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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported): July 22, 2024
NORTHEAST COMMUNITY BANCORP, INC.
(Exact Name of Registrant as Specified in Its
Charter)
| Maryland |
001-40589 |
86-3173858 |
| (State or other jurisdiction of |
(Commission |
(IRS Employer |
| incorporation or organization) |
File Number) |
Identification No.) |
325 Hamilton Avenue, White Plains, New York 10601
(Address of principal executive offices) (Zip Code)
(914) 684-2500
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading symbol(s) |
Name of each exchange on which registered |
| Common Stock, par value $0.01 per share |
NECB |
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934
(17 CFR §240.12b-2).
Emerging growth company x
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
| Item 2.02 | Results of Operations and Financial Condition. |
On July 22, 2024, NorthEast
Community Bancorp, Inc. (the “Company”) issued a press release announcing its financial results for the three and six months
ended June 30, 2024. A copy of the Company’s press release is attached as Exhibit 99.1 and is furnished herewith.
The information contained
in this Item 2.02 and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act
of 1934 (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or
the Exchange Act, except as shall be expressly set forth by specific references in such a filing.
| Item 9.01 | Financial Statements and Other Exhibits. |
| | |
| (d) | Exhibits |
| | |
| | Number |
Description |
| | |
|
| | 99.1 |
Press
Release dated July 22, 2024 |
| | |
|
| | 104 |
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
| |
|
NORTHEAST COMMUNITY BANCORP, INC. |
| |
|
| |
|
| Date: July 23, 2024 |
By: |
/s/ Kenneth A. Martinek |
| |
|
Kenneth A. Martinek |
| |
|
Chairman and Chief Executive Officer |
Exhibit 99.1
NECB Earnings Press Release for 06/30/2024:
NORTHEAST
COMMUNITY BANCORP, INC. REPORTS RESULTS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30,
2024
White Plains, New York, July 22, 2024 – NorthEast Community
Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”),
generated net income of $12.8 million, or $0.98 per basic share and $0.97 per diluted share, for the three months ended June 30,
2024 compared to net income of $11.1 million, or $0.75 per basic and diluted share, for the three months ended June 30, 2023. In
addition, the Company generated net income of $24.2 million, or $1.84 per basic share and $1.83 per diluted share, for the six months
ended June 30, 2024 compared to net income of $22.3 million, or $1.56 per basic and diluted share, for the six months ended June 30,
2023.
Kenneth A. Martinek, Chairman of the Board and Chief Executive Officer,
stated “We are pleased to report another quarter of strong earnings due to the strong performance of our loan portfolio. Despite
the high interest rate environment during 2023 that continued into 2024, loan demand remained strong with originations and outstanding
commitments remaining robust. As has been in the past, construction lending in high demand-high absorption areas continues to be our focus.”
Highlights for the three months and six months ended June 30,
2024 are as follows:
| · | Performance metrics continue to be strong with a return on average assets ratio of 2.70%, a return on average equity ratio of 17.28%,
and an efficiency ratio of 35.24% for the three months ended June 30, 2024. For the six months ended June 30, 2024, the Company
reported a return on average assets ratio of 2.60%, a return on average equity ratio of 16.59%, and an efficiency ratio of 36.54%. |
| · | Net interest income increased by $2.2 million and $4.4 million, or 9.2% and 9.3%, respectively, for the three months and six months
ended June 30, 2024 compared to the same periods in 2023. |
| · | Our commitments, loans-in-process, and standby letters of credit outstanding totaled $700.9 million at June 30, 2024 compared
to $719.6 million at December 31, 2023. |
Balance Sheet Summary
Total assets increased $166.1 million, or 9.4%, to $1.9 billion
at June 30, 2024, from $1.8 billion at December 31, 2023. The increase in assets was primarily due to an increase in net
loans of $121.5 million and an increase in cash and cash equivalents of $45.2 million.
Cash and cash equivalents increased $45.2 million, or 65.8%, to $113.9 million
at June 30, 2024 from $68.7 million at December 31, 2023. The increase in cash and cash equivalents was a result of an
increase in deposits of $163.8 million, partially offset by a decrease in borrowings of $17.0 million, an increase of $121.5 million in
net loans, and stock repurchases of $2.4 million.
Equity securities decreased $102,000, or 0.6%, to $18.0 million at
June 30, 2024 from $18.1 million at December 31, 2023. The decrease in equity securities was attributable to market depreciation
of $102,000 due to market interest rate volatility during the six months ended June 30, 2024.
Securities
held-to-maturity decreased $468,000, or 3.0%, to $15.4 million at June 30, 2024 from $15.9 million at December 31, 2023 due
to $479,000 in maturities and pay-downs of various investment securities, partially offset by a decrease of $10,000 in the allowance
for credit losses for held-to-maturity securities.
Loans, net of the allowance for credit losses, increased $121.5 million,
or 7.7%, to $1.7 billion at June 30, 2024 from $1.6 billion at December 31, 2023. The increase in loans, net of the allowance
for credit losses, was primarily due to loan originations of $364.7 million during the six months ended June 30, 2024, consisting
primarily of $323.8 million in construction loans with respect to which approximately 34.0% of the funds were disbursed at loan closings,
with the remaining funds to be disbursed over the terms of the construction loans. In addition, during the six months ended June 30,
2024, we originated $21.8 million in commercial and industrial loans, $14.0 million in non-residential loans, and $5.1 million in multi-family
loans.
Loan originations during the six months ended June 30, 2024 resulted
in a net increase of $110.5 million in construction loans, $9.4 million in non-residential loans, $2.4 million in commercial and industrial
loans, $938,000 in multi-family loans, and $440,000 in consumer loans. The increase in our loan portfolio was partially offset by decreases
of $1.3 million in mixed-use loans and $652,000 in residential loans, coupled with normal pay-downs and principal reductions.
