What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2026-03-13 compared with 2025-03-14 · 128 added, 252 removed, 1327 unchanged (22% of the section changed)

16 unchanged sentences

During the quarter and year ended December 31, 2025, there were no changes in the Company’s internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.

This Annual Report on Form 10-K does not include an attestation report of the independent registered public accounting firm because the Company is an emerging growth company.

This Annual Report on Form 10-K does not include an attestation report of our independent registered public accounting firm because the Company is an emerging growth company.

OTHER INFORMATION

18 unchanged sentences

EXECUTIVE COMPENSATION

The information required by this item is incorporated herein by reference to the section captioned “Executive Compensation ” and “Director Compensation” in the Proxy Statement.

The information required by this item is incorporated herein by reference to the sections captioned “Executive Compensation ” and “Director Compensation” in the Proxy Statement.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

52 unchanged sentences

001-40589), filed on August 19, 2022

Agreement by and between NorthEast Community Bancorp, MHC, NorthEast Community Bancorp, Inc.

and NorthEast Community Bank and Stilwell Activist Fund, L.P., Stilwell Activist Investments, L.P., Stilwell Partners, L.P.

and Joseph Stilwell

Incorporated herein by reference to

Exhibit 10.9 to the Company’s Registration Statement on Form S-1 (File No.

333-253982), initially filed on March 8, 2021

NorthEast Community Bancorp, Inc.

Policy Regarding Insider Trading

Filed herewith

Incorporated herein by reference to Exhibit 19.1 to the Company’s Annual Report on Form 10-K for the Year Ended December 31, 2024 (File No.

001-40589), filed on March 14, 2025

Filed herewith

55 unchanged sentences

Loans receivable

Deferred loan (fees) costs, net

Deferred loan costs (fees), net

Allowance for credit losses

45 unchanged sentences

Net Interest Income

Provision for credit loss

(Reversal of) provision for credit loss

Net Interest Income after Provision for Credit Loss

1 unchanged sentence

Other loan fees and service charges

Gain (loss) on disposition of equipment

(Loss) gain on disposition of equipment

Earnings on bank owned life insurance

Investment advisory fees

Realized and unrealized (loss) gain on equity securities

Unrealized gain (loss) on equity securities

Total Non-Interest Income

3 unchanged sentences

Outside data processing

Loss on disposition of business

Real estate owned expense

11 unchanged sentences

(In thousands)

Other comprehensive (loss) income:

Other comprehensive income (loss):

Defined benefit pension:

1 unchanged sentence

Amortization of actuarial gain ¹

Actuarial (loss) gain arising during period

Income tax benefit (effect) ²

Tax adjustment - pension liability

Total other comprehensive (loss) income

Actuarial gain (loss) arising during period

Income tax (effect) benefit ²

Total other comprehensive income (loss)

Total Comprehensive Income

9 unchanged sentences

Balance – December 31, 2024

Other comprehensive loss

Other comprehensive income

Cash dividend declared ($ 1.00 per share)

10 unchanged sentences

Balance – December 31, 2023

Other comprehensive income

Other comprehensive loss

Cash dividend declared ($ 0.65 per share)

Stock Repurchases

( 1,909,476 )

Restricted stock award

Stock option exercise

Compensation expense related to restricted stock awards

Compensation expense related to stock options

Cumulative effect of adoption of ASU 2016-13

ESOP shares earned

8 unchanged sentences

Net amortization of securities premiums and discounts, net

Provision for credit losses

Net (accretion) amortization of deferred loan fees and costs

Deferred income tax benefit

Realized and unrealized loss (gain) on equity securities

(Reversal of) provision for credit losses

Net accretion of deferred loan fees and costs

Deferred income tax expense (benefit)

Unrealized (gain) loss on equity securities

Impairment of real estate owned

Loss on sale of real estate owned

Earnings on bank owned life insurance

Loss on disposition of business

(Gain) loss on dispositions of premises and equipment

Loss (gain) on dispositions of premises and equipment

ESOP compensation expense

1 unchanged sentence

Compensation expense related to restricted stock

Increase in accrued interest receivable

(Increase) decrease in other assets

Decrease (increase) in accrued interest receivable

Increase in other assets

Decrease in accounts payable - loan closing

Increase (decrease) in accounts payable and accrued expenses

Increase in accounts payable and accrued expenses

Net Cash Provided by Operating Activities

2 unchanged sentences

Proceeds from sale of loans

Principal repayments on securities available-for-sale

Proceeds from sale of real estate owned

Principal repayments on securities held-to-maturity

Purchase of marketable equity securities

Proceeds from bank owned life insurance

Purchase of securities held-to-maturity

Purchase of FHLB stock

3 unchanged sentences

Cash Flows from Financing Activities:

Net increase in deposits

Proceeds from FRB borrowing

Repayment of FRB borrowing

Repayment of FHLB of NY advances

Net (decrease) increase in deposits

Net proceeds (repayments) from borrowings

Stock repurchases

Stock option exercised

Decrease in advance payments by borrowers for taxes and insurance

Increase (decrease) in advance payments by borrowers for taxes and insurance

Cash dividends paid

Net Cash Provided by Financing Activities

Net Increase (Decrease) in Cash and Cash Equivalents

Net Increase in Cash and Cash Equivalents

Cash and Cash Equivalents – Beginning

7 unchanged sentences

Income taxes paid:

State and local¹

Total income taxes paid

Interest paid

3 unchanged sentences

Recognition of real estate owned

Sale of real estate owned

Dividends declared and not paid

Adoption of ASC 326

(1) For the years presented New York State, New York City, and Massachusetts make up 100% of the tax effect in this category.

See notes to consolidated financial statements.

17 unchanged sentences

The Bank also generates revenues from other income including deposit fee and service charges.

The Bank previously offered investment advisory and financial planning services under the name Harbor West Wealth Management Group, a division of the Bank, through a networking arrangement with a registered broker-dealer and investment advisor.

The Bank entered into an agreement to sell all of the Bank’s assets relating to Harbor West Wealth Management Group to a third party in December 2023, and the sale closed in January 2024.

As a result of the transaction, the Bank no longer offers these services and no longer generates investment advisory fees.

New England Commercial Properties LLC (“NECP”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in October 2007 to facilitate the purchase or lease of real property by the Bank.

New England Commercial Properties, LLC currently owns one foreclosed property located in Pennsylvania.

New England Commercial Properties, LLC owned one foreclosed property located in Pennsylvania that was sold in December 2025.

NECB Financial Services Group, LLC (“NECB Financial”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in the third quarter of 2012 as a complement to Harbor West Wealth Management Group to sell life insurance and fixed rate annuities.

8 unchanged sentences

3 Winterton Realty LLC, a New York limited liability company and wholly owned subsidiary of the Bank, was formed in October 2021 to facilitate the purchase or lease of real property by the Bank and currently owns the property for a Bank branch located in Bloomingburg, New York.

NECB Real Estate LLC (“NECB Real Estate”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in October 2024 to facilitate the purchase or lease of real property by the Bank.

NECB Real Estate owned one foreclosed property located in the Bronx, New York prior to the property’s disposition in June 2025.

Principles of Consolidation:

The consolidated financial statements include the accounts of the Company, the Bank, NECP, NECB Financial, 72 West Eckerson, 166 Route 59 Realty, and 3 Winterton Realty LLC (collectively the “Company”) and have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S.

The consolidated financial statements include the accounts of the Company, the Bank, NECP, NECB Financial, 72 West Eckerson, 166 Route 59 Realty, 3 Winterton Realty LLC, and NECB Real Estate (collectively the “Company”) and have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S.

All significant inter-company accounts and transactions have been eliminated in consolidation.

22 unchanged sentences

Gain or loss on sales of securities is based on the specific identification method.

Effective January 1, 2023, the Company adopted the provisions of ASC 326 and modified its accounting policy for the assessment of available for sale securities for impairment.

Under ASC 326, for available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more than likely than not that it will be required to sell the security before recovery of its amortized cost basis.

72 unchanged sentences

The Company’s lending activity is concentrated in construction loans secured by the construction primarily of multi-family, residential condominium properties, and occasionally non-residential properties located in New York State and occasionally by the renovation of multi-family properties in Massachusetts.

As of December 31, 2024 and 2023, the Company had majority of construction loans located in New York state, including $ 708.5 million and $ 626.0 million in the Bronx, $ 246.4 million and $ 198.5 million in the Town of Monroe, $ 112.4 million and $ 133.7 million in the Hamlet of Monsey, $ 141.6 million and $ 105.9 million in the Village of Spring Valley, and $ 9.7 million and $ 18.8 million in Brooklyn.

As of December 31, 2025 and 2024, the Company had majority of construction loans located in New York state, including $ 567.8 million and $ 708.5 million in the Bronx, $ 278.8 million and $ 246.4 million in the Town of Monroe, $ 89.4 million and $ 112.4 million in the Hamlet of Monsey, and $ 103.0 million and $ 141.6 million in the Village of Spring Valley.

The Company also had deposits in excess of the FDIC insurance limit at other financial institutions.

32 unchanged sentences

Gains, to the extent allowable, and losses on the disposition of these properties are reflected in the real estate owned expense in the consolidated statement of income.

The Company wrote down $ 689,000 in 2024 due to a decrease in the estimated fair value of a foreclosed property located in Pittsburgh, Pennsylvania.

No write-downs were recorded in 2023.

