
Executive Summary Overall Performance Highlights NorthEast Community Bancorp reported decreased net income for both periods ending June 30, 2025, despite strong loan portfolio performance | Metric | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | Change (YoY) | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | Change (YoY) | | :-------------------------- | :-------------------------- | :-------------------------- | :----------- | :-------------------------- | :-------------------------- | :----------- | | Net Income | $11.2 million | $12.8 million | -12.5% | $21.7 million | $24.2 million | -10.3% | | Basic EPS | $0.85 | $0.98 | -13.27% | $1.65 | $1.84 | -10.33% | | Diluted EPS | $0.82 | $0.97 | -15.46% | $1.60 | $1.83 | -12.57% | - Performance metrics remain strong with a return on average total assets of 2.27% and return on average shareholders' equity of 13.37% for the three months ended June 30, 2025. For the six months, these ratios were 2.20% and 13.18%, respectively8 - Asset quality metrics continue to be strong with no non-performing loans at June 30, 2025, and non-performing assets to total assets at 0.04%8 CEO Commentary CEO highlighted strong loan portfolio performance, focusing on construction and cooperative building lending, with increasing loan demand - Continued strong performance throughout the entire loan portfolio, with a focus on construction lending in high demand, high absorption sub-markets3 - Growing cooperative building lending program throughout Manhattan, Brooklyn, the Bronx, and Queens3 - Loan demand continues to increase, with outstanding unfunded commitments exceeding $636 million at June 30, 20253 Financial Condition (Balance Sheet Summary) Total Assets Total assets decreased by $35.7 million, or 1.8%, to $2.0 billion, primarily due to decreases in cash, net loans, and real estate owned | Metric | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :---------- | :------------ | :---------------- | :--------- | :--------- | | Total Assets | $2.0 billion | $2.0 billion | -$35.7M | -1.8% | - Decrease primarily due to decreases in cash and cash equivalents ($18.9 million), net loans ($14.9 million), and real estate owned ($4.4 million)4 - Partially offset by an increase of $3.4 million in equity securities4 Cash and Cash Equivalents Cash and cash equivalents decreased by $18.9 million, or 24.1%, driven by a significant decrease in deposits, partially mitigated by increased borrowings | Metric | June 30, 2025 (in millions) | December 31, 2024 (in millions) | Change ($ in millions) | Change (%) | | :---------------------- | :-------------------------- | :-------------------------- | :--------------------- | :--------- | | Cash & Cash Equivalents | $59.4 | $78.3 | -$18.9 | -24.1% | - Decrease was a result of a $191.2 million decrease in deposits5 - Partially offset by increases of $135.0 million in borrowings, decreases of $14.9 million in net loans, and increases of $3.4 million in equity securities5 Investments Equity securities increased due to purchases and market appreciation, while held-to-maturity securities slightly decreased from maturities and pay-downs | Metric | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :------------------------- | :------------ | :---------------- | :--------- | :--------- | | Equity Securities | $25.3 million | $22.0 million | +$3.4M | +15.2% | | Securities Held-to-Maturity | $14.4 million | $14.6 million | -$218K | -1.5% | - Increase in equity securities attributable to $3.0 million in purchases and $351,000 in market appreciation6 - Decrease in held-to-maturity securities due to $128,000 in maturities and pay-downs7 Loans and Allowance for Credit Losses Net loans decreased by $14.9 million, or 0.8%, due to construction loan pay-downs, offset by multi-family and commercial loan increases | Metric | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :-------------------------------------- | :------------ | :---------------- | :--------- | :--------- | | Net Loans | $1.8 billion | $1.8 billion | -$14.9M | -0.8% | | Allowance for Credit Losses related to Loans | $4.7 million | $4.8 million | -$100K | -2.08% | - Decrease in loans consisted of $102.7 million in construction loans, $1.6 million in consumer loans, and smaller decreases