REFILE-NorthEast Community Bancorp's Q2 net income falls
Overview
NorthEast Community Bancorp Q2 net income declines to $11.2 mln from $12.8 mln yr ago
Net interest income and net interest margin decreased compared to Q2 2024
Company's asset quality remains strong with no non-performing loans
Outlook
Company notes increased loan demand with $636 mln in unfunded commitments
NorthEast Community Bancorp focuses on construction lending in high-demand areas
Company highlights cooperative building lending growth in NYC boroughs
Result Drivers
LOAN PORTFOLIO - Strong performance in construction lending and cooperative building loans, per CEO Kenneth A. Martinek
INCREASED LOAN DEMAND - Despite economic uncertainty, loan demand rose with unfunded commitments over $636 mln
ASSET QUALITY - Maintained strong asset quality with no non-performing loans and low non-performing asset ratio
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 EPS (basic) |
| $0.85 |
|
Q2 Net Income |
| $11.17 mln |
|
Q2 Net Interest Income |
| $25.07 mln |
|
Q2 Net Interest Margin |
| 5.4% |
|
Q2 Pretax Profit |
| $15.42 mln |
|
Analyst Coverage
The one available analyst rating on the shares is "hold"
Wall Street's median 12-month price target for Northeast Community Bancorp Inc is $25.00, about 8% above its July 23 closing price of $23.00
The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 7 three months ago
Press Release: ID:nGNX1k257w
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