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NorthEast Community Bancorp, Inc. Reports 2016 Year End Results.

BANKING AND CREDIT NEWS-February 13, 2017-NorthEast Community Bancorp, Inc. Reports 2016 Year End Results

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Northeast Community Bancorp, Inc. (NASDAQ: NECB) has reported consolidated net income of USD 5.03m for the year ended December 31, 2016 compared to consolidated net income of USD 2.34m for the year ended December 31, 2015, the company said.

The increase in net income was primarily due to continued loan growth and loan portfolio restructuring.

Total assets increased USD 140.9m or 23.7% to USD 734.5m at December 31, 2016 from USD 593.6m at December 31, 2015. Commitments to fund commercial real estate, construction, land development, commercial and industrial, and other loans totaled USD 247.3m at December 31, 2016 compared to USD 139.2m at December 31, 2015. The increase in commitments and loans in process is primarily the result of the company's continued focus on growing its lending operations in the lower Hudson Valley.

Total liabilities at December 31, 2016 were USD 625.1m compared to USD 488.6m at December 31, 2015, an increase of USD 136.5m or 27.9%. The increase in liabilities was primarily due to a USD 121.1m increase in deposits from USD 424.2m at December 31, 2015 to USD 545.3m at December 31, 2016. In addition, Federal Home Loan Bank advances grew by USD 14.0m to USD 70.2m at December 31, 2016, compared to USD 56.2m at December 31, 2015. The increase in deposit liabilities and Federal Home Loan Bank advances were maturity matched to fund Hudson Valley lending operations.

NorthEast Community Bancorp is the parent company of NorthEast Community Bank, headquartered in White Plains, New York. 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 Massachusetts and loan production offices in White Plains, New York, New City, New York and Danvers, Massachusetts.

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Publication:M2 Banking & Credit News (BCN)
Article Type:Financial report
Geographic Code:1U2NY
Date:Feb 13, 2017
Words:340
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