in mixed-use, non-residential, and one-to-four family loans9 - Offset by increases of $85.9 million in multi-family loans (including $43.2 million in residential cooperative building loans) and $4.3 million in commercial and industrial loans9 - Loan originations during the six months totaled $462.7 million, primarily construction loans ($338.8 million) and multi-family loans ($95.4 million)10 Other Assets Other assets saw varied changes, with increases in premises, FHLB stock, and BOLI, while real estate owned significantly decreased due to a sale | Metric | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :------------------------------ | :------------ | :---------------- | :--------- | :--------- | | Premises and Equipment, net | $25.3 million | $24.8 million | +$536K | +2.2% | | Federal Home Loan Bank stock | $1.1 million | $397,000 | +$688K | +173.3% | | Bank Owned Life Insurance (BOLI) | $26.1 million | $25.7 million | +$336K | +1.3% | | Accrued Interest Receivable | $12.1 million | $13.5 million | -$1.4M | -10.1% | | Real Estate Owned (REO) | $767,000 | $5.1 million | -$4.4M | -85.0% | | Right of Use Assets – Operating | $4.4 million | $4.0 million | +$382K | +9.6% | | Other Assets | $10.4 million | $11.6 million | -$1.2M | -10.5% | - Increase in FHLB stock primarily due to increased borrowings from the Federal Home Loan Bank12 - Significant decrease in Real Estate Owned due to the sale of a foreclosed property14 - Increase in Right of Use Assets – Operating due to physical expansion of a branch office15 Deposits Total deposits significantly decreased by $191.2 million, or 11.5%, driven by a reduction in certificates of deposit, partially offset by growth in other accounts | Metric | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :----------------- | :------------ | :---------------- | :--------- | :--------- | | Total Deposits | $1.5 billion | $1.7 billion | -$191.2M | -11.5% | | Certificates of Deposit | $750.0 million | $1.0 billion | -$251.5M | -25.1% | | NOW/Money Market Accounts | $299.0 million | $242.6 million | +$56.4M | +23.2% | | Savings Account Balances | $140.0 million | $136.7 million | +$3.3M | +2.4% | | Non-Interest Bearing Deposits | $287.7 million | $285.5 million | +$2.2M | +0.8% | - Decrease in retail certificates of deposit due to a shift to retail high yield money market accounts18 - Decrease in brokered certificates of deposit due to management's strategy to reduce the cost of funds by 'calling' higher rate brokered deposits18 Borrowings and Other Liabilities Borrowings significantly increased to diversify funding, while accounts payable and accrued expenses rose due to higher accrued interest and operational costs | Metric | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :-------------------------------------- | :------------ | :---------------- | :--------- | :--------- | | Borrowings | $135.0 million | $0 | +$135.0M | N/A |\ | Advance payments by borrowers for taxes and insurance | $2.4 million | $1.6 million | +$804K | +49.7% |\ | Lease Liability – Operating | $4.5 million | $4.1 million | +$389K | +9.5% |\ | Accounts Payable and Accrued Expenses | $15.5 million | $14.5 million | +$970K | +6.7% |\ | Allowance for credit losses for off-balance sheet commitments | $879,000 | $704,000 | +$175K | +24.9% | - Increase in borrowings due to management's strategy to diversify funding sources20 - Increase in accounts payable and accrued expenses primarily due to increases in accrued borrowing interest expense, accounts payable, deferred compensation, and allowance for credit losses for off-balance sheet commitments21 - Allowance for credit losses for off-balance sheet commitments increased due to a $74.5 million (13.3%) increase in off-balance sheet commitments22 Stockholders' Equity Stockholders' equity increased by $18.3 million, or 5.8%, driven by net income and ESOP shares, partially offset by dividends and other comprehensive loss | Metric | June 30, 2025 (in millions) | December 31, 2024 (in millions) | Change ($ in millions) | Change (%) | | :-------------------- | :-------------------------- | :-------------------------- | :--------------------- | :--------- | | Total Stockholders' Equity | $336.7 | $318.3 | +$18.3 | +5.8% | - Increase due to net income of $21.7 million for the six months ended June 30, 202523 - Partially offset by dividends declared of $5.4 million and $4,000 in other comprehensive loss23 Results of Operations - Three Months Ended June 30, 2025 vs. 2024 Net Interest Income Net interest income decreased by $1.1 million, or 4.4%, due to a larger decrease in interest income and a decline in asset yield, partially offset by lower cost of funds | Metric | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | Change ($) | Change (%) | | :------------------ | :-------------------------- | :-------------------------- | :--------- | :--------- | | Net Interest Income | $25.1 million | $26.2 million | -$1.1M | -4.4% | | Total Interest & Dividend Income | $38.0 million | $40.2 million | -$2.2M | -5.5% | | Total Interest Expense | $13.0 million | $14.0 million | -$1.1M | -7.5% | | Net Interest Margin | 5.35% | 5.79% | -44 bps | -7.6% | - Yield on interest earning assets decreased by 78 basis points to 8.11%, partially offset by a 3.6% increase in average balance of interest earning assets25 - Cost of interest bearing liabilities decreased by 45 basis points to 3.88%, partially offset by a 3.2% increase in average interest bearing liabilities26 - Net interest margin decrease attributed to a 100 basis points decrease in the Federal Funds rate from September 2024 to December 202427 Credit Loss Expense The Company recorded no credit loss expense for the three months ended June 30, 2025, compared to a prior year reduction, with increased charge-offs partially offset by recoveries | Metric | 3 Months Ended Jun 30, 2025 (in thousands) | 3 Months Ended Jun 30, 2024 (in thousands) | | :---------------------- | :----------------------------------------- | :----------------------------------------- | | Credit Loss Expense | $0 | -$226 (reduction) | | Charge-offs | $485 | $12 | | Recoveries | $82 | $0 | - The prior year's credit loss expense reduction was mainly due to a reduction in off-balance sheet commitments and favorable economic trends29 - Charge-offs in both periods were against various unpaid overdrafts in demand deposit accounts30 - Recoveries in 2025 comprised from a previously charged-off unpaid overdraft31 Non-Interest Income Non-interest income increased by $127,000, or 17.4%, driven by an unrealized gain on equity securities, higher loan fees, and increased BOLI income | Metric | 3 Months Ended Jun 30, 2025 (in thousands) | 3 Months Ended Jun 30, 2024 (in thousands) | Change ($ in thousands) | Change (%) | | :---------------------- | :----------------------------------------- | :----------------------------------------- | :---------------------- | :--------- | | Total Non-Interest Income | $858 | $731 | +$127 | +17.4% | | Unrealized Gain (Loss) on Equity Securities | $51 (gain) | -$20 (loss) | +$71 | N/A | | Other Loan Fees and Service Charges | +$48 | N/A | N/A | N/A | | BOLI Income | +$8 | N/A | N/A | N/A | - Unrealized gain/loss on equity securities in both periods was due to market interest rate volatility33 - Increase in other loan fees and service charges due to higher ATM/debit card/ACH fees and deposit account fees34 Non-Interest Expense Non-interest expense increased by $1.0 million, or 10.6%, primarily due to higher salaries, real estate owned expense, and outside data processing costs | Metric | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | Change ($) | Change (%) | | :---------------------- | :-------------------------- | :-------------------------- | :--------- | :--------- | | Total Non-Interest Expenses | $10.5 million | $9.5 million | +$1.0M | +10.6% | | Salaries and Employee Benefits | +$398,000 | N/A | N/A | N/A | | Real Estate Owned Expense | +$220,000 | N/A | N/A | N/A | | Outside Data Processing Expense | +$151,000 | N/A | N/A | N/A | Income Taxes Income tax expense decreased slightly, with the effective income tax rate remaining stable at 27.6% for both periods | Metric | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | Change ($) | | :------------------ | :-------------------------- | :-------------------------- | :--------- | | Income Tax Expense | $4.3 million | $4.9 million | -$600K | | Effective Income Tax Rate | 27.6% | 27.6% | 0 bps | - Tax exempt income was approximately $210,000 in 2025, compared to $199,000 