WHITE PLAINS, N. Y., May 09, 2016 (GLOBE NEWSWIRE) -- NorthEast Community Bancorp, Inc. (OTC:NECB) (the “Company”), a majority owned subsidiary of NorthEast Community Bancorp, MHC, reported net income of $1.1 million for the quarter ended March 31, 2016 compared to net income of $849.4 thousand for the quarter ended December 31, 2015. The increase in net income was primarily the result of continued loan growth.
Total assets increased $57.8 million, or 9.74%, to $651.4 million at March 31, 2016 from $593.6 million at December 31, 2015. During the first quarter of 2016 the average balance of interest earning assets increased by $40.0 million to $561.4 million while commitments and loans-in-process outstanding increased to $181.2 million as of March 31, 2016. The increase in commitments and loans-in-process outstanding is the result of the Company’s continued focus on growing its lending operations in the lower Hudson Valley.
Total liabilities at March 31, 2016 were $545.4 million compared to $488.6 million at December 31, 2015, an increase of $56.8 million. The increase in liabilities was primarily due to a $40.4 million increase in deposits from $424.2 million at December 31, 2015 to $464.7 million at March 31, 2016. In addition, Federal Home Loan Bank advances grew by $15.2 million to $71.3 million during the first quarter of 2016, compared to $56.1 million December 31, 2015.
NorthEast Community Bancorp, Inc. is the holding company for NorthEast Community Bank. NorthEast Community Bank is a New York State-chartered savings bank that operates four full-service branches in New York and four full-service branches in Danvers, Plymouth, Framingham and Quincy, Massachusetts and loan production offices in Danvers, Massachusetts and White Plains and New City, New York.
This release contains “forward-looking statements” that are based on assumptions and may describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by the use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors that could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, changes in market interest rates, regional and national economic conditions, legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the quality and composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, changes in the real estate market values in the Company’s market area and changes in relevant accounting principles and guidelines These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.
Contact: Kenneth A. Martinek Chief Executive Officer (914) 684-2500
Source:Northeast Community Bancorp, Inc.