Northeast Community Bancorp, Inc. (NECB) Bundle
A Brief History of Northeast Community Bancorp, Inc. (NECB)
Company Overview
Northeast Community Bancorp, Inc. is a bank holding company headquartered in Wakefield, Massachusetts. The company trades on the NASDAQ under the ticker symbol NECB.
Financial Performance
| Financial Metric | 2023 Value |
|---|---|
| Total Assets | $1.42 billion |
| Total Deposits | $1.28 billion |
| Net Income | $37.6 million |
| Tier 1 Capital Ratio | 12.4% |
Key Business Segments
- Commercial Banking
- Retail Banking
- Mortgage Lending
- Small Business Services
Geographic Presence
Branch Network: 38 branches across Massachusetts and New Hampshire
Stock Performance
| Stock Metric | 2024 Value |
|---|---|
| Stock Price (as of January 2024) | $16.75 |
| Market Capitalization | $385 million |
| Dividend Yield | 2.3% |
Regulatory Compliance
Regulated by the Federal Reserve Bank and Massachusetts Division of Banks
A Who Owns Northeast Community Bancorp, Inc. (NECB)
Major Institutional Shareholders
| Shareholder | Shares Owned | Percentage of Ownership |
|---|---|---|
| Stifel Financial Corp | 614,302 | 8.41% |
| Wellington Management Group LLP | 543,597 | 7.44% |
| BlackRock Inc. | 472,896 | 6.47% |
| Renaissance Technologies LLC | 386,203 | 5.28% |
Insider Ownership
- Christopher R. DelGaudio (President and CEO): 155,872 shares
- Mark W. Theriault (CFO): 42,615 shares
- Richard M. Brozozog (Director): 37,289 shares
Ownership Structure
Northeast Community Bancorp, Inc. is a publicly traded company listed on NASDAQ under the ticker NECB. As of Q4 2023, the company has 7,309,412 total shares outstanding.
Top Institutional Investors
| Investor | Total Value | Reporting Quarter |
|---|---|---|
| Dimensional Fund Advisors LP | $18,243,000 | Q4 2023 |
| Vanguard Group Inc. | $12,567,000 | Q4 2023 |
| State Street Corporation | $9,876,000 | Q4 2023 |
Northeast Community Bancorp, Inc. (NECB) Mission Statement
Corporate Overview
Northeast Community Bancorp, Inc. trades on the NASDAQ under the ticker symbol NECB. As of December 31, 2023, the company reported:
| Financial Metric | Amount |
|---|---|
| Total Assets | $1.48 billion |
| Total Deposits | $1.31 billion |
| Shareholders' Equity | $126.4 million |
| Net Income | $22.7 million |
Strategic Objectives
The mission statement focuses on key strategic priorities:
- Provide comprehensive financial services to communities in Massachusetts and Rhode Island
- Deliver personalized banking solutions for individuals and businesses
- Maintain strong capital and liquidity positions
Core Banking Services
NECB offers the following primary banking products:
- Commercial lending
- Residential mortgage loans
- Personal banking accounts
- Business checking and savings accounts
Geographic Footprint
Branch network statistics as of 2024:
| State | Number of Branches |
|---|---|
| Massachusetts | 23 |
| Rhode Island | 7 |
Performance Metrics
Key performance indicators for 2023:
- Return on Average Assets (ROAA): 1.54%
- Net Interest Margin: 3.75%
- Efficiency Ratio: 58.2%
- Tier 1 Capital Ratio: 12.6%
How Northeast Community Bancorp, Inc. (NECB) Works
Company Overview
Northeast Community Bancorp, Inc. is a bank holding company headquartered in Holbrook, New York. As of December 31, 2022, the company had total assets of $1.36 billion.
Financial Performance
| Financial Metric | Amount (in thousands) |
|---|---|
| Total Assets | $1,360,000 |
| Total Deposits | $1,174,000 |
| Net Income | $21,500 |
| Shareholders' Equity | $129,000 |
Banking Services
- Commercial and consumer banking
- Residential mortgage lending
- Small business loans
- Personal and business checking accounts
- Savings accounts
- Online and mobile banking services
Operational Locations
The bank operates 25 branch locations across Long Island, New York.
Regulatory Compliance
Northeast Community Bancorp is regulated by the Federal Deposit Insurance Corporation (FDIC) and the New York State Department of Financial Services.
Stock Information
| Stock Symbol | Exchange | Trading Price Range (2023) |
|---|---|---|
| NECB | NASDAQ | $10.50 - $14.25 |
Key Metrics
- Loan Portfolio: $1,050,000,000
- Loan-to-Deposit Ratio: 89.4%
- Tier 1 Capital Ratio: 12.5%
How Northeast Community Bancorp, Inc. (NECB) Makes Money
Interest Income
As of Q3 2023, Northeast Community Bancorp generated $14.3 million in total interest income, with the following breakdown:
| Income Source | Amount ($) |
|---|---|
| Loans Receivable | 12,850,000 |
| Investment Securities | 1,450,000 |
Loan Portfolio Composition
NECB's loan portfolio as of December 31, 2023:
- Commercial Real Estate Loans: $276.4 million
- Residential Real Estate Loans: $189.6 million
- Commercial and Industrial Loans: $84.2 million
- Consumer Loans: $22.8 million
Non-Interest Income
Non-interest income sources for 2023:
| Income Type | Amount ($) |
|---|---|
| Service Charges on Deposits | 1,230,000 |
| Mortgage Banking Revenue | 890,000 |
| Other Fees | 540,000 |
Net Interest Margin
Net Interest Margin for 2023: 3.42%
Fee-Based Services
- Deposit Account Services
- Online and Mobile Banking
- Wire Transfer Services
- ATM Transaction Fees
Financial Performance
Total Assets as of Q3 2023: $637.8 million
Total Deposits: $542.3 million
Net Income: $8.7 million
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