets 13.58 % 13.72 % Total capital to risk-weighted assets 13.12 % 13.23 % Tier 1 capital to risk-weighted assets 13.12 % 13.23 % Tier 1 leverage ratio 14.84 % 14.79 %
NORTHEAST COMMUNITY BANCORP, INC. NET INTEREST MARGIN ANALYSIS (Unaudited)
Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Average Interest Average Average Average Balance and dividend Yield Balance Interest Yield (In thousands, except yield/cost information) (In thousands, except yield/cost information) Loan receivable Gross $ 833,973 $ 11,575 5.55 % $ 804,843 $ 12,196 6.06 % Securities (1) 21,513 90 1.67 % 20,689 108 2.09 % Other interest-earning assets 69,368 11 0.06 % 57,037 11 0.08 % Total interest-earning assets 924,854 11,676 5.05 % 882,569 12,315 5.58 % Allowance for loan losses (5,103 ) (4,881 ) Non-interest-earning assets 72,615 62,887 Total assets $ 992,366 $ 940,575 Interest-bearing demand deposit $ 114,675 $ 164 0.57 % $ 109,640 $ 142 0.52 % Savings and club accounts 101,162 48 0.19 % 104,526 236 0.90 % Certificates of deposit 324,420 901 1.11 % 379,913 2,244 2.36 % Total interest-bearing deposits 540,257 1,113 0.82 % 594,079 2,622 1.77 % Borrowed money 28,000 185 2.64 % 28,000 185 2.64 % Total interest-bearing liabilities 568,257 1,298 0.91 % 622,079 2,807 1.80 % Non-interest-bearing demand deposit 239,996 159,953 Other non-interest-bearing liabilities 24,429 11,656 Total liabilities 832,682 793,688 Equity 159,684 146,887 Total liabilities and equity $ 992,366 $ 940,575 Net interest income / interest spread $ 10,378 4.14 % $ 9,508 3.78 % Net interest rate margin 4.49 % 4.31 % Net interest earning assets $ 356,597 $ 260,490 Average interest-earning assets to interest-bearing liabilities 162.75 % 141.87 %
(1) Includes Federal Home Loan Bank of New York stock.
Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Average Interest Average Average Average Balance and dividend Yield Balance Interest Yield (In thousands, except yield/cost information) (In thousands, except yield/cost information) Loan receivable Gross $ 834,219 $ 23,302 5.59 % $ 785,691 $ 24,441 6.22 % Securities (1) 20,312 173 1.70 % 20,683 224 2.17 % Other interest-earning assets 58,942 21 0.07 % 61,079 331 1.08 % Total interest-earning assets 913,473 23,496 5.14 % 867,453 24,996 5.76 % Allowance for loan losses (5,096 ) (4,751 ) Non-interest-earning assets 70,157 67,842 Total assets $ 978,534 $ 930,544 Interest-bearing demand deposit $ 111,357 $ 320 0.57 % $ 109,973 $ 464 0.84 % Savings and club accounts 101,893 127 0.25 % 102,163 459 0.90 % Certificates of deposit 330,546 1,948 1.18 % 387,125 4,762 2.46 % Total interest-bearing deposits 543,796 2,395 0.88 % 599,261 5,685 1.90 % Borrowed money 28,000 368 2.63 % 25,577 350 2.74 % Total interest-bearing liabilities 571,796 2,763 0.97 % 624,838 6,035 1.93 % Non-interest-bearing demand deposit 229,854 148,964 Other non-interest-bearing liabilities 19,020 11,221 Total liabilities 820,670 785,023 Equity 157,864 145,521 Total liabilities and equity $ 978,534 $ 930,544 Net interest income / interest spread $ 20,733 4.18 % $ 18,961 3.83 % Net interest rate margin 4.54 % 4.37 % Net interest earning assets $ 341,677 $ 242,615 Average interest-earning assets to interest-bearing liabilities 159.76 % 138.83 %
(1) Includes Federal Home Loan Bank of New York stock.