**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      DC 20549**

**FORM      10-Q**

| ý | QUARTERLY                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934 |
|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|  ̈ | TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934 |
|--------|---------------------------------------------------------------------------------------------------------------------------------------|

**          Northeast      Community Bancorp,      Inc.          **

| **                    United                States of                America                    ** | **                    06-1786701                    ** |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (State                or other jurisdiction of incorporation or                                                                                                                                                                                                                                            | (I.R.S.                Employer Identification No.)                                                                                                                                                                                                            |
| organization)                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                           |
| **325                Hamilton Avenue, White Plains, New York**                                                                                                                                                                                                                                             |       **10601**                                                                                                                                                                                    |
| (Address                of principal executive offices)                                                                                                                                                                                                                                                    | (Zip                Code)                                                                                                                                                                                                                                      |

**                                 (914)      684-2500                                **

**                                                                      N/A                                                                      **

| Large                accelerated    ̈ | Accelerated                filer    ̈ | Non-accelerated                filer    ý |
|-----------------------------------------------------|-----------------------------------------------------|--------------------------------------------------------------------|

----

**NORTHEAST      COMMUNITY BANCORP, INC.**

**Table      of Contents**

|                                                                             |   |                                                                                                                                              |   | **Page                No.** |
|----------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|
| **Part                I.   Financial                Information** |
|                                                                             |   |                                                                                                                                              |   |                        |
| Item                1.                                                           |   | Financial                Statements (Unaudited)                                                                                                   |   |                        |
|                                                                             |   |                                                                                                                                              |   |                        |
|                                                                             |   | Consolidated                Statements of Financial Condition at March 31,                2007 and December 31, 2006                              |   | **1**                       |
|                                                                             |   |                                                                                                                                              |   |                        |
|                                                                             |   | Consolidated                Statements of Income for the Three Months Ended                March 31, 2007 and 2006                                |   | **2**                       |
|                                                                             |   |                                                                                                                                              |   |                        |
|                                                                             |   | Consolidated                Statements of Changes in Stockholders’ Equity for                the Three Months Ended March 31, 2007 and 2006 |   | **3**                       |
|                                                                             |   |                                                                                                                                              |   |                        |
|                                                                             |   | Consolidated                Statements of Cash Flows for the Three Months                Ended March 31, 2007 and 2006                            |   | **4**                       |
|                                                                             |   |                                                                                                                                              |   |                        |
|                                                                             |   | Notes                to Consolidated Financial Statements                                                                                         |   | **5**                       |
|                                                                             |   |                                                                                                                                              |   |                        |
| Item                2.                                                           |   | Management’s                Discussion and Analysis of Financial Condition and                Results of Operations                         |   | **7**                       |
|                                                                             |   |                                                                                                                                              |   |                        |
| Item                3.                                                           |   | Quantitative                and Qualitative Disclosures about Market                Risk                                                          |   | **12**                      |
|                                                                             |   |                                                                                                                                              |   |                        |
| Item                4.                                                           |   | Controls                and Procedures                                                                                                            |   | **13**                      |
|                                                                             |   |                                                                                                                                              |   |                        |
| Item                4T.                                                          |   | Controls                and Procedures                                                                                                            |   | **14**                      |
|                                                                             |   |                                                                                                                                              |   |                        |
| **Part                II.   Other                Information**    |
|                                                                             |   |                                                                                                                                              |   |                        |
| Item                1.                                                           |   | Legal                Proceedings                                                                                                                  |   | **14**                      |
|                                                                             |   |                                                                                                                                              |   |                        |
| Item                1A.                                                          |   | Risk                Factors                                                                                                                       |   | **14**                      |
|                                                                             |   |                                                                                                                                              |   |                        |
| Item                2.                                                           |   | Unregistered                Sales of Equity and Use of                Proceeds                                                                    |   | **14**                      |
|                                                                             |   |                                                                                                                                              |   |                        |
| Item                3.                                                           |   | Defaults                Upon Senior Securities                                                                                                    |   | **14**                      |
|                                                                             |   |                                                                                                                                              |   |                        |
| Item                4.                                                           |   | Submission                of Matters to a Vote of Security                Holders                                                                 |   | **14**                      |
|                                                                             |   |                                                                                                                                              |   |                        |
| Item                5.                                                           |   | Other                Information                                                                                                                  |   | **14**                      |
|                                                                             |   |                                                                                                                                              |   |                        |
| Item                6.                                                           |   | Exhibits                                                                                                                                          |   | **14**                      |
|                                                                             |   |                                                                                                                                              |   |                        |
|                                                                             |   | **Signatures**                                                                                                                                    |   | **15**                      |

----

*Table          of Contents*

| **PART                I.** | **FINANCIAL                INFORMATION** |
|----------------------------|------------------------------------------|

| **Item1.** | **Financial                Statements** |
|------------|-----------------------------------------|

