Form 11-K - Annual report of employee stock purchase, savings and similar plans

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 11-K

 

 

 

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS

AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

(Mark One)

 

x	ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2023

OR

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

 

For the transition period from                     to                    

 

Commission File Number: 001-40589

 

 

 

A.

Full title of the plan and the address of the plan, if different from that of the issuer named below:

 

NorthEast Community Bank Employees’ Savings & Profit Sharing Plan and Trust

 

B.

Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

 

NorthEast Community Bancorp, Inc.

325 Hamilton Avenue

White Plains, New York 10601

 

 

 

 

 

REQUIRED INFORMATION

 

1.             Financial Statements.

 

2.             Supplemental Schedule.

 

Schedule H, Line 4(i) – Schedule of Assets (Held at End of Year) at December 31, 2023

 

3.             Exhibits.

 

Exhibit 23.1: Consent of S.R. Snodgrass, P.C.

 

Note:    All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

 

 

 

NORTHEAST COMMUNITY BANK EMPLOYEES’ SAVINGS & PROFIT SHARING PLAN AND TRUST

 

 

 

FINANCIAL STATEMENTS

 

December 31, 2023 and 2022 and

For the Year Ended December 31, 2023

 

 

 

NORTHEAST COMMUNITY BANK EMPLOYEES’

SAVINGS & PROFIT SHARING PLAN AND TRUST

CONTENTS

 

 

 

Page(s)

 

Report of Independent Registered Public Accounting Firm		1
Financial Statements:
Statements of Net Assets Available for Benefits – December 31, 2023 and 2022		2
Statement of Changes in Net Assets Available for Benefits – Year Ended December 31, 2023		3
Notes to Financial Statements		4 -10
Supplemental Schedule:
Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year) as of December 31, 2023		11
Signatures		12

 

Exhibit 23 - Consent of Independent Registered Public Accounting Firm

 

Certain supplemental schedules have been omitted because they are either not required or not applicable.

 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Members of the NorthEast Community Bank Audit Committee, the Plan Administrator of the NorthEast Community Bank Employees’ Savings & Profit-Sharing Plan and Trust, and Plan

 

Participants:

 

Opinion on the Financial Statements

 

We have audited the accompanying statements of net assets available for benefits of the NorthEast Community Bank Employees’ Savings & Profit-Sharing Plan and Trust (the “Plan”) as of December 31, 2023 and 2022; the related statement of changes in net assets available for benefits for the year ended December 31, 2023; and the related notes to the financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2023 and 2022, and the changes in net assets available for benefits for the year ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan, in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

Supplemental Information

 

The supplemental information in the accompanying schedule, Schedule H, Line 4(i) – Schedule of Assets (Held at End of Year) as of December 31, 2023, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but includes supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

 

/s/ S.R. Snodgrass, P.C.

 

We have served as the Plan’s auditor since 2023

Cranberry Township, Pennsylvania

June 13, 2024

 

- 1 -

 

 

NORTHEAST COMMUNITY BANK EMPLOYEES’

SAVINGS & PROFIT SHARING PLAN AND TRUST

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

December 31, 2023, and 2022

 

 

 

		2023				2022
Investments, at fair value:
Northeast Community Bancorp, Inc. Stock		$	2,571,086			$	2,076,484
Common collective trust			240,423				1,192,493
Mutual funds			11,895,447				9,954,278
Total investments			14,706,956				13,223,255
Receivables:
Contributions receivable			23,715				20,741
Notes receivable from participants			241,809				214,066
Total assets			14,972,480				13,458,062
Net assets available for benefits		$	14,972,480			$	13,458,062

 

The accompanying notes are an integral part of the financial statements.

 

- 2 -

 

 

NORTHEAST COMMUNITY BANK EMPLOYEES’

SAVINGS & PROFIT SHARING PLAN AND TRUST

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

For the year ended December 31, 2023

 

 

 

		2023
Additions
Dividend and interest income		$	335,832
			335,832
Contributions:
Participant contributions			918,888
Rollover contributions			121,995
			1,040,883
Net appreciation in fair value of investments			2,266,047
Total additions			3,642,762
Deductions
Benefits paid to participants			2,115,786
Administrative expenses			12,558
Total deductions			2,128,344
Net increase			1,514,418
Net assets available for benefits:
Beginning of year			13,458,062
End of year		$	14,972,480

 

The accompanying notes are an integral part of the financial statements.