The Company sold all real estate owned in 2025 resulting in a zero balance at December 31, 2025.

Total write-downs and loss of sales amounted to $ 845,000 in 2025.

In 2024, the Company wrote down $ 689,000 due to a decrease in the estimated fair value of a foreclosed property located in Pittsburgh, Pennsylvania.

Northeast Community Bancorp, Inc.

31 unchanged sentences

At December 31, 2025, accumulated other comprehensive income totaled $ 233,000 and included $ 302,000 in prior service cost and actuarial gains of the DRP net of $ 69,000 of related deferred income benefits.

At December 31, 2023, accumulated other comprehensive income totaled $ 317,000 and included $ 352,000 in prior service cost and actuarial losses of the DRP net of $ 35,000 of related deferred income taxes.

At December 31, 2024, accumulated other comprehensive income totaled $ 224,000 and included $ 296,000 in prior service cost and actuarial gains of the DRP net of $ 72,000 of related deferred income taxes.

Earnings per Share:

29 unchanged sentences

Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment.

Adoption of New Accounting Standard

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures , which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis.

The Company has retrospectively provided the enhanced disclosures in Note 26 as of December 31, 2024 and 2023.

Off-Balance-Sheet Financial Instruments:

48 unchanged sentences

Commercial and industrial lines

Consumer lines

Northeast Community Bancorp, Inc.

10 unchanged sentences

(In Thousands)

Net unrealized (loss) gain recognized on equity securities during the period

Net unrealized gain (loss) recognized on equity securities during the period

Capital gain realized on equity securities during the period

Realized and unrealized net (loss) gain recognized on equity securities held at the reporting date

Northeast Community Bancorp, Inc.

Notes to Consolidated Financial Statements

Realized and unrealized net gain (loss) recognized on equity securities held at the reporting date

Note 5 – Earnings Per Share

10 unchanged sentences

Net income per share

There were 880,097 stock options outstanding at December 31, 2023 that were not included in the computation of diluted earnings per share as their effect would have been anti-dilutive.

There was no anti-dilutive shares outstanding at December 31, 2024.

There was no anti-dilutive shares outstanding at December 31, 2025 and 2024.

Northeast Community Bancorp, Inc.

Notes to Consolidated Financial Statements

Note 6 – Securities Held-to-Maturity

10 unchanged sentences

Municipal Bonds

Northeast Community Bancorp, Inc.

Notes to Consolidated Financial Statements

Note 6 – Securities Held-to-Maturity (continued)

December 31, 2024

16 unchanged sentences

Actual maturities will differ from contractual maturities due to scheduled monthly repayments and due to the underlying borrowers having the right to prepay their obligations.

Northeast Community Bancorp, Inc.

Notes to Consolidated Financial Statements

Note 6 – Securities Held-to-Maturity (continued)

The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity:

5 unchanged sentences

Balance – December 31, 2023

Impact of adopting ASC 326

Provision for credit loss

Reversal of credit loss

Balance - December 31, 2024

Northeast Community Bancorp, Inc.

Notes to Consolidated Financial Statements

Note 6 – Securities Held-to-Maturity (continued)

The age of unrealized losses and the fair value of related securities held-to-maturity were as follows, for which an allowance for credit losses has not been recorded:

Less than 12 Months

12 Months or More

(In Thousands)

December 31, 2024:

Mortgage-backed securities - residential:

Federal Home Loan Mortgage Corporation

Federal National Mortgage Association

Collateralized mortgage obligations – GSE

Total mortgage-backed securities

Less than 12 Months

12 Months or More

(In Thousands)

December 31, 2023:

Mortgage-backed securities - residential:

Government National Mortgage Association

Federal Home Loan Mortgage Corporation

Federal National Mortgage Association

Collateralized mortgage obligations – GSE

Total mortgage-backed securities

Northeast Community Bancorp, Inc.

Notes to Consolidated Financial Statements

Note 6 – Securities Held-to-Maturity (continued)

At December 31, 2024, sixteen mortgage-backed securities had unrealized loss due to interest rate volatility.

At December 31, 2025, eleven mortgage-backed securities had unrealized loss due to interest rate volatility.

Management concluded that the unrealized loss reflected above was related primarily to market interest rates volatility, and not related to the underlying credit quality of the issuers of the securities.

Additionally, the Company has the ability and intent to hold the securities for the time necessary to recover the amortized cost.

At December 31, 2023, there were twenty-seven mortgage-backed securities and eight municipal bonds with unrealized loss.

At December 31, 2024, there were sixteen mortgage-backed securities unrealized loss.

Credit Quality Indicators

The held to maturity securities portfolio consists of agency mortgage-backed securities and municipal bonds.

All agency mortgage-backed securities are issued by U.S.

government entities and agencies.

