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

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

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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