Northeast Community Bancorp, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 30, 2023 at 03:45 pm EDT
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Northeast Community Bancorp, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 25.13 million compared to USD 17.46 million a year ago. Net income was USD 11.84 million compared to USD 7.54 million a year ago. Basic earnings per share from continuing operations was USD 0.8 compared to USD 0.49 a year ago. Diluted earnings per share from continuing operations was USD 0.8 compared to USD 0.49 a year ago.
For the nine months, net interest income was USD 71.99 million compared to USD 42.93 million a year ago. Net income was USD 34.18 million compared to USD 16.58 million a year ago. Basic earnings per share from continuing operations was USD 2.42 compared to USD 1.07 a year ago. Diluted earnings per share from continuing operations was USD 2.41 compared to USD 1.07 a year ago.
NorthEast Community Bancorp, Inc. is the holding company for NorthEast Community Bank (the Bank). The Bankâs principal business consists of originating primarily construction loans and, to a lesser extent, commercial and industrial loans and multifamily and mixed-use residential real estate loans and non-residential real estate loans. It offers personal loans, loans secured by savings accounts or certificates of deposit (share loans) or statement savings accounts, and overdraft protection for checking accounts. It offers adjustable-rate mortgage loans secured by multifamily and mixed-use real estate. These loans are comprised primarily of loans on moderate income apartment buildings located in its lending territory and include loans on cooperative apartment buildings (in the New York area), and loans for Section 8 multifamily housing. The Bank offers investment advisory and financial planning services under Harbor West Financial Planning Wealth Management a division of the Company.