Company: NECB
Filing Date: 2025-06-23
Form Type: 11-K
Source: 0001104659-25-061580
Chunk: 9

Company: NorthEast Community Bancorp, Inc./MD/
Filing Date: 2025-06-23
Form: 11-K
Chunk 9
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 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 2024 and 2023.

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.

<div align='center'>-8-

NORTHEAST COMMUNITY BANK EMPLOYEES’

SAVINGS & PROFIT SHARING PLAN AND TRUST

NOTES TO FINANCIAL STATEMENTS</div>

E. :

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 151,278 and 144,916 shares
of the Company Common Stock at December 31, 2024 and 2023, respectively. The total fair market value of the shares was $3,700,568
and $2,571,086 at December 31, 2024, and 2023, respectively. During the year ended December 31, 2024, the Plan purchased the
Company Stock shares in the amount of $152,934 and sold shares in the amount of $7,450. Of the shares purchased, $82,936 were reinvested
as dividends, and the shares sold were distributed to