$NECB

NorthEast Community Bancorp, Inc./MD/

CIK:0001847398|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
INTEREST INCOME:
Loans	$ 35,174	$ 36,740	$ 70,216	$ 73,622
Interest-earning deposits	554	1,027	1,156	2,108
Securities	332	272	657	516
Total Interest Income	36,060	38,039	72,029	76,246
INTEREST EXPENSE:
Deposits	10,610	12,053	22,012	25,986
Borrowings	790	902	1,213	902
Financing lease	10	10	20	20
Total Interest Expense	11,410	12,965	23,245	26,908
Net Interest Income	24,650	25,074	48,784	49,338
Provision for credit loss	860		860	237
Net Interest Income after Provision for Credit Loss	23,790	25,074	47,924	49,101
NON-INTEREST INCOME:
Other loan fees and service charges	549	611	1,218	1,351
Earnings on bank owned life insurance	185	170	364	336
Unrealized (loss) gain on equity securities	(122)	51	(243)	351
Other	30	26	99	55
Total Non-Interest Income	642	858	1,438	2,093
NON-INTEREST EXPENSES:
Salaries and employee benefits	5,817	5,650	11,989	11,583
Occupancy expense	787	743	1,661	1,489
Equipment	221	253	444	470
Outside data processing	725	758	1,521	1,494
Advertising	43	123	86	225
Real estate owned expense		247		277
Other	3,026	2,734	5,797	5,589
Total Non-Interest Expenses	10,619	10,508	21,498	21,127
INCOME BEFORE PROVISION FOR INCOME TAXES	13,813	15,424	27,864	30,067
PROVISION FOR INCOME TAXES	4,018	4,254	8,117	8,330
NET INCOME	$ 9,795	$ 11,170	$ 19,747	$ 21,737
EARNINGS PER COMMON SHARE - BASIC (in $ per share)	$ 0.75	$ 0.85	$ 1.5	$ 1.65
EARNINGS PER COMMON SHARE - DILUTED (in $ per share)	$ 0.72	$ 0.82	$ 1.46	$ 1.6
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC (in shares)	13,135	13,216	13,155	13,204
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED (in shares)	13,538	13,568	13,533	13,563

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Cash Flows from Operating Activities:

Net income

$ 19,747

$ 21,737

Adjustments to reconcile net income to net cash provided by operating activities:

Net (accretion) amortization of securities premiums and discounts

(5)

Provision for credit losses

860

237

Depreciation

587

597

Net accretion of deferred loan fees and costs

(116)

(244)

Deferred income tax benefit

(541)

(242)

Unrealized loss (gain) recognized on equity securities

243

(351)

Earnings on bank owned life insurance

(364)

(336)

ESOP compensation expense

631

1,011

Compensation expense related to stock options

452

371

Compensation expense related to restricted stock

616

586

Decrease in accrued interest receivable

1,362

Decrease in other assets

805

1,094

Increase in accounts payable and accrued expenses

280

741

Net Cash Provided by Operating Activities

23,234

26,566

Cash Flows from Investing Activities:

Net (increase) decrease in loans

(60,279)

18,915

Net proceeds from loan participation

423

557

Principal repayments on securities held-to-maturity

1,031

485

Purchase of securities held-to-maturity

(470)

(270)

Purchase of marketable equity securities

(1,000)

(3,000)

Purchase of restricted stock

(133)

(688)

Purchases of premises and equipment

(231)

(1,133)

Net Cash (Used in) Provided by Investing Activities

(60,659)

14,866

Cash Flows from Financing Activities:

Net decrease in deposits

(80,358)

(191,214)

Net proceeds from borrowings

120,000

135,000

Stock repurchases

(4,669)

Stock option exercised

Increase in advance payments by borrowers for taxes and insurance

210

803

Cash dividends paid

(5,556)

(4,907)

Net Cash Provided by (Used in) Financing Activities

29,664

(60,318)

Net Decrease in Cash and Cash Equivalents

(7,761)

(18,886)

Cash and Cash Equivalents - Beginning

81,175

78,259

Cash and Cash Equivalents - Ending

73,414

59,373

Supplementary Cash Flows Information:

Income taxes paid: Federal

5,000

4,500

Income taxes paid: State and local

^[1]

2,901

2,617

Total income taxes paid

7,901

7,117

Interest paid

22,892

25,666

Supplementary Disclosure of Non-Cash Investing and Financing Activities:

Recognition of right of use asset - operating

912

Recognition of lease liability - operating

912

Sale of real estate owned

4,353

Dividends declared and not paid

$ 3,417

$ 2,805

[1]	For the years presented New York State, New York City, and Massachusetts make up 100% of the tax effect in this category.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and amounts due from depository institutions	$ 9,473	$ 10,456
Interest-bearing deposits	63,941	70,719
Total cash and cash equivalents	73,414	81,175
Certificates of deposit	100	100
Equity securities	27,327	26,570
Securities held-to-maturity (net of allowance for credit losses of $135 and $126, respectively)	17,751	18,315
Loans receivable	1,919,908	1,860,066
Deferred loan (fees) costs, net	(149)	268
Allowance for credit losses	(4,752)	(4,731)
Net loans	1,915,007	1,855,603
Premises and equipment, net	25,021	25,377
Investments in restricted stock, at cost	543	410
Bank owned life insurance	26,797	26,433
Accrued interest receivable	12,189	12,228
Property held for investment	1,315	1,334
Right of Use Assets - Operating	4,296	4,656
Right of Use Assets - Financing	342	343
Other assets	11,081	10,964
Total assets	2,115,183	2,063,508
Deposits:
Non-interest bearing	325,415	271,924
Interest bearing	1,211,128	1,344,977
Total deposits	1,536,543	1,616,901
Advance payments by borrowers for taxes and insurance	2,562	2,352
Borrowings	190,000	70,000
Lease Liability - Operating	4,467	4,796
Lease Liability - Financing	454	434
Accounts payable and accrued expenses	18,589	17,325
Total liabilities	1,752,615	1,711,808
Stockholders' equity:
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; 13,771,951 shares and 13,963,432 shares outstanding, respectively	138	140
Additional paid-in capital	108,383	111,575
Unearned Employee Stock Ownership Plan ("ESOP") shares	(4,957)	(5,218)
Retained earnings	258,746	244,970
Accumulated other comprehensive income	258	233
Total stockholders' equity	362,568	351,700
Total liabilities and stockholders' equity	$ 2,115,183	$ 2,063,508