UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-40589

NorthEast Community Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Maryland

86-3173858

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

325 Hamilton Avenue

White Plains, New York 10601

(Address of Principal Executive Offices)

(914) 684-2500

(Registrant’s telephone number, including area code)

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer		Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒	Emerging growth company	☒

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 7, 2024, there were 14,020,602 shares of the registrant’s common stock outstanding.


`
		Page

Part I	Financial Information	3

Item 1.	Financial Statements	3

	Consolidated Statements of Financial Condition as of September 30, 2024 and December 31, 2023 (Unaudited)	3

	Consolidated Statements of Income for the Three and Nine Months ended September 30, 2024 and 2023 (Unaudited)	5

	Consolidated Statements of Comprehensive Income for the Three and Nine Months ended September 30, 2024 and 2023 (Unaudited)	6

	Consolidated Statements of Changes in Stockholders’ Equity for the Three and Nine Months ended September 30, 2024 and 2023 (Unaudited)	7

	Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2024 and 2023 (Unaudited)	8

	Notes to Condensed Consolidated Financial Statements (Unaudited)	10

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	49

Item 4.	Controls and Procedures	51

Part II	Other Information	51

Item 1.	Legal Proceedings	51

Item 1A.	Risk Factors	51

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	51

Item 3.	Defaults Upon Senior Securities	52

Item 4.	Mine Safety Disclosures	52

Item 5.	Other Information	52

Item 6.	Exhibits	52

Exhibit Index		53

Signatures		54


	September 30,		December 31,
	2024		2023

	(In thousands, except share
	and per share amounts)
ASSETS
Cash and amounts due from depository institutions	$	16,023	$	13,394
Interest-bearing deposits		81,766		55,277
Total cash and cash equivalents		97,789		68,671
Certificates of deposit		100		100
Equity securities		20,547		18,102
Securities held-to-maturity ( net of allowance for credit losses of $126 and $136, fair value of $12,623 and $13,126, respectively )		15,061		15,860
Loans receivable		1,760,504		1,586,721
Deferred loan (fees) costs, net		(245)		176
Allowance for credit losses		(4,833)		(5,093)
Net loans		1,755,426		1,581,804
Premises and equipment, net		24,945		25,452
Investments in restricted stock, at cost		712		929
Bank owned life insurance		25,568		25,082
Accrued interest receivable		13,463		12,311
Real estate owned		978		1,456
Property held for investment		1,380		1,407
Right of Use Assets – Operating		4,144		4,566
Right of Use Assets – Financing		348		351
Other assets		7,496		8,044
Total assets	$	1,967,957	$	1,764,135
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing	$	267,592	$	300,184
Interest bearing		1,360,475		1,099,852
Total deposits		1,628,067		1,400,036
Advance payments by borrowers for taxes and insurance		2,462		2,020
Borrowings		7,000		64,000
Lease Liability – Operating		4,241		4,625
Lease Liability – Financing		599		571
Accounts payable and accrued expenses		15,965		13,558
Total liabilities		1,658,334		1,484,810