These securities are either explicitly or implicitly guaranteed by the U.S.

government, are highly rated by major rating agencies and have a long history of no credit losses.

The ten municipal bonds in the portfolio carry no lower than A ratings from the rating agencies at December 31, 2025 and have no realized losses since they were issued.

The Company regularly monitors the municipal bonds sector of the market and reviews collectability including such factors as the financial condition of the issuers as well as credit ratings in effect as of the reporting period.

Note 7 - Loans Receivable and the Allowance for Credit Losses

6 unchanged sentences

Commercial and industrial

Deferred loan (fees) costs, net

Deferred loan costs (fees), net

Allowance for credit losses

Loans serviced for the benefit of others totaled approximately $ 52,546,000 and $ 40,729,000 at December 31, 2024 and 2023, respectively.

The value of mortgage servicing rights was not material at December 31, 2024 and 2023.

The Company sold loan participations totaling $ 11.8 million and $ 19.2 million in 2024 and 2023.

There was no other loan sold in 2024.

During the year ended December 31, 2023, the Company sold three loans with the same borrower totaling $ 10.4 million with a charge-off of $ 159,000 recognized on the sale.

Northeast Community Bancorp, Inc.

Notes to Consolidated Financial Statements

Loans serviced for the benefit of others totaled approximately $ 53,323,000 and $ 52,546,000 at December 31, 2025 and 2024, respectively.

The value of mortgage servicing rights was not material at December 31, 2025 and 2024.

Note 7 - Loans Receivable and the Allowance for Credit Losses (continued)

The Company sold loan participations totaling $ 1.1 million and $ 11.8 million in 2025 and 2024.

There was no other loan sold in 2025 and 2024.

The following tables summarize the allocation of the allowance for credit losses based upon the calculation methodology described in Note 1, and loans receivable by loan class and credit loss method at December 31, 2025 and 2024:

39 unchanged sentences

Balance - December 31, 2023

Impact of adopting ASC 326

Provision (reversal of)

Balance - December 31, 2024

During the year ended December 31, 2025, the reversal of provision recorded for residential real estate loans was primarily attributed to newly originated high quality muti-family loans.

The reversal of provision recorded for non-residential real estate loans was primarily attributed to a $ 350,000 recovery from a loan charged off in 2021.

The provision expense recorded for commercial and industrial loans were attributed to increased loan balance.

The reversal of provision recorded for construction loans was primarily attributed to a $ 334,000 recovery from a foreclosed loan in 2023.

The provision expense recorded for consumer loans was primarily attributed to a $ 511,000 net charge off in checking account overdrafts in 2025.

During the year ended December 31, 2024, the reversal of provision recorded for residential real estate loans was primarily attributed to reduced credit risk.

The provision expense recorded for non-residential real estate loans were primarily attributed to increased loan balances.

The provision expense recorded for commercial and industrial loans were attributed to increased credit risk.

During the last quarter of 2024, the Company had a complete charge-off of $ 1.0 million against a potential non-performing commercial and industrial loan whereby the borrower pleaded guilty and faces incarceration due to loan fraud not related to our commercial and industrial loan.

The provision expense recorded for consumer loans was primarily attributed to increased deposit account overdraft balances and increased credit risk.

The provision expense recorded for constructions loans was primarily attributed to increased loan balances, offset by improving economic and sub-market housing conditions during the year ended December 31, 2024.

During the year ended December 31, 2023, the provision expenses recorded for construction loans were primarily attributed to the increased loan balances.

The provision expenses recorded for residential loans was primarily due to increased loan balances and increased average contractual terms of the loans.

The provision expenses recorded for consumer loans was primarily due to increased deposit account overdraft balance and increased credit risk.

Northeast Community Bancorp, Inc.

Notes to Consolidated Financial Statements

Note 7 - Loans Receivable and the Allowance for Credit Losses (continued)

The following table shows our recorded investment, unpaid principal balance and allocated allowance for credit losses for loans that were considered nonperforming and impaired as of and for the periods presented:

As of and for the Year Ended December 31, 2024:

Unpaid Principal

Average Recorded

Interest Income

2024 - Individually evaluated

(In Thousands)

With no related allowance recorded:

Residential real estate

Non-residential real estate

Commercial and industrial

With an allowance recorded

Residential real estate

Non-residential real estate

Commercial and industrial

As of and for the Year Ended December 31, 2023:

Unpaid Principal

Average Recorded

Interest Income

2023 - Individually evaluated

(In Thousands)

With no related allowance recorded:

Residential real estate

Non-residential real estate

Commercial and industrial

With an allowance recorded

Residential real estate

Non-residential real estate

Commercial and industrial

The Company has one individually evaluated loan, totaling $ 241,000 at December 31, 2024.

The underlying business experienced a significant decline in sales revenue during 2024, but the borrower continues to make monthly payments through personal guarantees.

