OREANDA-NEWS. NorthEast Community Bancorp, Inc. (OTC:NECB) (the “Company”), a majority owned subsidiary of NorthEast Community Bancorp, MHC, reported net income of $1.3 million for the quarter ended June 30, 2016 compared to net income of $1.1 million for the quarter ended March 31, 2016.  The increase in net income was primarily the result of continued loan growth.

Total assets increased by $9.5 million, or 1.46%, to $660.9 million at June 30, 2016 from $651.4 million at March 31, 2016.  During the second quarter of 2016, the average balance of interest earning assets increased by $36.1 million to $597.6 million while commitments and loans-in-process outstanding totaled $213.8 million as of June 30, 2016.  The level of commitments and loans-in-process outstanding is the result of the Company’s continued focus on growing its lending operations in Rockland and Orange Counties.

Total liabilities at June 30, 2016 were $553.8 million compared to $545.4 million at March 31, 2016, an increase of $8.4 million.  The increase in liabilities was primarily due to a $9.5 million increase in deposits from $464.7 million at March 31, 2016 to $474.2 million at June 30, 2016.  In addition, Federal Home Loan Bank advances decreased by $874,000 to $70.5 million during the second quarter of 2016, compared to $71.3 million at March 31, 2016.

NorthEast Community Bancorp, Inc. is the holding company for NorthEast Community Bank. 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 Danvers, Plymouth, Framingham and Quincy, Massachusetts and loan production offices in Danvers, Massachusetts and White Plains and New City, New York.