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Sep 30, 2023
Northeast Community Bancorp Q3 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 $11.8 million for the three months ended September 30, 2023, compared to $7.5 million for the same period in 2022. The increase was primarily due to a strong loan portfolio performance and continued strength in loan demand, particularly for construction lending in affordable housing.
Net income increased to $11.8 million, or $0.80 per basic and diluted common share, compared to $7.5 million, or $0.49 per basic and diluted common share, for the three months ended September 30, 2022.
Total assets increased by $295.0 million, or 20.7%, to $1.7 billion at September 30, 2023, from $1.4 billion at December 31, 2022.
Net interest income increased by $7.7 million, or 43.9%, to $25.1 million for the three months ended September 30, 2023, compared to $17.5 million for the three months ended September 30, 2022.
The company recorded credit loss expenses totaling $156,000 for the three months ended September 30, 2023 compared to no credit loss expense for the three months ended September 30, 2022.
Forward Guidance
This press release contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors.
Positive Outlook
- Statements regarding anticipated future events
- Statements including words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend”
- Statements including future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”
- Statements based upon the current beliefs and expectations of the Company’s management
- Statements regarding the quality and composition of the loan or investment portfolios
Challenges Ahead
- Changes in market interest rates
- Regional and national economic conditions (including higher inflation and its impact on regional and national economic conditions)
- Legislative and regulatory changes
Historical Earnings Impact
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Avg. Return Before/After Earnings
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