The allowance for credit losses related to loans decreased to $4.9
million as of June 30, 2024 from $5.1 million as of December 31, 2023. The decrease in the allowance for credit losses related
to loans was due to a credit to the provision for credit losses totaling $145,000 and charge-offs of $33,000.
Premises and equipment decreased $397,000, or 1.6%, to $25.1 million
at June 30, 2024 from $25.5 million at December 31, 2023 primarily due to the depreciation of fixed assets.
Investments in Federal Home Loan Bank stock decreased $217,000, or
23.4%, to $712,000 at June 30, 2024 from $929,000 at December 31, 2023. The decrease was due primarily to the mandatory redemption
of Federal Home Loan Bank stock totaling $315,000 in connection with the maturity of $7.0 million in advances in 2024, offset by purchases
of Federal Home Loan Bank stock totaling $98,000 due to the growth of our mortgage loan portfolio.
Bank owned life insurance (“BOLI”) increased $319,000,
or 1.3%, to $25.4 million at June 30, 2024 from $25.1 million at December 31, 2023 due to increases in the BOLI cash value.
Accrued interest receivable increased $1.2 million, or 9.4%, to $13.5
million at June 30, 2024 from $12.3 million at December 31, 2023 due to an increase in the loan portfolio.
Foreclosed real estate was $1.5 million at both June 30, 2024
and December 31, 2023.
Right of use assets — operating decreased $280,000,
or 6.1%, to $4.3 million at June 30, 2024 from $4.6 million at December 31, 2023, primarily due to amortization.
Other assets decreased $660,000, or 8.2%, to $7.4 million at June 30,
2024 from $8.0 million at December 31, 2023 due to a decrease in tax assets of $691,000 and a decrease in suspense accounts
of $31,000, partially offset by an increase of $66,000 in prepaid expenses.
Total deposits increased $163.8 million, or 11.7%, to $1.6 billion
at June 30, 2024 from $1.4 billion at December 31, 2023. The increase in deposits was primarily due to the Bank offering
competitive interest rates to attract deposits. This resulted in a shift in deposits whereby certificates of deposit increased $151.0 million,
or 19.8%, and NOW/money market accounts increased $75.0 million, or 51.8%, partially offset by decreases in savings account balances of
$47.5 million, or 24.7%, and non-interest bearing demand deposits of $14.6 million, or 4.9%.
Federal Home Loan Bank advances decreased $7.0 million, or 50.0%, to
$7.0 million at June 30, 2024 from $14.0 million at December 31, 2023 due to the maturity of borrowings in 2024. Federal
Reserve Bank borrowings decreased $10.0 million, or 20.0%, to $40.0 million at June 30, 2024 from $50.0 million at December 31,
2023.
Advance payments by borrowers for taxes and insurance decreased $117,000,
or 5.8%, to $1.9 million at June 30, 2024 from $2.0 million at December 31, 2023 due primarily to remittance of real estate
tax payments to various local tax authorities.
Lease liability – operating decreased $255,000, or 5.5%, to $4.4
million at June 30, 2024 from $4.6 million at December 31, 2023, primarily due to amortization.
Accounts payable and accrued expenses decreased $1.1 million, or 7.8%,
to $12.5 million at June 30, 2024 from $13.6 million at December 31, 2023 due primarily to a decrease in accrued expense of
$1.5 million, partially offset by an increase in accounts payable of $526,000 and deferred compensation of $263,000. The allowance for
credit losses for off-balance sheet commitments decreased $197,000, or 22.6%, to $803,000 at June 30, 2024 from $1.0 million at December 31,
2023.
Stockholders’
equity increased $20.7 million, or 7.4% to $300.0 million at June 30, 2024, from $279.3 million at December 31, 2023.
The increase in stockholders’ equity was due to net income of $24.2 million for the six months ended June 30,
2024, the amortization expense of $888,000 relating to restricted stock and stock options granted under the Company’s 2022 Equity
Incentive Plan, a reduction of $435,000 in unearned employee stock ownership plan shares coupled with an increase of $276,000 in
earned employee stock ownership plan shares, an exercise of stock options totaling $14,000, and $6,000 in other comprehensive income,
partially offset by stock repurchases totaling $2.5 million and dividends paid and declared of $2.7 million.
Results of Operations for the Three Months Ended June 30,
2024 and 2023
Net Interest Income
Net interest income was $26.2 million for the three months
ended June 30, 2024, as compared to $24.0 million for the three months ended June 30, 2023. The increase in net interest
income of $2.2 million, or 9.2%, was primarily due to an increase in interest income that exceeded an increase in interest expense.
The increase in interest income is attributable to increases in the
average balances of loans and interest-bearing deposits, partially offset by decreases in the average balances of investment securities
and FHLB stock. The increase in interest income is also attributable to a rising interest rate environment due to the Federal Reserve’s
interest rate increases in 2023.
The increase in market interest rates in 2023 also caused an increase
in our interest expense. As a result, the increase in interest expense for the three months ended June 30, 2024 was due to an increase
in the cost of funds on our deposits and borrowed money. The increase in interest expense was also due to an increase in the average balances
on our certificates of deposits, our interest-bearing demand deposits, and our borrowed money, offset by a decrease in the average balances
on our savings and club deposits.
Total
interest and dividend income increased $8.5 million, or 26.9%, to $40.2 million for the three months ended June 30, 2024 from
$31.7 million for the three months ended June 30, 2023. The increase in interest and dividend income was due to an increase in the
average balance of interest earning assets of $355.4 million, or 24.4%, to $1.8 billion for the three months ended June 30, 2024
from $1.5 billion for the three months ended June 30, 2023 and an increase in the yield on interest earning assets by 17 basis points
from 8.72% for the three months ended June 30, 2023 to 8.89% for the three months ended June 30, 2024.