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands, except				(In thousands, except
	per share amounts)				per share amounts)
INTEREST INCOME:
Loans	$	39,484	$	33,757	$	114,821	$	91,826
Interest-earning deposits		1,472		1,181		4,058		2,886
Securities		227		199		662		650
Total Interest Income		41,183		35,137		119,541		95,362
INTEREST EXPENSE:
Deposits		14,630		9,889		40,459		23,050
Borrowings		257		109		1,559		299
Financing lease		10		10		29		28
Total Interest Expense		14,897		10,008		42,047		23,377
Net Interest Income		26,286		25,129		77,494		71,985
Provision for (reversal of) credit loss		105		156		(286)		767
Net Interest Income after Provision for (Reversal of) Credit Loss		26,181		24,973		77,780		71,218
NON-INTEREST INCOME:
Other loan fees and service charges		589		364		1,613		1,417
Earnings on bank owned life insurance		167		153		486		857
Investment advisory fees		-		114		-		343
Unrealized gain (loss) on equity securities		547		(430)		445		(327)
Other		46		20		90		67
Total Non-Interest Income		1,349		221		2,634		2,357
NON-INTEREST EXPENSES:
Salaries and employee benefits		5,135		4,700		15,738		14,079
Occupancy expense		735		616		2,116		1,890
Equipment		187		240		661		844
Outside data processing		681		569		1,924		1,638
Advertising		128		133		310		420
Real estate owned expense		488		11		527		52
Other		2,607		2,646		7,864		7,064
Total Non-Interest Expenses		9,961		8,915		29,140		25,987
INCOME BEFORE PROVISION FOR INCOME TAXES		17,569		16,279		51,274		47,588
PROVISION FOR INCOME TAXES		4,883		4,436		14,416		13,413
NET INCOME	$	12,686	$	11,843	$	36,858	$	34,175

EARNINGS PER COMMON SHARE – BASIC	$	0.97	$	0.80	$	2.81	$	2.42
EARNINGS PER COMMON SHARE – DILUTED		0.95		0.80		2.78		2.41
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – BASIC		13,075		14,743		13,108		14,143
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – DILUTED		13,417		14,822		13,279		14,192


											Accumulated
					Additional						Other
	Number of		Common		Paid- in		Unearned		Retained		Comprehensive
	Shares, net		Stock		Capital		ESOP Shares		Earnings		Income		Total

	(In thousands, except share and per share amounts)

Balance – December 31, 2023		14,144,856	$	142	$	109,924	$	(6,563)	$	175,505	$	317	$	279,325
Net income		—		—		—		—		11,374		—		11,374
Other comprehensive income		—		—		—		—		—		3		3
Cash dividend declared ($0.10 per share)		—		—		—		—		(1,337)		—		(1,337)
Stock repurchases		(80,060)		(1)		(1,250)		—		—		—		(1,251)
Compensation expense related to restricted stock awards		—		—		252		—		—		—		252
Compensation expense related to stock options		—		—		192		—		—		—		192
Stock option exercise		1,000		—		14		—		—		—		14
ESOP shares earned		—		—		135		217		—		—		352
Balance - March 31, 2024		14,065,796	$	141	$	109,267	$	(6,346)	$	185,542	$	320	$	288,924
Net income		—		—		—		—		12,798		—		12,798
Other comprehensive income		—		—		—		—		—		3		3
Cash dividend declared ($0.10 per share)		—		—		—		—		(1,330)		—		(1,330)
Stock repurchases		(75,194)		(1)		(1,222)		—		—		—		(1,223)
Compensation expense related to restricted stock awards		—		—		252		—		—		—		252
Compensation expense related to stock options		—		—		192		—		—		—		192
Stock option exercise		—		—		—		—		—		—		—
ESOP shares earned		—		—		141		218		—		—		359
Balance - June 30, 2024		13,990,602	$	140	$	108,630	$	(6,128)	$	197,010	$	323	$	299,975
Net income		—		—		—		—		12,686		—		12,686
Other comprehensive income		—		—		—		—		—		4		4
Cash dividend declared ($0.15 per share)		—		—		—		—		(3,997)		—		(3,997)
Compensation expense related to restricted stock awards		—		—		290		—		—		—		290
Compensation expense related to stock options		—		—		192		—		—		—		192
Restricted Stock Award		30,000		—		—		—		—		—		—
ESOP shares earned		—		—		256		217		—		—		473
Balance – September 30, 2024		14,020,602	$	140	$	109,368	$	(5,911)	$	205,699	$	327	$	309,623

											Accumulated
					Additional						Other
	Number of		Common		Paid- in		Unearned		Retained		Comprehensive
	Shares, net		Stock		Capital		ESOP Shares		Earnings		Income		Total

	(In thousands, except share and per share amounts)

