**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 |
|--------|--------------------------------------------------------------------------------------------------------------------------------------|

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

|   | **Northeast                Community Bancorp, Inc.**                  |   |
|--------|-----------------------------------------------------------------------|--------|
|   | (Exact                name of registrant as specified in its charter) |   |

| **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**                                         |   |
|--------|---------------------------------------------------------------------------|--------|
|   | (Registrant’s                telephone number, including area code) |   |

|   | **N/A**                                                                                                          |   |
|--------|------------------------------------------------------------------------------------------------------------------|--------|
|   | (Former                name, former address and former fiscal year, if changed since last                report) |   |

| Large                accelerated filer      ̈ | 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 June 30, 2007                and December 31, 2006                            | 2                           |
|                                                                             |                                                                                                                                           |                        |
|                                                                             | Consolidated                Statements of Income for the Three and Six Months                Ended June 30, 2007 and 2006                      | 3                           |
|                                                                             |                                                                                                                                           |                        |
|                                                                             | Consolidated                Statements of Changes in Stockholders’ Equity for                the Six Months Ended June 30, 2007 and 2006 | 4                           |
|                                                                             |                                                                                                                                           |                        |
|                                                                             | Consolidated                Statements of Cash Flows for the Six Months Ended                June 30, 2007 and 2006                            | 5                           |
|                                                                             |                                                                                                                                           |                        |
|                                                                             | Notes                to Consolidated Financial Statements                                                                                      | 6                           |
|                                                                             |                                                                                                                                           |                        |
| Item                2.                                                           | Management’s                Discussion and Analysis of Financial Condition and                Results of Operations                      | 9                           |
|                                                                             |                                                                                                                                           |                        |
| Item                3.                                                           | Quantitative                and Qualitative Disclosures about Market                Risk                                                       | 17                          |
|                                                                             |                                                                                                                                           |                        |
| Item                4.                                                           | Controls                and Procedures                                                                                                         | 18                          |
|                                                                             |                                                                                                                                           |                        |
| Item                4T.                                                          | Controls                and Procedures                                                                                                         | 18                          |
|                                                                             |                                                                                                                                           |                        |
| **Part                II.   Other                Information**    |
|                                                                             |                                                                                                                                           |                        |
| Item                1.                                                           | Legal                Proceedings                                                                                                               | 18                          |
|                                                                             |                                                                                                                                           |                        |
| Item                1A.                                                          | Risk                Factors                                                                                                                    | 18                          |
|                                                                             |                                                                                                                                           |                        |
| Item                2.                                                           | Unregistered                Sales of Equity Securities and Use of                Proceeds                                                      | 19                          |
|                                                                             |                                                                                                                                           |                        |
| Item                3.                                                           | Defaults                Upon Senior Securities                                                                                                 | 19                          |
|                                                                             |                                                                                                                                           |                        |
| Item                4.                                                           | Submission                of Matters to a Vote of Security                Holders                                                              | 19                          |
|                                                                             |                                                                                                                                           |                        |
| Item                5.                                                           | Other                Information                                                                                                               | 19                          |
|                                                                             |                                                                                                                                           |                        |
| Item                6.                                                           | Exhibits                                                                                                                                       | 20                          |
|                                                                             |                                                                                                                                           |                        |
|                                                                             | **Signatures**                                                                                                                                 | 21                          |

----

*Table          of Contents*

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

| **Item                1.** | **Financial                Statements** |
|----------------------------|-----------------------------------------|

