NorthEast Community Bancorp Q3 net income, EPS fall

By Reuters News


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

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 EPS

$0.79

Q3 Net Income

$10.67 mln

Q3 Net Interest Income

$26.09 mln

Q3 Net Interest Margin

5.09%

Q3 Pretax Profit

$15.16 mln


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.)

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