Balance – December 31, 2022		16,049,454	$	161	$	136,434	$	(7,432)	$	132,670	$	156	$	261,989
Net income		—		—		—		—		11,244		—		11,244
Other comprehensive income		—		—		—		—		—		7		7
Cash dividend declared ($0.06 per share)		—		—		—		—		(875)		—		(875)
Stock repurchases		(723,626)		(8)		(10,514)		—		—		—		(10,522)
Compensation expense related to restricted stock awards		—		—		241		—		—		—		241
Compensation expense related to stock options		—		—		192		—		—		—		192
Cumulative effect of adoption of ASU 2016-13		—		—		—		—		(99)		—		(99)
ESOP shares earned		—		—		109		217		—		—		326
Balance - March 31, 2023		15,325,828	$	153	$	126,462	$	(7,215)	$	142,940	$	163	$	262,503
Net income		—		—		—		—		11,087		—		11,087
Other comprehensive income		—		—		—		—		—		8		8
Cash dividend declared ($0.06 per share)		—		—		—		—		(845)		—		(845)
Stock repurchases		(288,890)		(3)		(3,917)		—		—		—		(3,920)
Compensation expense related to restricted stock awards		—		—		241		—		—		—		241
Compensation expense related to stock options		—		—		192		—		—		—		192
ESOP shares earned		—		—		76		218		—		—		294
Balance - June 30, 2023		15,036,938	$	150	$	123,054	$	(6,997)	$	153,182	$	171	$	269,560
Net income		—		—		—		—		11,843		—		11,843
Other comprehensive income		—		—		—		—		—		7		7
Cash dividend declared ($0.06 per share)		—		—		—		—		(824)		—		(824)
Stock repurchases		(555,324)		(5)		(8,941)		—		—		—		(8,946)
Compensation expense related to restricted stock awards		—		—		241		—		—		—		241
Compensation expense related to stock options		—		—		192		—		—		—		192
ESOP shares earned		—		—		123		217		—		—		340
Balance - September 30, 2023		14,481,614	$	145	$	114,669	$	(6,780)	$	164,201	$	178	$	272,413


					Regulatory Capital Requirements
					Minimum Capital						For Classification as
	Actual				Adequacy(1)						Well-Capitalized
	Amount		Ratio		Amount			Ratio			Amount			Ratio

	(Dollars in Thousands)
As of September 30, 2024:
Total capital (to risk-weighted assets)	$	288,849	14.04	%	$	≥	164,542	≥	8.00	%	$	≥	205,678	≥	10.00	%
Tier 1 capital (to risk-weighted assets)		283,012	13.76			≥	123,407	≥	6.00			≥	164,542	≥	8.00
Common equity tier 1 capital (to risk-weighted assets)		283,012	13.76			≥	92,555	≥	4.50			≥	133,691	≥	6.50
Core (Tier 1) capital (to adjusted total assets)		283,012	14.76			≥	76,706	≥	4.00			≥	95,883	≥	5.00
As of December 31, 2023:
Total capital (to risk-weighted assets)	$	255,252	13.43	%	$	≥	152,097	≥	8.00	%	$	≥	190,121	≥	10.00	%
Tier 1 capital (to risk-weighted assets)		249,013	13.10			≥	114,072	≥	6.00			≥	152,097	≥	8.00
Common equity tier 1 capital (to risk-weighted assets)		249,013	13.10			≥	85,554	≥	4.50			≥	123,579	≥	6.50
Core (Tier 1) capital (to adjusted total assets)		249,013	14.43			≥	69,007	≥	4.00			≥	86,259	≥	5.00


	September 30, 2024
			Gross		Gross				Allowance
	Amortized		Unrealized		Unrealized		Fair		for
	Cost		Gains		Losses		Value		Credit Loss