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

|                                                                                                                                     |   | **June                  30,****2007**                                                |    |   | **December                  31,2006** |   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------|---------|--------|---------------------------------------|--------|
|                                                                                                                                     |   | **(In                thousands,****except                share and per share data)** |    |
| **ASSETS**                                                                                                                          |
|                                                                                                                                     |   |
| Cash                and amounts due from depository institutions                                                                         |   | $                                                                                    | 2,736   |   |                                  | $      | 2,650 |   |
| Interest-bearing                deposits                                                                                                 |   |                                                                                 | 38,637  |   |                                  |   | 34,099 |   |
|                                                                                                                                     |   |                                                                                 |    |   |                                  |   |   |   |
| Cash                and Cash Equivalents                                                                                                 |   |                                                                                 | 41,373  |   |                                  |   | 36,749 |   |
|                                                                                                                                     |   |                                                                                 |    |   |                                  |   |   |   |
| Securities                available for sale                                                                                             |   |                                                                                 | 356     |   |                                  |   | 355 |   |
| Securities                held to maturity                                                                                               |   |                                                                                 | 9,536   |   |                                  |   | 27,455 |   |
| Loans                receivable, net of allowance for loan losses of $1,538and                $1,200                                     |   |                                                                                 | 238,295 |   |                                  |   | 201,306 |   |
| Bank                owned life insurance                                                                                                 |   |                                                                                 | 8,331   |   |                                  |   | 8,154 |   |
| Premises                and equipment, net                                                                                               |   |                                                                                 | 4,681   |   |                                  |   | 11,117 |   |
| Federal                Home Loan Bank of New York stock, at cost                                                                         |   |                                                                                 | 594     |   |                                  |   | 399 |   |
| Accrued                interest receivable                                                                                               |   |                                                                                 | 1,143   |   |                                  |   | 1,101 |   |
| Other                assets                                                                                                              |   |                                                                                 | 2,035   |   |                                  |   | 1,781 |   |
|                                                                                                                                     |   |                                                                                 |    |   |                                  |   |   |   |
| **Total                Assets**                                                                                                          |   | $                                                                                    | 306,344 |   |                                  | $      | 288,417 |   |
|                                                                                                                                     |   |
| **LIABILITIES                AND STOCKHOLDERS’ EQUITY**                                                                            |
|                                                                                                                                     |   |
| **Liabilities**                                                                                                                          |   |
| Deposits:                                                                                                                                |   |                                                                                 |    |   |                                  |   |   |   |
| Non-interest                bearing                                                                                                      |   | $                                                                                    | 1,397   |   |                                  | $      | 1,439 |   |
| Interest                bearing                                                                                                          |   |                                                                                 | 181,287 |   |                                  |   | 187,153 |   |
|                                                                                                                                     |   |                                                                                 |    |   |                                  |   |   |   |
| Total                Deposits                                                                                                            |   |                                                                                 | 182,684 |   |                                  |   | 188,592 |   |
|                                                                                                                                     |   |                                                                                 |    |   |                                  |   |   |   |
| Short-term                borrowing                                                                                                      |   |                                                                                 | 4,000   |   |                                  |   | - |   |
| Advance                payments by borrowers for taxes and insurance                                                                     |   |                                                                                 | 2,174   |   |                                  |   | 1,929 |   |
| Accounts                payable and accrued expenses and taxes                                                                           |   |                                                                                 | 9,572   |   |                                  |   | 1,145 |   |
|                                                                                                                                     |   |                                                                                 |    |   |                                  |   |   |   |
| Total                Liabilities                                                                                                         |   |                                                                                 | 198,430 |   |                                  |   | 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                                                                                                |   |                                                                                 | 57,539  |   |                                  |   | 57,513 |   |
| Unearned                Employee Stock Ownership Plan (“ESOP”) shares                                                        |   |                                                                                 | (4,795  | )      |                                  |   | (4,925 | ) |
| Retained                earnings                                                                                                         |   |                                                                                 | 55,160  |   |                                  |   | 44,147 |   |
| Accumulated                other comprehensive loss                                                                                      |   |                                                                                 | (122    | )      |                                  |   | (116 | ) |
|                                                                                                                                     |   |                                                                                 |    |   |                                  |   |   |   |
| **Total                Stockholders’ Equity**                                                                                      |   |                                                                                 | 107,914 |   |                                  |   | 96,751 |   |
|                                                                                                                                     |   |                                                                                 |    |   |                                  |   |   |   |
| **Total                Liabilities and Stockholders’ Equity**                                                                      |   | $                                                                                    | 306,344 |   |                                  | $      | 288,417 |   |