 

- 3 -

 

 

NORTHEAST COMMUNITY BANK EMPLOYEES’

SAVINGS & PROFIT SHARING PLAN AND TRUST

NOTES TO FINANCIAL STATEMENTS

 

 

 

A.            Plan Description:

 

The following description of the NorthEast Community Bank Employees’ Savings & Profit Sharing Plan and Trust (the “Plan”) provides only general information. Participants should refer to the plan document for more detailed information.

 

General

 

The Plan is a defined contribution plan sponsored by NorthEast Community Bank (the “Company”) covering substantially all employees who have attained 18 years of age. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

 

Contributions

 

Participants may contribute up to 60% of their gross compensation, as defined in the Plan, on a pre-tax basis or on an after-tax (“Roth”) basis, subject to Internal Revenue Code (“IRC”) limitations. Participants who are at least age 50 may make an additional pretax "catch-up" contribution subject to IRC limitations. The Plan provides for automatic enrollment in the amount of 3% of compensation for new employees who do not opt out. Participants who are automatically enrolled are also automatically increased by 1% annually up to 5%. Participants may also contribute funds from another qualified retirement plan (“rollover contributions”), subject to certain requirements.

 

The Company may make discretionary non-elective contributions. Participants must work at least 1,000 hours during the plan year and be employed on the last day of the plan year to be eligible for discretionary non-elective contributions. No discretionary non-elective contributions were made during 2023.

 

Participant Accounts

 

Each participant’s account is credited or charged with contributions, investment income, and administrative expenses. Investment income, including realized and unrealized gains and losses, and expenses are allocated to participant’s accounts based on each participant’s account balance within each fund. Participants determine the percentage in which contributions are to be invested in each fund, except for investments in the Company Stock which were not open to new investments until June 1, 2022. The Plan unfroze the Company Stock at the market close on June 1, 2022, and participants can direct new contributions or move money into this investment option. Participants may change their investment options as set forth in the plan document. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.

 

Vesting

 

Participants are fully vested in that portion of their account which represents their contributions and the income earned thereon. Participants become 100% vested in the Company’s contributions and earnings thereon upon death, total and permanent disability, or attainment of normal retirement age. Otherwise, a participant’s interest in the Company’s contributions and earnings thereon vests according to the following:

 

- 4 -

 

 

NORTHEAST COMMUNITY BANK EMPLOYEES’

SAVINGS & PROFIT SHARING PLAN AND TRUST

NOTES TO FINANCIAL STATEMENTS

 

 

 

Completed Years of Service		Percent Vested
1 year			0	%
2 years			20	%
3 years			40	%
4 years			60	%
5 years			80	%
6 years			100	%

 

Forfeitures

 

When certain terminations of participation in the Plan occur, the nonvested portion of a participant’s account represents a forfeiture, as defined by the Plan. If a forfeiting participant is re-employed and fulfills certain requirements, as set forth in the Plan, the participant’s account will be restored. Forfeitures can be used to reduce administrative expenses or to reduce employer contributions. During 2023 $2,462 forfeitures were used to pay for administrative expenses. Total unapplied forfeitures on December 31, 2023 and 2022 were $3 and $2,431 respectively.

 

Payment of Benefits

 

Benefits may be distributed to participants upon termination of employment by reason of retirement, disability, death, or other separation from service. Distributions from the Plan may be made in the form of a lump sum or annuity.

 

A participant may also request a withdrawal upon attainment of age 59 ½ or upon demonstration by the participant to the plan administrator that the participant is suffering from “hardship”, as defined in the plan document. A participant may also take a distribution from their rollover account balance at any time.

