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NorthEast Community Bancorp, Inc. Reports Results for the Quarter Ended June 30, 2021

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WHITE PLAINS, N.Y., July 30, 2021 (GLOBE NEWSWIRE) -- NorthEast Community Bancorp, Inc. (NasdaqCM: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”) reported net income of $3.7 million and $7.0 million, or $0.31 and $0.58 per basic and diluted common share, for the three months and six months ended June 30, 2021, respectively, compared to net income of $2.5 million and $5.7 million, or $0.21 and $0.48 per basic and diluted common share, for the three months and six months ended June 30, 2020, respectively.

Kenneth A. Martinek, NorthEast Community Bancorp’s Chairman of the Board and Chief Executive Officer, stated “We are pleased to report another quarter of strong earnings. Throughout the COVID-19 pandemic, loan demand remained strong with originations and outstanding commitments increasing quarter over quarter. Our commitments, loans-in-process, and standby letters of credit outstanding totaled $785.7 million as of June 30, 2021. The performance of our loan portfolios remains strong with one loan past due and in foreclosure at June 30, 2021. At this time, we have two loans on deferral as a result of the COVID-19 pandemic, both with conservative loan to value ratios. As has been in the past, construction lending for affordable housing units in homogeneous high demand high absorption areas continues to be our focus.”

Highlights for the three and six months ended and at June 30, 2021 are as follows:

  • During the three months ended June 30, 2021, the Company recorded net income of $3.7 million, or $0.31 per basic and diluted share.

  • Net interest income increased by $869,000, or 9.1%, for the three months ended June 30, 2021 compared to the same period in the prior year.

  • The Company maintained strong credit reserves amidst the uncertain economic environment and recorded a $17,000 provision for loan losses during the six months ended June 30, 2021.

  • Asset quality metrics continued to remain strong with non-performing assets to total assets of 0.52% as of June 30, 2021. Our allowance for loan losses totaled $5.1 million, or 0.61% of total loans as of June 30, 2021 compared to $5.2 million, or 0.64% of total loans as of June 30, 2020.

  • In accordance with the provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) since March 2020, we have granted pandemic-related loan payment deferrals to 195 loans totaling $190.8 million at the time payment deferral was requested. As of June 30, 2021, we had two loans totaling $9.5 million still in deferral status.

Balance Sheet
Total assets increased by $108.3 million, or 11.2%, to $1.1 billion at June 30, 2021, from $968.2 million at December 31, 2020. The increase in assets was primarily due to increases in cash and cash equivalents of $94.6 million, premises and equipment of $4.5 million, net loans of $5.5 million, and investment securities held-to-maturity of $3.5 million.

Cash and cash equivalents increased by $94.6 million, or 136.8%, to $163.8 million at June 30, 2021 from $69.2 million at December 31, 2020. The increase in cash can primarily be attributed to an increase in deposits of $27.1 million and an increase in stock subscriptions funds of $74.9 million related to our recently completed second-step conversion offering, partially offset by an increase in loans of $5.5 million, an increase in investment securities held-to-maturity of $3.5 million, an increase in premises and equipment of $4.5 million due to the purchase of a branch building, a decrease in advance payments by borrowers for taxes and insurance of $246,000 and cash dividends of $295,000.

Securities held-to-maturity increased by $3.5 million, or 46.9%, to $10.8 million at June 30, 2021 from $7.4 million at December 31, 2020. The increase was primarily due to the purchase of investment securities totaling $4.3 million, partially offset by maturities and pay-downs of $793,000.

Loans, net of the allowance for loan losses, increased by $5.5 million, or 0.7%, to $825.2 million at June 30, 2021 from $819.7 million at December 31, 2020. The increase in loans, net of the allowance for loan losses, was primarily due to a net increase in construction loans of $26.2 million. The increases were partially offset by decreases in non-residential loans of $5.5 million, mixed-use loans of $2.3 million, commercial and industrial loans of $10.6 million, one- to four-family loans of $1.4 million, and multi-family loans of $992,000, coupled with normal pay-downs and principal reductions.

