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Stock impact report

NorthEast Community Bancorp, Inc. Reports Results for the Third Quarter of 2018

Northeast Community Bancorp Inc (NECB)  More Company Research Source: GlobeNewswire
PDF WHITE PLAINS, N.Y., Nov. 07, 2018 (GLOBE NEWSWIRE) -- NorthEast Community Bancorp, Inc. (OTC PX: NECB) (the “Company”), a majority owned subsidiary of NorthEast Community Bancorp, MHC, and the parent holding company of NorthEast Community Bank (the “Bank”), reported net income of $1.22 million for the quarter ended September 30, 2018, a decrease of 47.63%, compared to net income of $2.34 million for the quarter ended September 30, 2017.  Financial Condition and Operating Results for September 30, 2018 compared to September 30, 2017: Net income before taxes for the three months ended September 30, 2018 was $1.60 million compared to $3.91 million for the three months ended September 30, 2017, a decrease of 59.03%.  The decrease in net income before taxes was primarily the result of a provision for loan losses of $3.35 million and an increase of $1.07 million in operating expenses offset by an increase of $2.08 million in net interest income.  The increase in operating expenses was p [Read more]
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