Interest expense increased $6.3 million, or 82.1%, to $14.0 million
for the three months ended June 30, 2024 from $7.7 million for the three months ended June 30, 2023. The increase in interest
expense was due to an increase in the cost of interest bearing liabilities by 101 basis points from 3.32% for the three months ended June 30,
2023 to 4.33% for the three months ended June 30, 2024 and an increase in average interest bearing liabilities of $367.7
million, or 39.6%, to $1.3 billion for the three months ended June 30, 2024 from $928.0 million for the three months ended June 30,
2023.
Our net interest margin decreased 81 basis points, or 12.3%, to 5.79%
for the three months ended June 30, 2024 compared to 6.60% for the three months ended June 30, 2023. The decrease in the
net interest margin was due to the increase in the cost of interest-bearing liabilities outpacing the increase in the yield on interest-earning
assets.
Credit Loss Expense
The
Company recorded a credit loss expense reduction of $226,000 for the three months ended June 30, 2024 compared to a credit loss expense
of $610,000 for the three months ended June 30, 2023. The credit loss expense reduction of $226,000 for the three months ended June 30,
2024 was comprised of a credit loss expense reduction for off-balance sheet commitments of $218,000 and a credit loss expense reduction
for held-to-maturity investment securities of $8,000. The credit loss expense reduction for off-balance sheet commitments of $218,000
for the three months ended June 30, 2024 was primarily attributable to a reduction of $30.4 million in the level of off-balance sheet
commitments and favorable trends in the economy.
We
charged-off $12,000 during the three months ended June 30, 2024 as compared to charge-offs of $194,000 during the three months ended
June 30, 2023. The charge-offs of $12,000 during the three months ended June 30, 2024 were against various unpaid overdrafts
in our demand deposit accounts. The charge-offs of $194,000 during the three months ended June 30, 2023 were comprised of
a charge-off of $159,000 related to three performing construction loans on the same project whereby we sold the loans to a third-party
subsequent to June 30, 2023 at a loss of $159,000. The remaining charge-offs of $35,000 for the 2023 period were against various
unpaid overdrafts in our demand deposit accounts.
We recorded no recoveries from previously charged-off loans during
the three months ended June 30, 2024 and 2023.
Non-Interest Income
Non-interest income for the three months ended June 30, 2024 was
$731,000 compared to non-interest income of $1.0 million for the three months ended June 30, 2023. The decrease of $289,000, or 28.3%,
in total non-interest income was primarily due to decreases of $391,000 in BOLI income, $113,000 in investment advisory fees, and $4,000
in miscellaneous other non-interest income, partially offset by increases of $116,000 in other loan fees and service charges and $103,000
in unrealized gain/loss on equity securities.
The
decrease in BOLI income was primarily due to two death claims totaling $1.8 million on BOLI policies that resulted in additional BOLI
income of $404,000 in the three months ended June 30, 2023. The decrease in investment advisory fees was due to the disposition in
January 2024 of the Bank’s assets relating to the Harbor West Wealth Management Group. As a result of the transaction,
the Bank no longer generates investment advisory fees.
The increase of $116,000 in other loan fees and service charges was
due to an increase of $93,000 in other loan fees and loan servicing fees and an increase of $21,000 in ATM/debit card/ACH fees.
The
increase in unrealized loss on equity securities was due to an unrealized loss of $20,000 on equity securities during the three months
ended June 30, 2024 compared to an unrealized loss of $123,000 on equity securities during the three months ended June 30, 2023.
The unrealized loss of $20,000 on equity securities during the three months ended June 30, 2024 was due to market interest
rate volatility during the quarter ended June 30, 2023.
Non-Interest Expense
Non-interest
expense increased $617,000, or 6.9%, to $9.5 million for the three months ended June 30, 2024 from $8.9 million for the three
months ended June 30, 2023. The increase resulted primarily from increases of $415,000 in salaries and employee benefits, $297,000
in other operating expense, $69,000 in occupancy expense, $53,000 in outside data processing expense, and $6,000 in real estate
owned expense, partially offset by decreases of $144,000 in advertising expense, and $79,000 in equipment expense.
Income Taxes
We
recorded income tax expense of $4.9 million and $4.5 million for the three months ended June 30, 2024 and 2023, respectively.
For the three months ended June 30, 2024, we had approximately $199,000 in tax exempt income, compared to approximately $587,000
in tax exempt income for the three months ended June 30, 2023. The decrease in tax exempt income was due to two death
claims totaling $1.8 million on BOLI policies during the three months ended June 30, 2023. Our effective income tax rates were 27.6%
and 28.7% for the three months ended June 30, 2024 and 2023, respectively.
Results of Operations for the Six Months Ended June 30,
2024 and 2023
Net Interest Income
Net interest income was $51.2 million for the six months ended June 30,
2024 as compared to $46.9 million for the six months ended June 30, 2023. The increase in net interest income of $4.4 million,
or 9.3%, was primarily due to an increase in interest income that exceeded an increase in interest expense.
The increase in interest income is attributable to increases in loans
and interest-bearing deposits, partially offset by decreases in investment securities and FHLB stock. The increase in interest income
is also attributable to a rising interest rate environment as a result of the Federal Reserve’s interest rate increases during 2023.
The increase in market interest rates in 2023 also caused an increase
in our interest expense. As a result, the increase in interest expense for the six months ended June 30, 2024 was due to an increase
in the cost of funds on our deposits and borrowed money. The increase in interest expense was also due to increases in the balances on
our certificates of deposits, our interest-bearing demand deposits, and our borrowed money, offset by a decrease in the balances of our
savings and club deposits.
