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Mar 31, 2024
Northeast Community Bancorp Q1 2024 Earnings Report
Reported strong earnings driven by loan portfolio performance.
Key Takeaways
NorthEast Community Bancorp reported a net income of $11.4 million for the quarter ended March 31, 2024, compared to $11.2 million for the same period in 2023. The increase in earnings was attributed to the strong performance of the loan portfolio, with continued strong loan demand despite the high interest rate environment.
Net income increased to $11.4 million, or $0.86 per diluted share.
Total assets grew to $1.9 billion, driven by an increase in net loans and cash.
Deposits increased by $112.0 million due to competitive interest rates.
Non-performing assets remained low at 0.31% of total assets.
Revenue by Segment
Historical Earnings Impact
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Avg. Return Before/After Earnings
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