 

Notes Receivable from Participants

 

Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50 percent of their vested account balance. The loans are secured by the balance in the participant's account. Loans must bear a reasonable rate of interest. All loans must be repaid within five years unless the proceeds are used to acquire a principal residence, in which case a longer repayment period is allowed. No more than two loans may be outstanding at any time. Principal and interest is generally paid ratably through payroll deductions each pay period.

 

- 5 -

 

 

NORTHEAST COMMUNITY BANK EMPLOYEES’

SAVINGS & PROFIT SHARING PLAN AND TRUST

NOTES TO FINANCIAL STATEMENTS

 

 

 

B.	Summary of Significant Accounting Policies:

 

Basis of Accounting

 

The accompanying financial statements have been prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.

 

Investment Valuation and Income Recognition

 

Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. See Note C for discussion of fair value measurements.

 

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

 

Notes Receivable from Participants

 

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. No allowance for credit losses has been recorded as of December 31, 2023 or 2022. Delinquent participant loans are reclassified as distributions based upon the terms of the plan document.

 

Payment of Benefits

 

Benefits are recorded when paid.

 

Plan Expenses

 

Expenses that are paid by the Company are excluded from these financial statements. The majority of expenses incurred in the administration of the Plan are paid by the Company. Remaining expenses are paid by the Plan.

 

Use of Estimates

 

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

 

- 6 -

 

 

NORTHEAST COMMUNITY BANK EMPLOYEES’

SAVINGS & PROFIT SHARING PLAN AND TRUST

NOTES TO FINANCIAL STATEMENTS

 

 

 

C.            FAIR VALUE MEASUREMENTS:

 

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs (level 3). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows:

 

Level 1 - Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

 

Level 2 - Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the assets or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.

 

Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

 

The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

 

Following is a description of the valuation methodologies used by the Plan:

 

Northeast Community Bancorp, Inc. Stock – At December 31, 2023 and 2022, valued at the daily closing price as publicly traded on the market.

 

Mutual funds – At December 31, 2023 and 2022, valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the SEC. These funds are required to publish their daily net asset value (NAV) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

 

Common collective trust – At December 31, 2023 and 2022, valued at the net asset value of units of a collective trust. The net asset value, as provided by the fund manager, is used as a practical expedient to estimate fair value. The net asset value is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient would not be used if it is determined to be probable that the fund will sell the investment for an amount different from the reported net asset value.

 

The following tables set forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31:

 

- 7 -

 

 

NORTHEAST COMMUNITY BANK EMPLOYEES’

SAVINGS & PROFIT SHARING PLAN AND TRUST

NOTES TO FINANCIAL STATEMENTS

 

 

 

		2023
		Total				Level 1				Level 2				Level 3
Northeast Community Bancorp, Inc. Stock		$	2,571,086			$	2,571,086			$	—			$	—
Mutual funds			11,895,447				11,895,447				—				—
Total investments in the fair value hierarchy			14,466,533			$	14,466,533			$	—			$	—
Investments measured at net asset value (1):
Common collective trust			240,423
Investment at fair value		$	14,706,956

 

		2022
		Total				Level 1				Level 2				Level 3
Northeast Community Bancorp, Inc. Stock		$	2,076,484			$	2,076,484			$	—			$	—
Mutual funds			9,954,278				9,954,278				—				—
Total investments in the fair value hierarchy			12,030,762			$	12,030,762			$	—			$	—
Investments measured at net asset value (1):
Common collective trust			1,192,493
Investment at fair value		$	13,223,255

 

(1)

In accordance with Subtopic 820-10, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits.

 

Redemptions of the common collective trust held by the Plan are allowed daily for participants; however, the Plan is subject to a twelve-month redemption notice period. There are no unfunded commitments.

 

There were no transfers in or out of the level 3 investment during 2023 and 2022.

 

D.            Tax Status:

 

The Plan has adopted the volume submitter profit sharing plan document of FMR LLC. The volume submitter sponsor received a favorable opinion letter dated June 30, 2020 in which the IRS stated that the form of the volume submitter plan was in compliance with the applicable requirements of the IRC. The plan administrator believes that the Plan is designed and being operated in compliance with the applicable requirements of the IRC, and that the related trust is therefore tax-exempt.