	(In Thousands)
Mortgage-backed securities – residential:
Government National Mortgage Association	$	425	$	—	$	3	$	422	$	—
Federal Home Loan Mortgage Corporation		798		1		87		712		—
Federal National Mortgage Association		1,752		—		145		1,607		—
Collateralized mortgage obligations – GSE		2,806		—		541		2,265		—
Total mortgage-backed securities		5,781		1		776		5,006		—
Municipal Bonds		9,406		—		1,789		7,617		126
	$	15,187	$	1	$	2,565	$	12,623	$	126


	December 31, 2023
			Gross		Gross				Allowance
	Amortized		Unrealized		Unrealized		Fair		for
	Cost		Gains		Losses		Value		Credit Loss

	(In Thousands)
Mortgage-backed securities – residential:
Government National Mortgage Association	$	452	$	—	$	7	$	445	$	—
Federal Home Loan Mortgage Corporation		868		—		114		754		—
Federal National Mortgage Association		1,985		—		198		1,787		—
Collateralized mortgage obligations – GSE		2,889		—		580		2,309		—
Total mortgage-backed securities		6,194		—		899		5,295		—
Municipal Bonds		9,802		—		1,971		7,831		136
	$	15,996	$	—	$	2,870	$	13,126	$	136


		Municipal Bonds
Balance – December 31, 2023	$	136
Provision for (reversal of) credit loss		(3)
Balance – March 31, 2024	$	133
Provision for (reversal of) credit loss		(7)
Balance – June 30, 2024	$	126
Provision for (reversal of) credit loss		-
Balance – September 30, 2024	$	126

		Municipal Bonds
Balance – December 31, 2022	$	-
Impact of adopting ASC 326		132
Provision for credit loss		4
Balance – March 31, 2023	$	136
Provision for (reversal of) credit loss		(1)
Balance – June 30, 2023	$	135
Provision for (reversal of) credit loss		(4)
Balance – September 30, 2023	$	131


	Less than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses

	(In Thousands)
September 30, 2024:
Mortgage-backed securities - residential:
Government National Mortgage Association	$	—	$	—	$	422	$	3	$	422	$	3
Federal Home Loan Mortgage Corporation		—		—		679		87		679		87
Federal National Mortgage Association		—		—		1,607		145		1,607		145
Collateralized mortgage obligations – GSE		—		—		2,265		541		2,265		541
Total mortgage-backed securities	$	—	$	—	$	4,973	$	776	$	4,973	$	776


			Non-				Commercial
	Residential		residential				and
	Real Estate		Real Estate		Construction		Industrial		Consumer		Total

	(In Thousands)
Allowance for credit losses:
Ending balance	$	1,936	$	318	$	1,959	$	418	$	202	$	4,833
Ending balance: individually evaluated for credit loss	$	—	$	—	$	—	$	—	$	—	$	—
Ending balance: collectively evaluated for credit loss	$	1,936	$	318	$	1,959	$	418	$	202	$	4,833
Loans receivable:
Ending balance	$	234,422	$	30,312	$	1,368,222	$	125,520	$	2,028	$	1,760,504
Ending balance: individually evaluated for credit loss	$	—	$	—	$	4,413	$	—	$	—	$	4,413
Ending balance: collectively evaluated for credit loss	$	234,422	$	30,312	$	1,363,809	$	125,520	$	2,028	$	1,756,091


	September 30, 2024
	Amortized		Fair
	Cost		Value

	(In Thousands)
Due within one year	$	716	$	648
Due after one but within five years		1,944		1,666
Due after five but within ten years		2,776		2,343
Due after ten years		9,751		7,966
	$	15,187	$	12,623


													Recorded
													Investment >
	30 – 59 Days		60 – 89 Days		Greater Than		Total Past				Total Loans		90 Days and
	Past Due		Past Due		90 Days		Due		Current		Receivable		Accruing