----

*Table          of Contents*

**CONSOLIDATED      STATEMENTS OF INCOME (UNAUDITED)**

|                                                                                                                                                                                                                                                                                                                             |   | **Three                Months Ended****June                30,** |   |   | **Six                Months Ended****June                30,** |                   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------|--------|--------|----------------------------------------------------------------|------------------------|
|                                                                                                                                                                                                                                                                                                                             |   | **2007**                                                         |   |   | **2006**                                                       |                   |   | **2007** |   |   | **2006** |   |
|                                                                                                                                                                                                                                                                                                                             |   | **(In                thousands, except per share data)**         |   |
|                                                                                                                                                                                                                                                                                                                             |   |                                                             |   |   |                                                           |                   |   |   |   |   |   |   |
| **INTEREST                INCOME**                                                                                                                                                                                                                                                                                               |   |                                                             |   |   |                                                           |                   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                             |   |                                                             |   |   |                                                           |                   |   |   |   |   |   |   |
| Loans                                                                                                                                                                                                                                                                                                                            |   | $                                                                | 3,441  |   |                                                           | $                      | 3,151 |   |   | $ | 6,622 |   |   | $ | 6,313 |   |
| Interest-earning                deposits                                                                                                                                                                                                                                                                                         |   |                                                             | 489    |   |                                                           |                   | 413 |   |   |   | 905 |   |   |   | 660 |   |
| Securities                -                taxable                                                                                                                                                                                                                                                                               |   |                                                             | 196    |   |                                                           |                   | 120 |   |   |   | 568 |   |   |   | 256 |   |
|                                                                                                                                                                                                                                                                                                                             |   |                                                             |   |   |                                                           |                   |   |   |   |   |   |   |   |   |   |   |
| **Total                Interest                Income**                                                                                                                                                                                                                                                                          |   |                                                             | 4,126  |   |                                                           |                   | 3,684 |   |   |   | 8,095 |   |   |   | 7,229 |   |
|                                                                                                                                                                                                                                                                                                                             |   |                                                             |   |   |                                                           |                   |   |   |   |   |   |   |   |   |   |   |
| **INTEREST                EXPENSE**                                                                                                                                                                                                                                                                                              |   |                                                             |   |   |                                                           |                   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                             |   |                                                             |   |   |                                                           |                   |   |   |   |   |   |   |   |   |   |   |
| Deposits                                                                                                                                                                                                                                                                                                                         |   |                                                             | 1,332  |   |                                                           |                   | 1,072 |   |   |   | 2,616 |   |   |   | 1,975 |   |
|                                                                                                                                                                                                                                                                                                                             |   |                                                             |   |   |                                                           |                   |   |   |   |   |   |   |   |   |   |   |
| **Total                Interest                Expense**                                                                                                                                                                                                                                                                         |   |                                                             | 1,332  |   |                                                           |                   | 1,072 |   |   |   | 2,616 |   |   |   | 1,975 |   |
|                                                                                                                                                                                                                                                                                                                             |   |                                                             |   |   |                                                           |                   |   |   |   |   |   |   |   |   |   |   |
| **Net                Interest                Income**                                                                                                                                                                                                                                                                            |   |                                                             | 2,794  |   |                                                           |                   | 2,612 |   |   |   | 5,479 |   |   |   | 5,254 |   |
|                                                                                                                                                                                                                                                                                                                             |   |                                                             |   |   |                                                           |                   |   |   |   |   |   |   |   |   |   |   |
| **PROVISION                FOR LOAN LOSSES**                                                                                                                                                                                                                                                                                     |   |                                                             | 338    |   |                                                           |                   | - |   |   |   | 338 |   |   |   | - |   |
|                                                                                                                                                                                                                                                                                                                             |   |                                                             |   |   |                                                           |                   |   |   |   |   |   |   |   |   |   |   |
| **Net                Interest Income after                Provision for Loan Losses**                                                                                                                                                                                                                                            |   |                                                             | 2,456  |   |                                                           |                   | 2,612 |   |   |   | 5,141 |   |   |   | 5,254 |   |
|                                                                                                                                                                                                                                                                                                                             |   |                                                             |   |   |                                                           |                   |   |   |   |   |   |   |   |   |   |   |
| **NON-INTEREST                INCOME**                                                                                                                                                                                                                                                                                           |   |                                                             |   |   |                                                           |                   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                             |   |                                                             |   |   |                                                           |                   |   |   |   |   |   |   |   |   |   |   |
| Other                loan fees and service                charges                                                                                                                                                                                                                                                                |   |                                                             | 85     |   |                                                           |                   | 117 |   |   |   | 175 |   |   |   | 223 |   |
| Net                gain from disposition of                premises                          and equipment                                                                                                                                                                     |   |                                                             | 18,962 |   |                                                           |                   | - |   |   |   | 18,962 |   |   |   | - |   |
| Earnings                on bank owned life                insurance                                                                                                                                                                                                                                                              |   |                                                             | 89     |   |                                                           |                   | - |   |   |   | 177 |   |   |   | - |   |
| Other                                                                                                                                                                                                                                                                                                                            |   |                                                             | 5      |   |                                                           |                   | 2 |   |   |   | 9 |   |   |   | 9 |   |
|                                                                                                                                                                                                                                                                                                                             |   |                                                             |   |   |                                                           |                   |   |   |   |   |   |   |   |   |   |   |
| **Total                Non-Interest                Income**                                                                                                                                                                                                                                                                      |   |                                                             | 19,141 |   |                                                           |                   | 119 |   |   |   | 19,323 |   |   |   | 232 |   |
|                                                                                                                                                                                                                                                                                                                             |   |                                                             |   |   |                                                           |                   |   |   |   |   |   |   |   |   |   |   |
| **NON-INTEREST                EXPENSES**                                                                                                                                                                                                                                                                                         |   |                                                             |   |   |                                                           |                   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                             |   |                                                             |   |   |                                                           |                   |   |   |   |   |   |   |   |   |   |   |
| Salaries                and employee                benefits                                                                                                                                                                                                                                                                     |   |                                                             | 1,521  |   |                                                           |                   | 1,133 |   |   |   | 2,650 |   |   |   | 2,186 |   |
| Net                occupancy expense of                premises                                                                                                                                                                                                                                                                  |   |                                                             | 275    |   |                                                           |                   | 242 |   |   |   | 540 |   |   |   | 500 |   |
| Equipment                                                                                                                                                                                                                                                                                                                        |   |                                                             | 127    |   |                                                           |                   | 107 |   |   |   | 267 |   |   |   | 203 |   |
| Outside                data                processing                                                                                                                                                                                                                                                                            |   |                                                             | 155    |   |                                                           |                   | 141 |   |   |   | 311 |   |   |   | 286 |   |
| Advertising                                                                                                                                                                                                                                                                                                                      |   |                                                             | 19     |   |                                                           |                   | 19 |   |   |   | 51 |   |   |   | 46 |   |
| Other                                                                                                                                                                                                                                                                                                                            |   |                                                             | 642    |   |                                                           |                   | 468 |   |   |   | 1,179 |   |   |   | 924 |   |
|                                                                                                                                                                                                                                                                                                                             |   |                                                             |   |   |                                                           |                   |   |   |   |   |   |   |   |   |   |   |
| **Total                Non-Interest                Expenses**                                                                                                                                                                                                                                                                    |   |                                                             | 2,739  |   |                                                           |                   | 2,110 |   |   |   | 4,998 |   |   |   | 4,145 |   |
|                                                                                                                                                                                                                                                                                                                             |   |                                                             |   |   |                                                           |                   |   |   |   |   |   |   |   |   |   |   |
| **Income                before Income                Taxes**                                                                                                                                                                                                                                                                     |   |                                                             | 18,858 |   |                                                           |                   | 621 |   |   |   | 19,466 |   |   |   | 1,341 |   |
|                                                                                                                                                                                                                                                                                                                             |   |                                                             |   |   |                                                           |                   |   |   |   |   |   |   |   |   |   |   |
| **INCOME                TAXES**                                                                                                                                                                                                                                                                                                  |   |                                                             | 8,235  |   |                                                           |                   | 271 |   |   |   | 8,453 |   |   |   | 582 |   |
|                                                                                                                                                                                                                                                                                                                             |   |                                                             |   |   |                                                           |                   |   |   |   |   |   |   |   |   |   |   |
| **Net                Income**                                                                                                                                                                                                                                                                                                    |   | $                                                                | 10,623 |   |                                                           | $                      | 350 |   |   | $ | 11,013 |   |   | $ | 759 |   |
| **Net                Income per Common Share –                Basic****                               and Diluted**                                                                                                                             |   | $                                                                | 0.83   |   |                                                           | N/A                (A) |   |   | $ | 0.86 |   |   | N/A                (A) |   |
| **Weighted                Average Number of                Common****                               Shares Outstanding – Basic and****                Diluted** |   |                                                             | 12,742 |   |                                                           | N/A                (A) |   |   |   | 12,739 |   |   | N/A                (A) |   |

