UPDATE: Northeast Community Bancorp, White Plains, NY (NECB)

It's time Management at Northeast Community Bancorp stop hoarding the company's shares.

Since my August 2012 review, NECB has managed to accrue some value and bank operations have improved upon Jose Collazo's ascendance in leadership.

Still, Management has failed to feed the bank's shareholders a square meal now for over 11 years, even though they could easily double NECB's value just by converting the rest of the stock to full public ownership.

As I explain below, even if they don't, NECB is too cheap to ignore.

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Disclosure: As of this posting, I own shares of NECB and may subsequently either dispose of them or purchase more.

Prospective Buyers	Dime Community Bancshares, Brooklyn, NY (DCOM) PCSB Financial Corp, Yorktown Heights, NY (PCSB) Webster Financial Corp, Waterbury, CT (WBS)
Financial Snapshot †as of 09/30/2017 (estimates based on Call Report)	Total assets: $759M† Tangible book value per share:    $9.25† NPAs to assets: 0.67%† Price to book: 108% Market cap: $122M Dividend yield: 1.2% Trailing 12-month ROA: 0.9%† Trailing 12-month ROE: 5.8%†
Mostly Scoundrels †One Luminary	Kenneth Martinek, Chairman and CEO Kenneth H. Thomas, Director Diane B. Cavanaugh, Director Jose Collazo, President and COO†
The Skinny	Given where recent conversions trade in the market, the NECB value proposition is better than ever. Were NECB to fully convert at book value, minority shareholders would obtain $18.83 per share. NECB is trading at about half that value today,  right where it converted in 2006. Even if the bank opts not to fully convert, Northeast Community shareholders can be glad to have stayed at the table. The dinner may be late, but it won't be too shabby compared to what's available in the neighborhood. For example, consider another similarly-sized New York Mutual Holding Company that recently effected a partial conversion like NECB's — PDL Community Bancorp (PDLB). PDLB has a $275M market cap and assets about the same as NECB's at $813M, but were PDL to sell the rest of its shares at book value, its minority shareholders would obtain only $16.20 a share. PDLB is trading at 92% of that value today. Meanwhile, NECB is trading at half PDLB's market cap, while earning twice the money as PDLB.
Sources	Northeast Community Bank website 2017 Proxy Statement 2016 Annual Report SNL Financial Confidential interviews with shareholders and analysts Kenneth H. Thomas business Diane B. Cavanaugh business