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CST: 18/10/2019 19:13:40   

NorthEast Community Bancorp, Inc. Reports Results for the Quarter Ended March 31, 2019

168 Days ago

WHITE PLAINS, N.Y., May 03, 2019 (GLOBE NEWSWIRE) -- NorthEast Community Bancorp, Inc. (OTC: NECB) (the “Company”), a majority owned subsidiary of NorthEast Community Bancorp, MHC, and the parent holding company of NorthEast Community Bank (the “Bank”), reported net income of $3.22 million for the quarter ended March 31, 2019 compared to net income of $3.51 million for the quarter ended March 31, 2018, a decrease of 8.32%.

Financial Condition and Operating Results for March 31, 2019 compared to March 31, 2018:

Net interest income for the three months ended March 31, 2019 increased by $1.07 million, or 11.95%, to $10.01 million from $8.94 million for the three months ended March 31, 2018.

Net income before taxes for the three months ended March 31, 2019 was $4.21 million compared to $4.58 million for the three months ended March 31, 2018, a decrease of 8.19%.  The decrease in net income before taxes was the result of increases of $155,000 in provision for loan losses and $1.20 million in non-interest expense, partially offset by an increase of $1.07 million in net interest income.

Total consolidated assets increased by $101.52 million, or 12.22%, to $932.07 million at March 31, 2019 from $830.55 million at March 31, 2018.  Loans receivable (net) increased by $48.33 million, or 6.75%, to $764.45 million at March 31, 2019 from $716.12 million at March 31, 2018, while commitments, loans-in-process and standby letters of credit outstanding increased to $484.79 million at March 31, 2019 compared to $405.72 million at March 31, 2018.  The increase in loans receivable was primarily due to strong growth in our construction loan portfolio resulting from our continuing focus on our construction lending operations in the lower Hudson Valley.

Total liabilities at March 31, 2019 were $799.38 million compared to $710.30 million at March 31, 2018, an increase of $89.08 million, or 12.54%.  The increase in total liabilities was primarily due to a $114.37 million increase in deposits from $634.36 million at March 31, 2018 to $748.73 million at March 31, 2019.

Federal Home Loan Bank advances decreased by $24.57 million, or 39.09% to $38.30 million at March 31, 2019 from $62.87 million at March 31, 2018.

Total stockholders' equity increased by $12.44 million, or 10.34%, to $132.69 million at March 31, 2019 from $120.25 million at March 31, 2018.  The increase was a result of net income of $12.74 million for the twelve month period ended March 31, 2019, partially offset by dividends declared and paid and accounting adjustments during the twelve month period.

Financial Condition and Operating Results for March 31, 2019 compared to December 31, 2018:

Net interest income remained the same at $10.01 million for the quarter ended March 31, 2019 compared to the quarter ended December 31, 2018.

Net income before taxes for the quarter ended March 31, 2019 was $4.21 million compared to $6.23 million for the quarter ended December 31, 2018.

Total consolidated assets increased by $61.74 million, or 7.09%, to $932.07 million at March 31, 2019 from $870.33 million at December 31, 2018.  Loans receivable (net) increased by $16.61 million or 2.22% to $764.45 million at March 31, 2019 from $747.84 million at December 31, 2018, while commitments, loans-in-process and standby letters of credit outstanding increased to $484.79 million as of March 31, 2019 compared to $458.06 million at December 31, 2018.

Total liabilities at March 31, 2019 were $799.38 million compared to $740.71 million at December 31, 2018, an increase of $58.67 million, or 7.92%.  The increase in total liabilities was due to a $61.63 million increase in deposits from $687.10 million at December 31, 2018 to $748.73 million at March 31, 2019.  Federal Home Loan Bank advances decreased by $4.16 million, or 9.81% to $38.30 million at March 31, 2019 from $42.46 million at December 31, 2018.

Total stockholders’ equity at March 31, 2019 is a strong 14.24% of assets compared to 14.89% of assets at December 31, 2018.

During the first quarter of 2019, the first of the Bank’s two new offices in Orange County continued to deliver strong account and deposit growth.  The second office is scheduled to open in early June.

NorthEast Community Bancorp, Inc. is the holding company for NorthEast Community Bank. NorthEast Community Bank is a New York State-chartered savings bank that operates five full-service branches in New York State and three full-service branches in Danvers, Framingham and Quincy, Massachusetts and loan production offices in White Plains and New City, New York. 

This release contains “forward-looking statements” that are based on assumptions and may describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by the use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors that could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, changes in market interest rates, regional and national economic conditions, legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the quality and composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, changes in the real estate market values in the Company’s market area and changes in relevant accounting principles and guidelines.  These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

Contact:
Kenneth A. Martinek
Chief Executive Officer
(914) 684-2500

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