Total
interest and dividend income increased $18.1 million, or 30.1%, to $78.4 million for the six months ended June 30, 2024 from
$60.2 million for the six months ended June 30, 2023. The increase in interest and dividend income was due to an increase in the
average balance of interest earning assets of $358.3 million, or 25.3%, to $1.8 billion for the six months ended June 30, 2024 from
$1.4 billion for the six months ended June 30, 2023 and an increase in the yield on interest earning assets by 33 basis points from
8.50% for the six months ended June 30, 2023 to 8.83% for the six months ended June 30, 2024.
Interest expense increased $13.8 million, or 103.1%, to $27.2 million
for the six months ended June 30, 2024 from $13.4 million for the six months ended June 30, 2023. The increase in interest expense
was due to an increase in the cost of interest bearing liabilities by 126 basis points from 3.05% for the six months ended June 30,
2023 to 4.31% for the six months ended June 30, 2024, and an increase in average interest bearing liabilities of $383.0 million,
or 43.6%, to $1.3 billion for the six months ended June 30, 2024 from $877.8 million for the six months ended June 30, 2023.
Net interest margin decreased 85 basis points, or 12.8%, for the six
months ended June 30, 2024 to 5.77% compared to 6.62% for the six months ended June 30, 2023.
Credit Loss Expense
The
Company recorded a credit loss expense reduction totaling $391,000 for the six months ended June 30, 2024 compared to a credit loss
expense totaling $611,000 for the six months ended June 30, 2023. The credit loss expense reduction of $391,000 for the six months
ended June 30, 2024 was comprised of a credit loss expense reduction for off-balance sheet commitments of $235,000, a credit loss
expense reduction for loans of $145,000, and a credit loss expense reduction for held-to-maturity investment securities of $11,000.
The credit loss expense reduction for off-balance sheet commitments of $391,000 for the six months ended June 30, 2024 was primarily
attributed to a reduction of $27.2 million in the level of off-balance sheet commitments and favorable trends in the economy. The credit
loss expense reduction for loans of $145,000 for the six months ended June 30, 2024 was primarily attributed to favorable trends
in the economy.
We
charged-off $32,000 during the six months ended June 30, 2024 as compared to charge-offs of $214,000 during the six months ended
June 30, 2023. The charge-offs of $32,000 during the six months ended June 30, 2024 were against various unpaid overdrafts in
our demand deposit accounts. The charge-offs of $214,000 during the six months ended June 30, 2023 were comprised of a charge-off
of $159,000 related to three performing construction loans on the same project whereby we sold the loans to a third-party subsequent to
June 30, 2023 at a loss of $159,000. The remaining charge-offs of $55,000 for the 2023 period were against various unpaid overdrafts
in our demand deposit accounts.
We recorded no recoveries from previously charged-off loans during
the six months ended June 30, 2024 and 2023.
Non-Interest Income
Non-interest income for the six months ended June 30, 2024 was
$1.3 million compared to non-interest income of $2.1 million for the six months ended June 30, 2023. The decrease of $850,000, or
39.8%, in total non-interest income was primarily due to decreases of $385,000 in BOLI income, $229,000 in investment advisory fees, $204,000
in unrealized losses on equity securities, $29,000 in other loan fees and service charges, and $3,000 in miscellaneous other non-interest
income.
The
decrease in BOLI income was primarily due to two death claims totaling $1.8 million on BOLI policies that resulted in additional BOLI
income of $404,000 in the six months ended June 30, 2023. The decrease in investment advisory fees was due to the disposition in
January 2024 of the Bank’s assets relating to the Harbor West Wealth Management Group. As a result of the transaction,
the Bank no longer generates investment advisory fees.
The
decrease in unrealized gain (loss) on equity securities was due to an unrealized loss of $102,000 on equity securities during the six
months ended June 30, 2024 compared to an unrealized gain of $102,000 on equity securities during the six months ended June 30,
2023. The unrealized loss of $102,000 on equity securities during the 2024 period was due to market interest rate volatility during
the six months ended June 30, 2024.
The decrease of $29,000 in other loan fees and service charges was
due to a decrease of $46,000 in other loan fees and loan servicing fees, partially offset by increases of $14,000 in ATM/debit card/ACH
fees and $2,000 in savings account fees.
Non-Interest Expense
Non-interest
expense increased $2.1 million, or 12.3%, to $19.2 million for the six months ended June 30, 2024 from $17.1 million for
the six months ended June 30, 2023. The increase resulted primarily from increases of $1.2 million in salaries and employee
benefits, $840,000 in other operating expense, $174,000 in outside data processing expense, and $107,000 in occupancy expense,
partially offset by decreases of $130,000 in equipment expense, $106,000 in advertising expense, and $2,000 in real estate owned expense.
Income Taxes
We
recorded income tax expense of $9.5 million and $9.0 million for the six months ended June 30, 2024 and 2023, respectively.
For the six months ended June 30, 2024, we had approximately $394,000 in tax exempt income, compared to approximately $770,000
in tax exempt income for the six months ended June 30, 2023. The decrease in tax exempt income was due to two death claims
totaling $1.8 million on BOLI policies during the six months ended June 30, 2023. Our effective income tax rates were 28.3% and 28.7%
for the six months ended June 30, 2024 and 2023, respectively.
Asset Quality
Non-performing assets were $5.9 million at June 30, 2024 compared
to $5.8 million at December 31, 2023. At June 30, 2024 and December 31, 2023, we had two non-performing construction loans
totaling $4.4 million secured by the same project located in the Bronx, New York. The other non-performing assets consisted of one foreclosed
property at June 30, 2024 and December 31, 2023. Our ratio of non-performing assets to total assets remained low at 0.30% at
June 30, 2024 as compared to 0.33% at December 31, 2023.
