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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) announced a quarterly cash dividend of $0.06 per common share on June 23, 2022. The dividend is scheduled for payment on or about August 5, 2022, to shareholders of record as of July 5, 2022. The company operates a network of branches in New York and Massachusetts through its subsidiary, NorthEast Community Bank.
NorthEast Community Bancorp has declared a special cash dividend of $0.18 per share, payable on or about May 31, 2022. Shareholders on record by May 16, 2022 will be eligible for this dividend. The announcement reflects the company's confidence in its financial stability.
The Company operates NorthEast Community Bank, which has several branches across New York and Massachusetts, focusing on serving local communities.
NorthEast Community Bancorp (Nasdaq: NECB) reported a net income of $3.6 million or $0.23 per share for Q1 2022, up from $3.2 million or $0.20 per share in Q1 2021. Net interest income increased 15.2% to $11.9 million, fueled by a strong loan portfolio performance and increased loan originations totaling $121.8 million. Total assets rose 4.6% to $1.3 billion, and total deposits increased 7.0% to $991.9 million. Low non-performing assets at 0.16% and strong capital ratios indicate robust asset quality.
NorthEast Community Bancorp, Inc. (NASDAQ: NECB) has declared a quarterly cash dividend of $0.06 per common share, scheduled for payment on or about May 6, 2022. Shareholders of record as of the close of business on April 8, 2022 will be eligible for this dividend. The company operates through its subsidiary, NorthEast Community Bank, which features seven branches in New York and three in Massachusetts. This dividend reflects the company's ongoing commitment to returning value to shareholders.
NorthEast Community Bancorp (NASDAQ: NECB) reported net income of $4.2 million ($0.27 per share) for Q4 2021, an increase from $3.5 million ($0.22 per share) in Q4 2020. For the full year, net income was $11.9 million ($0.75 per share), slightly down from $12.3 million ($0.76 per share) in 2020. Net interest income increased 13.9% to $11.7 million for Q4. Total assets rose 26.5% to $1.2 billion, driven by a $148.4 million increase in net loans. Asset quality remained strong, with non-performing assets at 0.16%. The annual stockholders' meeting is scheduled for May 26, 2022.
NorthEast Community Bancorp (NECB) has declared a quarterly cash dividend of $0.06 per common share, payable on or about February 5, 2022, to shareholders of record as of January 3, 2022. The company operates full-service branches in New York and Massachusetts and offers various financial services. This announcement reflects the company's commitment to returning value to its shareholders, amidst ongoing economic challenges.
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NorthEast Community Bancorp (NECB) reported net income of $730,000 for Q3 2021, down from $3.1 million in Q3 2020. Year-to-date, net income is $7.7 million, a decrease compared to $8.9 million last year. Strong loan demand led to total assets rising to $1.1 billion, a 14.4% increase. Non-performing assets fell to 0.18% of total assets. The company’s second-step conversion offering boosted stockholders’ equity by $88.4 million. Despite challenges in income, the bank's loan quality remains solid with low defaults.
NorthEast Community Bancorp (NECB) reported a write-down of a non-performing loan worth $3.5 million, secured by commercial real estate in Greenwich, CT. The loan is currently in foreclosure, with recovery from guarantors expected but uncertain. A provision for loan losses will be recorded to replenish the bank's allowance, maintaining a total around $5.1 million. Despite this setback, NECB anticipates a net income of approximately $730,000 for Q3 2021, with no non-performing assets expected post-write-down. Financial results will be announced during the week of October 24, 2021.
NorthEast Community Bancorp, Inc. (NasdaqCM: NECB) announced a quarterly cash dividend of $0.06 per share. This dividend will be paid on or about November 8, 2021, to shareholders of record as of the close of business on October 25, 2021. NorthEast Community Bank operates six branches in New York and three in Massachusetts, providing various financial services.