NorthEast Community Bancorp, Inc. Reports Results for the Fourth Quarter and Year Ended December 31, 2018
US:NASDAQ Investor Relations: necommunitybank.com/aboutus/investorrelations.aspx
WHITE PLAINS, N.Y., Feb. 01, 2019 (GLOBE NEWSWIRE) -- NorthEast Community Bancorp, Inc. (the “Company”) (OTCPX: NECB), a majority owned subsidiary of NorthEast Community Bancorp, MHC, and the parent holding company of NorthEast Community Bank (the “Bank”), reported net income of $4.92 million for the quarter ended December 31, 2018, an increase of 153.09%, compared to net income of $1.94 million for the quarter ended December 31, 2017. For the year ended December 31, 2018, the Company reported net income of $13.03 million compared to net income of $8.05 million for the year ended December 31, 2017. Financial Condition and Operating Results for December 31, 2018 compared to December 31, 2017: Net income before taxes for the three months ended December 31, 2018 was $6.23 million compared to $4.36 million for the three months ended December 31, 2017, an increase of 42.64%. The increase in net income before taxes was the result of our continuing focus on construction lending.
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