Northeast Community ( (NECB) ) has released its Q4 earnings. Here is a breakdown of the information Northeast Community presented to its investors.
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NorthEast Community Bancorp, Inc., headquartered in White Plains, New York, operates as the parent company of NorthEast Community Bank, serving communities through eleven branch offices across New York and Massachusetts, focusing on construction lending in high-demand areas.
NorthEast Community Bancorp reported a solid financial performance for the fourth quarter and year ended December 31, 2024. The company maintained strong earnings despite a challenging high interest rate environment, highlighting a net income of $47.8 million for the year, an increase from $46.3 million in 2023.
Key financial metrics included a return on average total assets ratio of 2.50% and a return on average shareholders’ equity ratio of 15.83% for the year. The company’s net interest income rose by 5.8% to $102.8 million, supported by robust loan originations, particularly in construction loans. Total assets grew by 14% to $2.0 billion, driven by increases in net loans and deposits.
The company faced a reduction in non-interest income due to a decrease in investment advisory fees and unrealized losses on equity securities. However, it managed to control credit losses effectively, reporting a reduction in credit loss expense for the year.
Looking ahead, NorthEast Community Bancorp remains focused on leveraging its strong capital position and loan portfolio performance to navigate the economic environment, as articulated by the management’s cautious optimism despite market uncertainties.