Therefore, this loan was downgraded to substandard but still accruing.

At December 31, 2024, there were no non-accrual loans.

At December 31, 2023, the Company had two individually evaluated loans, totaling $ 4.4 million, which were collateral-dependent construction loans, secured by multi-family real estate.

The two loans are secured by the same project located in the Bronx, New York, and were placed on non-accrual status.

In October 2024, the Company acquired the foreclosed property that secured the two loans at a book value of $ 4.4 million

The provision expense recorded for commercial and industrial loans was attributed to increased credit risk due to a $ 1.0 million loan charge off.

The Company had one individually evaluated loan of $ 241,000 at December 31, 2024.

During 2025, the Company upgraded this loan to special mention since the borrower had no missed payments on this loan, therefore there was no individually evaluated loan at December 31, 2025.

Interest income recognized for this loan was $ 18,000 in 2025 and zero in 2024.

Northeast Community Bancorp, Inc.

1 unchanged sentence

Note 7 - Loans Receivable and the Allowance for Credit Losses (continued)

and recorded it as real estate owned on the Consolidated Statement of Financial Condition as of December 31, 2024.

There was no interest income recognized from non-accrual loans as of December 31, 2024 and 2023.

The following tables provide information about delinquencies in our loan portfolio at the dates indicated.

Age Analysis of Past Due Loans as of December 31, 2025:

Accruing

(In Thousands)

6 unchanged sentences

> 90 Days and

Accruing

(In Thousands)

78 unchanged sentences

Balance – December 31, 2024

Reversal of credit loss

Provision for credit loss

Balance – December 31, 2025

1 unchanged sentence

Balance – December 31, 2023

Impact of adopting ASC 326

Reversal of credit loss

14 unchanged sentences

The Company owned two foreclosed properties valued at approximately $ 5,120,000 at December 31, 2024, consisting of an office building located in Pennsylvania which was acquired through foreclosure in December 2014, and a land and land improvement located in Bronx which was acquired through foreclosure in October 2024.

The Company owned one foreclosed property valued at $ 1,456,000 at December 31, 2023, consisting of an office building located in Pennsylvania which was acquired through foreclosure in December 2014.

Further declines in real estate values may result in impairment charges in the future.

The Company disposed these properties in 2025 and had no real estate owned at December 31, 2025.

Declines in real estate values may result in impairment charges in the future.

Routine holding costs are charged to expense as incurred and improvements to real estate owned that enhance the value of the real estate are capitalized.

7 unchanged sentences

The property is currently leased to a car rental company to generate current income for the Company.

Depreciation expense on property held for investment for the fiscal years ended December 31, 2025 and 2024 totaled $ 36,000 and $ 37,000 , respectively.

Northeast Community Bancorp, Inc.

17 unchanged sentences

After four years

As of December 31, 2024 and 2023, certificates of deposits equal to or in excess of $250,000 totaled approximately $ 187,177,000 and $ 178,112,000 , respectively.

As of December 31, 2025 and 2024, certificates of deposits in excess of $250,000 totaled approximately $ 172,034,000 and $ 185,677,000 , respectively.

At December 31, 2025 and 2024, the demand deposit overdrafts totaled $ 58,000 and $ 1,648,000 .

13 unchanged sentences

Note 13 – Borrowings

Our borrowings include Federal Home Loan Bank of New York (“FHLB”) advances and short-term borrowings from the Discount Window at the Federal Reserve Bank of New York (“FRBNY”).

FHLB advances are summarized as follows at December 31:

Weighted Average

Interest Rate

(Dollars in Thousands)

Advances maturing in:

One year or less

After one to three years

After three to four years

After five years (due 2030)

Our borrowings are primarily from the Discount Window at the Federal Reserve Bank of New York (“FRBNY”).

On August 30, 2023, the FRBNY approved the Company’s eligibility to pledge loans under the Borrower-in-Custody program of the FRBNY thereby allowing the Company to borrow from the Discount Window at the FRBNY.

As of December 31, 2024, there were no outstanding borrowings from the FRBNY.

At December 31, 2023, the borrowing from the FRBNY was $ 50.0 million, bearing an interest rate of 5.5 %.

As of December 31, 2025, borrowings from the FRBNY totaled $ 70.0 million, bearing an interest rate of 3.75 %.

Of the $ 70.0 million in borrowings, $ 30.0 million was paid off in January 2026, and $ 40.0 million matured in February 2026.

At December 31, 2025, the Company had the ability to borrow $ 768.8 million from the FRBNY, $ 35.8 million from the FHLB, and $ 8.0 million from ACBB.

18 unchanged sentences

Non-taxable income on bank owned life insurance

Effective Income Tax Rate

Effective Income Tax

(1) For the years presented New York State, New York City, and Massachusetts make up 100% of the tax effect in this category.