 

Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the plan and recognize a tax liability if the plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

 

- 8 -

 

 

NORTHEAST COMMUNITY BANK EMPLOYEES’

SAVINGS & PROFIT SHARING PLAN AND TRUST

NOTES TO FINANCIAL STATEMENTS

 

 

 

E.            PARTIES-IN-INTEREST:

 

Section 3(14) of ERISA defines a party-in-interest to include, among others, fiduciaries or employees of the Plan, any person who provides services to the Plan or an employer whose employees are covered by the Plan. Accordingly, loans to participants and the management of investments held by the trustee are considered party-in-interest transactions.

 

The Plan holds 144,916 and 139,156 shares of the Company Common Stock at December 31, 2023 and 2022, respectively. The total fair market value of the shares was $2,571,086 and $2,076,484 at December 31, 2023, and 2022, respectively. During the year ended December 31, 2023, the Plan purchased the Company Stock shares in the amount of $87,575 and sold shares in the amount of $111. Of the shares purchased, $33,889 were reinvested as dividends, and the shares sold were distributed to participants.

 

Certain administrative costs and legal and accounts fees are paid by the Plan Sponsor. In 2023, these fees totaled $37,020.

 

F.

Plan Termination:

 

Although the Plan was established with the intention that it will continue indefinitely, the Company retains the right to discontinue its contributions at any time or to terminate the Plan, subject to the provisions of ERISA.

 

G.            CONTRIBUTIONS RECEIVABLE:

 

Participant contributions from the last pay date of the 2023 plan year were contributed to the Plan on January 4, 2024. This contribution, $23,715 has been recorded as a contribution receivable as of December 31, 2023. There were $20,741 contribution receivable as of December 31, 2022.

 

H.

Risks and uncertainties:

 

The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market, and credit risks. Market risks include global events which could impact the value of investment securities. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the value of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the statements of net assets available for benefits.

 

As of December 31, 2023, the Plan had investments of $2,571,086 and $2,159,993 that were concentrated in Northeast Community Bancorp, Inc. stock and Fidelity 500 Index mutual fund, respectively.

 

- 9 -

 

 

NORTHEAST COMMUNITY BANK EMPLOYEES’

SAVINGS & PROFIT SHARING PLAN AND TRUST

NOTES TO FINANCIAL STATEMENTS

 

 

 

I.

SUBSEQUENT EVENTS:

 

The Plan has evaluated all events or transactions through the date of this filing. During this period, there were no material subsequent events which affected the Plan’s financial statements.

 

- 10 -

 

 

NORTHEAST COMMUNITY BANK EMPLOYEES’

SAVINGS & PROFIT SHARING PLAN AND TRUST

EIN: 13-0736530

pLAN NUMBER: 002

 

sCHEDULE h, lINE 4(i) – SCHEDULE OF ASSETS (HELD AT END OF YEAR)

dECEMBER 31, 2023

 

 

 

(c)

(b)

Description of investment including

Identity of issue, borrower,

maturity date, rate of interest,

(d)

(e)

(a)