Premises and equipment increased by $4.5 million, or 24.2%, to $23.2 million at June 30, 2021 from $18.7 million at December 31, 2020 due to the acquisition of property for a new branch site located in Monsey, New York.

Foreclosed real estate was $2.0 million at June 30, 2021 and December 31, 2020.

Right of use assets — operating, recognized in accordance with Accounting Standards Codification 842 “Leases”, decreased by $264,000, or 8.5%, to $2.8 million at June 30, 2021 from $3.1 million at December 31, 2020, primarily due to amortization.

Other assets increased by $510,000, or 10.1%, to $5.6 million at June 30, 2021 from $5.1 million at December 31, 2020 due to an increase in suspense accounts of $1.0 million and an increase in prepaid expense of $240,000, partially offset by a decrease in tax assets of $728,000.

Total deposits increased by $27.1 million, or 3.5%, to $798.8 million at June 30, 2021, from $771.7 million at December 31, 2020. The increase was primarily due to an increase in non-interest bearing demand deposits of $36.4 million, or 16.5%, and an increase in NOW/money market accounts of $18.0 million, or 17.9%, from December 31, 2020 to June 30, 2021. The increase was partially offset by a decrease in certificates of deposit of $25.3 million, or 7.3%, and a decrease in savings account balances of $2.0 million, or 2.0%, from December 31, 2020 to June 30, 2021.

Federal Home Loan Bank advances were $28.0 million at both June 30, 2021 and December 31, 2020.

Stock subscription was $74.9 million at June 30, 2021 due to stock subscription orders received in connection with our recently completed second-step conversion offering.

Stockholders’ equity increased by $7.0 million, or 4.6% to $160.8 million at June 30, 2021, from $153.8 million at December 31, 2020. The increase in stockholders’ equity was primarily a result of net income of $7.0 million for the six months ended June 30, 2021, a reduction of $202,000 in unearned employee stock ownership plan shares, partially offset by dividends declared of $144,000 and $3,000 in other comprehensive loss.

Net Interest Income
Net interest income totaled $10.4 million for the three months ended June 30, 2021, as compared to $9.5 million for the three months ended June 30, 2020. The increase in net interest income of $870,000, or 9.1%, was primarily due to the decrease in interest expense that exceeded a decrease in interest income.

The decrease in interest expense and interest income is consistent with the decrease in interest rates in response to the COVID-19 pandemic and its impact on the economy and interest rate environment. However, our cost of interest bearing liabilities decreased much greater than our yield on interest earning assets as our interest bearing liabilities repriced much faster to lower rates than our yield on interest earning assets. In this regard, our cost of interest bearing liabilities decreased by 89 basis points from 1.80% for the three months ended June 30, 2020 to 0.91% for the three months ended June 30, 2021. Our yield on interest earning assets decreased by 53 basis points from 5.58% for the three months ended June 30, 2020 to 5.05% for the three months ended June 30, 2021.

Net interest margin increased by 18 basis points, or 4.2%, during the three months ended June 30, 2021 to 4.49% compared to 4.31% during the three months ended June 30, 2020.

Net interest income totaled $20.7 million for the six months ended June 30, 2021, as compared to $19.0 million for the six months ended June 30, 2020. The increase in net interest income of $1.8 million, or 9.4%, was primarily due to the decrease in interest expense that exceeded a decrease in interest income.

In a manner consistent with the decrease in interest rates in response to the COVID-19 pandemic, our cost of interest bearing liabilities decreased much greater than our yield on interest earning assets as our interest bearing liabilities repriced much faster to lower rates than our yield on interest earning assets. In this regard, our cost of interest bearing liabilities decreased by 96 basis points from 1.93% for the six months ended June 30, 2020 to 0.97% for the six months ended June 30, 2021. Our yield on interest earning assets decreased by 62 basis points from 5.76% for the six months ended June 30, 2020 to 5.14% for the six months ended June 30, 2021.

Net interest margin increased by 17 basis points, or 3.9%, during the six months ended June 30, 2021 to 4.54% compared to 4.37% during the six months ended June 30, 2020.