**CONSOLIDATED      STATEMENTS OF FINANCIAL CONDITION      (UNAUDITED)**

|                                                                                                                                     |   | **March                  31,****2007**                                               |    |   | **December                  31,****2006** |   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------|---------|--------|-------------------------------------------|--------|
|                                                                                                                                     |   | **(In                thousands,****except                share and per share data)** |    |
|                                                                                                                                     |   |
| **ASSETS**                                                                                                                               |   |
|                                                                                                                                     |   |
| Cash                and amounts due from depository institutions                                                                         |   | $                                                                                    | 2,559   |   |                                      | $      | 2,650 |   |
| Interest-bearing                deposits                                                                                                 |   |                                                                                 | 24,693  |   |                                      |   | 34,099 |   |
|                                                                                                                                     |   |                                                                                 |    |   |                                      |   |   |   |
| Cash                and Cash Equivalents                                                                                                 |   |                                                                                 | 27,252  |   |                                      |   | 36,749 |   |
|                                                                                                                                     |   |                                                                                 |    |   |                                      |   |   |   |
| Securities                available for sale                                                                                             |   |                                                                                 | 346     |   |                                      |   | 355 |   |
| Securities                held to maturity                                                                                               |   |                                                                                 | 29,804  |   |                                      |   | 27,455 |   |
| Loans                receivable, net of allowance for loan losses $1,200 and                $1,200                                       |   |                                                                                 | 209,563 |   |                                      |   | 201,306 |   |
| Bank                owned life insurance                                                                                                 |   |                                                                                 | 8,242   |   |                                      |   | 8,154 |   |
| Premises                and equipment, net                                                                                               |   |                                                                                 | 10,984  |   |                                      |   | 11,117 |   |
| Federal                Home Loan Bank of New York stock, at cost                                                                         |   |                                                                                 | 399     |   |                                      |   | 399 |   |
| Accrued                interest receivable                                                                                               |   |                                                                                 | 1,038   |   |                                      |   | 1,101 |   |
| Other                assets                                                                                                              |   |                                                                                 | 2,215   |   |                                      |   | 1,781 |   |
|                                                                                                                                     |   |                                                                                 |    |   |                                      |   |   |   |
| **Total                Assets**                                                                                                          |   | $                                                                                    | 289,843 |   |                                      | $      | 288,417 |   |
|                                                                                                                                     |   |
| **LIABILITIES                AND STOCKHOLDERS’ EQUITY**                                                                            |   |
|                                                                                                                                     |   |
| **LIABILITIES**                                                                                                                          |   |
| Deposits:                                                                                                                                |   |                                                                                 |    |   |                                      |   |   |   |
| Non-interest                bearing                                                                                                      |   | $                                                                                    | 1,203   |   |                                      | $      | 1,439 |   |
| Interest                bearing                                                                                                          |   |                                                                                 | 187,018 |   |                                      |   | 187,153 |   |
|                                                                                                                                     |   |                                                                                 |    |   |                                      |   |   |   |
| Total                Deposits                                                                                                            |   |                                                                                 | 188,221 |   |                                      |   | 188,592 |   |
|                                                                                                                                     |   |                                                                                 |    |   |                                      |   |   |   |
| Advance                payments by borrowers for taxes and insurance                                                                     |   |                                                                                 | 3,261   |   |                                      |   | 1,929 |   |
| Accounts                payable and accrued expenses                                                                                     |   |                                                                                 | 1,151   |   |                                      |   | 1,145 |   |
|                                                                                                                                     |   |                                                                                 |    |   |                                      |   |   |   |
| Total                Liabilities                                                                                                         |   |                                                                                 | 192,633 |   |                                      |   | 191,666 |   |
|                                                                                                                                     |   |                                                                                 |    |   |                                      |   |   |   |
| **Stockholders’                Equity**                                                                                            |   |                                                                                 |    |   |                                      |   |   |   |
|                                                                                                                                     |   |                                                                                 |    |   |                                      |   |   |   |
| Preferred                stock, $0.01 par value; 1,000,000 shares authorized, none                issued                                 |   |                                                                                 | – |   |                                      |   | – |   |
| Common                stock, $0.01 par value; 19,000,000 shares authorized, issued and                outstanding:  13,225,000 |   |                                                                                 | 132     |   |                                      |   | 132 |   |
| Additional                paid-in capital                                                                                                |   |                                                                                 | 57,526  |   |                                      |   | 57,513 |   |
| Unearned                Employee Stock Ownership Plan (“ESOP”) shares                                                        |   |                                                                                 | (4,860  | )      |                                      |   | (4,925 | ) |
| Retained                earnings                                                                                                         |   |                                                                                 | 44,537  |   |                                      |   | 44,147 |   |
| Accumulated                other comprehensive loss                                                                                      |   |                                                                                 | (125    | )      |                                      |   | (116 | ) |
|                                                                                                                                     |   |                                                                                 |    |   |                                      |   |   |   |
| **Total                Stockholders’ Equity**                                                                                      |   |                                                                                 | 97,210  |   |                                      |   | 96,751 |   |
|                                                                                                                                     |   |                                                                                 |    |   |                                      |   |   |   |
| **Total                Liabilities and Stockholders’ Equity**                                                                      |   | $                                                                                    | 289,843 |   |                                      | $      | 288,417 |   |