The Company’s allowance for credit losses related to loans was
$4.9 million, or 0.29% of total loans as of June 30, 2024, compared to $5.1 million, or 0.32% of total loans, as of December 31,
2023. Based on a review of the loans that were in the loan portfolio at June 30, 2024, management believes that the allowance for
credit losses related to loans is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that
were both probable and reasonably estimable.
In addition, at June 30, 2024, the Company’s allowance for
credit losses related to off-balance sheet commitments totaled $803,000 and the allowance for credit losses related to held-to-maturity
debt securities totaled $126,000.
Capital
The Company’s total stockholders’ equity to assets ratio
was 15.54% as of June 30, 2024. At June 30, 2024, the Company had the ability to borrow $841.9 million from the Federal Reserve
Bank of New York, $29.6 million from the Federal Home Loan Bank of New York and $8.0 million from Atlantic Community Bankers Bank.
The Bank’s capital position remains strong relative to current
regulatory requirements and the Bank is considered a well-capitalized institution under the Prompt Corrective Action framework. As of
June 30, 2024, the Bank had a tier 1 leverage capital ratio of 14.37% and a total risk-based capital ratio of 13.66%.
The Company completed its first stock repurchase program on April 14,
2023 whereby the Company repurchased 1,637,794 shares, or 10%, of the Company’s issued and outstanding common stock. The cost of
the stock repurchase program totaled $23.0 million, including commission costs and Federal excise taxes. Of the total shares repurchased
under this program, 957,275 of such shares were repurchased during 2023 at a total cost of $13.7 million, including commission costs and
Federal excise taxes.
The Company commenced its second stock repurchase program on May 30,
2023 whereby the Company will repurchase 1,509,218, or 10%, of the Company’s issued and outstanding common stock. As of June 30,
2024, the Company had repurchased 1,091,174 shares of common stock under its second repurchase program, at a cost of $17.2 million, including
commission costs and Federal excise taxes.
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 eleven branch offices
located in Bronx, New York, Orange, Rockland, and Sullivan 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.” These
statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks
and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous
factors. 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 (including higher inflation and its impact on regional and national economic
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, decreases in deposit levels necessitating increased borrowing to fund loans and securities, 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, the impact of failures or disruptions in or breaches of the Company’s operational or security systems, data or infrastructure,
or those of third parties, including as a result of cyberattacks or campaigns, and changes in relevant accounting principles and guidelines.
Additionally, other risks and uncertainties may be described in our annual and quarterly reports filed with the U.S. Securities and Exchange
Commission (the “SEC”), which are available through the SEC’s website located at www.sec.gov. 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.
| CONTACT: |
Kenneth A. Martinek |
| |
Chairman and Chief Executive Officer |
| |
|
| PHONE: |
(914) 684-2500 |
NORTHEAST COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
| | |
June 30, | | |
December 31, | |
| | |
2024 | | |
2023 | |
| | |
(In thousands, except share | |
| | |
and per share amounts) | |
| ASSETS | |
| | |
| |
| Cash and amounts due from depository institutions | |
$ | 13,276 | | |
$ | 13,394 | |
| Interest-bearing deposits | |
| 100,609 | | |
| 55,277 | |
| Total cash and cash equivalents | |
| 113,885 | | |
| 68,671 | |
| Certificates of deposit | |
| 100 | | |
| 100 | |
| Equity securities | |
| 18,000 | | |
| 18,102 | |
| Securities held-to-maturity ( net of allowance for credit losses of $126 and $136, respectively ) | |
| 15,392 | | |
| 15,860 | |
| Loans receivable | |
| 1,708,430 | | |
| 1,586,721 | |
| Deferred loan (fees) costs, net | |
| (209 | ) | |
| 176 | |
| Allowance for credit losses | |
| (4,915 | ) | |
| (5,093 | ) |
| Net loans | |
| 1,703,306 | | |
| 1,581,804 | |
| Premises and equipment, net | |
| 25,055 | | |
| 25,452 | |
| Investments in restricted stock, at cost | |
| 712 | | |
| 929 | |
