Donald S. Hom, Executive Vice President and Chief Financial Officer of NorthEast Community Bancorp, Inc. (NASDAQ:NECB), recently sold 3,000 shares of the company's common stock. The shares were sold at an average price of $29.085 each, totaling approximately $87,255. The transaction comes as NECB stock has delivered an impressive 74% return over the past year, with the current market capitalization at $337 million. According to InvestingPro analysis, the stock appears slightly undervalued at current levels. Following this transaction, Hom holds 8,759 shares directly. In addition to his direct holdings, Hom maintains indirect ownership through various accounts, including 10,953 shares by ESOP, 10,952 shares by IRA, and 19,960 shares through stock awards.
The stock awards and options are part of the NorthEast Community Bancorp, Inc. 2022 Equity Incentive Plan, which vests in five equal annual installments starting from November 17, 2023. Hom's stock options, which allow the purchase of 82,164 shares, are exercisable at $14.08 per share and have an expiration date of November 17, 2032.
In other recent news, NorthEast Community Bancorp has announced a significant change in its board. The company has appointed Joel L. Morgenthau as a new board member, filling the vacancy left by the late Kevin P. O'Malley. Morgenthau brings a wealth of legal experience to the table, currently serving as a partner at Moritt Hock & Hamroff LLP, a firm that has previously provided legal services to NorthEast Community Bank.
The company's statement has clarified that Morgenthau's appointment did not stem from any prior arrangements or understandings with other individuals, and he has not been selected to serve on any board committees at this time. Additionally, aside from the professional services provided by his law firm to the bank, there have been no transactions involving Morgenthau requiring disclosure under SEC regulations.
These are among the recent developments as NorthEast Community Bancorp continues to chart its course within the financial services landscape. The company's operations remain classified under the "Savings Institutions, Not Federally Chartered" sector, according to a recent SEC filing.
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