----

*Table          of Contents*

**CONSOLIDATED**
**STATEMENTS      OF**
**INCOME**
** (UNAUDITED)**

|                                                                                                             |   | **Three                Months Ended**                                            |    |
|------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------|---------|
|                                                                                                             |   | **March                  31,**                                                   |    |
|                                                                                                             |   | **2007**                                                                         |    |   | **2006** |   |
|                                                                                                             |   | **(In                thousands,****except                per share data)**  |    |
|                                                                                                             |   |
| **INTEREST                INCOME**                                                                               |   |
|                                                                                                             |   |
| Loans                                                                                                            |   | $                                                                                | 3,181   |   |   | $ | 3,162 |   |
| Interest-earning                deposits                                                                         |   |                                                                             | 416     |   |   |   | 247 |   |
| Securities                - taxable                                                                              |   |                                                                             | 372     |   |   |   | 136 |   |
|                                                                                                             |   |                                                                             |    |   |   |   |   |   |
| **Total                Interest Income**                                                                         |   |                                                                             | 3,969   |   |   |   | 3,545 |   |
|                                                                                                             |   |
| **INTEREST                EXPENSE**                                                                              |   |
|                                                                                                             |   |
| Deposits                                                                                                         |   |                                                                             | 1,284   |   |   |   | 903 |   |
|                                                                                                             |   |                                                                             |    |   |   |   |   |   |
| **Total                Interest Expense**                                                                        |   |                                                                             | 1,284   |   |   |   | 903 |   |
|                                                                                                             |   |                                                                             |    |   |   |   |   |   |
| **Net                Interest Income**                                                                           |   |                                                                             | 2,685   |   |   |   | 2,642 |   |
|                                                                                                             |   |                                                                             |    |   |   |   |   |   |
| **PROVISION                FOR LOAN LOSSES**                                                                     |   |                                                                             | – |   |   |   | – |   |
|                                                                                                             |   |                                                                             |    |   |   |   |   |   |
| **Net                Interest Income after Provision for Loan Losses**                                           |   |                                                                             | 2,685   |   |   |   | 2,642 |   |
|                                                                                                             |   |                                                                             |    |   |   |   |   |   |
| **NON-INTEREST                INCOME**                                                                           |   |                                                                             |    |   |   |   |   |   |
| Other                loan fees and service charges                                                               |   |                                                                             | 90      |   |   |   | 106 |   |
| Earnings                on bank owned life insurance                                                             |   |                                                                             | 88      |   |   |   | – |   |
| Other                                                                                                            |   |                                                                             | 4       |   |   |   | 7 |   |
|                                                                                                             |   |                                                                             |    |   |   |   |   |   |
| **Total                Non-Interest Income**                                                                     |   |                                                                             | 182     |   |   |   | 113 |   |
|                                                                                                             |   |
| **NON-INTEREST                EXPENSES**                                                                         |   |
|                                                                                                             |   |
| Salaries                and employee benefits                                                                    |   |                                                                             | 1,129   |   |   |   | 1,053 |   |
| Net                occupancy expense of premises                                                                 |   |                                                                             | 265     |   |   |   | 258 |   |
| Equipment                                                                                                        |   |                                                                             | 140     |   |   |   | 96 |   |
| Outside                data processing                                                                           |   |                                                                             | 156     |   |   |   | 145 |   |
| Advertising                                                                                                      |   |                                                                             | 32      |   |   |   | 27 |   |
| Other                                                                                                            |   |                                                                             | 537     |   |   |   | 456 |   |
|                                                                                                             |   |                                                                             |    |   |   |   |   |   |
| **Total                Non-Interest Expenses**                                                                   |   |                                                                             | 2,259   |   |   |   | 2,035 |   |
|                                                                                                             |   |                                                                             |    |   |   |   |   |   |
| **Income                before Income Taxes**                                                                    |   |                                                                             | 608     |   |   |   | 720 |   |
|                                                                                                             |   |                                                                             |    |   |   |   |   |   |
| **INCOME                TAXES**                                                                                  |   |                                                                             | 218     |   |   |   | 311 |   |
|                                                                                                             |   |                                                                             |    |   |   |   |   |   |
| **Net                Income**                                                                                    |   | $                                                                                | 390     |   |   | $ | 409 |   |
| **Net                Income per Common Share – Basic and Diluted**                                         |   | $                                                                                | .03     |   |   | N/A                (A) |   |
| **Weighted                Average Number of Common Shares Outstanding – Basic and                Diluted** |   |                                                                             | 12,736  |   |   | N/A                (A) |   |

| (A) | The                Company completed its initial public stock offering on July 5,                2006. |
|-----|--------------------------------------------------------------------------------------------------------|

