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DATE : July 30 , 2021 CONTACT : Kenneth A. Martinek PHONE : Chairman and Chief Executive Officer ( 914 ) 684-2500 FOR IMMEDIATE RELEASE Exhibit 99.1 NORTHEAST COMMUNITY BANCORP , INC . REPORTS RESULTS FOR THE QUARTER ENDED JUNE 30 , 2021 White Plains , New York , July 30 , 2021 - NorthEast Community Bancorp , Inc. ( NasdaqCM : NECB ) ( the “ Company ” ) , the parent holding company of NorthEast Community Bank ( the “ Bank ” ) reported net income of $ 3.7 million and $ 7.0 million , or $ 0.31 and $ 0.58 per basic and diluted common share , for the three months and six months ended June 30 , 2021 , respectively , compared to net income of $ 2.5 million and $ 5.7 million , or $ 0.21 and $ 0.48 per basic and diluted common share , for the three months and six months ended June 30 , 2020 , respectively . Kenneth A. Martinek , NorthEast Community Bancorp's Chairman of the Board and Chief Executive Officer , stated " We are pleased to report another quarter of strong earnings . Throughout the COVID - 19 pandemic , loan demand remained strong with originations and outstanding commitments increasing quarter over quarter . Our commitments , loans - in - process , and standby letters of credit outstanding totaled $ 785.7 million as of June 30 , 2021. The performance of our loan portfolios remains strong with one loan past due and in foreclosure at June 30 , 2021. At this time , we have two loans on deferral as a result of the COVID - 19 pandemic , both with conservative loan to value ratios . As has been in the past , construction lending for affordable housing units in homogeneous high demand high absorption areas continues to be our focus . " Highlights for the three and six months ended and at June 30 , 2021 are as follows : During the three months ended June 30 , 2021 , the Company recorded net income of $ 3.7 million , or $ 0.31 per basic and diluted share . Net interest income increased by $ 869,000 , or 9.1 % , for the three months ended June 30 , 2021 compared to the same period in the prior year . The Company maintained strong credit reserves amidst the uncertain economic environment and recorded a $ 17,000 provision for loan losses during the six months ended June 30 , 2021 . Asset quality metrics continued to remain strong with non - performing assets to total assets of 0.52 % as of June 30 , 2021. Our allowance for loan losses totaled $ 5.1 million , or 0.61 % of total loans as of June 30 , 2021 compared to $ 5.2 million , or 0.64 % of total loans as of June 30 , 2020 . In accordance with the provisions of the Coronavirus Aid , Relief , and Economic Security Act ( the " CARES Act " ) since March 2020 , we have granted pandemic - related loan payment deferrals to 195 loans totaling $ 190.8 million at the time payment deferral was requested . As of June 30 , 2021 , we had two loans totaling $ 9.5 million still in deferral status . Balance Sheet Total assets increased by $ 108.3 million , or 11.2 % , to $ 1.1 billion at June 30 , 2021 , from $ 968.2 million at December 31 , 2020. The increase in assets was primarily due to increases in cash and cash equivalents of $ 94.6 million , premises and equipment of $ 4.5 million , net loans of $ 5.5 million , and investment securities held - to - maturity of $ 3.5 million . Cash and cash equivalents increased by $ 94.6 million , or 136.8 % , to $ 163.8 million at June 30 , 2021 from $ 69.2 million at December 31 , 2020. The increase in cash can primarily be attributed to an increase in deposits of $ 27.1 million and an increase in stock subscriptions funds of $ 74.9 million related to our recently completed second - step conversion offering , partially offset by an increase in loans of $ 5.5 million , an increase in investment securities held- to - maturity of $ 3.5 million , an increase in premises and equipment of $ 4.5 million due to the purchase of a branch building , a decrease in advance payments by borrowers for taxes and insurance of $ 246,000 and cash dividends of $ 295,000 .