Non-Interest Income
Non-interest income for the three months ended June 30, 2021 was $778,000 compared to non-interest income of $541,000 for the three months ended June 30, 2020. The increase in total non-interest income was primarily due to an increase of $193,000 in other loan fees and service charges, an increase of $32,000 in investment advisory fees, a net gain of $7,000 on the sale of fixed assets, and an increase of $6,000 in other non-interest income, partially offset by a decrease of $1,000 in bank owned life insurance income.

Non-interest income for the six months ended June 30, 2021 was $1.2 million compared to non-interest income of $1.4 million for the six months ended June 30, 2020. The decrease in total non-interest income was primarily due to an unrealized loss of $62,000 in our equity securities in the 2021 period compared to an unrealized gain of $299,000 in the comparable period in 2020, a decrease of $119,000 in other non-interest income, and a decrease of $10,000 in bank owned life insurance income. These were partially offset by an increase of $245,000 in other loan fees and service charges, an increase of $36,000 in investment advisory fees, and a net gain of $7,000 on the sale of fixed assets.

Non-Interest Expense
Non-interest expense increased by $8,000, or 0.1%, to $6.3 million for the three months ended June 30, 2021 from $6.3 million for the three months ended June 30, 2020. The increase resulted primarily from increases of $244,000 in other operating expense and $45,000 in equipment expense, partially offset by decreases of $88,000 in outside data processing expense, $77,000 in salaries and employee benefits, $67,000 in real estate owned expense, $42,000 in advertising expense, and $7,000 in occupancy expense.

Non-interest expense increased by $493,000, or 4.0%, to $12.9 million for the six months ended June 30, 2021 from $12.4 million for the six months ended June 30, 2020. The increase resulted primarily from increases of $303,000 in salaries and employee benefits, $195,000 in other operating expense, $88,000 in occupancy expense, and $77,000 in equipment expense, partially offset by decreases of $73,000 in real estate owned expense, $71,000 in advertising expense, and $26,000 in outside data processing expense.

Income Taxes
We recorded income tax expense of $1.1 million and $752,000 for the three months ended June 31, 2021 and 2020, respectively. For the three months ended June 30, 2021, we had approximately $174,000 in tax exempt income, compared to approximately $165,000 in tax exempt income for the three months ended June 30, 2020. Our effective income tax rates were 23.2% and 23.3% for the three months ended June 30, 2021 and 2020, respectively.

We recorded income tax expense of $2.1 million and $1.7 million for the six months ended June 31, 2021 and 2020, respectively. For the six months ended June 30, 2021, we had approximately $336,000 in tax exempt income, compared to approximately $337,000 in tax exempt income for the six months ended June 30, 2020. Our effective income tax rates were 23.2% and 23.4% for the six months ended June 30, 2021 and 2020, respectively.

Asset Quality
Our ratio of non-performing assets to total assets remained low at 0.52% as of June 30, 2021. Our net charge-offs remained low with $11,000 of net charge-offs recorded during the six months ended June 30, 2021, compared to a net recovery of $21,000 during the six months ended June 30, 2020. We recorded a $17,000 provision for loan losses during the six months ended June 30, 2021, compared to a $532,000 provision for loan losses during the six months ended June 30, 2020.

The provision recorded for the six months ended June 30, 2020 was primarily attributed to the perceived potential credit risk associated with the COVID-19 pandemic, although no specific or probable losses were identified at that time. Although the COVID-19 pandemic and the resulting recession has impacted the local economy, we have not experienced any significant deterioration of our borrowers’ ability to keep current in accordance with the terms of their obligations. Based on a review of the loans that were in the loan portfolio at June 30, 2021, management believes that the allowance is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that were both probable and reasonably estimable.

Our allowance for loan losses totaled $5.1 million, or 0.61% of total loans as of June 30, 2021, compared to $5.1 million, or 0.62% of total loans as of December 31, 2020.

Capital
The Bank’s capital position remains strong relative to current regulatory requirements and is considered a well-capitalized institution under the Prompt Corrective Action framework. As of June 30, 2021, the Bank had a tier 1 leverage capital ratio of 14.84% and a total risk-based capital ratio of 13.58%. The Company’s total stockholder’s equity to assets was 14.94% as of June 30, 2021. At June 30, 2021, the Company had the ability to borrow $41.2 million from the Federal Home Loan Bank of New York.