----

*Table          of Contents*

**CONSOLIDATED      STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY      (UNAUDITED)**

**Three      Months Ended March 31, 2007 and 2006**

|                                                                                                                                                                                                              |   | CommonStock                       |   |   | AdditionalPaid-inCapital |   |   | UnearnedESOPShares |   |   | RetainedEarnings |   |   | AccumulatedOtherComprehensiveIncome                    (loss) |   |   | TotalEquity |   |   | ComprehensiveIncome |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|--------|--------|--------------------------|--------|--------|--------------------|--------|--------|------------------|--------|--------|---------------------------------------------------------------|--------|--------|-------------|--------|--------|---------------------|--------|
|                                                                                                                                                                                                              |   | (In                    thousands) |   |
|                                                                                                                                                                                                              |   |                              |   |   |                     |   |   |               |   |   |             |   |   |                                                          |   |   |        |   |   |                |   |
| Balance                    at December 31, 2005                                                                                                                                                                   |   | $                                 | -      |   |                     | $      | -      |               |   | $      | -                |   |   | $                                                             | 43,089 |   |        | $      | 31     |                |   | $ | 43,120 |   |   |   |   |
|    Comprehensive                    income:                                                                                                                                                        |   |                              |   |   |                     |   |   |               |   |   |             |   |   |                                                          |   |   |        |   |   |                |   |   |   |   |   |   |   |
|       Net                    income                                                                                                                                                 |   |                              | -      |   |                     |   | -      |               |   |   | -                |   |   |                                                          | 409    |   |        |   | -      |                |   |   | 409 |   |   | $ | 409 |   |
|       Unrealized                    gain on securities           available                    for sale, net of taxes of $(2) |   |                              | -      |   |                     |   | -      |               |   |   | -                |   |   |                                                          | -      |   |        |   | 3      |                |   |   | 3 |   |   |   | 3 |   |
|                                                                                                                                                                                                              |   |                              |   |   |                     |   |   |               |   |   |             |   |   |                                                          |   |   |        |   |   |                |   |   |   |   |   |   |   |   |
| Total                    comprehensive                    income                                                                                                                                                  |   |                              |   |   |                     |   |   |               |   |   |             |   |   |                                                          |   |   |        |   |   |                |   |   |   |   |   | $ | 412 |   |
|                                                                                                                                                                                                              |   |                              |   |   |                     |   |   |               |   |   |             |   |   |                                                          |   |   |        |   |   |                |   |   |   |   |   |   |   |   |
| Balance                    at March 31, 2006                                                                                                                                                                      |   | $                                 | -      |   |                     | $      | -      |               |   | $      | -                |   |   | $                                                             | 43,498 |   |        | $      | 34     |                |   | $ | 43,532 |   |   |   |   |   |

|                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                    at December 31, 2006                                                                                                                                                                 |   | $      | 132    |   |   | $      | 57,513 |   |   | $      | (4,925 | )      |   | $      | 44,147 |   |   | $      | (116   | )      |   | $ | 96,751 |   |   |   |   |
|    Comprehensive                    income:                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Net                    income                                                                                                                                               |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | 390    |   |   |   | -      |   |   |   | 390 |   |   | $ | 390 |   |
|       Unrealized                    loss on securities           available                    for sale, net of taxes of $2 |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | (5     | )      |   |   | (5 | ) |   |   | (5 | ) |
|       Prior                    Service Cost – DRP, net of            taxes                    of $3             |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | (4     | )      |   |   | (4 | ) |   |   | (4 | ) |
|                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                    comprehensive                    income                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 381 |   |
|                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    ESOP                    shares earned                                                                                                                                                         |   |   | -      |   |   |   | 13     |   |   |   | 65     |   |   |   | -      |   |   |   | -      |   |   |   | 78 |   |   |   |   |   |
|                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                    at March 31, 2007                                                                                                                                                                    |   | $      | 132    |   |   | $      | 57,526 |   |   | $      | (4,860 | )      |   | $      | 44,537 |   |   | $      | (125   | )      |   | $ | 97,210 |   |   |   |   |   |
|                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

