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Mar 31, 2023
Northeast Community Bancorp Q1 2023 Earnings Report
Reported strong earnings due to the strong performance of the loan portfolio.
Key Takeaways
NorthEast Community Bancorp reported a net income of $11.2 million, or $0.77 per basic and diluted common share, for the three months ended March 31, 2023. The increase in assets was primarily due to an increase in net loans of $98.6 million.
Total assets increased by $77.8 million, or 5.5%, to $1.5 billion.
Loans, net of the allowance for credit losses, increased by $98.6 million, or 8.1%, to $1.3 billion.
Total deposits increased by $86.4 million, or 7.7%, to $1.2 billion.
Net interest income totaled $22.8 million, an increase of $10.9 million, or 91.5%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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