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

White Plains, New York, UNITED STATES


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.

 

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