NorthEast Community Bancorp reported a net income of $12.1 million for Q4 2023, compared to $8.3 million for Q4 2022. The increase was primarily due to the strong performance of the loan portfolio.
Net income for Q4 2023 was $12.1 million, compared to $8.3 million for Q4 2022.
Total assets increased by $339.2 million, or 23.8%, to $1.8 billion at December 31, 2023, from $1.4 billion at December 31, 2022.
Loans, net of the allowance for credit losses, increased by $369.6 million, or 30.5%, to $1.6 billion at December 31, 2023 from $1.2 billion at December 31, 2022.
Net interest income totaled $25.2 million for the three months ended December 31, 2023, as compared to $20.9 million for the three months ended December 31, 2022.
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