Workflow
NorthEast munity Bancorp(NECB) - 2025 Q2 - Quarterly Report

PART I — FINANCIAL INFORMATION Item 1. Financial Statements This section presents the unaudited condensed consolidated financial statements of NorthEast Community Bancorp, Inc. for the periods ended June 30, 2025, and December 31, 2024, including statements of financial condition, income, comprehensive income, changes in stockholders' equity, and cash flows, along with detailed notes explaining significant accounting policies, regulatory capital, earnings per share, equity securities, loans, and other financial instruments Consolidated Statements of Financial Condition | | June 30, 2025 (In thousands) | December 31, 2024 (In thousands) | | :--- | :--- | :--- | | ASSETS | | | | Total cash and cash equivalents | $ 59,373 | $ 78,259 | | Equity securities | 25,345 | 21,994 | | Securities held-to-maturity | 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 | | Three Months Ended June 30, 2025 (In thousands) | Three Months Ended June 30, 2024 (In thousands) | Six Months Ended June 30, 2025 (In thousands) | Six Months Ended June 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 | — | (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 | | INCOME BEFORE PROVISION FOR INCOME TAXES | 15,424 | 17,681 | 30,067 | 33,705 | | PROVISION FOR INCOME TAXES | 4,254 | 4,883 | 8,330 | 9,533 | | NET INCOME | $ 11,170 | $ 12,798 | $ 21,737 | $ 24,172 | | EARNINGS PER COMMON SHARE – BASIC | $ 0.85 | $ 0.98 | $ 1.65 | $ 1.84 | | EARNINGS PER COMMON SHARE – DILUTED | $ 0.82 | $ 0.97 | $ 1.60 | $ 1.83 | Consolidated Statements of Comprehensive Income | | Three Months Ended June 30, 2025 (In thousands) | Three Months Ended June 30, 2024 (In thousands) | Six Months Ended June 30, 2025 (In thousands) | Six Months Ended June 30, 2024 (In thousands) | | :--- | :--- | :--- | :--- | :--- | | Net Income | $ 11,170 | $ 12,798 | $ 21,737 | $ 24,172 | | Other comprehensive income (loss): | | | | | | Defined benefit pension: | | | | | | Reclassification adjustments out of accumulated other comprehensive income (loss): | | | | | | Amortization of actuarial gain | (5) | (13) | (15) | (26) | | Actuarial gain arising during period | 19 | 18 | 9 | 36 | | Total | 14 | 5 | (6) | 10 | | Income tax effect¹ | (5) | (2) | 2 | (4) | | Total other comprehensive income (loss) | 9 | 3 | (4) | 6 | | Total Comprehensive Income | $ 11,179 | $ 12,801 | $ 21,733 | $ 24,178 | Consolidated Statements of Changes in Stockholders' Equity | | Balance – December 31, 2024 (In thousands) | Net income (In thousands) | Other comprehensive income (loss) (In thousands) | Cash dividend declared ($0.20 per share) (In thousands) | Compensation expense related to restricted stock awards (In thousands) | Compensation expense related to stock options (In thousands) | ESOP shares earned (In thousands) | Balance – June 30, 2025 (In thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Stockholders' Equity | $ 318,341 | $ 21,737 | $ (4) | $ (5,366) | $ 586 | $ 371 | $ 1,011 | $ 336,676 | | | Balance – December 31, 2023 (In thousands) | Net income (In thousands) | Other comprehensive income (loss) (In thousands) | Cash dividend declared ($0.10 per share) (In thousands) | Stock repurchases (In thousands) | Compensation expense related to restricted stock awards (In thousands) | Compensation expense related to stock options (In thousands) | ESOP shares earned (In thousands) | Balance – June 30, 2024 (In thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Stockholders' Equity | $ 279,325 | $ 24,172 | $ 6 | $ (2,667) | $ (2,474) | $ 504 | $ 384 | $ 711 | $ 299,975 | Consolidated Statements of Cash Flows | | Six Months Ended June 30, 2025 (In thousands) | Six Months Ended June 30, 2024 (In thousands) | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $ 26,566 | $ 24,030 | | Net Cash Provided by (Used in) Investing Activities | 14,866 | (120,798) | | Net Cash (Used in) Provided by Financing Activities | (60,318) | 141,982 | | Net (Decrease) Increase in Cash and Cash Equivalents | (18,886) | 45,214 | | Cash and Cash Equivalents – Ending | $ 59,373 | $ 113,885 | - Supplementary Cash Flows Information (Six Months Ended June 30): * Income taxes paid: $7,117 thousand (2025) vs. $8,844 thousand (2024)20 * Interest paid: $25,666 thousand (2025) vs. $26,728 thousand (2024)20 Notes to Condensed Consolidated Financial Statements This section provides detailed notes explaining significant accounting policies, regulatory capital, earnings per share, equity securities, loans, and other financial