NorthEast Community Bancorp, Inc. Reports Results for the Three and Nine Months Ended September 30, 2024
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 28 2024
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Source: Newsfilter
Financial Performance: NorthEast Community Bancorp, Inc. reported strong financial results for Q3 2024, with a net income of $12.7 million, up from $11.8 million in Q3 2023, driven by increased loan originations and deposits despite rising interest expenses.
Asset Growth and Challenges: The bank's total assets grew to $2.0 billion, supported by an increase in loans and cash equivalents; however, the net interest margin decreased due to higher costs of interest-bearing liabilities, indicating challenges in maintaining profitability amid a high-interest rate environment.
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Analyst Views on NECB
Wall Street analysts forecast NECB stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for NECB is 24.00 USD with a low forecast of 24.00 USD and a high forecast of 24.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
1 Analyst Rating
0 Buy
1 Hold
0 Sell
Hold
Current: 22.820
Low
24.00
Averages
24.00
High
24.00
Current: 22.820
Low
24.00
Averages
24.00
High
24.00
No data
About NECB
NorthEast Community Bancorp, Inc. is the holding company for NorthEast Community Bank (the Bank). The Bank’s 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 and overdraft protection for checking accounts. It offers adjustable-rate mortgage loans secured by multifamily and mixed-use real estate. These loans are composed 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. It provides credit to commercial and industrial businesses that are located within its market area. It also provides commercial and industrial loans to real estate developers in the New York Metropolitan Area.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
NorthEast Community Bancorp Declares $0.20 Quarterly Cash Dividend per Share
- Quarterly Dividend Announcement: NorthEast Community Bancorp has declared a quarterly cash dividend of $0.20 per share, expected to be paid on February 6, 2026, demonstrating the company's ongoing commitment to stable cash flow and shareholder returns.
- Shareholder Record Date: The dividend will be paid to shareholders of record as of January 5, 2026, emphasizing the company's focus on shareholder interests and enhancing investor confidence.
- Business Background: As the holding company for NorthEast Community Bank, which operates 11 branches and 3 loan production offices in New York and Massachusetts, NorthEast Community Bancorp showcases its solid position in the regional financial services market.
- Future Outlook: Despite facing changes in market interest rates and economic conditions, the company maintains its dividend policy, reflecting confidence in future profitability and a strong sense of responsibility towards its shareholders.
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NorthEast Community Bancorp Inc. Announces Decrease in Q3 Earnings
Earnings Decline: NorthEast Community Bancorp Inc. reported a decrease in earnings for the third quarter, with profits falling to $11.86 million, or $0.87 per share, compared to $12.68 million, or $0.95 per share, from the previous year.
Revenue Decrease: The company's revenue also saw a decline of 1.3%, dropping to $25.93 million from $26.28 million in the same quarter last year.
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