About NorthEast Community Bancorp
NorthEast Community Bancorp, headquartered at 325 Hamilton Avenue, White Plains, New York 10601, is the holding company for NorthEast Community Bank, which conducts business through its nine branch offices located in Bronx, New York, Orange, and Rockland Counties in New York and Essex, Middlesex, and Norfolk Counties in Massachusetts and three loan production offices located in New City, New York, White Plains, New York, and Danvers, Massachusetts. For more information about NorthEast Community Bancorp and NorthEast Community Bank, please visit www.necb.com.

Forward Looking Statement
This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include, but are not limited to, changes in market interest rates, regional and national economic conditions, the effect of the COVID-19 pandemic (including its impact on NorthEast Community Bank’s business operations and credit quality, on our customers and their ability to repay their loan obligations and on general economic and financial market conditions), legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the quality and composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in NorthEast Community Bank’s market area, changes in the real estate market values in NorthEast Community Bank’s market area and changes in relevant accounting principles and guidelines. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

NORTHEAST COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)

June 30,

December 31,

2021

2020

(In thousands, except share

and per share amounts)

ASSETS

Cash and amounts due from depository institutions

$

8,953

$

7,613

Interest-bearing deposits

154,882

61,578

Cash and cash equivalents

163,835

69,191

Certificates of deposit

100

100

Equity Securities

10,270

10,332

Securities available-for-sale, at fair value

2

2

Securities held-to-maturity (fair value of $10,932 and $7,519, respectively)

10,842

7,382

Loans receivable

829,970

824,708

Deferred loan (fees) costs, net

338

113

Allowance for loan losses

(5,094

)

(5,088

)

Net loans

825,214

819,733

Premises and equipment, net

23,187

18,675

Investments in restricted stock, at cost

1,569

1,595

Bank owned life insurance

24,987

24,691

Accrued interest receivable

3,619

3,838

Goodwill

651

651

Real estate owned

1,996

1,996

Property held for investment

1,500

1,518

Right of Use Assets – Operating

2,830

3,094

Right of Use Assets – Financing

361

363

Other assets

5,570

5,060

Total assets

$

1,076,533

$

968,221

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities:

Deposits:

Non-interest bearing

$

257,808

$

221,371

Interest bearing

540,996

550,335

Total deposits

798,804

771,706

Advance payments by borrowers for taxes and insurance

2,012

2,258

Federal Home Loan Bank advances

28,000

28,000

Lease Liability – Operating

2,864

3,115

Lease Liability – Financing

478

460

Stock Subscription

74,933

-

Accounts payable and accrued expenses

8,595

8,857

Total liabilities

915,686

814,396

Stockholders’ equity:

Preferred stock, $0.01 par value; 1,000,000 shares authorized, none issued

Common stock, $0.01 par value; 19,000,000 shares authorized; 13,225,000 shares issued; and 12,194,611 shares outstanding at June 30, 2021 and December 31, 2020, respectively

$

132

$

132

Additional paid-in capital

56,974

56,901

Unearned Employee Stock Ownership Plan (“ESOP”) shares

(1,166

)

(1,296

)

Treasury stock – at cost, 1,030,389 shares at June 30, 2021 and December 31, 2020, respectively

(7,032

)

(7,032

)

Retained earnings

112,127

105,305

Accumulated other comprehensive loss

(188

)

(185

)

Total stockholders’ equity

160,847

153,825

Total liabilities and stockholders’ equity

$

1,076,533

$

968,221

NORTHEAST COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2021

2020

2021

2020

(In thousands, except per share amounts)

(In thousands, except per share amounts)

INTEREST INCOME:

Loans

$

11,575

$

12,196

$

23,302

$

24,441

Interest-earning deposits

11

11

21

331

Securities – taxable

90

108

173

224

Total Interest Income

11,676

12,315

23,496

24,996

INTEREST EXPENSE:

Deposits

1,113

2,622

2,395

5,685

Borrowings

176

176

350

332

Financing Lease

9

9

18

18

Total Interest Expense

1,298

2,807

2,763

6,035

Net Interest Income

10,378

9,508

20,733

18,961

Provision for loan loss

518

17

532

Net Interest Income after Provision for Loan Losses

10,378

8,990

20,716

18,429

NON-INTEREST INCOME:

Other loan fees and service charges

393

200

715

470

Gain on disposition of equipment

7

7

Earnings on bank owned life insurance

148

149

295

305

Investment advisory fees

124

92

242

206

Unrealized gain (loss) on equity securities

93

93

(62

)

299

Other

13

7

24

143

Total Non-Interest Income

778

541

1,221

1,423

NON-INTEREST EXPENSES:

Salaries and employee benefits

3,512

3,589

7,169

6,866

Occupancy expense

472

479

1,045

957

Equipment

239

194

488

411

Outside data processing

337

425

824

850

Advertising

24

66

47

118

Real estate owned expense

26

93

68

141

Other

1,699

1,455

3,223

3,028

Total Non-Interest Expenses

6,309

6,301

12,864

12,371

INCOME BEFORE PROVISION FOR INCOME TAXES

4,847

3,230

9,073

7,481

PROVISION FOR INCOME TAXES

1,126

752

2,107

1,747

NET INCOME

$

3,721

$

2,478

$

6,966

$

5,734

EARNINGS PER COMMON SHARE – BASIC AND DILUTED

$

0.31

$

0.21

$

0.58

$

0.48

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – BASIC AND DILUTED

12,075

12,049

12,075

12,049

DIVIDENDS DECLARED PER COMMON SHARE

$

0.03

$

0.03

$

0.03

$

0.03

NORTHEAST COMMUNITY BANCORP, INC.
SELECTED CONSOLIDATED FINANCIAL DATA
(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2021

2020

2021

2020

(In thousands, except per share amounts)

(In thousands, except per share amounts)

Per share data:

Earnings per share - basic and diluted

$

0.31

$

0.21

$

0.58

$

0.48

Weighted average shares outstanding - basic and diluted

12,075

12,049

12,075

12,049

Performance ratios/data:

Return on average total assets

1.50

%

1.05

%

1.42

%

1.23

%

Return on average shareholders' equity

9.32

%

6.75

%

8.83

%

7.88

%

Net interest income

$

10,378

$

9,509

$

20,733

$

18,960

Net interest margin

4.49

%

4.31

%

4.54

%

4.37

%

Efficiency ratio

56.56

%

62.71

%

58.60

%

60.69

%

Loan portfolio composition:

June 30, 2021

December 31, 2020

One-to-four family

$

4,803

$

6,170

Multi-family

89,514

90,506

Mixed-use

28,230

30,508

Total residential real estate

122,547

127,184

Non-residential real estate

55,144

60,665

Construction

571,963

545,788

Commercial and industrial

79,973

90,577

Overdrafts

302

452

Consumer

41

42

Gross loans

829,970

824,708

Deferred loan (fees) costs, net

338

113

Total loans

$

830,308

$

824,821

Asset quality data:

Loans past due over 90 days and still accruing

$

-

$

-

Non-accrual loans

3,593

3,572

OREO property

1,996

1,996

Total non-performing assets

$

5,589

$

5,568

Net recoveries (charge-offs)

$

(8

)

$

7

$

(11

)

$

21

Allowance for loan losses to total loans

0.61

%

0.62

%

Allowance for loan losses to non-performing loans

141.78

%

142.60

%

Non-performing loans to total loans

0.43

%

0.43

%

Non-performing assets to total assets

0.52

%

0.58

%

Bank's Regulatory Capital ratios:

Common equity tier 1 capital to risk-weighted assets

13.58

%

13.72

%

Total capital to risk-weighted assets

13.12

%

13.23

%

Tier 1 capital to risk-weighted assets

13.12

%

13.23

%

Tier 1 leverage ratio

14.84

%

14.79

%

NORTHEAST COMMUNITY BANCORP, INC.
NET INTEREST MARGIN ANALYSIS
(Unaudited)

