NorthEast Community Bancorp, Inc./MD/

Listed Company

NECBCIK 0001847398NasdaqEmerging GrowthSavings Institutions, Not Federally CharteredMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$44.41M

Total Assets

$2.06B

Equity

$351.70M

Shares Out

13.83M

Op. Cash Flow

$52.59M

Business

NorthEast Community Bancorp, Inc./MD/ is a savings and loan holding company whose primary activity is ownership and operation of NorthEast Community Bank, a New York-chartered savings bank. The Bank originates primarily construction loans and also offers commercial and industrial loans, multifamily and mixed-use real estate loans, non-residential real estate loans, consumer lending, retail deposit products and an investment securities portfolio; it no longer generates investment advisory fees following a recent divestiture. The Company operates through the Bank as its primary business segment and maintains several real-estate‑holding subsidiaries and an inactive financial services subsidiary. The Bank serves markets in New York and Massachusetts, with limited lending in New Jersey and Connecticut, distributing products via a network of branch offices, loan production offices, broker and customer referrals, and wholesale funding sources.

Summary from filing dated 2025-03-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans	150	154	127	70	48
Interest-earning deposits	3	5	4	1	115,000
Securities	1	909,000	859,000	750,000	391,000
Total Interest Income	154	160	132	72	48
Deposits	50	56	34	8	4
Borrowings	4	2	1	546,000	706,000
Financing lease	39,000	38,000	38,000	—	—
Total Interest Expense	53	57	35	—	—
Net Interest Income	101	103	97	64	43
(Reversal of) provision for credit loss	−99,000	740,000	972,000	—	—
Net Interest Income after Provision for Credit Loss	101	102	96	63	40
Other loan fees and service charges	3	2	2	2	2
(Loss) gain on disposition of equipment	−6,000	22,000	−18,000	98,000	7,000
Earnings on bank owned life insurance	695,000	656,000	1	604,000	600,000
Unrealized gain (loss) on equity securities	576,000	−109,000	—	—	−389,000
Other	114,000	116,000	105,000	86,000	54,000
Total Non-Interest Income	4	3	4	2	2
Salaries and employee benefits	23	21	19	16	15
Occupancy expense	3	3	3	2	2
Equipment	868,000	890,000	1	1	993,000
Outside data processing	3	3	2	2	2
Advertising	426,000	418,000	521,000	299,000	139,000
Real estate owned expense	845,000	731,000	93,000	623,000	93,000
Other	11	11	10	8	6
Total Non-Interest Expenses	43	39	35	31	26
INCOME BEFORE PROVISION FOR INCOME TAXES	62	66	65	34	16
PROVISION FOR INCOME TAXES	18	19	18	10	4
NET INCOME	44	47	46	25	12
EARNINGS PER COMMON SHARE - BASIC (in $ per share)	3.35	3.58	3.32	1.61	0.75
EARNINGS PER COMMON SHARE - DILUTED (in $ per share)	3.25	3.52	3.32	1.58	0.75
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC (in shares)	13	13	14	15	16
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED (in shares)	14	13	14	16	16