in 202436 Results of Operations - Six Months Ended June 30, 2025 vs. 2024 Net Interest Income Net interest income decreased by $1.9 million, or 3.7%, due to a larger decrease in interest income and a lower asset yield, partially offset by a smaller decrease in cost of funds | Metric | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | Change ($) | Change (%) | | :------------------ | :-------------------------- | :-------------------------- | :--------- | :--------- | | Net Interest Income | $49.3 million | $51.2 million | -$1.9M | -3.7% | | Total Interest & Dividend Income | $76.2 million | $78.4 million | -$2.1M | -2.7% | | Total Interest Expense | $26.9 million | $27.2 million | -$242K | -0.9% | | Net Interest Margin | 5.23% | 5.77% | -54 bps | -9.4% | - Yield on interest earning assets decreased by 75 basis points to 8.08%, partially offset by a 6.3% increase in average balance of interest earning assets38 - Cost of interest bearing liabilities decreased by 34 basis points to 3.97%, partially offset by a 7.6% increase in average interest bearing liabilities39 - Net interest margin decrease attributed to a 100 basis points decrease in the Federal Funds rate from September 2024 to December 202440 Credit Loss Expense The Company recorded a credit loss expense of $237,000, a shift from a prior year reduction, driven by increases in multi-family loans and unfunded off-balance sheet commitments | Metric | 6 Months Ended Jun 30, 2025 (in thousands) | 6 Months Ended Jun 30, 2024 (in thousands) | | :---------------------- | :----------------------------------------- | :----------------------------------------- | | Credit Loss Expense | $237 | -$391 (reduction) | | Charge-offs | $602 | $33 | | Recoveries | $434 | $0 | - Credit loss expense for loans ($62,000) primarily due to an increase in the multi-family loan portfolio42 - Credit loss expense for off-balance sheet commitments ($175,000) primarily due to an increase in unfunded off-balance sheet commitments42 - Recoveries in 2025 included $350,000 from a previously charged-off non-residential mortgage loan and $84,000 from unpaid overdrafts45 Non-Interest Income Non-interest income significantly increased by $808,000, or 62.9%, primarily due to a positive swing in unrealized gains on equity securities, higher loan fees, and increased BOLI income | Metric | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | Change ($) | Change (%) | | :---------------------- | :-------------------------- | :-------------------------- | :--------- | :--------- | | Total Non-Interest Income | $2.1 million | $1.3 million | +$808K | +62.9% | | Unrealized Gain (Loss) on Equity Securities | $351,000 (gain) | -$102,000 (loss) | +$453K | N/A | | Other Loan Fees and Service Charges | +$326,000 | N/A | N/A | N/A | | BOLI Income | +$17,000 | N/A | N/A | N/A | - Unrealized gain/loss on equity securities in both periods was due to market interest rate volatility47 - Increase in other loan fees and service charges due to higher other loan fees and loan servicing fees, ATM/debit card/ACH fees, and deposit account fees48 Non-Interest Expense Non-interest expense increased by $1.9 million, or 10.2%, driven by higher salaries, other operating expenses, outside data processing, and real estate owned expense | Metric | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | Change ($) | Change (%) | | :---------------------- | :-------------------------- | :-------------------------- | :--------- | :--------- | | Total Non-Interest Expenses | $21.1 million | $19.2 million | +$1.9M | +10.2% | | Salaries and Employee Benefits | +$980,000 | N/A | N/A | N/A | | Other Operating Expense | +$332,000 | N/A | N/A | N/A | | Outside Data Processing Expense | +$251,000 | N/A | N/A | N/A | Income Taxes Income tax expense decreased for the six-month period, with a slight reduction in the effective income tax rate | Metric | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | Change ($) | | :------------------ | :-------------------------- | :-------------------------- | :--------- | | Income Tax Expense | $8.3 million | $9.5 million | -$1.2M | | Effective Income Tax Rate | 27.7% | 28.3% | -60 bps | - Tax exempt income was approximately $415,000 in 2025, compared to $394,000 in 202450 Asset Quality