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Exhibit 99.1 NORTHEAST COMMUNITY BANCORP , INC . REPORTS RESULTS FOR THE QUARTER ENDED SEPTEMBER 30 , 2021 White Plains , New York , October 29 , 2021 - NorthEast Community Bancorp , Inc. ( Nasdaq : NECB ) ( the “ Company ” ) , the parent holding company of NorthEast Community Bank ( the “ Bank ” ) , reported net income of $ 730,000 and $ 7.7 million , or $ 0.05 and $ 0.48 per basic and diluted common share , for the three months and nine months ended September 30 , 2021 , respectively , compared to net income of $ 3.1 million and $ 8.9 million , or $ 0.26 and $ 0.74 per basic and diluted common share , for the three months and nine months ended September 30 , 2020 , respectively . Kenneth A. Martinek , NorthEast Community Bancorp's Chairman of the Board and Chief Executive Officer , stated “ Although we generated net income of $ 730,000 for the quarter , we are pleased to report that the performance of our loan portfolio remains strong with no loans past due and in foreclosure at September 30 , 2021. 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 $ 779.1 million as of September 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 nine months ended and at September 30 , 2021 are as follows : During the nine months ended September 30 , 2021 , the Company recorded net income of $ 7.7 million , or $ 0.48 per basic and diluted share . Net interest income increased by $ 1.1 million , or 11.3 % , for the three months ended September 30 , 2021 compared to the same period in the prior year . Asset quality metrics continued to remain strong with non - performing assets to total assets of 0.18 % as of September 30 , 2021 compared to 0.58 % as of December 31 , 2020. Our allowance for loan losses totaled $ 5.2 million , or 0.58 % of total loans as of September 30 , 2021 compared to $ 5.1 million , or 0.62 % of total loans as of September 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 196 loans totaling $ 190.9 million at the time payment deferral was requested . As of September 30 , 2021 , we had two loans totaling $ 8.9 million still in deferral status . Balance Sheet Total assets increased by $ 139.8 million , or 14.4 % , to $ 1.1 billion at September 30 , 2021 , from $ 968.2 million at December 31 , 2020. The increase in assets was primarily due to increases in net loans of $ 84.8 million , cash and cash equivalents of $ 38.8 million , investment securities held - to - maturity of $ 6.0 million , premises and equipment of $ 4.9 million , and investment in equity securities of $ 4.8 million . Cash and cash equivalents increased by $ 38.8 million , or 56.1 % , to $ 108.0 million at September 30 , 2021 from $ 69.2 million at December 31 , 2020. The increase in cash can primarily be attributed to an increase in deposits of $ 45.1 million and an increase in stockholders ' equity primarily due to the completion of the second - step conversion offering that increased stockholders ' equity by $ 88.4 million , net of conversion costs , partially offset by an increase in loans of $ 84.8 million , an increase in investment securities held - to - maturity of $ 6.0 million , an increase in equity securities of $ 4.8 million , an increase in property and equipment of $ 4.9 million due primarily to the purchase of property for a new branch office , and cash dividends of $ 1.3 million . Equity securities increased by $ 4.8 million , or 46.3 % , to $ 15.1 million at September 30 , 2021 from $ 10.3 million at December 31 , 2020. The increase in equity securities was primarily attributed to the purchase of equity securities totaling $ 5.0 million , partially offset by market depreciation of $ 215,000 .