NorthEast munity Bancorp(NECB) - 2025 Q3 - Quarterly Results

Financial Performance - Net income for the three months ended September 30, 2025, was $11.9 million, a decrease of 6.3% from $12.7 million for the same period in 2024[2]. - Net interest income for the three months ended September 30, 2025, was $25.9 million, a decrease of 1.3% from $26.3 million for the same period in 2024[24]. - Non-interest income for Q3 2025 was $1.0 million, a decrease of $335,000 or 24.8% from $1.3 million in Q3 2024[31]. - Non-interest expense increased by $390,000 or 3.9% to $10.4 million in Q3 2025 from $10.0 million in Q3 2024[34]. - Net interest income for the nine months ended September 30, 2025, was $75.3 million, a decrease of $2.2 million or 2.9% from $77.5 million in the same period of 2024[36]. - Non-interest income for the nine months ended September 30, 2025, was $3.1 million, an increase of $473,000 or 18.0% from $2.6 million in the same period of 2024[45]. - Basic earnings per share for Q3 2025 decreased to $0.90 from $0.97 in Q3 2024, representing a decline of 7.22%[65]. Asset and Equity Changes - Total assets increased by $46.7 million, or 2.3%, to $2.1 billion at September 30, 2025, from $2.0 billion at December 31, 2024[4]. - Total stockholders' equity increased by $25.7 million, or 8.1%, to $344.0 million at September 30, 2025[23]. - The Company's total stockholders' equity to assets ratio was 16.73% as of September 30, 2025[53]. - Total assets increased to $2,056,246,000 as of September 30, 2025, compared to $2,009,581,000 on December 31, 2024, reflecting a growth of 2.3%[61]. - The total stockholders' equity increased to $344,043,000 as of September 30, 2025, from $318,341,000 on December 31, 2024, an increase of 8.1%[61]. Loan and Deposit Activity - Loans, net of the allowance for credit losses, increased by $61.2 million, or 3.4%, to $1.9 billion at September 30, 2025[9]. - Total deposits decreased by $155.0 million, or 9.3%, to $1.5 billion at September 30, 2025, primarily due to a decrease in certificates of deposit[17]. - The company originated loans totaling $714.3 million during the nine months ended September 30, 2025[10]. - Total loans increased to $1,873,754 thousand as of September 30, 2025, up from $1,812,598 thousand at the end of 2024, an increase of 3.37%[65]. Credit Loss and Non-Performing Assets - The allowance for credit losses related to loans decreased to $4.7 million as of September 30, 2025, from $4.8 million as of December 31, 2024[11]. - The Company's allowance for credit losses related to loans was $4.7 million, or 0.25% of total loans as of September 30, 2025[51]. - The allowance for credit losses was $4,748,000 as of September 30, 2025, slightly down from $4,830,000 on December 31, 2024[61]. - Charge-offs for loans were $75,000 in Q3 2025, down from $82,000 in Q3 2024[29]. - Non-performing assets decreased to $545 thousand as of September 30, 2025, down from $5,120 thousand at the end of 2024, a significant reduction of 89.37%[65]. Interest and Efficiency Ratios - The net interest margin decreased by 30 basis points, or 5.3%, to 5.38% for the three months ended September 30, 2025[27]. - The net interest margin for Q3 2025 was 5.38%, compared to 5.68% in Q3 2024, reflecting a reduction of 5.28%[67]. - The efficiency ratio for Q3 2025 was 38.40%, compared to 36.04% in Q3 2024, indicating a decline in operational efficiency[65]. - The return on average total assets ratio was 2.35% for the three months ended September 30, 2025[6]. - Return on average total assets for Q3 2025 was 2.35%, down from 2.62% in Q3 2024, a decrease of 10.27%[65]. Interest and Dividend Income - Total interest and dividend income decreased by $4.0 million or 3.4% to $115.5 million for the nine months ended September 30, 2025[37].