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and amounts due from depository institutions	10	14	13	13	8
Interest-bearing deposits	71	65	55	82	144
Total cash and cash equivalents	81	78	69	95	152
Certificates of deposit	100,000	100,000	100,000	100,000	100,000
Equity securities	27	22	18	18	20
Securities held-to-maturity (net of allowance for credit losses of $126 and $126, respectively)	18	15	16	26	—
Loans receivable	1,860	1,813	1,587	1,217	—
Deferred loan costs (fees), net	268,000	−49,000	176,000	—	—
Allowance for credit losses	−5	−5	−5	−5	—
Net loans	1,856	1,808	1,582	—	—
Premises and equipment, net	25	25	25	26	24
Investments in restricted stock, at cost	410,000	397,000	929,000	1	2
Bank owned life insurance	26	26	25	26	25
Accrued interest receivable	12	13	12	9	4
Real estate owned	—	5	1	1	2
Property held for investment	1	1	1	1	1
Right of Use Assets - Operating	5	4	5	2	3
Right of Use Assets - Financing	343,000	347,000	351,000	355,000	359,000
Other assets	11	12	8	5	5
Total assets	2,064	2,010	1,764	1,425	1,225
Non-interest bearing	272	287	300	376	331
Interest bearing	1,345	1,383	1,100	746	596
Total deposits	1,617	1,670	1,400	1,122	927
Advance payments by borrowers for taxes and insurance	2	2	2	2	2
Borrowings	70	—	64	21	—
Lease Liability - Operating	5	4	5	2	3
Lease Liability - Financing	434,000	609,000	571,000	533,000	496,000
Accounts payable and accrued expenses	17	15	14	15	14
Total liabilities	1,712	1,691	1,485	1,163	974
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding	—	—	—	—	—
Common stock, $0.01 par value; 75,000,000 shares authorized; 13,963,432 shares and 14,016,254 shares outstanding, respectively	140,000	140,000	142,000	161,000	164,000
Additional paid-in capital	112	110	110	136	145
"Unearned Employee Stock Ownership Plan (""ESOP"") shares"	−5	−6	−7	−7	−8
Retained earnings	245	214	176	133	114
Accumulated other comprehensive income	233,000	224,000	317,000	156,000	−139,000
Total stockholders' equity	352	318	279	262	251
Total liabilities and stockholders' equity	2,064	2,010	1,764	1,425	1,225

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	44	47	46	25	—
Net amortization of securities premiums and discounts, net	5,000	6,000	20,000	27,000	−2,000
Depreciation	1	1	1	1	1
Net accretion of deferred loan fees and costs	−372,000	−149,000	215,000	509,000	82,000
Deferred income tax expense (benefit)	326,000	−467,000	−367,000	−1	118,000
Impairment of real estate owned	222,000	689,000	—	540,000	—
Loss on sale of real estate owned	272,000	—	—	—	—
ESOP compensation expense	2	2	1	1	931,000
Compensation expense related to stock options	792,000	845,000	768,000	92,000	—
Compensation expense related to restricted stock	1	1	968,000	116,000	—
Decrease (increase) in accrued interest receivable	1	−1	−4	−4	−445,000
Increase in other assets	−320,000	−3	149,000	1	830,000
Decrease in accounts payable - loan closing	−28,000	−125,000	−3	−91,000	3
Increase in accounts payable and accrued expenses	3	114,000	−1	2	940,000
Net Cash Provided by Operating Activities	53	49	43	28	22
Net increase in loans	−44	−243	—	—	—
Proceeds from sale of loans	1	12	30	13	18
Proceeds from sale of real estate owned	273,000	—	—	—	—
Principal repayments on securities held-to-maturity	1	1	11	1	5
Purchase of marketable equity securities	−4	−4	−806,000	—	−10
Purchase of securities held-to-maturity	−5	—	−806,000	−10	−15
Purchase of FHLB stock	−688,000	−98,000	−6,000	—	—
Redemption of FHLB stock	675,000	630,000	315,000	331,000	—
Purchases of premises and equipment	−2	−517,000	−626,000	−3	−6
Net Cash Used in Investing Activities	−52	−234	−358	−257	−179
Net (decrease) increase in deposits	−53	270	278	195	155
Net proceeds (repayments) from borrowings	70	−64	—	—	—
Stock repurchases	−2	−3	−29	−9	—
Stock option exercised	—	14,000	—	—	—
Increase (decrease) in advance payments by borrowers for taxes and insurance	734,000	−402,000	−349,000	485,000	−374,000
Cash dividends paid	−13	−8	−4	−7	−2
Net Cash Provided by Financing Activities	2	195	288	172	240
Net Increase in Cash and Cash Equivalents	3	10	−27	−57	83
Income taxes paid: Federal	11	14	—	—	—
Income taxes paid: State and local	4	8	—	—	—
Total income taxes paid	15	22	21	9	4
Interest paid	52	57	35	8	5
Recognition of right of use asset - operating	2	—	4	289,000	—
Recognition of lease liability - operating	2	—	4	289,000	—
Recognition of real estate owned	—	4	—	—	—
Sale of real estate owned	4	—	—	—	—

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