----

*Table          of Contents*

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

**Six      Months Ended June 30, 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                                                                                                                                                     |   |                            | -      |   |                     |   | -      |               |   |   | -                |   |   |                                                        | 759    |   |        |   | -      |                |   |   | 759 |   |   | $ | 759 |   |
|       Unrealized                  loss on securities           available                  for sale, net of taxes of $(2)  |   | -                               |   |   |                     | -      |   |               |   | -      |             |   |   | -                                                           |   |   |        | (2     | )      |                |   | (2 | ) |   |   | (2 | ) |
|                                                                                                                                                                                                                |   |                            |   |   |                     |   |   |               |   |   |             |   |   |                                                        |   |   |        |   |   |                |   |   |   |   |   |   |   |   |
| Total                  comprehensive                  income                                                                                                                                                        |   |                            |   |   |                     |   |   |               |   |   |             |   |   |                                                        |   |   |        |   |   |                |   |   |   |   |   | $ | 757 |   |
|                                                                                                                                                                                                                |   |                            |   |   |                     |   |   |               |   |   |             |   |   |                                                        |   |   |        |   |   |                |   |   |   |   |   |   |   |   |
| Balance                  at June 30, 2006                                                                                                                                                                           |   | $                               | -      |   |                     | $      | -      |               |   | $      | -                |   |   | $                                                           | 43,848 |   |        | $      | 29     |                |   | $ | 43,877 |   |   |   |   |   |

----

|                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                at December 31, 2006                                                                                                                                                             |   | $      | 132    |   |   | $      | 57,513 |   |   | $      | (4,925 | )      |   | $      | 44,147 |   |   | $      | (116   | )      |   | $ | 96,751 |   |   |   |   |
|    Comprehensive                income:                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Net                income                                                                                                                                           |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | 11,013 |   |   |   | -      |   |   |   | 11,013 |   |   | $ | 11,013 |   |
|       Unrealized                gain on securities           available                for sale, net of taxes of $1 |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | 2      |   |   |   | 2 |   |   |   | 2 |   |
|       Prior                Service Cost – DRP, net of            taxes                of $6             |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | (8     | )      |   |   | (8 | ) |   |   | (8 | ) |
|                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                comprehensive                income                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 11,007 |   |
|                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    ESOP                shares earned                                                                                                                                                     |   |   | -      |   |   |   | 26     |   |   |   | 130    |   |   |   | -      |   |   |   | -      |   |   |   | 156 |   |   |   |   |   |
|                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                at June 30, 2007                                                                                                                                                                 |   | $      | 132    |   |   | $      | 57,539 |   |   | $      | (4,795 | )      |   | $      | 55,160 |   |   | $      | (122   | )      |   | $ | 107,914 |   |   |   |   |   |
|                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