Three Months Ended June 30, 2021

Three Months Ended June 30, 2020

Average

Interest

Average

Average

Average

Balance

and dividend

Yield

Balance

Interest

Yield

(In thousands, except yield/cost information)

(In thousands, except yield/cost information)

Loan receivable Gross

$

833,973

$

11,575

5.55

%

$

804,843

$

12,196

6.06

%

Securities (1)

21,513

90

1.67

%

20,689

108

2.09

%

Other interest-earning assets

69,368

11

0.06

%

57,037

11

0.08

%

Total interest-earning assets

924,854

11,676

5.05

%

882,569

12,315

5.58

%

Allowance for loan losses

(5,103

)

(4,881

)

Non-interest-earning assets

72,615

62,887

Total assets

$

992,366

$

940,575

Interest-bearing demand deposit

$

114,675

$

164

0.57

%

$

109,640

$

142

0.52

%

Savings and club accounts

101,162

48

0.19

%

104,526

236

0.90

%

Certificates of deposit

324,420

901

1.11

%

379,913

2,244

2.36

%

Total interest-bearing deposits

540,257

1,113

0.82

%

594,079

2,622

1.77

%

Borrowed money

28,000

185

2.64

%

28,000

185

2.64

%

Total interest-bearing liabilities

568,257

1,298

0.91

%

622,079

2,807

1.80

%

Non-interest-bearing demand deposit

239,996

159,953

Other non-interest-bearing liabilities

24,429

11,656

Total liabilities

832,682

793,688

Equity

159,684

146,887

Total liabilities and equity

$

992,366

$

940,575

Net interest income / interest spread

$

10,378

4.14

%

$

9,508

3.78

%

Net interest rate margin

4.49

%

4.31

%

Net interest earning assets

$

356,597

$

260,490

Average interest-earning assets

to interest-bearing liabilities

162.75

%

141.87

%

(1) Includes Federal Home Loan Bank of New York stock.

Six Months Ended June 30, 2021

Six Months Ended June 30, 2020

Average

Interest

Average

Average

Average

Balance

and dividend

Yield

Balance

Interest

Yield

(In thousands, except yield/cost information)

(In thousands, except yield/cost information)

Loan receivable Gross

$

834,219

$

23,302

5.59

%

$

785,691

$

24,441

6.22

%

Securities (1)

20,312

173

1.70

%

20,683

224

2.17

%

Other interest-earning assets

58,942

21

0.07

%

61,079

331

1.08

%

Total interest-earning assets

913,473

23,496

5.14

%

867,453

24,996

5.76

%

Allowance for loan losses

(5,096

)

(4,751

)

Non-interest-earning assets

70,157

67,842

Total assets

$

978,534

$

930,544

Interest-bearing demand deposit

$

111,357

$

320

0.57

%

$

109,973

$

464

0.84

%

Savings and club accounts

101,893

127

0.25

%

102,163

459

0.90

%

Certificates of deposit

330,546

1,948

1.18

%

387,125

4,762

2.46

%

Total interest-bearing deposits

543,796

2,395

0.88

%

599,261

5,685

1.90

%

Borrowed money

28,000

368

2.63

%

25,577

350

2.74

%

Total interest-bearing liabilities

571,796

2,763

0.97

%

624,838

6,035

1.93

%

Non-interest-bearing demand deposit

229,854

148,964

Other non-interest-bearing liabilities

19,020

11,221

Total liabilities

820,670

785,023

Equity

157,864

145,521

Total liabilities and equity

$

978,534

$

930,544

Net interest income / interest spread

$

20,733

4.18

%

$

18,961

3.83

%

Net interest rate margin

4.54

%

4.37

%

Net interest earning assets

$

341,677

$

242,615

Average interest-earning assets

to interest-bearing liabilities

159.76

%

138.83

%

(1) Includes Federal Home Loan Bank of New York stock.

CONTACT: CONTACT: Kenneth A. Martinek Chairman and Chief Executive Officer PHONE: 914) 684-2500


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