	(In Thousands)
Residential real estate:
One- to four-family	$	—	$	—	$	—	$	—	$	3,507	$	3,507	$	—
Multi-family		—		—		—		—		202,516		202,516		—
Mixed-use		—		—		—		—		28,399		28,399		—
Non-residential real estate		—		—		—		—		30,312		30,312		—
Construction loans		9,291		—		4,413		13,704		1,354,518		1,368,222		—
Commercial and industrial loans		1,125		—		—		1,125		124,395		125,520		—
Consumer		—		—		—		—		2,028		2,028		—
	$	10,416	$	—	$	4,413	$	14,829	$	1,745,675	$	1,760,504	$	—


													Recorded
													Investment
	30 – 59 Days		60 – 89 Days		Greater Than		Total Past				Total Loans		> 90 Days and
	Past Due		Past Due		90 Days		Due		Current		Receivable		Accruing

	(In Thousands)
Residential real estate:
One- to four-family	$	—	$	—	$	—	$	—	$	5,252	$	5,252	$	—
Multi-family		—		—		—		—		198,927		198,927		—
Mixed-use		—		—		—		—		29,643		29,643		—
Non-residential real estate		—		—		—		—		21,130		21,130		—
Construction loans		2,319		—		4,385		6,704		1,212,709		1,219,413		—
Commercial and industrial loans		—		—		—		—		111,116		111,116		—
Consumer		1		—		—		1		1,239		1,240		—
	$	2,320	$	—	$	4,385	$	6,705	$	1,580,016	$	1,586,721	$	—


														Revolving		Revolving
	Term Loans Amortized Costs Basis by Origination Year													Loans		Loans
														Amortized		Converted
September 30, 2024		2024		2023		2022		2021		2020		Prior		Cost Basis		to Term		Total
Residential real estate
Risk Rating
Pass	$	9,913	$	79,216	$	71,111	$	24,488	$	11,421	$	38,273	$	-	$	-	$	234,422
Special Mention		-		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		-		-		-
Doubtful		-		-		-		-		-		-		-		-		-
Total	$	9,913	$	79,216	$	71,111	$	24,488	$	11,421	$	38,273	$	-	$	-	$	234,422

Residential real estate
Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Non-residential real estate
Risk Rating
Pass	$	13,941	$	1,577	$	245	$	1,793	$	980	$	11,776	$	-	$	-	$	30,312
Special Mention		-		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		-		-		-
Doubtful		-		-		-		-		-		-		-		-		-
Total	$	13,941	$	1,577	$	245	$	1,793	$	980	$	11,776	$	-	$	-	$	30,312

Non-residential real estate
Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Construction										-
Risk Rating
Pass	$	269,931	$	458,822	$	363,671	$	174,781	$	44,749	$	51,855	$	-	$	-	$	1,363,809
Special Mention		-		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		4,413		-		-		-		4,413
Doubtful		-		-		-		-		-		-		-		-		-
Total	$	269,931	$	458,822	$	363,671	$	174,781	$	49,162	$	51,855	$	-	$	-	$	1,368,222

Construction
Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Commercial and industrial										-
Risk Rating


	Allowance for Credit Loss
Balance – December 31, 2023	$	1,038
Provision for (reversal of) credit loss		(17)
Balance – March 31, 2024	$	1,021
Provision for (reversal of) credit loss		(219)
Balance – June 30, 2024	$	802
Provision for (reversal of) credit loss		105
Balance – September 30, 2024	$	907

	Allowance for Credit Loss
Balance – December 31, 2022	$	-
Impact of adopting ASC 326		1,586
Provision for (reversal of) credit loss		(200)
Balance – March 31, 2023	$	1,386
Provision for (reversal of) credit loss		83
Balance – June 30, 2023	$	1,469
Provision for (reversal of) credit loss		(278)
Balance – September 30, 2023	$	1,191