| Bank owned life insurance | |
| 25,401 | | |
| 25,082 | |
| Accrued interest receivable | |
| 13,473 | | |
| 12,311 | |
| Real estate owned | |
| 1,456 | | |
| 1,456 | |
| Property held for investment | |
| 1,389 | | |
| 1,407 | |
| Right of Use Assets – Operating | |
| 4,286 | | |
| 4,566 | |
| Right of Use Assets – Financing | |
| 349 | | |
| 351 | |
| Other assets | |
| 7,384 | | |
| 8,044 | |
| Total assets | |
$ | 1,930,188 | | |
$ | 1,764,135 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| Liabilities: | |
| | | |
| | |
| Deposits: | |
| | | |
| | |
| Non-interest bearing | |
$ | 285,541 | | |
$ | 300,184 | |
| Interest bearing | |
| 1,278,309 | | |
| 1,099,852 | |
| Total deposits | |
| 1,563,850 | | |
| 1,400,036 | |
| Advance payments by borrowers for taxes and insurance | |
| 1,903 | | |
| 2,020 | |
| Borrowings | |
| 47,000 | | |
| 64,000 | |
| Lease Liability – Operating | |
| 4,370 | | |
| 4,625 | |
| Lease Liability – Financing | |
| 590 | | |
| 571 | |
| Accounts payable and accrued expenses | |
| 12,500 | | |
| 13,558 | |
| Total liabilities | |
| 1,630,213 | | |
| 1,484,810 | |
| | |
| | | |
| | |
| Stockholders’ equity: | |
| | | |
| | |
| Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding | |
$ | — | | |
$ | — | |
| Common stock, $0.01 par value; 75,000,000 shares authorized; 13,990,602 shares and 14,144,856 shares outstanding, respectively | |
| 140 | | |
| 142 | |
| Additional paid-in capital | |
| 108,630 | | |
| 109,924 | |
| Unearned Employee Stock Ownership Plan (“ESOP”) shares | |
| (6,128 | ) | |
| (6,563 | ) |
| Retained earnings | |
| 197,010 | | |
| 175,505 | |
| Accumulated other comprehensive income | |
| 323 | | |
| 317 | |
| Total stockholders’ equity | |
| 299,975 | | |
| 279,325 | |
| Total liabilities and stockholders’ equity | |
$ | 1,930,188 | | |
$ | 1,764,135 | |
NORTHEAST COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
| | |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
| | |
| | |
(In thousands, except per share amounts) | |
| INTEREST INCOME: | |
| | | |
| | | |
| | | |
| | |
| Loans | |
$ | 38,634 | | |
$ | 30,494 | | |
$ | 75,337 | | |
$ | 58,069 | |
| Interest-earning deposits | |
| 1,385 | | |
| 1,001 | | |
| 2,585 | | |
| 1,705 | |
| Securities | |
| 218 | | |
| 219 | | |
| 436 | | |
| 452 | |
| Total Interest Income | |
| 40,237 | | |
| 31,714 | | |
| 78,358 | | |
| 60,226 | |
| INTEREST EXPENSE: | |
| | | |
| | | |
| | | |
| | |
| Deposits | |
| 13,435 | | |
| 7,609 | | |
| 25,829 | | |
| 13,161 | |
| Borrowings | |
| 570 | | |
| 78 | | |
| 1,302 | | |
| 190 | |
| Financing lease | |
| 10 | | |
| 9 | | |
| 19 | | |
| 19 | |
| Total Interest Expense | |
| 14,015 | | |
| 7,696 | | |
| 27,150 | | |
| 13,370 | |
| Net Interest Income | |
| 26,222 | | |
| 24,018 | | |
| 51,208 | | |
| 46,856 | |
| Provision for (reversal of) credit loss | |
| (226 | ) | |
| 610 | | |
| (391 | ) | |
| 611 | |
| Net Interest Income after Provision for (Reversal of) Credit Loss | |
| 26,448 | | |
| 23,408 | | |
| 51,599 | | |
| 46,245 | |
| NON-INTEREST INCOME: | |
| | | |
| | | |
| | | |
| | |
| Other loan fees and service charges | |
| 563 | | |
| 447 | | |
| 1,025 | | |
| 1,054 | |
| Earnings on bank owned life insurance | |
| 162 | | |
| 553 | | |
| 319 | | |
| 704 | |
| Investment advisory fees | |
| - | | |
| 113 | | |
| - | | |
| 229 | |
| Unrealized (loss) gain on equity securities | |
| (20 | ) | |
| (123 | ) | |
| (102 | ) | |
| 102 | |
| Other | |
| 26 | | |
| 30 | | |
| 43 | | |
| 46 | |
| Total Non-Interest Income | |
| 731 | | |
| 1,020 | | |
| 1,285 | | |
| 2,135 | |
| NON-INTEREST EXPENSES: | |
| | | |
| | | |
| | | |
| | |
| Salaries and employee benefits | |
| 5,252 | | |
| 4,837 | | |
| 10,603 | | |
| 9,378 | |
| Occupancy expense | |
| 674 | | |
| 605 | | |
| 1,381 | | |
| 1,274 | |
| Equipment | |
| 221 | | |
| 300 | | |
| 474 | | |
| 604 | |
| Outside data processing | |
| 607 | | |
| 554 | | |
| 1,243 | | |
| 1,069 | |
| Advertising | |
| 94 | | |
| 238 | | |
| 182 | | |
| 288 | |
| Real estate owned expense | |
| 27 | | |
| 21 | | |
| 39 | | |
| 41 | |
| Other | |
| 2,623 | | |
| 2,326 | | |
| 5,257 | | |
| 4,417 | |
| Total Non-Interest Expenses | |
| 9,498 | | |
| 8,881 | | |
| 19,179 | | |
| 17,071 | |
| INCOME BEFORE PROVISION FOR INCOME TAXES | |
| 17,681 | | |
| 15,547 | | |
| 33,705 | | |
| 31,309 | |
| PROVISION FOR INCOME TAXES | |
| 4,883 | | |
| 4,460 | | |
| 9,533 | | |
| 8,978 | |
| NET INCOME | |
$ | 12,798 | | |
$ | 11,087 | | |
$ | 24,172 | | |
$ | 22,331 | |
NORTHEAST COMMUNITY BANCORP, INC.