*Table          of Contents*

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

|                                                                                                                      |   | **Six                Months Ended** |    |
|---------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|---------|
|                                                                                                                      |   | **June                30,**         |    |
|                                                                                                                      |   | **2007**                            |    |   | **2006** |   |
|                                                                                                                      |   | **(In                thousands)**   |    |
|                                                                                                                      |   |
| **CASH                FLOWS FROM OPERATING ACTIVITIES**                                                                   |   |
|                                                                                                                      |   |                                |    |   |   |   |
| Net                income                                                                                                 |   | $                                   | 11,013  |   |   | $ | 759 |   |
| Adjustments                to reconcile net income to net cash provided by (used in) operating                activities: |   |                                |    |   |   |   |   |   |
| Amortization                of securities                premiums and (discounts), net                                    |   |                                | (93     | ) |   |   | 8 |   |
|           Provision                for loan losses                      |   |                                | 338     |   |   |   | - |   |
| Provision                for                depreciation                                                                  |   |                                | 316     |   |   |   | 282 |   |
| Amortization                of deferred loan                discounts, fees and costs, net                                |   |                                | 71      |   |   |   | 76 |   |
| (Gain)                from dispositions of                premises and equipment                                          |   |                                | (18,962 | ) |   |   | - |   |
| Earnings                on bank owned life                insurance                                                       |   |                                | (177    | ) |   |   | - |   |
| Increase                in accrued interest                receivable                                                     |   |                                | (42     | ) |   |   | (36 | ) |
| Increase                in other                assets                                                                    |   |                                | (513    | ) |   |   | (1,405 | ) |
| Increase                in accrued interest                payable                                                        |   |                                | 3       |   |   |   | - |   |
| Increase                in other                liabilities                                                               |   |                                | 8,413   |   |   |   | 152 |   |
| ESOP                shares                earned                                                                          |   |                                | 156     |   |   |   | - |   |
|                                                                                                                      |   |                                |    |   |   |   |   |   |
| **Net                Cash  Provided by (Used in) Operating                Activities**                          |   |                                | 523     |   |   |   | (164 | ) |
|                                                                                                                      |   |
| **CASH                FLOWS FROM INVESTING ACTIVITIES**                                                                   |   |
|                                                                                                                      |   |                                |    |   |   |   |   |   |
| Net                increase in loans                                                                                      |   |                                | (21,057 | ) |   |   | (11,931 | ) |
| Purchase                of securities held to maturity                                                                    |   |                                | (5,000  | ) |   |   | - |   |
| Proceeds                from principal repayments on securities available for sale                                        |   |                                | 4       |   |   |   | 12 |   |
| Proceeds                from principal repayments on securities held to maturity                                          |   |                                | 23,010  |   |   |   | 1,253 |   |
| Purchases                of FHLB stock                                                                                    |   |                                | (195    | ) |   |   | (42 | ) |
| Purchases                of premises and equipment                                                                        |   |                                | (75     | ) |   |   | (900 | ) |
| Proceeds                from sale of premises and equipment                                                               |   |                                | 9,080   |   |   |   | - |   |
|                                                                                                                      |   |                                |    |   |   |   |   |   |
| **Net                Cash Provided by (Used in) Investing Activities**                                                    |   |                                | 5,767   |   |   |   | (11,608 | ) |
|                                                                                                                      |   |
| **CASH                FLOWS FROM FINANCING ACTIVITIES**                                                                   |   |
|                                                                                                                      |   |
| Net                (decrease) increase in deposits                                                                        |   |                                | (5,911  | ) |   |   | 72,660 |   |
| Proceeds                from short-term borrowings                                                                        |   |                                | 4,000   |   |   |   | - |   |
| Increase                (decrease) in advance payments by borrowers for taxes and                insurance                |   |                                | 245     |   |   |   | (172 | ) |
|                                                                                                                      |   |                                |    |   |   |   |   |   |
| **Net                Cash (Used in) Provided by Financing Activities**                                                    |   |                                | (1,666  | ) |   |   | 72,488 |   |
|                                                                                                                      |   |                                |    |   |   |   |   |   |
| **Net                Increase in Cash and Cash Equivalents**                                                              |   |                                | 4,624   |   |   |   | 60,716 |   |
|                                                                                                                      |   |                                |    |   |   |   |   |   |
| **Cash                and Cash Equivalents - Beginning**                                                                  |   |                                | 36,749  |   |   |   | 27,389 |   |
|                                                                                                                      |   |                                |    |   |   |   |   |   |
| **Cash                and Cash Equivalents - Ending**                                                                     |   | $                                   | 41,373  |   |   | $ | 88,105 |   |
|                                                                                                                      |   |                                |    |   |   |   |   |   |
| **SUPPLEMENTARY                CASH FLOWS INFORMATION**                                                                   |   |
|                                                                                                                      |   |                                |    |   |   |   |   |   |
| Income                taxes                paid                                                                           |   | $                                   | 981     |   |   | $ | 639 |   |
| Interest                paid                                                                                              |   | $                                   | 2,613   |   |   | $ | 1,975 |   |
|                                                                                                                      |   |                                |    |   |   |   |   |   |
| **Supplemental                disclosure of Non-Cash Investing Activities**                                               |   |
| Loan                made in conjunction with                sale of premises and equipment                                |   | $                                   | 16,341  |   |   | $ | - |   |

----

*Table          of Contents*

**NORTHEASTCOMMUNITY      BANCORP, INC.**

**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 June 30,**   |   |   |                **Six                Months Ended June 30,**    |   |
|---------------------------------------------------------------------------------------------|--------|------------------------------------------------------------|--------|--------|------------------------------------------------------------------------------------|--------|
|                                                                                        |   | **2007**                                                   |   |   | **2006**                                                                           |   |   | **2007** |   |   | **2006** |   |
| Service                cost                                                                 |   | $                                                          | 8      |   |                                                                               | $      | 8 |   |   | $ | 17 |   |   | $ | 16 |   |
| Interest                cost                                                                |   |                                                       | 5      |   |                                                                               |   | 5 |   |   |   | 11 |   |   |   | 9 |   |
|        Amortization                of Prior Service Cost |   |                                                       | 5      |   |                                                                               |   | 5 |   |   |   | 10 |   |   |   | 11 |   |
|    Total                                                                     |   | $                                                          | 18     |   |                                                                               | $      | 18 |   |   | $ | 38 |   |   | $ | 36 |   |