	Quoted Prices in				Significant Other				Significant				Total Carried
	Active Markets for				Observable				Unobservable				at Fair
	Identical Assets				Inputs				Inputs				Value on a
	(Level 1)				(Level 2)				(Level 3)				Recurring Basis
	September 30,		December 31,		September 30,		December 31,		September 30,		December 31,		September 30,		December 31,
Description	2024		2023		2024		2023		2024		2023		2024		2023
Assets:
Marketable equity securities:
Mutual funds	$	20,547	$	18,102	$	—	$	—	$	—	$	—	$	20,547	$	18,102
Total assets	$	20,547	$	18,102	$	—	$	—	$	—	$	—	$	20,547	$	18,102


					Fair Value at September 30, 2024
					Quoted
					Prices in
					Active		Significant
					Markets for		Other		Significant
					Identical		Observable		Unobservable
	Carrying				Assets		Inputs		Inputs
(In thousands)	Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets
Cash and cash equivalents	$	97,789	$	97,789	$	97,789	$	—	$	—
Certificates of deposit		100		100		—		100		—
Marketable equity securities		20,547		20,547		20,547		—		—
Securities held to maturity		15,061		12,623		—		12,623		—
Loans receivable, net		1,755,426		1,749,916		—		—		1,749,916
Investments in restricted stock		712		712		—		712		—
Accrued interest receivable		13,463		13,463		—		13,463		—
Financial Liabilities
Deposits		1,628,067		1,634,216		—		1,634,216		—
Borrowings		7,000		6,232		—		6,232		—


					Fair Value at December 31, 2023
					Quoted
					Prices in
					Active		Significant
					Markets for		Other		Significant
					Identical		Observable		Unobservable
	Carrying				Assets		Inputs		Inputs
(In thousands)	Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets
Cash and cash equivalents	$	68,671	$	68,671	$	68,671	$	—	$	—
Certificates of deposit		100		100		—		100		—
Marketable equity securities		18,102		18,102		18,102		—		—
Securities held to maturity		15,860		13,126		—		13,126		—
Loans receivable		1,581,804		1,552,219		—		—		1,552,219
Investments in restricted stock		929		929		—		929		—
Accrued interest receivable		12,311		12,311		—		12,311		—
Financial Liabilities
Deposits		1,400,036		1,401,083		—		1,401,083		—
Borrowings		64,000		63,053		—		63,053		—


	2024
			Weighted
			Average
	Shares		Market Price
Outstanding at December 31, 2023		286,508	$	13.72
Granted		—		—
Forfeited		—		—
Vested		—		—
Outstanding at March 31, 2024		286,508	$	13.72
Granted		—		—
Forfeited		—		—
Vested		—		—
Outstanding at June 30, 2024		286,508	$	13.72
Granted		30,000		22.82
Forfeited		—		—
Vested		17,376		—
Outstanding at September 30, 2024		299,132	$	14.63

	2023
			Weighted
			Average
	Shares		Market Price
Outstanding at December 31, 2022		352,037	$	13.67
Granted		—		—
Forfeited		—		—
Vested		—		—
Outstanding at March 31, 2023		352,037	$	13.67
Granted		—		—
Forfeited		—		—
Vested		—		—
Outstanding at June 30, 2023		352,037	$	13.72
Granted		—		—
Forfeited		—		—
Vested		17,376		—
Outstanding at September 30, 2023		334,661	$	13.67


	Three Months Ended 9/30/2024
	Compared to
	Three Months Ended 9/30/2023
	Increase (Decrease)
	Due to
	Volume		Rate		Total

	(Dollars in thousands)
Interest income:
Loans receivable	$	9,014	$	(3,287)	$	5,727
Securities		6		25		31
Federal Home Loan Bank stock		(11)		8		(3)
Other interest-earning assets		152		139		291
Total	$	9,161	$	(3,115)	$	6,046
Interest expense:
Interest bearing demand deposit	$	1,448	$	453	$	1,901
Savings accounts		(597)		(179)		(776)
Certificates of deposits		2,815		801		3,616
Borrowed money		76		72		148
Total		3,742		1,147		4,889
Net change in net interest income	$	5,419	$	(4,262)	$	1,157