The tax effects of significant items comprising the net deferred tax assets are as follows:

9 unchanged sentences

Net Deferred Tax Assets Included in Other Assets

The Company has state net operating loss (NOL) carryforwards totaling approximately $ 263,000 at December 31, 2024 that are available to be carried forward to future years.

These NOL carryforwards will start to expire beginning in 2035 if not fully utilized.

At December 31, 2024, the Company had no valuation allowance because the Company determined there will be enough future New York State taxable income to utilize the New York State deferred tax assets.

At December 31, 2025, the Company had no valuation allowance because the Company determined there will be enough future taxable income to utilize the deferred tax assets.

Northeast Community Bancorp, Inc.

21 unchanged sentences

Interest cost

Actuarial loss (gain)

Actuarial (gain) loss

Benefits Paid

17 unchanged sentences

Benefit payments, which reflect expected future service as appropriate, are expected to be paid for the years ending December 31 as follows (in thousands):

At December 31, 2024 and 2023, unrecognized net loss of $ 88,000 and net gain of $ 116,000 , respectively, were included in accumulated other comprehensive income.

At December 31, 2025 and 2024, unrecognized net gain of $ 39,000 and net loss of $ 88,000 , respectively, were included in accumulated other comprehensive income.

Supplemental Executive Retirement Plan (“SERP”)

26 unchanged sentences

The ESOP may further pay down the principal balance of the loans by using dividends paid, if any, on the shares of Company common stock it owns.

The balance remaining on the first ESOP loan was $ 478,000 and $ 919,000 at December 31, 2024 and 2023.

The balance remaining on the first ESOP loan was $ 478,000 at December 31, 2024 and was paid off in full at December 31, 2025.

The balance remaining on the second ESOP loan was $ 5,529,000 and $ 5,991,000 at December 31, 2025 and 2024.

3 unchanged sentences

ESOP shares initially pledged as collateral were recorded as unearned ESOP shares in the stockholders’ equity section of the Consolidated Statement of Financial Condition.

Thereafter, on a monthly basis over the terms of the ESOP loans, approximately 2,894 shares for the ESOP established in 2006 and approximately 4,348 shares for the ESOP

established in 2021 are committed to be released, respectively.

Thereafter, on a monthly basis over the terms of the ESOP loans, approximately 2,894 shares for the ESOP established in 2006 and approximately 4,348 shares for the ESOP established in 2021 are committed to be released, respectively.

Compensation expense is recorded equal to the shares committed to be released multiplied by the average closing price of the Company’s stock during that month.

16 unchanged sentences

Management recognizes compensation expense for the fair value of restricted stock on a straight-line basis over the requisite service period for the entire award.

As of December 31, 2024, there were 102,759 shares available for future awards under this plan, which includes 98,311 shares available for stock options and 4,448 shares available for restricted stock awards.

As of December 31, 2025, there were 19,335 shares available for future awards under this plan.

A summary of the Company’s restricted stock activity and related information for the year ended December 31 follows:

21 unchanged sentences

Expected volatility

28.79 - 28.94

Expected dividend yield

70 unchanged sentences

Marketable equity securities:

Mortgage-backed securities

There were no transfers between Level 1 and 2 during the years ended December 31, 2025 and 2024.

The Company did no t have any liabilities that were carried at fair value on a recurring basis at December 31, 2025 and 2024.

Northeast Community Bancorp, Inc.

Notes to Consolidated Financial Statements

Note 20 – Fair Value Disclosures (continued)

The following table sets forth the Company’s assets that are carried at fair value on a non-recurring basis and the level that was used to determine their fair value, at December 31:

6 unchanged sentences

(In Thousands)

Collateral dependent loans

Real estate owned

10 unchanged sentences

Capitalization rate

At December 31, 2023

(In Thousands)

Collateral dependent loans

Income approach

Capitalization rate

Real estate owned

Income approach

Capitalization rate

The Company did no t have any collateral dependent loans at December 31, 2025.

The Company did no t have any liabilities that were carried at fair value on a non-recurring basis at December 31, 2025 and 2024.

Northeast Community Bancorp, Inc.

Notes to Consolidated Financial Statements

Note 20 – Fair Value Disclosures (continued)

The methods and assumptions used to estimate fair value at December 31, 2025 and 2024 are as follows:

3 unchanged sentences

Subsequently, as these properties are actively marketed, the estimated fair values may be periodically adjusted through incremental subsequent write-downs to reflect decreases in estimated values resulting from sales price observations and the impact of changing economic and market conditions.

A loan is considered individually evaluated for credit loss when, based upon current information and events, it is probable that the Company will be unable to collect all scheduled payments in accordance with the contractual terms

Northeast Community Bancorp, Inc.