*Table          of Contents*

**CONSOLIDATED      STATEMENTS OF CASH FLOWS (UNAUDITED)**

|                                                                                                                          |   | **Three                  Months Ended** |    |
|-------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|---------|
|                                                                                                                          |   | **March                  31,**          |    |
|                                                                                                                          |   | **2007**                                |    |   | **2006** |   |
|                                                                                                                          |   | **(In                  thousands)**     |    |
|                                                                                                                          |   |
| **CASH                  FLOWS FROM OPERATING ACTIVITIES**                                                                     |   |
|                                                                                                                          |   |                                    |    |   |   |   |
| Net                  income                                                                                                   |   | $                                       | 390     |   |   | $ | 409 |   |
| Adjustments                  to reconcile net income to net cash (used in) provided by operating                  activities: |   |                                    |    |   |   |   |   |   |
| Amortization                  of securities                  premiums and (discounts), net                                    |   |                                    | (285    | ) |   |   | 6 |   |
| Provision                  for                  depreciation                                                                  |   |                                    | 154     |   |   |   | 140 |   |
| Amortization                  of deferred loan                  discounts, fees and costs, net                                |   |                                    | 29      |   |   |   | 48 |   |
| Earnings                  on bank owned life                  insurance                                                       |   |                                    | (88     | ) |   |   | – |   |
| Decrease                  in accrued interest                  receivable                                                     |   |                                    | 63      |   |   |   | 33 |   |
| (Increase)                  in other                  assets                                                                  |   |                                    | (429    | ) |   |   | (369 | ) |
| Increase                  in accrued interest                  payable                                                        |   |                                    | 6       |   |   |   | – |   |
| Increase                  (decrease) in other                  liabilities                                                    |   |                                    | (1      | ) |   |   | 121 |   |
| ESOP                  shares                  earned                                                                          |   |                                    | 78      |   |   |   | – |   |
| **Net                  Cash (Used in) Provided by Operating Activities**                                                      |   |                                    | (83     | ) |   |   | 388 |   |
|                                                                                                                          |   |
| **CASH                  FLOWS FROM INVESTING ACTIVITIES**                                                                     |   |
|                                                                                                                          |   |                                    |    |   |   |   |   |   |
| Net                  (increase) in loans                                                                                      |   |                                    | (8,286  | ) |   |   | (7,705 | ) |
| Purchase                  of securities held to maturity                                                                      |   |                                    | (24,689 | ) |   |   | – |   |
| Principal                  repayments on securities available for sale                                                        |   |                                    | 2       |   |   |   | 4 |   |
| Principal                  repayments on securities held to maturity                                                          |   |                                    | 22,625  |   |   |   | 515 |   |
| Purchases                  of premises and equipment                                                                          |   |                                    | (21     | ) |   |   | (47 | ) |
| **Net                  Cash (Used in) Investing Activities**                                                                  |   |                                    | (10,369 | ) |   |   | (7,233 | ) |
|                                                                                                                          |   |
| **CASH                  FLOWS FROM FINANCING ACTIVITIES**                                                                     |   |
|                                                                                                                          |   |
| Net                  (decrease) in deposits                                                                                   |   |                                    | (377    | ) |   |   | (1,374 | ) |
| Increase                  in advance payments by borrowers for taxes and                  insurance                           |   |                                    | 1,332   |   |   |   | 1,489 |   |
|                                                                                                                          |   |                                    |    |   |   |   |   |   |
| **Net                  Cash Provided by Financing Activities**                                                                |   |                                    | 955     |   |   |   | 115 |   |
|                                                                                                                          |   |                                    |    |   |   |   |   |   |
| **Net                  (Decrease) in Cash and Cash Equivalents**                                                              |   |                                    | (9,497  | ) |   |   | (6,730 | ) |
|                                                                                                                          |   |                                    |    |   |   |   |   |   |
| **Cash                  and Cash Equivalents - Beginning**                                                                    |   |                                    | 36,749  |   |   |   | 27,389 |   |
|                                                                                                                          |   |                                    |    |   |   |   |   |   |
| **Cash                  and Cash Equivalents - Ending**                                                                       |   | $                                       | 27,252  |   |   | $ | 20,659 |   |
|                                                                                                                          |   |                                    |    |   |   |   |   |   |
| **SUPPLEMENTARY                  CASH FLOWS INFORMATION**                                                                     |   |
|                                                                                                                          |   |                                    |    |   |   |   |   |   |
| Income                  taxes                  paid                                                                           |   | $                                       | 340     |   |   | $ | 258 |   |
| Interest                  paid                                                                                                |   | $                                       | 1,278   |   |   | $ | 903 |   |

----

*Table          of Contents*

**NORTHEAST      COMMUNITY BANK**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE      1 – BASIS OF PRESENTATION**

**NOTE      2 – EARNINGS PER SHARE**

**NOTE      3 – EMPLOYEE STOCK OWNERSHIP PLAN**

----

*Table          of Contents*

**NOTE      4 –**
**OUTSIDE DIRECTOR RETIREMENT PLAN      (“DRP”)**

|                                                                                        |   | **Three                Months Ended March 31,** |   |
|---------------------------------------------------------------------------------------------|--------|-------------------------------------------------|--------|
|                                                                                        |   | **2007**                                        |   |   | **2006** |   |
|                                                                                        |   | **(In                thousands)**               |   |
|                                                                                        |   |                                            |   |   |   |   |
| Service                cost                                                                 |   | $                                               | 11     |   |   | $ | 8 |   |
| Interest                cost                                                                |   |                                            | 6      |   |   |   | 5 |   |
|        Amortization                of Prior Service Cost |   |                                            | 5      |   |   |   | 5 |   |
|    Total                                                                     |   | $                                               | 22     |   |   | $ | 18 |   |

