NorthEast Community Bancorp, Inc., a leading financial institution based in White Plains, N.Y., recently announced its financial results for the three months ending March 31, 2024. The parent company of NorthEast Community Bank reported a net income of $11.4 million, representing a positive performance compared to the same period in 2023.
The Chairman of the Board and Chief Executive Officer, Kenneth A. Martinek, expressed satisfaction with the strong earnings achieved during the quarter. The company’s loan portfolio played a significant role in driving these results, demonstrating resilience in a high-interest rate environment.
During the first quarter of 2024, NorthEast Community Bancorp showcased impressive performance metrics, including a return on average assets ratio of 2.50%, a return on average equity ratio of 15.88%, and an efficiency ratio of 37.91%. Net interest income also saw a notable increase of $2.1 million, reaching $25.0 million compared to the previous year.
Key highlights from the financial report include total assets growing by $102.8 million, representing a 5.8% increase to $1.9 billion at the end of March 2024. This growth was primarily driven by a rise in net loans and cash equivalents, partially offset by a decrease in other assets.
Cash and cash equivalents surged by $38.8 million, reaching $107.4 million by March 31, 2024. This increase was fueled by a rise in deposits, partially offset by a decrease in borrowings. Additionally, equity securities experienced a slight decrease, while securities held-to-maturity also saw a decline during the same period.