Notes to Consolidated Financial Statements

Individually evaluated loans that are collateral dependent are written down to fair value through the establishment of specific reserves, a component of the allowance for credit losses or through partial charge-offs, and

Note 20 – Fair Value Disclosures (continued)

as such are carried at the lower of cost or the fair value.

2 unchanged sentences

If real estate is not the primary source of repayment, present value of discounted cash flows and estimates using generally accepted industry liquidation advance rates are utilized.

Due to the multitude of assumptions, many of which are subjective in nature, and the varying inputs and techniques used by appraisers, the Company recognizes that valuations could differ across a wide spectrum of valuation techniques employed and accordingly, fair value estimates for impaired loans are classified as Level 3.

Due to the multitude of assumptions, many of which are subjective in nature, and the varying inputs and techniques used by appraisers, the Company recognizes that valuations could differ

across a wide spectrum of valuation techniques employed and accordingly, fair value estimates for impaired loans are classified as Level 3.

Management uses its best judgment in estimating the fair value of the Company’s financial instruments;

24 unchanged sentences

Securities held to maturity

Loans receivable

Loans receivable, net

Investments in restricted stock

1 unchanged sentence

Financial Liabilities

Accrued interest payable

Fair Value at

16 unchanged sentences

Deposits of related parties at the Company totaled $ 2.7 million and $ 2.1 million at December 31, 2025 and 2024, respectively.

O’Malley served as a director of the Company during the years ended December 31, 2024 and 2023 and during that time, also served as an attorney with Kevin P.

Morgenthau was appointed and served as a director of the Company since 2024, and he also served as an attorney with Moritt Hock & Hamroff LLP, a law firm that provides legal services to the Company.

During the fiscal year ended December 31, 2025 and 2024, the Company paid $ 303,000 and $ 94,000 to the firm respectively.

O’Malley served as a director of the Company during the year ended December 31, 2024 and during that time, also served as an attorney with Kevin P.

O’Malley, P.C., a law firm that provides construction loan closing services to borrowers of the Company.

During the fiscal year ended December 31, 2024 and 2023, construction loan borrowers of the Company paid $ 541,000 and $ 497,000 respectively in legal fees to Mr.

During the fiscal year ended December 31, 2024, construction loan borrowers of the Company paid $ 541,000 in legal fees to Mr.

O’Malley’s law firm in connection with closing of construction loans.

Morgenthau was appointed and served as a director of the Company in 2024, and he also served as an attorney with Moritt Hock & Hamroff LLP, a law firm that provides legal services to the Company.

During the fiscal year ended December 31, 2024, the Company paid $ 94,000 to the firm.

Note 22 – Revenue Recognition

16 unchanged sentences

Electronic banking fees and charges

Gain (loss) on disposition of equipment (1)

(Loss) gain on disposition of equipment (1)

Income from bank owned life insurance (1)

Investment advisory fees

Realized and unrealized (loss) gain on equity securities (1)

Unrealized gain (loss) on equity securities (1)

Miscellaneous (1)

15 unchanged sentences

Interchange fees from cardholder transactions are recognized daily, concurrently with the transaction processing services provided by an outsourced technology solution.

Investment Advisory Fees

The Company earns fees from investment advisory and financial planning services under the name of Harbor West Financial Planning Wealth Management, a division of the Company through a networking arrangement with a registered broker-dealer and investment advisor.

The registered broker-dealer deducts investment advisory fees and financial planning services fees from the client’s assets under management and remits the fees, net of administrative fees, to the Company on a monthly basis.

The Company recognizes the fees into non-interest income upon receipt of the monthly remittances.

Note 23 – Recent Accounting Pronouncements

6 unchanged sentences

However, if the SEC does not act to remove its related requirements by June 30, 2027, any related FASB amendments will be removed from the Codification and will not be effective for any entities.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures , which requires disclosure of the amount of net income taxes paid for federal, state, and foreign taxes, as well as the amount paid to any jurisdiction in which income taxes paid is equal to or greater than a 5% quantitative threshold.

The amendments will require the disclosure of pre-tax income disaggregated between domestic and foreign, as well as income tax expense disaggregated by federal, state, and foreign.

The amendment also eliminates certain disclosures related to unrecognized tax benefits and certain temporary differences.

This ASU is effective for fiscal years beginning after December 15, 2024.

Early adoption is permitted in any annual period where financial statements have not yet been issued.

The amendments should be applied on a prospective basis but retrospective application is

Northeast Community Bancorp, Inc.

Notes to Consolidated Financial Statements

Note 23 – Recent Accounting Pronouncements (continued)

The Company does not expect adoption of the standard to have a material impact on its Consolidated Financial Statements.

In March 2024, the FASB issued ASU 2024-01, Compensation – Stock Compensation (Topic 718) , which amended the guidance in ASC 718 to add an example showing how to apply the scope guidance to determine whether profits interest and similar awards should be accounted for as share-based payment arrangements.

