NorthEast Community Bancorp, Inc./MD/ NECB
Northeast Community Bancorp, Inc. (the "Company") is a Maryland corporation that was incorporated in May 2021 to be the successor to NorthEast Community Bancorp, Inc., a federally chartered corporation (the "Mid-Tier Holding Company"), upon completion of the second-step conversion of NorthEast Community Bank (the "Bank") from the two-tier mutual holding company structure to the stock holding company structure. NorthEast Community Bancorp, MHC was the former mutual holding company for the Mid-Tier Holding Company prior to the completion of the second-step conversion. In conjunction with the second-step conversion, each of NorthEast Community Bancorp, MHC and the Mid-Tier Holding Company merged out of existence and now cease to exist. The second-step conversion was completed on July 12, 2021, at which time the Company sold, for gross proceeds of $97.8 million, a total of 9,784,077 shares of common stock at $10.00 per share. As part of the second-step conversion, each of the existing outstanding shares of Mid-Tier Holding Company common stock owned by persons other than NorthEast Community Bancorp, MHC was converted into 1.3400 shares of Company common stock. As a result of the second-step conversion, all share information has been subsequently revised to reflect the 1.3400 exchange ratio, unless otherwise noted.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $154.1M | $160.0M | $132.5M | $72.0M | $48.4M | $49.0M | — |
| Interest expense | $100.7M | $102.8M | $97.2M | $8.1M | $5.1M | $10.0M | — |
| Pre-tax income | $62.3M | $65.8M | $64.7M | $34.4M | $15.6M | $15.6M | — |
| Income tax | $17.8M | $18.7M | $18.5M | $9.6M | $3.7M | $3.3M | — |
| Net income | $44.4M | $47.1M | $46.3M | $24.8M | $11.9M | $12.3M | — |
| EPS, basic | 3.35 | 3.58 | 3.32 | 1.61 | 0.75 | 0.76 | — |
| EPS, diluted | 3.25 | 3.52 | 3.32 | 1.58 | 0.75 | 0.76 | — |
| Shares, diluted (wtd. avg.) | $13.7M | $13.4M | $13.9M | $15.7M | $15.9M | $16.1M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $81.2M | $78.3M | $68.7M | $95.3M | $152.3M | $69.2M | $127.7M |
| Property, plant and equipment | $25.4M | $24.8M | $25.5M | $26.1M | $23.9M | $18.7M | — |
| Goodwill | — | — | $0 | $200.0K | $651.0K | $651.0K | — |
| Total assets | $2.06B | $2.01B | $1.76B | $1.42B | $1.23B | $968.2M | — |
| Long-term debt | $70.0M | — | $64.0M | $21.0M | — | — | — |
| Total liabilities | $1.71B | $1.69B | $1.48B | $1.16B | $973.7M | $814.4M | — |
| Retained earnings | $245.0M | $214.0M | $175.5M | $132.7M | $114.3M | $105.3M | — |
| Total equity | $351.7M | $318.3M | $279.3M | $262.0M | $251.4M | $153.8M | $142.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $52.6M | $48.7M | $42.8M | $27.5M | $21.6M | $15.7M | — |
| Depreciation and amortisation | $1.2M | $1.2M | $1.2M | $1.2M | $1.1M | $1.1M | — |
| Capital expenditure | $1.7M | $517.0K | $626.0K | $3.3M | $6.5M | $1.3M | — |
| Investing cash flow | -$52.0M | -$234.0M | -$357.8M | -$256.6M | -$178.9M | -$72.1M | — |
| Financing cash flow | $2.4M | $194.9M | $288.4M | $172.1M | $240.4M | -$2.0M | — |
| Dividends paid | $13.3M | $7.9M | $3.7M | $6.9M | $2.3M | $1.0M | — |
| Buybacks | $1.6M | $3.2M | $28.7M | $9.3M | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-027566.
Others in SIC 6036
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| FLG | FLAGSTAR BANK, NATIONAL ASSOCIATION | $5.61B | — | -25.0% |
| BBT | Beacon Financial Corp | $2.67B | 31.0x | 81.1% |
| HFWA | HERITAGE FINANCIAL CORP /WA/ | $1.20B | 14.9x | 1.5% |
| NBBK | NB Bancorp, Inc. | $1.01B | 17.3x | 14.8% |
| SMBC | SOUTHERN MISSOURI BANCORP, INC. | $817.0M | 14.3x | 11.7% |
| TCBX | Third Coast Bancshares, Inc. | $767.0M | 12.2x | — |
| GCBC | GREENE COUNTY BANCORP INC | $607.0M | 19.5x | 13.5% |
| HBCP | HOME BANCORP, INC. | $553.8M | 12.0x | 4.9% |