Welcome to our dedicated page for Northeast Cmnty Bancorp news (Ticker: NECB), a resource for investors and traders seeking the latest updates and insights on Northeast Cmnty Bancorp stock.
NorthEast Community Bancorp, Inc. (Nasdaq: NECB) is the holding company for NorthEast Community Bank, a community-oriented commercial bank active across the Northeastern United States. This news page aggregates company-issued press releases and market coverage so readers can follow NECB’s reported financial performance, capital actions, and strategic lending focus.
Recent news from NorthEast Community Bancorp highlights recurring quarterly cash dividends and special cash dividends declared by its Board of Directors on the company’s common stock. The company also announces stock repurchase programs authorizing the acquisition of a portion of its issued and outstanding shares, with details on how repurchases may be executed and the factors that influence the pace of buybacks.
Earnings press releases provide detailed results for the three, six, and nine months ended on various dates, including net income, net interest income, non-interest income, credit loss expense, and efficiency metrics. Management commentary in these releases emphasizes continued focus on construction lending in high demand, high absorption sub-markets, a growing New York City cooperative corporation lending program, and multi-family lending throughout Eastern Massachusetts.
Visitors to this page can review how NorthEast Community Bancorp describes changes in its loan portfolio, deposits, borrowings, asset quality, and stockholders’ equity over time. Announcements such as the date of the annual meeting of stockholders are also included. For investors and observers of the commercial banking sector, this news feed offers a centralized view of NECB’s publicly reported developments and management perspectives.
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.
NorthEast Community Bancorp reported a strong financial performance for the second quarter of 2021, with net income rising to $3.7 million from $2.5 million in the same period last year, translating to $0.31 per share. Total assets increased to $1.1 billion, up 11.2% year-to-date, driven by a 136.8% rise in cash and cash equivalents. The company maintained a low non-performing assets ratio of 0.52% and issued a modest provision for loan losses of $17,000. Deposits grew by 3.5% to $798.8 million, reflecting robust loan demand despite COVID-19 challenges.
NorthEast Community Bancorp has declared a quarterly cash dividend of $0.06 per common share, marking its first dividend payment since converting to a stock holding company. The dividend will be paid on August 16, 2021, to shareholders of record as of August 2, 2021. Chairman Kenneth A. Martinek expressed commitment to enhancing shareholder value through consistent dividend payments, contingent on the company's financial stability.
NorthEast Community Bancorp announced the successful completion of its second-step conversion, transforming from a mutual holding company to a stock holding company.
The offering resulted in the sale of 9,784,077 shares at $10.00 each, raising gross proceeds of $97.8 million. From this conversion, approximately 16,378,201 shares of common stock will be outstanding. The stock is set to trade on the Nasdaq Capital Market under the symbol NECB starting July 13, 2021.