**NOTE      5 – EFFECT OF RECENT ACCOUNTING PRONOUNCEMENTS**

*The Fair Value Option for Financial Assets and Financial        Liabilities*

----

*Table          of Contents*

*Accounting for Uncertainty in Income Taxes—an        interpretation of FASB Statement No. 109*

**NOTE        6 –EXPECTED SALE OF OUR NEW YORK CITY BRANCH        OFFICE**

| **Item                2.** | **Management’s                Discussion and Analysis of Financial Condition and Results of                Operations** |
|----------------------------|-------------------------------------------------------------------------------------------------------------------------------|

**Forward-Looking      Statements**

----

*Table          of Contents*

**Comparison      of Financial Condition at March 31, 2007 and December 31,      2006**

**Comparison      of Operating Results for the Three Months Ended March 31, 2007 and      2006**

***General.***
*** ***

***Net      Interest Income***
**.**
** **

----

*Table          of Contents*

|                                                                                                                                                                          |   | **Three                Months Ended March 31,** |    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------|---------|
|                                                                                                                                                                          |   | **2007**                                        |    |   | **2006** |   |
|                                                                                                                                                                          |   | **Average****Balance**                          |    |   | **Interest****and                Dividends** |   |   | **Yield/****Cost** |   |   | **Average****Balance** |   |   | **Interest****and                Dividends** |   |   | **Yield/****Cost** |   |
|                                                                                                                                                                          |   | **(Dollars                in thousands)**       |    |
| **Assets:**                                                                                                                                                                   |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-earning                assets:                                                                                                                                       |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Loans                                                                                                                                                       |   | $                                               | 202,209 |   |   | $ | 3,181 |   |   |   | 6.29 | % |   | $ | 197,042 |   |   | $ | 3,162 |   |   |   | 6.42 | % |
|    Securities                                                                                                                                                  |   |                                            | 30,330  |   |   |   | 372 |   |   |   | 4.91 |   |   |   | 12,760 |   |   |   | 136 |   |   |   | 4.26 |   |
|    Other                interest-earning assets                                                                                                                |   |                                            | 31,576  |   |   |   | 416 |   |   |   | 5.27 |   |   |   | 21,055 |   |   |   | 247 |   |   |   | 4.69 |   |
|      Total                interest-earning assets                                                                                                    |   |                                            | 264,115 |   |   |   | 3,969 |   |   |   | 6.01 |   |   |   | 230,857 |   |   |   | 3,545 |   |   |   | 6.14 |   |
| Allowance                for loan losses                                                                                                                                      |   |                                            | (1,200  | ) |   |   |   |   |   |   |   |   |   |   | (1,200 | ) |   |   |   |   |   |   |   |   |
| Noninterest-earning                assets                                                                                                                                     |   |                                            | 25,135  |   |   |   |   |   |   |   |   |   |   |   | 10,110 |   |   |   |   |   |   |   |   |   |
|       Total                assets                                                                                                               |   | $                                               | 288,050 |   |   |   |   |   |   |   |   |   |   | $ | 239,767 |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                          |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Liabilities                and equity:**                                                                                                                                    |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing                liabilities:                                                                                                                                  |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest-bearing                demand                                                                                                                      |   | $                                               | 20,351  |   |   |   | 24 |   |   |   | 0.47 |   |   | $ | 21,904 |   |   |   | 14 |   |   |   | 0.26 |   |
|    Savings                and club accounts                                                                                                                    |   |                                            | 60,358  |   |   |   | 104 |   |   |   | 0.69 |   |   |   | 71,630 |   |   |   | 95 |   |   |   | 0.53 |   |
|    Certificates                of deposit                                                                                                                      |   |                                            | 105,349 |   |   |   | 1,156 |   |   |   | 4.39 |   |   |   | 98,039 |   |   |   | 794 |   |   |   | 3.24 |   |
|       Total                interest-bearing deposits                                                                                            |   |                                            | 186,058 |   |   |   | 1,284 |   |   |   | 2.76 |   |   |   | 191,573 |   |   |   | 903 |   |   |   | 1.89 |   |
|                                                                                                                                                                          |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Borrowings                                                                                                                                                  |   |                                            | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
|       Total                interest-bearing liabilities                                                                                         |   |                                            | 186,058 |   |   |   | 1,284 |   |   |   | 2.76 |   |   |   | 191,573 |   |   |   | 903 |   |   |   | 1.89 |   |
|                                                                                                                                                                          |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Noninterest-bearing                demand                                                                                                                   |   |                                            | 1,253   |   |   |   |   |   |   |   |   |   |   |   | 1,450 |   |   |   |   |   |   |   |   |   |
|    Other                liabilities                                                                                                                            |   |                                            | 3,546   |   |   |   |   |   |   |   |   |   |   |   | 2,918 |   |   |   |   |   |   |   |   |   |
|       Total                liabilities                                                                                                          |   |                                            | 190,857 |   |   |   |   |   |   |   |   |   |   |   | 195,941 |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                          |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders’                equity                                                                                                                                     |   |                                            | 97,193  |   |   |   |   |   |   |   |   |   |   |   | 43,826 |   |   |   |   |   |   |   |   |   |
|       Total                liabilities and          Stockholders’                equity |   | $                                               | 288,050 |   |   |   |   |   |   |   |   |   |   | $ | 239,767 |   |   |   |   |   |   |   |   |   |
| Net                interest income                                                                                                                                            |   |                                            |    |   |   | $ | 2,685 |   |   |   |   |   |   |   |   |   |   | $ | 2,642 |   |   |   |   |   |
| Interest                rate spread                                                                                                                                           |   |                                            |    |   |   |   |   |   |   |   | 3.25 |   |   |   |   |   |   |   |   |   |   |   | 4.25 |   |
| Net                interest margin                                                                                                                                            |   |                                            |    |   |   |   |   |   |   |   | 4.07 |   |   |   |   |   |   |   |   |   |   |   | 4.58 |   |
| Net                interest-earning assets                                                                                                                                    |   | $                                               | 78,057  |   |   |   |   |   |   |   |   |   |   | $ | 39,284 |   |   |   |   |   |   |   |   |   |
| Average                interest-earning assets to   average                interest-bearing liabilities                                                        |   |                                            | 141.95  | % |   |   |   |   |   |   |   |   |   |   | 120.51 | % |   |   |   |   |   |   |   |   |

