WHITE PLAINS, N.Y., Feb. 10, 2017 (GLOBE NEWSWIRE) -- Northeast Community Bancorp, Inc. (OTC:NECB) (the “Company”), a majority owned subsidiary of NorthEast Community Bancorp, MHC, reported consolidated net income of $5.03 million for the year ended December 31, 2016 compared to consolidated net income of $2.34 million for the year ended December 31, 2015. The increase in net income was primarily due to continued loan growth and loan portfolio restructuring.
Total assets increased $140.9 million or 23.7% to $734.5 million at December 31, 2016 from $593.6 million at December 31, 2015. Commitments to fund commercial real estate, construction, land development, commercial and industrial, and other loans totaled $247.3 million at December 31, 2016 compared to $139.2 million at December 31, 2015. The increase in commitments and loans in process is primarily the result of the Company’s continued focus on growing its lending operations in the lower Hudson Valley.
Total liabilities at December 31, 2016 were $625.1 million compared to $488.6 million at December 31, 2015, an increase of $136.5 million or 27.9%. The increase in liabilities was primarily due to a $121.1 million increase in deposits from $424.2 million at December 31, 2015 to $545.3 million at December 31, 2016. In addition, Federal Home Loan Bank advances grew by $14.0 million to $70.2 million at December 31, 2016, compared to $56.2 million at December 31, 2015. The increase in deposit liabilities and Federal Home Loan Bank advances were maturity matched to fund Hudson Valley lending operations.
Stockholder equity increased to $109.45 million at December 31, 2016 from $105.05 million at December 31, 2015.
NorthEast Community Bancorp, Inc. is the parent company of NorthEast Community Bank, headquartered in White Plains, New York. NorthEast Community Bank is a New York State chartered savings bank that operates four full-service branches in New York and four full-service branches in Massachusetts and loan production offices in White Plains, New York, New City, New York and Danvers, Massachusetts.
This news release may contain forward-looking statements, which can be identified by the use of words such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, but are not limited to, general economic conditions, changes in the interest rate environment, legislative or regulatory changes that may adversely affect our business, changes in accounting policies and practices, changes in competition and demand for financial services, adverse changes in the securities markets, changes in deposit flows and changes in the quality or composition of the Company’s loan or investment portfolios. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.