	Nine Months Ended 9/30/2024
	Compared to
	Nine Months Ended 9/30/2023
	Increase (Decrease)
	Due to
	Volume		Rate		Total

	(Dollars in thousands)
Interest income:
Loans receivable	$	21,896	$	1,099	$	22,995
Securities		(117)		135		18
Federal Home Loan Bank stock		(21)		15		(6)
Other interest-earning assets		802		370		1,172
Total	$	22,560	$	1,619	$	24,179
Interest expense:
Interest bearing demand deposit	$	3,015	$	1,852	$	4,867
Savings accounts		(1,967)		(374)		(2,341)
Certificates of deposits		10,448		4,435		14,883
Borrowed money		861		400		1,261
Total		12,357		6,313		18,670
Net change in net interest income	$	10,203	$	(4,694)	$	5,509


	September 30			December 31,
	2024			2023

	(Dollars In Thousands)
Allowance at beginning of period	$	5,093		$	5,474
Impact of adopting ASC 326		—			(1,584)
Provision for (reversal of) credit loss		(145)			1,516
Net Charge-offs:
Residential real estate loans:
One- to four-family		—			—
Multifamily		—			—
Mixed-use		—			—
Total residential real estate loans		—			—
Non-residential real estate loans		—			—
Construction loans		—			159
Commercial and industrial loans		—			—
Consumer loans		115			154
Total net charge-offs		115			313
Allowance at end of period	$	4,833		$	5,093
Total loans outstanding	$	1,760,504		$	1,586,721
Average loans outstanding		1,672,582			1,401,492
Ratio of allowance to non-performing loans		109.52	%		116.15	%
Ratio of allowance to total loans		0.27	%		0.32	%
Ratio of net charge-offs to average loans		0.01	%		0.02	%
Non-performing loans	$	4,413		$	4,385


	Twelve Month
	Net Interest Income		Net Portfolio Value
	Percent				Percent
Change in Interest Rates (Basis Points)	of Change		Estimated NPV		of Change
+200	18.02	%	$	342,532	4.29	%
+100	9.12			335,975	2.29
0	—			328,447	—
-100	(10.00)			317,911	(3.21)
-200	(20.09)	%		305,155	(7.09)	%


				Total Number of Shares	Maximum Number of
				Purchased as Part of	Shares that May Yet Be
	Total Number of		Average Price Paid	Publicly Announced	Purchased Under the
Period	Shares Purchased		Per Share	Plans or Programs	Plans or Programs
July 1 - 31, 2024	-	$	-	-	418,044
August 1 - 31, 2024	-		-	-	418,044
September 1 - 30, 2024	-		-	-	418,044
Total	-			-


Exhibit No.	Description
31.1†	Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer of NorthEast Community Bancorp, Inc.
31.2† 32.0†	Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer of NorthEast Community Bancorp, Inc. Certification of Chief Executive Officer and Chief Financial Officer of NorthEast Community Bancorp, Inc. Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.0†	The following materials from the Company’s Quarterly Report to Stockholders on Form 10-Q for the quarter ended September 30, 2024, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Financial Condition, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholder’s Equity, (v) the Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements.

101.INS†	XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH†	XBRL Taxonomy Extension Schema Document

101.CAL†	XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF†	XBRL Taxonomy Extension Definition Linkbase Document

101.LAB†	XBRL Taxonomy Extension Label Linkbase Document

101.PRE†	XBRL Taxonomy Extension Presentation Linkbase Document
104†	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)


	NORTHEAST COMMUNITY BANCORP, INC.

	By:	/s/ Kenneth A. Martinek
	Name:	Kenneth A. Martinek
	Title:	Chairman and Chief Executive Officer
		(Principal Executive Officer)

	By:	/s/ Donald S. Hom
	Name:	Donald S. Hom
	Title:	Executive Vice President and Chief Financial Officer
		(Principal Financial and Chief Accounting Officer)