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Sep 30, 2022
Northeast Community Bancorp Q3 2022 Earnings Report
Reported strong earnings driven by loan portfolio performance, despite the continuing COVID-19 pandemic and rising interest rates.
Key Takeaways
NorthEast Community Bancorp reported a significant increase in net income for the quarter ended September 30, 2022, reaching $7.5 million, compared to $730,000 for the same period in 2021. This growth was primarily driven by the strong performance of the loan portfolio. Total assets increased to $1.3 billion, and net interest income rose substantially due to increased interest income.
Net income increased to $7.5 million, or $0.49 per share, compared to $730,000, or $0.05 per share, for the same quarter last year.
Total assets grew to $1.3 billion, a 4.9% increase from December 31, 2021.
Net interest income increased by 60.0% to $17.5 million, driven by higher interest income from loans and investment securities.
Loan portfolio performance remained strong with no non-accrual loans.
Forward Guidance
This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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