Northeast Community Bancorp

Jul 22, 2024

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Jun 30, 2024

Northeast Community Bancorp Q2 2024 Earnings Report

Reported strong earnings driven by loan portfolio performance, despite a high-interest rate environment.

Key Takeaways

NorthEast Community Bancorp reported a net income of $12.8 million, or $0.98 per basic share, for the quarter ended June 30, 2024, compared to $11.1 million, or $0.75 per share, for the same period in 2023. The increase was attributed to the strong performance of the loan portfolio, with robust loan demand and originations.

Net income increased to $12.8 million, or $0.98 per basic share.

Total assets grew to $1.9 billion, driven by increases in net loans and cash equivalents.

Net interest income rose to $26.2 million due to higher interest income.

Credit loss expense reduction of $226,000 compared to a credit loss expense of $610,000 in the same quarter last year.