**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 - Significant Events**

----

*Table          of Contents*

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

**Forward-Looking        Statements**

**General**

**Overview**

**Comparison        of Financial Condition at June 30, 2007 and December 31,        2006**

----

*Table            of Contents*

**Comparison        of Operating Results for the Three Months Ended June 30, 2007 and        2006**

***General.  ***

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

----

*Table            of Contents*

|                                                                                                                                                       |   | **Three                  Months Ended June 30,** |    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------|---------|
|                                                                                                                                                       |   | **2007**                                         |    |   | **2006** |   |
|                                                                                                                                                       |   | **Average****Balance**                           |    |   | **Interest****and                  Dividends** |   |   | **Yield/****Cost** |   |   | **Average****Balance** |   |   | **Interest****and                  Dividends** |   |   | **Yield/****Cost** |   |
|                                                                                                                                                       |   | **(Dollars                  in thousands)**      |    |
| **Assets:**                                                                                                                                                |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-earning                  assets:                                                                                                                  |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Loans                                                                                                                                    |   | $                                                | 213,182 |   |   | $ | 3,441 |   |   |   | 6.46 | % |   | $ | 201,853 |   |   | $ | 3,151 |   |   |   | 6.24 | % |
|    Securities                  - taxable                                                                                                    |   |                                             | 16,233  |   |   |   | 196 |   |   |   | 4.83 |   |   |   | 12,217 |   |   |   | 120 |   |   |   | 3.93 |   |
|    Other                  interest-earning assets                                                                                           |   |                                             | 36,963  |   |   |   | 489 |   |   |   | 5.29 |   |   |   | 31,849 |   |   |   | 413 |   |   |   | 5.19 |   |
|      Total                  interest-earning assets                                                                               |   |                                             | 266,378 |   |   |   | 4,126 |   |   |   | 6.20 |   |   |   | 245,919 |   |   |   | 3,684 |   |   |   | 5.99 |   |
| Allowance                  for loan losses                                                                                                                 |   |                                             | (1,204  | ) |   |   |   |   |   |   |   |   |   |   | (1,200 | ) |   |   |   |   |   |   |   |   |
| Noninterest-earning                  assets                                                                                                                |   |                                             | 24,510  |   |   |   |   |   |   |   |   |   |   |   | 11,467 |   |   |   |   |   |   |   |   |   |
|       Total                  assets                                                                                          |   | $                                                | 289,684 |   |   |   |   |   |   |   |   |   |   | $ | 256,186 |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Liabilities                  and Stockholders’ equity:**                                                                                           |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing                  liabilities:                                                                                                             |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest-bearing                  demand                                                                                                 |   | $                                                | 20,705  |   |   | $ | 27 |   |   |   | 0.52 | % |   | $ | 20,898 |   |   | $ | 16 |   |   |   | 0.31 | % |
|    Savings                  and club accounts                                                                                               |   |                                             | 59,236  |   |   |   | 103 |   |   |   | 0.70 |   |   |   | 69,353 |   |   |   | 121 |   |   |   | 0.70 |   |
|    Certificates                  of deposit                                                                                                 |   |                                             | 104,941 |   |   |   | 1,202 |   |   |   | 4.58 |   |   |   | 101,642 |   |   |   | 935 |   |   |   | 3.68 |   |
|       Total                  interest-bearing deposits                                                                       |   |                                             | 184,882 |   |   |   | 1,332 |   |   |   | 2.88 |   |   |   | 191,893 |   |   |   | 1,072 |   |   |   | 2.23 |   |
|                                                                                                                                                       |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    FHLB                  advances                                                                                                           |   |                                             | 88      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|       Total                  interest-bearing liabilities                                                                    |   |                                             | 184,970 |   |   |   | 1,332 |   |   |   | 2.88 |   |   |   | 191,893 |   |   |   | 1,072 |   |   |   | 2.23 |   |
|                                                                                                                                                       |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Noninterest-bearing                  demand                                                                                              |   |                                             | 1,291   |   |   |   |   |   |   |   |   |   |   |   | 15,867 |   |   |   |   |   |   |   |   |   |
|    Other                  liabilities                                                                                                       |   |                                             | 5,909   |   |   |   |   |   |   |   |   |   |   |   | 4,259 |   |   |   |   |   |   |   |   |   |
|       Total                  liabilities                                                                                     |   |                                             | 192,170 |   |   |   |   |   |   |   |   |   |   |   | 212,019 |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders’                  equity                                                                                                                |   |                                             | 97,514  |   |   |   |   |   |   |   |   |   |   |   | 44,167 |   |   |   |   |   |   |   |   |   |
|       Total                  liabilities and Stockholders’         equity |   | $                                                | 289,684 |   |   |   |   |   |   |   |   |   |   | $ | 256,186 |   |   |   |   |   |   |   |   |   |
| Net                  interest income                                                                                                                       |   |                                             |    |   |   | $ | 2,794 |   |   |   |   |   |   |   |   |   |   | $ | 2,612 |   |   |   |   |   |
| Interest                  rate spread                                                                                                                      |   |                                             |    |   |   |   |   |   |   |   | 3.32 | % |   |   |   |   |   |   |   |   |   |   | 3.76 | % |
| Net                  interest margin                                                                                                                       |   |                                             |    |   |   |   |   |   |   |   | 4.20 | % |   |   |   |   |   |   |   |   |   |   | 4.25 | % |
| Net                  interest-earning assets                                                                                                               |   | $                                                | 81,408  |   |   |   |   |   |   |   |   |   |   | $ | 54,026 |   |   |   |   |   |   |   |   |   |
| Average                  interest-earning assets to   average                  interest-bearing liabilities                                 |   |                                             | 144.01  | % |   |   |   |   |   |   |   |   |   |   | 128.15 | % |   |   |   |   |   |   |   |   |

