Financial Performance - Net income for Q3 2024 was $12.7 million, or $0.97 per basic share, up from $11.8 million, or $0.80 per basic share in Q3 2023, representing a 7.6% increase[2] - For the nine months ended September 30, 2024, net income was $36.9 million, or $2.81 per basic share, compared to $34.2 million, or $2.42 per basic share for the same period in 2023, reflecting a 7.9% increase[2] - Basic earnings per share increased to $0.97 for the three months ended September 30, 2024, compared to $0.80 for the same period in 2023, representing a 21.25% increase[61] Asset and Loan Growth - Total assets rose by $203.8 million, or 11.6%, to $2.0 billion as of September 30, 2024, driven by a $173.6 million increase in net loans[5] - Loans, net of the allowance for credit losses, increased by $173.6 million, or 11.0%, to $1.8 billion as of September 30, 2024, with loan originations of $569.2 million during the nine months[9] - Total loans increased to $1,760,259 thousand as of September 30, 2024, compared to $1,586,897 thousand at the end of 2023, marking an increase of 10.9%[61] Deposits and Interest Income - Total deposits increased by $228.0 million, or 16.3%, to $1.6 billion, attributed to competitive interest rates offered by the Bank[16] - Total interest and dividend income increased by $24.2 million, or 25.4%, to $119.5 million for the nine months ended September 30, 2024[37] - Total interest income for the three months ended September 30, 2024, was $41,183 thousand, up 17.4% from $35,137 thousand in the same period of 2023[60] Interest and Non-Interest Income - Net interest income increased by $1.2 million, or 4.6%, for Q3 2024 compared to Q3 2023, totaling $26.3 million[4][21] - Non-interest income for the three months ended September 30, 2024 was $1.3 million, a 510.4% increase from $221,000 in the same period of 2023[29] - Net interest income for the nine months ended September 30, 2024 was $77.5 million, up 7.7% from $72.0 million for the same period in 2023[34] Expenses and Taxation - Non-interest expense increased by $3.2 million, or 12.1%, to $29.1 million for the nine months ended September 30, 2024[48] - The provision for income taxes was $4,883 thousand for the three months ended September 30, 2024, compared to $4,436 thousand in the same period of 2023, indicating a rise of 10.0%[60] - Non-interest expenses increased to $9,961 thousand for the three months ended September 30, 2024, compared to $8,915 thousand in the same period of 2023, reflecting a rise of 11.7%[60] Credit Quality and Allowance for Credit Losses - The allowance for credit losses related to loans decreased to $4.8 million as of September 30, 2024, down from $5.1 million at December 31, 2023[11] - Non-performing assets decreased to $5.4 million at September 30, 2024, down from $5.8 million at December 31, 2023[50] - The allowance for credit losses to total loans ratio improved to 0.27% as of September 30, 2024, down from 0.32% at the end of 2023[61] Equity and Capital Ratios - Stockholders' equity increased by $30.3 million, or 10.8%, to $309.6 million as of September 30, 2024, primarily due to net income for the period[20] - The Company's total stockholders' equity to assets ratio was 15.73% as of September 30, 2024[53] - Total capital to risk-weighted assets ratio was 14.04% as of September 30, 2024, slightly down from 14.11% in the previous quarter[61] Share Repurchase - The company repurchased 1,091,174 shares of common stock under its second stock repurchase program at a cost of $17.2 million as of September 30, 2024[56]
NorthEast munity Bancorp(NECB) - 2024 Q3 - Quarterly Results