Asset quality remained strong, with a significant reduction in non-performing assets due to a property sale, and the allowance for credit losses for loans considered adequate | Metric | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :-------------------------------------- | :------------ | :---------------- | :--------- | :--------- | | Non-Performing Assets | $767,000 | $5.1 million | -$4.3M | -85.0% | | Non-Performing Assets to Total Assets | 0.04% | 0.25% | -0.21% | -84.0% | | Allowance for Credit Losses related to Loans | $4.7 million | $4.8 million | -$100K | -2.08% | | Allowance for Credit Losses to Total Loans | 0.26% | 0.27% | -0.01% | -3.7% | - Non-performing assets consisted of one foreclosed property, with another property sold for $4.3 million at no loss to the Company51 - No non-performing loans at either June 30, 2025, or December 31, 20248 - Allowance for credit losses for off-balance sheet commitments totaled $879,000 and for held-to-maturity debt securities totaled $126,000 at June 30, 202554 Capital The Company maintained a strong capital position, exceeding regulatory requirements, with its total stockholders' equity to assets ratio at 17.06%, and continued its stock repurchase program | Metric | June 30, 2025 (in percent) | December 31, 2024 (in percent) | | :-------------------------------------- | :------------------------- | :------------------------- | | Total Stockholders' Equity to Assets Ratio | 17.06% | 15.84% | | Tier 1 Leverage Capital Ratio | 15.87% | 14.44% | | Total Risk-Based Capital Ratio | 14.99% | 13.92% | - The Bank is considered a well-capitalized institution under the Prompt Corrective Action framework56 - As of June 30, 2025, the Company had repurchased 1,091,174 shares of common stock under its second repurchase program, at a cost of $17.2 million58 - The Company has borrowing capacity of $740.2 million from the Federal Reserve Bank of New York, $23.1 million from the Federal Home Loan Bank of New York, and $8.0 million from Atlantic Community Bankers Bank55 Company Information About NorthEast Community Bancorp NorthEast Community Bancorp is the holding company for NorthEast Community Bank, operating through eleven branch offices and three loan production offices across New York and Massachusetts - Headquartered at 325 Hamilton Avenue, White Plains, New York 1060159 - Conducts business through eleven branch offices in Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex, and Norfolk Counties in Massachusetts59 - Operates three loan production offices located in New City, New York, White Plains, New York, and Danvers, Massachusetts59 Forward-Looking Statement This section provides a standard disclaimer regarding forward-looking statements, highlighting that actual results may differ due to various risks and uncertainties - Forward-looking statements are based on current beliefs and expectations and are subject to significant risks and uncertainties60 - Factors that could cause actual results to differ include changes in market interest rates, regional and national economic conditions, legislative and regulatory changes, and the quality of loan portfolios60 - The Company does not undertake any obligation to publicly release revisions to forward-looking statements60 Contact Information Contact details for investor inquiries are provided, with Kenneth A. Martinek, Chairman and Chief Executive Officer, listed as the primary contact - Contact: Kenneth A. Martinek, Chairman and Chief Executive Officer61 - Phone: (914) 684-250061 Consolidated Financial Statements Consolidated Statements of Financial Condition This section presents the unaudited consolidated balance sheets of NorthEast Community Bancorp, Inc. as of June 30, 2025, and December 31, 2024 | ASSETS | June 30, 2025 (In thousands) | December 31, 2024 (In thousands) | | :------------------------------------------------------------------ | :--------------------------- | :------------------------------- | | Total cash and cash equivalents | $59,373 | $78,259 | | Equity securities | $25,345 | $21,994 | | Securities held-to-maturity (net of allowance for credit losses) | $14,398 | $14,616 | | Net loans | $1,792,832 | $1,807,768 | | Total assets | $1,973,884 | $2,009,581 | | LIABILITIES AND STOCKHOLDERS' EQUITY | | | | Total deposits | $1,479,161 | $1,670,375 | | Borrowings | $135,000 | $- | | Total liabilities | $1,637,208 | $1,691,240 | | Total stockholders' equity | $336,676 | $318,341 | | Total liabilities and stockholders' equity | $1,973,884 | $2,009,581 | Consolidated Statements of Income This section provides the unaudited consolidated statements of income for the three and six months ended June 30, 2025, and 2024 | Metric | 3 Months Ended Jun 30, 2025 (In thousands) | 3 Months Ended Jun 30, 2024 (In thousands) | 6 Months Ended Jun 30, 2025 (In thousands) | 6 Months Ended Jun 30, 2024 (In thousands) | | :-------------------------------------- | :----------------------------------------- | :----------------------------------------- | :----------------------------------------- | :----------------------------------------- | | Total Interest Income | $38,039 | $40,237 | $76,246 | $78,358 | | Total Interest Expense | $12,965 | $14,015 | $26,908 | $27,150 | | Net Interest Income | $25,074 | $26,222 | $49,338 | $51,208 | | Provision for (reversal of) credit loss | $0 | -$226 | $237 | -$391 | | Total Non-Interest Income | $858 | $731 | $2,093 | $1,285 | | Total Non-Interest Expenses | $10,508 | $9,498 | $21,127 | $19,179 | | PROVISION FOR INCOME TAXES | $4,254 | $4,883 | $8,330 | $9,533 | | NET INCOME | $11,170 | $12,798 | $21,737 | $24,172 | Selected Consolidated Financial Data This section provides key financial performance ratios, per share data, loan portfolio composition, asset quality metrics, and regulatory capital ratios | Metric | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | | :-------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Earnings per share - basic | $0.85 | $0.98 | $1.65 | $1.84 | | Return on average total assets | 2.27% | 2.70% | 2.20% | 2.60% | | Return on average shareholders' equity | 13.37% | 17.28% | 13.18% | 16.59% | | Net interest margin | 5.35% | 5.79% | 5.23% | 5.77% | | Efficiency ratio | 40.52% | 35.24% | 41.08% | 36.54% | | Net charge-off ratio | 0.09% | 0.00% | 0.01% | 0.00% | | | June 30, 2025 | December 31, 2024 | | | | Gross loans | $1,797,618 | $1,812,647 | | | | Non-performing assets | $767 | $5,120 | | | | Non-performing assets to total assets | 0.04% | 0.25% | | | | Total capital to risk-weighted assets | 14.99% | 13.92% | | | | Tier 1 leverage ratio | 15.87% | 14.44% | | | Net Interest Margin Analysis - Three Months This table details average balances, interest income/expense, and yields/costs for interest-earning assets and liabilities for the three months ended June 30, 2025, and 2024 | Metric | 3 Months Ended Jun 30, 2025 (In thousands, except yield/cost) | 3 Months Ended Jun 30, 2024 (In thousands, except yield/cost) | | :-------------------------------------- | :------------------------------------------------------------ | :------------------------------------------------------------ | | Average Interest-Earning Assets | $1,875,775 | $1,810,907 | | Total Interest and Dividend Income | $38,039 | $40,237 | | Yield on Interest-Earning Assets | 8.11% | 8.89% | | Average Interest-Bearing Liabilities | $1,337,639 | $1,295,730 | | Total Interest Expense | $12,965 | $14,015 | | Cost of Interest-Bearing Liabilities | 3.88% | 4.33% | | Net Interest Income | $25,074 | $26,222 | | Net Interest Rate Margin | 5.35% | 5.79% | Net Interest Margin Analysis - Six Months This table details average balances, interest income/expense, and yields/costs for interest-earning assets and liabilities for the six months ended June 30, 2025, and 2024 | Metric | 6 Months Ended Jun 30, 2025 (In thousands, except yield/cost) | 6 Months Ended Jun 30, 2024 (In thousands, except yield/cost) | | :-------------------------------------- | :------------------------------------------------------------ | :------------------------------------------------------------ | | Average Interest-Earning Assets | $1,887,062 | $1,774,746 | | Total Interest and Dividend Income | $76,246 | $78,358 | | Yield on Interest-Earning Assets | 8.08% | 8.83% | | Average Interest-Bearing Liabilities | $1,356,523 | $1,260,831 | | Total Interest Expense | $26,908 | $27,150 | | Cost of Interest-Bearing Liabilities | 3.97% | 4.31% | | Net Interest Income | $49,338 | $51,208 | | Net Interest Rate Margin | 5.23% | 5.77% |