SELECTED CONSOLIDATED FINANCIAL DATA
(Unaudited)
| |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
| |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
| |
|
(In thousands, except per share amounts) |
|
(In thousands, except per share amounts) |
|
| Per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share - basic |
|
$ |
0.98 |
|
$ |
0.75 |
|
$ |
1.84 |
|
$ |
1.56 |
|
| Earnings per share - diluted |
|
|
0.97 |
|
|
0.75 |
|
|
1.83 |
|
|
1.56 |
|
| Weighted average shares outstanding - basic |
|
|
13,084 |
|
|
14,700 |
|
|
13,119 |
|
|
14,322 |
|
| Weighted average shares outstanding - diluted |
|
|
13,181 |
|
|
14,731 |
|
|
13,205 |
|
|
14,361 |
|
| Performance ratios/data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average total assets |
|
|
2.70% |
|
|
2.89% |
|
|
2.60% |
|
|
2.91% |
|
| Return on average shareholders' equity |
|
|
17.28% |
|
|
16.61% |
|
|
16.59% |
|
|
16.73% |
|
| Net interest income |
|
$ |
26,222 |
|
$ |
24,018 |
|
$ |
51,208 |
|
$ |
46,856 |
|
| Net interest margin |
|
|
5.79% |
|
|
6.60% |
|
|
5.77% |
|
|
6.62% |
|
| Efficiency ratio |
|
|
35.24% |
|
|
35.47% |
|
|
36.54% |
|
|
34.85% |
|
| Net charge-off ratio |
|
|
0.00% |
|
|
0.06% |
|
|
0.00% |
|
|
0.03% |
|
| Loan portfolio composition: | |
June 30, 2024 | | |
December 31, 2023 | |
| One-to-four family | |
$ | 4,600 | | |
$ | 5,252 | |
| Multi-family | |
| 199,865 | | |
| 198,927 | |
| Mixed-use | |
| 28,305 | | |
| 29,643 | |
| Total residential real estate | |
| 232,770 | | |
| 233,822 | |
| Non-residential real estate | |
| 30,556 | | |
| 21,130 | |
| Construction | |
| 1,329,953 | | |
| 1,219,413 | |
| Commercial and industrial | |
| 113,471 | | |
| 111,116 | |
| Consumer | |
| 1,680 | | |
| 1,240 | |
| Gross loans | |
| 1,708,430 | | |
| 1,586,721 | |
| Deferred loan (fees) costs, net | |
| (209 | ) | |
| 176 | |
| Total loans | |
$ | 1,708,221 | | |
$ | 1,586,897 | |
| Asset quality data: | |
| | | |
| | |
| Loans past due over 90 days and still accruing | |
$ | - | | |
$ | - | |
| Non-accrual loans | |
| 4,404 | | |
| 4,385 | |
| OREO property | |
| 1,456 | | |
| 1,456 | |
| Total non-performing assets | |
$ | 5,860 | | |
$ | 5,841 | |
| | |
| | | |
| | |
| Allowance for credit losses to total loans | |
| 0.29 | % | |
| 0.32 | % |
| Allowance for credit losses to non-performing loans | |
| 111.60 | % | |
| 116.15 | % |
| Non-performing loans to total loans | |
| 0.26 | % | |
| 0.28 | % |
| Non-performing assets to total assets | |
| 0.30 | % | |
| 0.33 | % |
| | |
| | | |
| | |
| Bank's Regulatory Capital ratios: | |
| | | |
| | |
| Total capital to risk-weighted assets | |
| 13.66 | % | |
| 14.11 | % |
| Common equity tier 1 capital to risk-weighted assets | |
| 13.37 | % | |
| 13.78 | % |
| Tier 1 capital to risk-weighted assets | |
| 13.37 | % | |
| 13.78 | % |
| Tier 1 leverage ratio | |
| 14.37 | % | |
| 16.21 | % |
NORTHEAST COMMUNITY BANCORP, INC.
NET INTEREST MARGIN ANALYSIS
(Unaudited)
| | |
Three Months Ended June 30, 2024 | | |
Three Months Ended June 30, 2023 | |
| | |
Average | | |
Interest | | |
Average | | |
Average | | |
Interest | | |
Average | |
| | |
Balance | | |
and dividend | | |
Yield | | |
Balance | | |
and dividend | | |
Yield | |
| | |
(In thousands, except yield/cost information) | | |
(In thousands, except yield/cost information) | |
| Loan receivable gross | |
$ | 1,687,029 | | |
$ | 38,634 | | |
| 9.16 | % | |
$ | 1,341,597 | | |
$ | 30,494 | | |
| 9.09 | % |
| Securities | |
| 33,438 | | |
| 199 | | |
| 2.38 | % | |
| 39,967 | | |
| 198 | | |
| 1.98 | % |
| Federal Home Loan Bank stock | |
| 704 | | |
| 19 | | |
| 10.80 | % | |
| 928 | | |
| 21 | | |
| 9.05 | % |
| Other interest-earning assets | |
| 89,736 | | |
| 1,385 | | |
| 6.17 | % | |
| 72,991 | | |
| 1,001 | | |
| 5.49 | % |
| Total interest-earning assets | |
| 1,810,907 | | |
| 40,237 | | |
| 8.89 | % | |
| 1,455,483 | | |
| 31,714 | | |
| 8.72 | % |
| Allowance for credit losses | |
| (4,927 | ) | |
| | | |
| | | |
| (4,070 | ) | |
| | | |
| | |
| Non-interest-earning assets | |
| 91,085 | | |
| | | |
| | | |
| 83,521 | | |
| | | |
| | |
| Total assets | |
$ | 1,897,065 | | |
| | | |
| | | |
$ | 1,534,934 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest-bearing demand deposit | |
$ | 205,536 | | |
$ | 1,930 | | |
| 3.76 | % | |
$ | 85,919 | | |
$ | 483 | | |
| 2.25 | % |
| Savings and club accounts | |
| 158,292 | | |
| 982 | | |
| 2.48 | % | |
| 267,368 | | |
| 1,836 | | |
| 2.75 | % |
| Certificates of deposit | |
| 884,626 | | |
| 10,523 | | |
| 4.76 | % | |
| 560,702 | | |
| 5,290 | | |
| 3.77 | % |
| Total interest-bearing deposits | |
| 1,248,454 | | |
| 13,435 | | |
| 4.30 | % | |
| 913,989 | | |
| 7,609 | | |
| 3.33 | % |
| Borrowed money | |
| 47,276 | | |
| 580 | | |
| 4.91 | % | |
| 14,000 | | |
| 87 | | |
| 2.49 | % |
| Total interest-bearing liabilities | |
| 1,295,730 | | |
| 14,015 | | |
| 4.33 | % | |
| 927,989 | | |
| 7,696 | | |
| 3.32 | % |
| Non-interest-bearing demand deposit | |
| 285,368 | | |
| | | |
| | | |
| 322,722 | | |
| | | |
| | |
| Other non-interest-bearing liabilities | |
| 19,641 | | |
| | | |
| | | |
| 17,224 | | |
| | | |
| | |
| Total liabilities | |
| 1,600,739 | | |
| | | |
| | | |
| 1,267,935 | | |
| | | |
| | |
| Equity | |
| 296,326 | | |
| | | |
| | | |
| 266,999 | | |
| | | |
| | |
| Total liabilities and equity | |
$ | 1,897,065 | | |
| | | |
| | | |
$ | 1,534,934 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net interest income / interest spread | |
| | | |
$ | 26,222 | | |
| 4.56 | % | |
| | | |
$ | 24,018 | | |
| 5.40 | % |
| Net interest rate margin | |
| | | |
| | | |
| 5.79 | % | |
| | | |
| | | |
| 6.60 | % |
| Net interest earning assets | |
$ | 515,177 | | |
| | | |
| | | |
$ | 527,494 | | |
| | | |
| | |
| Average interest-earning assets to interest-bearing liabilities | |
| 139.76 | % | |
| | | |
| | | |
| 156.84 | % | |
| | | |
| | |
NORTHEAST COMMUNITY BANCORP, INC.