----

*Table            of Contents*

***Provision        for Loan Losses.  ***

***Non-interest        Income***
**.  **

***Non-interest        Expense***
**.**

***Income        Taxes*.  **

----

*Table            of Contents*

**Comparison        of Operating Results for the Six Months Ended June 30, 2007 and        2006**

***General.  ***

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

|                                                                                                                                                 |   | **Six                  Months Ended June 30,** |    |
|------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------|---------|
|                                                                                                                                                 |   | **2007**                                       |    |   | **2006** |   |
|                                                                                                                                                 |   | **Average****Balance**                         |    |   | **Interest****and                  Dividends** |   |   | **Yield/****Cost** |   |   | **Average****Balance** |   |   | **Interest****and                  Dividends** |   |   | **Yield/****Cost** |   |
|                                                                                                                                                 |   | **(Dollars                  in thousands)**    |    |
| **Assets:**                                                                                                                                          |   |                                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-earning                  assets:                                                                                                            |   |                                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Loans                                                                                                                              |   | $                                              | 207,726 |   |   | $ | 6,622 |   |   |   | 6.38 | % |   | $ | 199,447 |   |   | $ | 6,313 |   |   |   | 6.33 | % |
|    Securities                  - taxable                                                                                              |   |                                           | 23,243  |   |   |   | 568 |   |   |   | 4.89 |   |   |   | 12,489 |   |   |   | 256 |   |   |   | 4.10 |   |
|    Other                  interest-earning assets                                                                                     |   |                                           | 34,285  |   |   |   | 905 |   |   |   | 5.28 |   |   |   | 26,452 |   |   |   | 660 |   |   |   | 4.99 |   |
|      Total                  interest-earning assets                                                                         |   |                                           | 265,254 |   |   |   | 8,095 |   |   |   | 6.10 |   |   |   | 238,388 |   |   |   | 7,229 |   |   |   | 6.06 |   |
| Allowance                  for loan losses                                                                                                           |   |                                           | (1,202  | ) |   |   |   |   |   |   |   |   |   |   | (1,200 | ) |   |   |   |   |   |   |   |   |
| Noninterest-earning                  assets                                                                                                          |   |                                           | 24,821  |   |   |   |   |   |   |   |   |   |   |   | 10,789 |   |   |   |   |   |   |   |   |   |
|       Total                  assets                                                                                    |   | $                                              | 288,873 |   |   |   |   |   |   |   |   |   |   | $ | 247,977 |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                 |   |                                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Liabilities                  and Stockholders’ equity:**                                                                                     |   |                                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing                  liabilities:                                                                                                       |   |                                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest-bearing                  demand                                                                                           |   | $                                              | 20,529  |   |   | $ | 52 |   |   |   | 0.51 | % |   | $ | 21,401 |   |   | $ | 31 |   |   |   | 0.29 | % |
|    Savings                  and club accounts                                                                                         |   |                                           | 59,794  |   |   |   | 206 |   |   |   | 0.69 |   |   |   | 70,492 |   |   |   | 216 |   |   |   | 0.61 |   |
|    Certificates                  of deposit                                                                                           |   |                                           | 105,144 |   |   |   | 2,358 |   |   |   | 4.49 |   |   |   | 99,840 |   |   |   | 1,728 |   |   |   | 3.46 |   |
|       Total                  interest-bearing deposits                                                                 |   |                                           | 185,467 |   |   |   | 2,616 |   |   |   | 2.82 |   |   |   | 191,733 |   |   |   | 1,975 |   |   |   | 2.06 |   |
|                                                                                                                                                 |   |                                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    FHLB                  advances                                                                                                     |   |                                           | 44      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 0.00 |   |
|       Total                  interest-bearing liabilities                                                              |   |                                           | 185,511 |   |   |   | 2,616 |   |   |   | 2.82 |   |   |   | 191,733 |   |   |   | 1,975 |   |   |   | 2.06 |   |
|                                                                                                                                                 |   |                                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Noninterest-bearing                  demand                                                                                        |   |                                           | 1,272   |   |   |   |   |   |   |   |   |   |   |   | 8,658 |   |   |   |   |   |   |   |   |   |
|    Other                  liabilities                                                                                                 |   |                                           | 4,736   |   |   |   |   |   |   |   |   |   |   |   | 3,589 |   |   |   |   |   |   |   |   |   |
|       Total                  liabilities                                                                               |   |                                           | 191,519 |   |   |   |   |   |   |   |   |   |   |   | 203,980 |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                 |   |                                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders’                  equity                                                                                                          |   |                                           | 97,354  |   |   |   |   |   |   |   |   |   |   |   | 43,997 |   |   |   |   |   |   |   |   |   |
|       Total                  liabilities and Stockholders’        equity |   | $                                              | 288,873 |   |   |   |   |   |   |   |   |   |   | $ | 247,977 |   |   |   |   |   |   |   |   |   |
| Net                  interest income                                                                                                                 |   |                                           |    |   |   | $ | 5,479 |   |   |   |   |   |   |   |   |   |   | $ | 5,254 |   |   |   |   |   |
| Interest                  rate spread                                                                                                                |   |                                           |    |   |   |   |   |   |   |   | 3.28 | % |   |   |   |   |   |   |   |   |   |   | 4.00 | % |
| Net                  interest margin                                                                                                                 |   |                                           |    |   |   |   |   |   |   |   | 4.13 | % |   |   |   |   |   |   |   |   |   |   | 4.41 | % |
| Net                  interest-earning assets                                                                                                         |   | $                                              | 79,743  |   |   |   |   |   |   |   |   |   |   | $ | 46,655 |   |   |   |   |   |   |   |   |   |
| Average                  interest-earning assets to   average                  interest-bearing liabilities                           |   |                                           | 142.99  | % |   |   |   |   |   |   |   |   |   |   | 124.33 | % |   |   |   |   |   |   |   |   |

