NorthEast Community Bancorp Q3 net income and EPS fall
NECB•NorthEast Community Bancorp reported third-quarter net income of $10.67 million and EPS of $0.79, both down year over year. Construction lending grew, while lower Federal Funds rates reduced yields on interest-earning assets and affected net interest income.
1. Quarterly results
The regional bank reported third-quarter net income of $10.67 million, EPS of $0.79 and net interest income of $26.09 million. Net income and EPS declined year over year. Net interest margin was 5.09% and pretax profit was $15.16 million.
2. Construction lending grows
The company said demand in Bronx, Rockland, Orange and Sullivan Counties drove growth in its construction loan portfolio. It expects robust demand for construction loans to continue in its core New York submarkets. As of quarter-end, it had repurchased 239,894 shares under its third buyback program.