NET INTEREST MARGIN ANALYSIS
(Unaudited)
| | |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
| | |
Average | | |
Interest | | |
Average | | |
Average | | |
Interest | | |
Average | |
| | |
Balance | | |
and dividend | | |
Yield | | |
Balance | | |
and dividend | | |
Yield | |
| | |
(In thousands, except yield/cost information) | | |
(In thousands, except yield/cost information) | |
| Loan receivable Gross | |
$ | 1,649,686 | | |
$ | 75,337 | | |
| 9.13 | % | |
$ | 1,305,922 | | |
$ | 58,069 | | |
| 8.89 | % |
| Securities | |
| 33,643 | | |
| 396 | | |
| 2.35 | % | |
| 42,232 | | |
| 409 | | |
| 1.94 | % |
| Federal Home Loan Bank stock | |
| 773 | | |
| 40 | | |
| 10.35 | % | |
| 1,039 | | |
| 43 | | |
| 8.28 | % |
| Other interest-earning assets | |
| 90,644 | | |
| 2,585 | | |
| 5.70 | % | |
| 67,269 | | |
| 1,705 | | |
| 5.07 | % |
| Total interest-earning assets | |
| 1,774,746 | | |
| 78,358 | | |
| 8.83 | % | |
| 1,416,462 | | |
| 60,226 | | |
| 8.50 | % |
| Allowance for loan losses | |
| (5,009 | ) | |
| | | |
| | | |
| (4,760 | ) | |
| | | |
| | |
| Non-interest-earning assets | |
| 89,972 | | |
| | | |
| | | |
| 82,217 | | |
| | | |
| | |
| Total assets | |
$ | 1,859,709 | | |
| | | |
| | | |
$ | 1,493,919 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest-bearing demand deposit | |
$ | 188,510 | | |
$ | 3,483 | | |
| 3.70 | % | |
$ | 88,047 | | |
$ | 911 | | |
| 2.07 | % |
| Savings and club accounts | |
| 170,531 | | |
| 2,184 | | |
| 2.56 | % | |
| 276,886 | | |
| 3,749 | | |
| 2.71 | % |
| Certificates of deposit | |
| 847,606 | | |
| 20,162 | | |
| 4.76 | % | |
| 496,338 | | |
| 8,501 | | |
| 3.43 | % |
| Total interest-bearing deposits | |
| 1,206,647 | | |
| 25,829 | | |
| 4.28 | % | |
| 861,271 | | |
| 13,161 | | |
| 3.06 | % |
| Borrowed money | |
| 54,184 | | |
| 1,321 | | |
| 4.88 | % | |
| 16,514 | | |
| 209 | | |
| 2.53 | % |
| Total interest-bearing liabilities | |
| 1,260,831 | | |
| 27,150 | | |
| 4.31 | % | |
| 877,785 | | |
| 13,370 | | |
| 3.05 | % |
| Non-interest-bearing demand deposit | |
| 288,639 | | |
| | | |
| | | |
| 333,948 | | |
| | | |
| | |
| Other non-interest-bearing liabilities | |
| 18,865 | | |
| | | |
| | | |
| 16,208 | | |
| | | |
| | |
| Total liabilities | |
| 1,568,335 | | |
| | | |
| | | |
| 1,227,941 | | |
| | | |
| | |
| Equity | |
| 291,374 | | |
| | | |
| | | |
| 265,978 | | |
| | | |
| | |
| Total liabilities and equity | |
$ | 1,859,709 | | |
| | | |
| | | |
$ | 1,493,919 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net interest income / interest spread | |
| | | |
$ | 51,208 | | |
| 4.52 | % | |
| | | |
$ | 46,856 | | |
| 5.46 | % |
| Net interest rate margin | |
| | | |
| | | |
| 5.77 | % | |
| | | |
| | | |
| 6.62 | % |
| Net interest earning assets | |
$ | 513,915 | | |
| | | |
| | | |
$ | 538,677 | | |
| | | |
| | |
| Average interest-earning assets to
interest-bearing liabilities | |
| 140.76 | % | |
| | | |
| | | |
| 161.37 | % | |
| | | |
| | |
v3.24.2
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
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