From GlobeNewswire: 2025-01-29 15:23:00

NorthEast Community Bancorp, Inc. (Nasdaq: NECB) reported net income of $10.9 million for Q4 2024, compared to $12.1 million in Q4 2023. Full-year net income was $47.8 million for 2024, up from $46.3 million in 2023. The company’s return on average total assets ratio was 2.19% for Q4, and 2.50% for the full year 2024.

The company’s total assets increased to $2.0 billion in December 2024 from $1.8 billion in December 2023. Cash and cash equivalents rose to $78.3 million, while net loans increased to $1.8 billion. Equity securities grew to $22.0 million, and total deposits rose to $1.7 billion.

Interest income for Q4 2024 was $40.5 million, up from $37.1 million in Q4 2023. Interest expense increased to $15.2 million from $11.9 million. Non-interest income was $149,000, down from $1.4 million. Non-interest expense rose to $9.9 million from $9.2 million in Q4 2023.

Net interest margin decreased to 5.29% in Q4 2024 from 6.06% in Q4 2023. Credit loss expense was $26,000 for Q4 2024, down from $205,000 in Q4 2023. Non-interest income was $149,000 for Q4 2024, compared to $1.4 million in Q4 2023. Non-interest expenses increased to $9.9 million in Q4 2024.

The company’s allowance for credit losses related to loans decreased to $4.8 million in December 2024 from $5.1 million in December 2023. Non-performing assets were $5.1 million in December 2024, down from $5.8 million in December 2023. Stockholders’ equity increased to $319.1 million in December 2024.

NorthEast Community Bancorp is a well-capitalized institution with a tier 1 leverage capital ratio of 14.76% and a total risk-based capital ratio of 14.04% as of December 31, 2024. The company completed a stock repurchase program in April 2023 and commenced a second program in May 2023.



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