Company says demand for construction loans in core submarkets continues to demonstrate robust growth
NorthEast Community Bancorp plans to maintain focus on construction lending in high demand submarkets
Overview
U.S. regional bank's Q2 net income and EPS declined yr/yr
Net interest income and margin decreased due to lower yields on interest-earning assets
Company reported no non-performing loans and strong asset quality metrics
Key Details
Metric
Actual
Consensus Estimate
Q2 EPS
$0.72
Q2 Net Income
$9.80 mln
Q2 Net Interest Income
$24.65 mln
Q2 Net Interest Margin
5.14%
Q2 Pretax Profit
$13.81 mln
Result Drivers
Construction lending growth - Co said robust demand for construction loans in high-absorption submarkets drove an increase in loan commitments and loans-in-process
Lower yield on assets - Decrease in net interest income and margin was primarily due to a lower yield on interest-earning assets, partially offset by a smaller decrease in cost of funds for interest-bearing liabilities
NECB•