----

*Table          of Contents*

***Provision      for Loan Losses.***

|                                                                                                      |   | **Three                Months****Ended                March 31,** |    |
|-----------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------|---------|
|                                                                                                      |   | **2007**                                                          |    |   | **2006** |   |
|                                                                                                      |   | **(Dollars                in thousands)**                         |    |
| Allowance                at beginning of period                                                           |   | $                                                                 | 1,200   |   |   | $ | 1,200 |   |
| Provision                for loan losses                                                                  |   |                                                              | – |   |   |   | – |   |
| Charge-offs                                                                                               |   |                                                              | – |   |   |   | – |   |
| Recoveries                                                                                                |   |                                                              | – |   |   |   | – |   |
| Net                charge-offs                                                                            |   |                                                              | – |   |   |   | – |   |
| Allowance                at end of period                                                                 |   | $                                                                 | 1,200   |   |   | $ | 1,200 |   |
|                                                                                                      |   |                                                              |    |   |   |   |   |   |
| Allowance                to nonperforming loans                                                           |   |                                                              | 156.00  | % |   |   | 0.00 | % |
| Allowance                to total loans outstanding at the end of the period                              |   |                                                              | 0.57    | % |   |   | 0.60 | % |
| Net                charge-offs (recoveries) to average loans outstanding during the                period |   |                                                              | 0.00    | % |   |   | 0.00 | % |

|                                                                                                                       |   | **At****March                31, 2007**   |    |   | **At****December                31, 2006** |   |
|----------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|---------|--------|--------------------------------------------|--------|
|                                                                                                                       |   | **(Dollars                in thousands)** |    |
|                                                                                                                       |   |                                      |    |   |                                       |   |
| Nonaccrual                loans                                                                                            |   | $                                         | 769     | (1)    |                                       | $      | – |   |
| Loans                past due 90 days or more and accruing                                                                 |   |                                      | – |   |                                       |   | 2 |   |
|          Total                nonperforming loans                             |   |                                      | 769     |   |                                       |   | 2 |   |
| Other                nonperforming assets                                                                                  |   |                                      | – |   |                                       |   | – |   |
|          Total                nonperforming assets                            |   |                                      | 769     |   |                                       |   | 2 |   |
| Troubled                debt restructurings                                                                                |   |                                      | – |   |                                       |   | – |   |
| Troubled                debt restructurings and   total                nonperforming assets                 |   | $                                         | 769     |   |                                       | $      | 2 |   |
|                                                                                                                       |   |                                      |    |   |                                       |   |   |   |
| Total                nonperforming loans to total loans                                                                    |   |                                      | 0.37    | %      |                                       |   | – |   |
| Total                nonperforming loans to total assets                                                                   |   |                                      | 0.27    | %      |                                       |   | – |   |
| Total                nonperforming assets and troubled   debt                restructurings to total assets |   |                                      | 0.27    | %      |                                       |   | – |   |

----

*Table          of Contents*

***Noninterest      Income.***
*** ***

***Noninterest      Expense.***
*** ***

***Income      Taxes***
**.**
** **

***Liquidity      Management***
**.**

----

*Table          of Contents*

***Capital      Management.***

***Off-Balance      Sheet      Arrangements.***

| **Item                3.** | **Quantitative                and Qualitative Disclosures About Market                Risk.** |
|----------------------------|-----------------------------------------------------------------------------------------------|

