Welcome to our dedicated page for Northeast Community Bancorp news (Ticker: NECB), a resource for investors and traders seeking the latest updates and insights on Northeast Community Bancorp stock.
NorthEast Community Bancorp, Inc. reports recurring developments as the Nasdaq-listed parent holding company of NorthEast Community Bank, a community banking institution that gathers deposits and invests in mortgage and commercial loans. Company updates focus on quarterly and annual earnings, loan demand, asset quality, stockholders’ equity, and lending activity in commercial construction, New York City cooperative corporations, and multifamily properties in Eastern Massachusetts.
NECB news also covers capital-return actions, including quarterly and special cash dividends and common-stock repurchase programs, along with annual meeting announcements and other corporate governance updates tied to the bank holding company structure.
NorthEast Community Bancorp, Inc. (Nasdaq: NECB) reported strong financial results for the three and six months ended June 30, 2024.
For Q2 2024, net income was $12.8 million, or $0.98 per basic share, up from $11.1 million, or $0.75 per basic share, in Q2 2023. For the first half of 2024, net income was $24.2 million, or $1.84 per basic share, compared to $22.3 million, or $1.56 per basic share, in the same period of 2023.
Key metrics: return on average assets at 2.70%, return on average equity at 17.28%, and an efficiency ratio of 35.24% for Q2 2024.
Total assets rose to $1.9 billion, driven by a $121.5 million increase in net loans and a $45.2 million rise in cash and cash equivalents.
Loan originations totaled $364.7 million with significant contributions from construction loans.
Total deposits increased by $163.8 million to $1.6 billion.
Stockholders' equity grew by $20.7 million to $300.0 million.
NorthEast Community Bancorp (Nasdaq: NECB) has declared a quarterly cash dividend of $0.10 per common share. This dividend is scheduled for payment on August 6, 2024, to shareholders recorded by July 5, 2024. NorthEast Community Bancorp is the holding company for NorthEast Community Bank, which operates through eleven branches in New York and Massachusetts, and three loan production offices. The company is headquartered in White Plains, New York.
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