NorthEast Community Bancorp Q3 net income, EPS fall

Overview

• US regional bank's Q3 net income and EPS declined yr/yr

• Company's loan portfolio, especially construction loans, grew, driving asset and deposit increases

• Company repurchased 239,894 shares under third buyback program as of quarter end

Outlook

• Company expects continued robust demand for construction loans in core New York submarkets

• NorthEast Community Bancorp highlights ongoing loan portfolio growth, especially in construction lending

Result Drivers

• CONSTRUCTION LOAN GROWTH - Co said robust demand in Bronx, Rockland, Orange, and Sullivan Counties drove construction loan portfolio growth

• INTEREST RATE MOVEMENTS - Lower Federal Funds rate reduced yield on interest-earning assets, impacting net interest income

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• Wall Street's median 12-month price target for Northeast Community Bancorp Inc is $30.00, about 6.2% above its October 21 closing price of $28.25

• The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 8 three months ago

Reuters Recommended Reads

• Oct 22 - United Bankshares Q3 EPS beats estimates, helped by loan growth

• Oct 22 - Huntington Bancshares Q3 EPS unchanged, net interest income up

• Oct 22 - Valley National Bancorp Q3 revenue rises, beats analyst estimates

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(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.)