----

*Table              of Contents*

***Provision        for Loan Losses***
**.**

----

*Table            of Contents*

|                                                                                                                            |   | **At****June                  30, 2007**    |   |   | **At****December                  31, 2006** |   |
|---------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|--------|--------|----------------------------------------------|--------|
|                                                                                                                            |   | **(Dollars                  in thousands)** |   |
| Non-accrual                  loans                                                                                              |   | $                                           | 1,484  |   |                                         | $      | - |   |
| Loans                  90 days or more delinquent and accruing                                                                  |   |                                        | 409    |   |                                         |   | 2 |   |
| Other                  non-performing loans                                                                                     |   |                                        | -      |   |                                         |   | - |   |
|          Total                  non-performing loans                               |   | $                                           | 1,893  |   |                                         | $      | 2 |   |
|                                                                                                                            |   |                                        |   |   |                                         |   |   |   |
| Troubled                  debt restructurings                                                                                   |   |                                        | -      |   |                                         |   | - |   |
|                                                                                                                            |   |                                        |   |   |                                         |   |   |   |
| Troubled                  debt restructurings and   total                  non-performing assets                 |   | $                                           | 1,893  |   |                                         | $      | 2 |   |
|                                                                                                                            |   |                                        |   |   |                                         |   |   |   |
| Total                  non-performing loans to total loans                                                                      |   |                                        | 0.79   | %      |                                         |   | 0.00 | % |
| Total                  non-performing loans to total assets                                                                     |   |                                        | 0.62   | %      |                                         |   | 0.00 | % |
| Total                  non-performing assets and troubled   debt                  restructurings to total assets |   |                                        | 0.62   | %      |                                         |   | 0.00 | % |

***Non-interest        Income***
**.  **

***Non-interest        Expense***
**.**

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

----

*Table            of Contents*

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

** **

***Capital        Management.***

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

----

*Table            of Contents*

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

**Qualitative        Aspects of Market Risk.**

**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    |             |                                                                                      | $                | 71,826                                                                                               |   |   | $ | (3,607 | ) |   |   | (5 | )% |   |   | 27.14 | % |   |   | (44 | ) |
|                                                                                          | 200    |             |                                                                                      |             | 73,064                                                                                               |   |   |   | (2,369 | ) |   |   | (3 | ) |   |   | 27.32 |   |   |   | (27 | ) |
|                                                                                          | 100    |             |                                                                                      |             | 74,268                                                                                               |   |   |   | (1,165 | ) |   |   | (2 | ) |   |   | 27.46 |   |   |   | (12 | ) |
|                                                                                          | 0      |             |                                                                                      |             | 75,433                                                                                               |   |   |   | - |   |   |   | - |   |   |   | 27.58 |   |   |   | - |   |
|                                                                                          | (100   | )                |                                                                                      |             | 76,313                                                                                               |   |   |   | 880 |   |   |   | 1 |   |   |   | 27.61 |   |   |   | 3 |   |
|                                                                                          | (200   | )                |                                                                                      |             | 76,870                                                                                               |   |   |   | 1,437 |   |   |   | 2 |   |   |   | 27.54 |   |   |   | (5 | ) |

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*Table            of Contents*

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

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

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

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

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

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*Table            of Contents*

| **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** |
|------------------------------|-------------------------------------------------------------------------------------------|

|   | 1. | The                  following individuals were elected as directors, each for a three-year                  term: |
|--------|----|--------------------------------------------------------------------------------------------------------------------|

|   |                                 | Votes                  For | Votes                  Withheld |
|--------|--------------------------------------|----------------------------|---------------------------------|
|   |                                 |                       |                            |
|   | Arthur                  M. Levine    | 11,375,847                 | 647,768                         |
|   |                                 |                       |                            |
|   | Kenneth                  A. Martinek | 11,355,537                 | 668,078                         |
|   |                                 |                       |                            |
|   | John                  F. McKenzie    | 11,397,226                 | 626,389                         |

|   | 2. | The                  Northeast Community Bancorp, Inc. 2007 Equity Incentive Plan was                  not                  adopted based upon the following                  vote: |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | The                  appointment of Beard Miller Company, LLP as independent registered                  public                  accounting firm for the Company for the fiscal year ending December                  31,                  2007 was ratified by stockholders by the following                  vote: |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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*Table            of Contents*

| **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. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------|

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*Table            of Contents*

**Signatures**

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