NorthEast Community Bancorp, Inc. to Record Loan Write Down in Third Quarter
NorthEast Community Bancorp, Inc. (NECB)
US:NASDAQ Investor Relations:
necommunitybank.com/aboutus/investorrelations.aspx
Company Research
Source: GlobeNewswire
WHITE PLAINS, N.Y., Oct. 12, 2021 (GLOBE NEWSWIRE) -- As previously reported, NorthEast Community Bancorp, Inc. (NasdaqCM: NECB) (the “Company”), the parent company of NorthEast Community Bank, had one non-performing loan as of June 30, 2021 that was a non-residential real estate loan with a balance of? $3.593 million that is secured by commercial real estate located in Greenwich, Connecticut and guaranteed by the two borrowers. The loan was originated in 2016 as a two-year bridge loan and, upon the borrower’s failure to satisfy the loan at the maturity date, the loan was accelerated and a foreclosure action was instituted. The loan remains in foreclosure but is subject to Connecticut’s continuing foreclosure moratorium and backlog. The property securing the loan is subject to a parking easement and based on a recently updated appraisal showing the property’s value with the parking easement to be zero, the Company has determined to write off the $3.5 million loan. The write down is
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News
- Is Northeast Community Bancorp (NECB) a Great Value Stock Right Now? [Yahoo! Finance]Yahoo! Finance
- Northeast Community Bancorp's (NASDAQ:NECB) Shareholders Will Receive A Bigger Dividend Than Last Year [Yahoo! Finance]Yahoo! Finance
- NorthEast Community Bancorp (NECB) Hikes Dividend by 66.7% [Yahoo! Finance]Yahoo! Finance
- NorthEast Community Bancorp, Inc. Announces Increased Quarterly Cash DividendGlobeNewswire
- Are Investors Undervaluing Northeast Community Bancorp (NECB) Right Now? [Yahoo! Finance]Yahoo! Finance
NECB
Earnings
- 2/1/24 - Beat
NECB
Sec Filings
- 4/12/24 - Form ARS
- 4/12/24 - Form DEFA14A
- 4/12/24 - Form DEF
- NECB's page on the SEC website