**Qualitative      Aspects of Market Risk.**

----

*Table          of Contents*

**Quantitative      Aspects of Market      Risk.**

|                                                                                      |   |       | **Net                Portfolio Value****(Dollars                in thousands)** |   |       | **Net                Portfolio Value as % of****Portfolio                Value of Assets** |   |
|-------------------------------------------------------------------------------------------|--------|------------|---------------------------------------------------------------------------------|--------|------------|--------------------------------------------------------------------------------------------|--------|
|                                                                                      |   |       |                                                                            |   |       |                                                                                       |   |   |   |   |   |   |   |   |   |   |
| **Basic                Point (“bp”)****Change                in Rates**  |   | **Amount** |                                                                            |   | **Change** |                                                                                       |   | **%                Change** |   |   | **NPV                Ratio** |   |   | **Change                (bp)** |   |
|                                                                                      |   |       |                                                                            |   |       |                                                                                       |   |   |   |   |   |   |   |   |   |   |
|                                                                                      | 300    |       |                                                                            | $      | 69,424     |                                                                                       |   | $ | (5,122 | ) |   |   | (7 | )% |   |   | 26.62 | % |   | (105)                bp |   |
|                                                                                      | 200    |       |                                                                            |   | 71,083     |                                                                                       |   |   | (3,463 | ) |   |   | (5 | )% |   |   | 26.97 | % |   | (70)                bp |   |
|                                                                                      | 100    |       |                                                                            |   | 72,789     |                                                                                       |   |   | (1,757 | ) |   |   | (2 | )% |   |   | 27.32 | % |   | (35)                bp |   |
|                                                                                      | 0      |       |                                                                            |   | 74,546     |                                                                                       |   |   | - |   |   |   | - |   |   |   | 27.67 | % |   |   | -     |   |
|                                                                                      | (100)  |       |                                                                            |   | 76,135     |                                                                                       |   |   | 1,589 |   |   |   | 2 | % |   |   | 27.96 | % |   | 29                bp |   |
|                                                                                      | (200)  |       |                                                                            |   | 77,541     |                                                                                       |   |   | 2,996 |   |   |   | 4 | % |   |   | 28.20 | % |   | 53                bp |   |

| **Item4.** | **Controls                and Procedures** |
|------------|--------------------------------------------|

----

*Table          of Contents*

| **Item                4T.** | **Controls                and Procedures** |
|-----------------------------|--------------------------------------------|

| **PART                II.** | **OTHER                INFORMATION** |
|-----------------------------|--------------------------------------|

| **Item                1.** | **Legal                Proceedings** |
|----------------------------|--------------------------------------|

| **Item                1A.** | **Risk                Factors** |
|-----------------------------|---------------------------------|

| **Item                2.** | **Unregistered                Sales of Equity Securities and Use of                Proceeds** |
|----------------------------|-----------------------------------------------------------------------------------------------|

|   | Not                applicable |
|--------|-------------------------------|

| **Item                3.** | **Defaults                Upon Senior Securities** |
|----------------------------|----------------------------------------------------|

| **Item                4.** | **Submission                Of Matters to a Vote of Security                Holders** |
|----------------------------|---------------------------------------------------------------------------------------|

| **Item                5.** | **Other                Information** |
|----------------------------|--------------------------------------|

| **Item                6.** | **Exhibits** |
|----------------------------|--------------|

|   | 31.1 | CEO                certification pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002. |
|--------|------|------------------------------------------------------------------------------------------------------------|

|   | 31.2 | CFO                certification pursuant to Section 302 of the                Sarbanes Oxley Act of 2002. |
|--------|------|------------------------------------------------------------------------------------------------------------|

|   | 32.1 | CEO                and CFO certification pursuant to Section 906 of the                Sarbanes-Oxley Act of 2002. |
|--------|------|--------------------------------------------------------------------------------------------------------------------|

----

*Table          of Contents*

**Signatures**

|                                         |                                             |                                                                               |
|----------------------------------------------|--------------------------------------------------|------------------------------------------------------------------------------------|
|                                         | Northeast                Community Bancorp, Inc. |
|                                         |                                             |                                                                               |
|                                         |                                             |                                                                               |
|                                         |                                             |                                                                               |
| Date:  May                14, 2007 | By:                                              | /s/                Kenneth A. Martinek                                             |
|                                         |                                             | Kenneth                A. Martinek                                                 |
|                                         |                                             | President                and Chief Executive Officer                               |
|                                         |                                             |                                                                               |
|                                         |                                             |                                                                               |
|                                         |                                             |                                                                               |
| Date:  May                14, 2007 | By:                                              | /s/                Salvatore Randazzo                                              |
|                                         |                                             | Salvatore                Randazzo                                                  |
|                                         |                                             | Executive                Vice President and Chief Financial                Officer |