Overview
NorthEast Community Bancorp Q3 net income declines to $11.9 mln from $12.7 mln last year
Net interest income for Q3 falls to $25.9 mln from $26.3 mln last year
Company maintains strong asset quality with no non-performing loans
Outlook
Company did not provide specific financial guidance for future periods
Result Drivers
STRONG LOAN DEMAND - Co reports robust loan demand, particularly in construction and multi-family lending
INTEREST MARGIN PRESSURE - Decrease in yield on interest-earning assets led to lower net interest income
COST MANAGEMENT - Strategy to reduce brokered deposits to lower cost of funds
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Net Income | $11.86 mln | ||
Q3 Net Interest Income | $25.93 mln | ||
Q3 Net Interest Margin | 5.38% | ||
Q3 Pretax Profit | $16.60 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 $24.00, about 15.7% above its October 21 closing price of $20.24
The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 7 three months ago
Press Release: ID:nGNX8371zl
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)