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NorthEast Community Bancorp Inc. (NECB+2.99%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing an increase in total assets to $2.0 billion from $1.8 billion at the end of the previous year. This increase was primarily due to a rise in net loans and cash equivalents.
Net income for the year was reported at $47.1 million, up from $46.3 million in the previous year. This increase was attributed to higher net interest income, which rose by 5.8% to $102.8 million.
The company's loan portfolio primarily consists of construction loans, which account for 78.6% of total loans. The portfolio also includes commercial and industrial loans, multifamily and mixed-use residential real estate loans, and non-residential real estate loans.
Total deposits increased by $270.3 million, reaching $1.7 billion by the end of 2024. This growth was driven by competitive interest rates offered by the company.
The allowance for credit losses related to loans decreased to $4.8 million from $5.1 million at the end of 2023. This was due to charge-offs totaling $1.3 million, partially offset by a provision for credit losses of $1.1 million.
Non-interest income decreased by 25.6% to $2.8 million, primarily due to a reduction in investment advisory fees and earnings on bank-owned life insurance.
Non-interest expenses increased by 10.9% to $39.1 million, driven by higher salaries and employee benefits, as well as increased costs related to real estate owned.
The company reported a return on average assets of 2.50% and a return on average equity of 15.83% for the year.
NorthEast Community Bancorp Inc. continues to focus on originating construction loans in high-demand areas and maintaining strong asset quality through conservative credit risk management strategies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NorthEast Community Bancorp Inc. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.