lessor or similar party

collateral, par of maturity value

Cost

Current value

*

NORTHEAST COMMUNITY BANCORP, INC. STOCK

Common stock

**

$

2,571,086

*

FIDELITY MANAGED INCOME PORTFOLIO

Common collective trust

**

240,423

PIMCO TOT RETURN ADM

Mutual fund

**

148,082

INVS EQV EM ALLCP A

Mutual fund

**

141,347

TRP EQUITY INC ADV

Mutual fund

**

647,668

TRP SM CAP VAL ADV

Mutual fund

**

58,927

OAKMARK EQ & INC INV

Mutual fund

**

17,425

*

FIDELITY SELECT HEALTHCARE

Mutual fund

**

107,086

*

FIDELITY SELECT TECHNOLOGY

Mutual fund

**

740,478

*

FIDELITY SELECT UTILITIES

Mutual fund

**

21,504

*

FIDELITY SELECT FINANCIAL

Mutual fund

**

3,022

*

FIDELITY REAL ESTATE INVS

Mutual fund

**

127,099

*

FIDELITY INTERNATIONAL DISCOVERY

Mutual fund

**

234,417

*

FIDELITY CAPITAL APPREC

Mutual fund

**

1,112,394

*

FIDELITY BLUE CHIP GR

Mutual fund

**

1,034,979

*

FIDELITY LOW PRICED STOCK

Mutual fund

**

123,713

*

FIDELITY DIVIDEND GR

Mutual fund

**

686,275

*

FIDELITY HIGH INCOME

Mutual fund

**

4,973

*

FIDELITY NATURAL RES

Mutual fund

**

9,116

*

FIDELITY SELECT INDUSTRIALS

Mutual fund

**

23,303

*

FIDELITY SELECT CONS DISCR

Mutual fund

**

30,477

*

FIDELITY US BOND IDX

Mutual fund

**

180,697

*

FIDELITY 500 INDEX

Mutual fund

**

2,159,993

*

FIDELITY INTERNATIONAL INDEX

Mutual fund

**

341,022

*

FIDELITY EXTD MKT IDX

Mutual fund

**

13,589

*

FIDELITY STOCK SELECT MID CAP

Mutual fund

**

170,160

*

FID FREEDOM INC K

Mutual fund

**

47,828

*

FID FREEDOM 2005 K

Mutual fund

**

91,923

*

FID FREEDOM 2010 K

Mutual fund

**

31,886

*

FID FREEDOM 2015 K

Mutual fund

**

242,221

*

FID FREEDOM 2020 K

Mutual fund

**

296,286

*

FID FREEDOM 2025 K

Mutual fund

**

193,585

*

FID FREEDOM 2030 K

Mutual fund

**

604,632

*

FID FREEDOM 2035 K

Mutual fund

**

237,458

*

FID FREEDOM 2040 K

Mutual fund

**

737,006

*

FID FREEDOM 2045 K

Mutual fund

**

271,248

*

FID FREEDOM 2050 K

Mutual fund

**

575,778

*

FID FREEDOM 2055 K

Mutual fund

**

348,099

*

FID FREEDOM 2060 K

Mutual fund

**

73,948

*

FIDELITY FREEDOM 2065 K

Mutual fund

**

5,803

Total investments on the statement of net assets available for benefits

14,706,956

*

Participation Loans

(3.25% - 8.50%)

-

241,809

Total investments on the Form 5500

$

14,948,765

**   Cost omitted for participant directed investments.

*     Denotes party-in-interest to the Plan

 

- 11 -

 

 

SIGNATURES

 

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: June 13, 2024

 

	NORTHEAST COMMUNITY BANK EMPLOYEES’ SAVINGS & PROFIT SHARING PLAN AND TRUST
	By:	/s/ Donald S. Hom
	Name:	Donald S. Hom
	Title:	Executive Vice President and Chief Financial Officer
		(Principal Financial and Chief Accounting Officer)

 

- 12 -

 

 

EXHIBIT INDEX

 

Exhibit No.	Description of the Exhibit
23.1	Consent of S.R. Snodgrass, P.C.

 

- 13 -

 

 

Exhibit 23.1

 

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

We consent to the incorporation by reference in the Registration Statement Nos. 333-267659 and 333-258165 on Forms S-8 of Northeast Community Bancorp, Inc. of our report dated June 13, 2024, relating to our audits of the financial statements and supplemental schedule, which appears in this Annual Report on Form 11-K of the NorthEast Community Bank Employees’ Savings & Profit-Sharing Plan and Trust for the year ended December 31, 2023.

 

 

Cranberry Township, Pennsylvania

June 13, 2024

 

PITTSBURGH, PA	PHILADELPHIA,  PA	WHEELING, WV	STEUBENVILLE, OH
2009 Mackenzie Way• Suite 340	2100 Renaissance Blvd.• Suite 110	980 National Road	511N. Fourth Street
Cranberry Township, PA 16066	King of Prussia, PA 19406	Wheeling, WV 26003	Steubenville, OH 43952
[phone]	[phone]	[phone]	[phone]

 

S.R. Snodgrass, P.C., d/b/a S.R. Snodgrass, A.C. in West Virginia

 

1 

 

---