For public business entities, the guidance is effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years.

For all other entities, it is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years.

This Update is not expected to have a significant impact on the Company’s financial statements.

In March 2024, the FASB issued ASU 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements .

This ASU removes various references to the FASB’s Concepts Statements from the FASB’s Accounting Standards Codification.

The FASB does not expect these updates to have a significant effect on current accounting practice since, in most cases, the amendments to the Codification remove references to Concept Statements that are extraneous and not required to understand or apply the guidance.

However, the FASB has provided transition guidance if applying the updated guidance results in accounting changes for some entities.

The amendments in ASU 2024-02 are effective for public business entities for fiscal years beginning after December 15, 2024.

For all other entities, the amendments are effective for fiscal years beginning after December 15, 2025.

This Update is not expected to have a significant impact on the Company’s financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures .

5 unchanged sentences

This Update is not expected to have a significant impact on the Company’s financial statements.

In December 2024, the FASB issued ASU 2024-04, Debt – Debt with Conversion and Other Options (Subtopic 470-20):

Induced Conversions of Convertible Debt Instruments .

This new guidance clarifies the assessment of whether a transaction should be accounted for as an induced conversion or extinguishment of convertible debt when changes are made to conversion features as part of an offer to settle the instrument.

The ASU requires entities to apply a preexisting contract approach.

To qualify for induced conversion accounting under this approach, the inducement offer is required to preserve the form of consideration and result in an amount of consideration that is no less than that issuable pursuant to the preexisting conversion privileges.

The guidance is effective for fiscal years beginning after December 15, 2025, with early adoption permitted, and it can be adopted either on a prospective or retrospective basis.

This Update is not expected to have a significant impact on the Company’s financial statements.

In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) , which revises the effective date of ASU 2024-03 (on disclosures about disaggregation of income statement expenses) “to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027.” Entities within the ASU’s scope are permitted to early adopt the ASU.

This Update is not expected to have a significant impact on the Company’s financial statements.

Northeast Community Bancorp, Inc.

Notes to Consolidated Financial Statements

periods beginning after December 15, 2027.” Entities within the ASU’s scope are permitted to early adopt the ASU.

This Update is not expected to have a significant impact on the Company’s financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software that is developed using an incremental and iterative method (e.g., agile method).

The guidance removes all references to project stages in ASC 350-40 and clarifies the threshold entities apply to begin capitalizing costs.

The guidance specifies that the property, plant, and equipment disclosure requirements under ASC 360-10 apply to capitalized software costs accounted for under ASC 350-40, regardless of how those costs are presented in the financial statements.

The guidance, which applies to all entities, is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years.

Entities may apply the guidance using a prospective, retrospective, or modified transition approach.

Early adoption is permitted.

This Update is not expected to have a significant impact on the Company’s financial statements.

Note 24 - Subsequent Events

26 unchanged sentences

Operating expenses

Income before Income Tax Expense and Equity in Undistributed Earnings of Subsidiary

(Loss) Income before Income Tax Expense and Equity in Undistributed Earnings of Subsidiary

Income tax benefit

Income before Equity in Undistributed Earnings of Subsidiary

(Loss) Income before Equity in Undistributed Earnings of Subsidiary

Equity in undistributed earnings of subsidiary

9 unchanged sentences

Repayment of ESOP loan

Net increase in loans

Net Cash (Used in) Provided by Investing Activities

Net decrease (increase) in loans

Net Cash Provided by (Used in) Investing Activities

Cash Flows from Financing Activities

3 unchanged sentences

Net Cash Used in Financing Activities

Net Increase (Decrease) in Cash and Cash Equivalents

Net (Decrease) Increase in Cash and Cash Equivalents

Cash and Cash Equivalents – Beginning

6 unchanged sentences

Substantially most of the Company’s operations occur through the bank and involve the delivery of loan and deposit products to customers.

Small portion of the Company’s operations occurs through wealth management advisory service to customers in 2023 before the sale of all the Bank’s assets relating to Harbor West Wealth Management Group to a third party.

In 2023, the wealth management operation does not meet the quantitative threshold requirement to be disclosed separately.

In 2024, the Company does not have revenue-producing segment through wealth management advisory services.

The Company’s chief operating decision maker is the Executive Committee that includes the Chief Executive Officer, Chief Operating Officer and Chief Financial Officer.

16 unchanged sentences

Net interest income

Provision for credit losses

Provision for (reversal of) credit losses

Net interest income after provision for credit losses

4 unchanged sentences

Outside data processing

Loss on disposition of business

Real estate owned expense

42 unchanged sentences

March 13, 2026

/s/ Lynette Bennett

March 13, 2026

Lynette Bennett

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures