**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.**

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

**(914)  684-2500**

**N/A**

| Large                accelerated filer o | Accelerated                filer o | 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 September 30,                2007 and December 31, 2006                                           |   | 2               |
|                                                                             |   |                                                                                                                                                               |   |            |
|                                                                             |   | Consolidated                Statements of Income for the Three and Nine Months                Ended September 30, 2007and                2006                      |   |  3         |
|                                                                             |   |                                                                                                                                                               |   |            |
|                                                                             |   | Consolidated                Statements of Changes in Stockholders’ Equity for                the Nine Months EndedSeptember                30, 2007 and 2006 |   |  4         |
|                                                                             |   |                                                                                                                                                               |   |            |
|                                                                             |   | Consolidated                Statements of Cash Flows for the Nine Months Ended                September 30, 2007 and 2006                                          |   | 5               |
|                                                                             |   |                                                                                                                                                               |   |            |
|                                                                             |   | Notes                to Unaudited 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                                                                           |   | 18              |
|                                                                             |   |                                                                                                                                                               |   |            |
| Item                4.                                                           |   | Controls                and Procedures                                                                                                                             |   | 19              |
|                                                                             |   |                                                                                                                                                               |   |            |
| **Part                II.   Other                Information**    |
|                                                                             |   |                                                                                                                                                               |   |            |
| Item                1.                                                           |   | Legal                Proceedings                                                                                                                                   |   | 20              |
|                                                                             |   |                                                                                                                                                               |   |            |
| Item                1A.                                                          |   | Risk                Factors                                                                                                                                        |   | 20              |
|                                                                             |   |                                                                                                                                                               |   |            |
| Item                2.                                                           |   | Unregistered                Sales of Equity Securities and Use of                Proceeds                                                                          |   | 20              |
|                                                                             |   |                                                                                                                                                               |   |            |
| Item                3.                                                           |   | Defaults                Upon Senior Securities                                                                                                                     |   | 20              |
|                                                                             |   |                                                                                                                                                               |   |            |
| Item                4.                                                           |   | Submission                of Matters to a Vote of Security                Holders                                                                                  |   | 20              |
|                                                                             |   |                                                                                                                                                               |   |            |
| Item                5.                                                           |   | Other                Information                                                                                                                                   |   | 20              |
|                                                                             |   |                                                                                                                                                               |   |            |
| Item                6.                                                           |   | Exhibits                                                                                                                                                           |   | 21              |
|                                                                             |   |                                                                                                                                                               |   |            |
|                                                                             |   | **Signatures**                                                                                                                                                     |   | 22              |

----

*Table            of Contents*

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

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

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

|                                                                                                                                           |   | **September                  30, 2007**                                                     |    |   | **December                  31, 2006** |       |
|------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------|---------|--------|----------------------------------------|------------|
|                                                                                                                                           |   | **(In                thousands, except for share and per****share                amounts)** |    |
|                                                                                                                                           |   |
| **ASSETS**                                                                                                                                     |   |
|                                                                                                                                           |   |
| Cash                and amounts due from depository institutions                                                                               |   | $                                                                                           | 2,634   |   |                                   | $          | 2,650 |   |
| Interest-bearing                deposits                                                                                                       |   |                                                                                        | 32,609  |   |                                   |       | 34,099 |   |
|                                                                                                                                           |   |                                                                                        |    |   |                                   |       |   |   |
| Cash                and Cash Equivalents                                                                                                       |   |                                                                                        | 35,243  |   |                                   |       | 36,749 |   |
|                                                                                                                                           |   |                                                                                        |    |   |                                   |       |   |   |
| Securities                available for sale                                                                                                   |   |                                                                                        | 350     |   |                                   |       | 355 |   |
| Securities                held to maturity                                                                                                     |   |                                                                                        | 9,182   |   |                                   |       | 27,455 |   |
| Loans                receivable, net of allowance for loan losses of $1,489and                $1,200,                respectively              |   |                                                                                        | 256,612 |   |                                   |       | 201,306 |   |
| Premises                and equipment, net                                                                                                     |   |                                                                                        | 4,597   |   |                                   |       | 11,117 |   |
| Federal                Home Loan Bank of New York stock, at cost                                                                               |   |                                                                                        | 414     |   |                                   |       | 399 |   |
| Bank                owned life insurance                                                                                                       |   |                                                                                        | 8,423   |   |                                   |       | 8,154 |   |
| Accrued                interest receivable                                                                                                     |   |                                                                                        | 1,287   |   |                                   |       | 1,101 |   |
| Other                assets                                                                                                                    |   |                                                                                        | 1,565   |   |                                   |       | 1,781 |   |
|                                                                                                                                           |   |                                                                                        |    |   |                                   |       |   |   |
| **Total                Assets**                                                                                                                |   | $                                                                                           | 317,673 |   |                                   | $          | 288,417 |   |
|                                                                                                                                           |   |
| **LIABILITIES                AND STOCKHOLDERS’ EQUITY**                                                                                  |   |
|                                                                                                                                           |   |
| LIABILITIES                                                                                                                                    |   |
| Deposits:                                                                                                                                      |   |                                                                                        |    |   |                                   |       |   |   |
| Non-interest                bearing                                                                                                            |   | $                                                                                           | 1,420   |   |                                   | $          | 1,439 |   |
| Interest                bearing                                                                                                                |   |                                                                                        | 198,520 |   |                                   |       | 187,153 |   |
|                                                                                                                                           |   |                                                                                        |    |   |                                   |       |   |   |
| Total                Deposits                                                                                                                  |   |                                                                                        | 199,940 |   |                                   |       | 188,592 |   |
|                                                                                                                                           |   |                                                                                        |    |   |                                   |       |   |   |
| Advance                payments by borrowers for taxes and insurance                                                                           |   |                                                                                        | 3,706   |   |                                   |       | 1,929 |   |
| Accounts                payable and accrued expenses                                                                                           |   |                                                                                        | 5,662   |   |                                   |       | 1,145 |   |
|                                                                                                                                           |   |                                                                                        |    |   |                                   |       |   |   |
| Total                Liabilities                                                                                                               |   |                                                                                        | 209,308 |   |                                   |       | 191,666 |   |
|                                                                                                                                           |   |                                                                                        |    |   |                                   |       |   |   |
| COMMITMENTS                AND CONTINGENCIES                                                                                                   |   | ** **                                                                                  | **-**   |   |                                   |       | - |   |
|                                                                                                                                           |   |                                                                                        |    |   |                                   |       |   |   |
| STOCKHOLDERS’                EQUITY                                                                                                      |   |                                                                                        |    |   |                                   |       |   |   |
|                                                                                                                                           |   |                                                                                        |    |   |                                   |       |   |   |
| Preferred                stock, $.01 par value: 1,000,000 shares authorized, none                issued                                        |   | ** **                                                                                  | **-**   |   |                                   | ** ** | **-** |   |
| Common                stock, $.01 par value; 19,000,000 shares authorized, issued and                outstanding:  13,225,000 shares |   |                                                                                        | 132     |   |                                   |       | 132 |   |
| Additional                paid in capital                                                                                                      |   |                                                                                        | 57,542  |   |                                   |       | 57,513 |   |
| Unearned                ESOP shares                                                                                                            |   |                                                                                        | (4,730  | )      |                                   |       | (4,925 | ) |
| Retained                earnings                                                                                                               |   |                                                                                        | 55,550  |   |                                   |       | 44,147 |   |
| Accumulated                other comprehensive loss                                                                                            |   |                                                                                        | (129    | )      |                                   |       | (116 | ) |
|                                                                                                                                           |   |                                                                                        |    |   |                                   |       |   |   |
| Total                Stockholders’ Equity                                                                                                |   |                                                                                        | 108,365 |   |                                   |       | 96,751 |   |
|                                                                                                                                           |   |                                                                                        |    |   |                                   |       |   |   |
| **Total                Liabilities and Stockholders’ Equity**                                                                            |   | $                                                                                           | 317,673 |   |                                   | $          | 288,417 |   |

----

*Table            of Contents*

**CONSOLIDATED      STATEMENTS OF INCOME (UNAUDITED)**

|                                                                                                                                                                                                      |   | **Three                Months Ended****September                30,** |   |   | **Nine                Months Ended****September                30,** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------|--------|--------|----------------------------------------------------------------------|--------|
|                                                                                                                                                                                                      |   | **2007**                                                              |   |   | **2006**                                                             |   |   | **2007** |   |   | **2006** |   |
|                                                                                                                                                                                                      |   | **(In                thousands, except for per share amounts)**       |   |
|                                                                                                                                                                                                      |   |                                                                  |   |   |                                                                 |   |   |   |   |   |   |   |
| **INTEREST                INCOME**                                                                                                                                                                        |   |                                                                  |   |   |                                                                 |   |   |   |   |   |   |   |
|                                                                                                                                                                                                      |   |                                                                  |   |   |                                                                 |   |   |   |   |   |   |   |
| Loans                                                                                                                                                                                                     |   | $                                                                     | 3,884  |   |                                                                 | $      | 3,275 |   |   | $ | 10,506 |   |   | $ | 9,588 |   |
| Interest-earning                deposits                                                                                                                                                                  |   |                                                                  | 538    |   |                                                                 |   | 549 |   |   |   | 1,443 |   |   |   | 1,209 |   |
| Securities                                                                                                                                                                                                |   |                                                                  | 140    |   |                                                                 |   | 287 |   |   |   | 708 |   |   |   | 543 |   |
|                                                                                                                                                                                                      |   |                                                                  |   |   |                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| **Total                Interest                Income**                                                                                                                                                   |   |                                                                  | 4,562  |   |                                                                 |   | 4,111 |   |   |   | 12,657 |   |   |   | 11,340 |   |
|                                                                                                                                                                                                      |   |                                                                  |   |   |                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| **INTEREST                EXPENSE**                                                                                                                                                                       |   |                                                                  |   |   |                                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                      |   |                                                                  |   |   |                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Deposits                                                                                                                                                                                                  |   |                                                                  | 1,486  |   |                                                                 |   | 1,225 |   |   |   | 4,102 |   |   |   | 3,200 |   |
|        Short-term                borrowings                                                                                                                            |   |                                                                  | 18     |   |                                                                 |   | - |   |   |   | 18 |   |   |   | - |   |
|                                                                                                                                                                                                      |   |                                                                  |   |   |                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| **Total                Interest                Expense**                                                                                                                                                  |   |                                                                  | 1,504  |   |                                                                 |   | 1,225 |   |   |   | 4,120 |   |   |   | 3,200 |   |
|                                                                                                                                                                                                      |   |                                                                  |   |   |                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| **Net                Interest                Income**                                                                                                                                                     |   |                                                                  | 3,058  |   |                                                                 |   | 2,886 |   |   |   | 8,537 |   |   |   | 8,140 |   |
|                                                                                                                                                                                                      |   |                                                                  |   |   |                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| **PROVISION                FOR LOAN LOSSES**                                                                                                                                                              |   |                                                                  | -      |   |                                                                 |   | - |   |   |   | 338 |   |   |   | - |   |
|                                                                                                                                                                                                      |   |                                                                  |   |   |                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| **Net                Interest Income after                Provision for Loan Losses**                                                                                                                     |   |                                                                  | 3,058  |   |                                                                 |   | 2,886 |   |   |   | 8,199 |   |   |   | 8,140 |   |
|                                                                                                                                                                                                      |   |                                                                  |   |   |                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| **NON-INTEREST                INCOME**                                                                                                                                                                    |   |                                                                  |   |   |                                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                      |   |                                                                  |   |   |                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Other                loan fees and service                charges                                                                                                                                         |   |                                                                  | 99     |   |                                                                 |   | 111 |   |   |   | 274 |   |   |   | 334 |   |
| Net                gain from premises and                equipment                                                                                                                                        |   |                                                                  | -      |   |                                                                 |   | - |   |   |   | 18,962 |   |   |   | - |   |
|        Earnings                on bank owned life insurance                                                                                                            |   |                                                                  | 92     |   |                                                                 |   | 62 |   |   |   | 269 |   |   |   | 62 |   |
| Other                                                                                                                                                                                                     |   |                                                                  | 4      |   |                                                                 |   | 6 |   |   |   | 13 |   |   |   | 15 |   |
|                                                                                                                                                                                                      |   |                                                                  |   |   |                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| **Total                Non-Interest                 Income**                                                                                                                                              |   |                                                                  | 195    |   |                                                                 |   | 179 |   |   |   | 19,518 |   |   |   | 411 |   |
|                                                                                                                                                                                                      |   |                                                                  |   |   |                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| **NON-INTEREST                EXPENSES**                                                                                                                                                                  |   |                                                                  |   |   |                                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                      |   |                                                                  |   |   |                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Salaries                and employee                benefits                                                                                                                                              |   |                                                                  | 1,248  |   |                                                                 |   | 1,296 |   |   |   | 3,898 |   |   |   | 3,482 |   |
| Net                occupancy expense of                premises                                                                                                                                           |   |                                                                  | 275    |   |                                                                 |   | 264 |   |   |   | 815 |   |   |   | 764 |   |
| Equipment                                                                                                                                                                                                 |   |                                                                  | 101    |   |                                                                 |   | 119 |   |   |   | 368 |   |   |   | 322 |   |
| Outside                data                processing                                                                                                                                                     |   |                                                                  | 167    |   |                                                                 |   | 147 |   |   |   | 478 |   |   |   | 433 |   |
| Advertising                                                                                                                                                                                               |   |                                                                  | 17     |   |                                                                 |   | 36 |   |   |   | 68 |   |   |   | 82 |   |
| Other                                                                                                                                                                                                     |   |                                                                  | 554    |   |                                                                 |   | 492 |   |   |   | 1,733 |   |   |   | 1,416 |   |
|                                                                                                                                                                                                      |   |                                                                  |   |   |                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| **Total                Non-Interest                Expenses**                                                                                                                                             |   |                                                                  | 2,362  |   |                                                                 |   | 2,354 |   |   |   | 7,360 |   |   |   | 6,499 |   |
|                                                                                                                                                                                                      |   |                                                                  |   |   |                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| **Income                before Income                Taxes**                                                                                                                                              |   |                                                                  | 891    |   |                                                                 |   | 711 |   |   |   | 20,357 |   |   |   | 2,052 |   |
|                                                                                                                                                                                                      |   |                                                                  |   |   |                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| **INCOME                TAXES**                                                                                                                                                                           |   |                                                                  | 337    |   |                                                                 |   | 299 |   |   |   | 8,790 |   |   |   | 881 |   |
|                                                                                                                                                                                                      |   |                                                                  |   |   |                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| **Net                Income**                                                                                                                                                                             |   | $                                                                     | 554    |   |                                                                 | $      | 412 |   |   | $ | 11,567 |   |   | $ | 1,171 |   |
|                                                                                                                                                                                                      |   |                                                                  |   |   |                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| **Net                Income per common                share-basic**                                                                                                                                       |   | $                                                                     | .04    |   |                                                                 | $      | .03 |   |   | $ | 0.91 |   |   | N/A |   |
| **Weighted                average number of                common****               shares                outstanding- basic** |   |                                                                  | 12,749 |   |                                                                 |   | 12,016 |   |   |   | 12,742 |   |   | N/A |   |
|        **Dividends                declared per common share**                                                                                                          |   | $                                                                     | 0.03   |   |                                                                 | $      | 0.00 |   |   | $ | 0.03 |   |   | $ | 0.00 |   |

----

*Table            of Contents*

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

**Nine      Months Ended September 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                                                                                                                                             |   |                            | -      |   |                     |   | -      |               |   |   | -                |   |   |                                                        | 1,171  |   |        |   | -      |                |   |   | 1,171 |   |   | $ | 1,171 |   |
|       Unrealized                  gain on securities           available                  for sale, net of taxes of $3 |   |                            | -      |   |                     |   | -      |               |   |   | -                |   |   |                                                        | -      |   |        |   | 6      |                |   |   | 6 |   |   |   | 6 |   |
| ESOP                  shares earned                                                                                                                                                                         |   |                            | -      |   |                     |   | 8      |               |   |   | 194              |   |   |                                                        | -      |   |        |   | -      |                |   |   | 202 |   |   |   |   |   |
|    Capitalization                  of Mutual           Holding                  Company                                               |   |                            | -      |   |                     |   | -      |               |   |   | -                |   |   |                                                        | (500   | )      |        |   | -      |                |   |   | (500 | ) |   |   |   |   |
| Issuance                  of common stock                                                                                                                                                                   |   |                            | 132    |   |                     |   | 57,495 |               |   |   | -                |   |   |                                                        | -      |   |        |   | -      |                |   |   | 57,627 |   |   |   |   |   |
| Common                  stock acquired by ESOP                                                                                                                                                              |   |                            | -      |   |                     |   | -      |               |   |   | (5,184           | )      |   |                                                        | -      |   |        |   | -      |                |   |   | (5,184 | ) |   |   |   |   |
| Total                  comprehensive income                                                                                                                                                                 |   |                            |   |   |                     |   |   |               |   |   |             |   |   |                                                        |   |   |        |   |   |                |   |   |   |   |   | $ | 1,177 |   |
|  Balance                  at September 30, 2006                                                                                                                                                        |   | $                               | 132    |   |                     | $      | 57,503 |               |   | $      | (4,990           | )      |   | $                                                           | 43,760 |   |        | $      | 37     |                |   | $ | 96,442 |   |   |   |   |   |
|                                                                                                                                                                                                        |   |                            |   |   |                     |   |   |               |   |   |             |   |   |                                                        |   |   |        |   |   |                |   |   |   |   |   |   |   |   |

|                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|  Balance                  at December 31, 2006                                                                                                                                                         |   | $      | 132    |   |   | $      | 57,513 |   |   | $      | (4,925 | )      |   | $      | 44,147 |   |   | $      | (116   | )      |   | $ | 96,751 |   |   |   |   |
|    Comprehensive                  income:                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Net                  income                                                                                                                                             |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | 11,567 |   |   |   | -      |   |   |   | 11,567 |   |   | $ | 11,567 |   |
|       Unrealized                  loss on securities           available                  for sale, net of taxes of $1 |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | (1     | )      |   |   | (1 | ) |   |   | (1 | ) |
|       Prior                  Service Cost – DRP, net of            taxes                  of $10            |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | (12    | )      |   |   | (12 | ) |   |   | (12 | ) |
| Cash                  dividend declared ($0.03 per share)                                                                                                                                                   |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | (164   | )      |   |   | -      |   |   |   | (164 | ) |   |   |   |   |
| ESOP                  shares earned                                                                                                                                                                         |   |   | -      |   |   |   | 29     |   |   |   | 195    |   |   |   | -      |   |   |   | -      |   |   |   | 224 |   |   |   |   |   |
| Total                  Comprehensive Income                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 11,554 |   |
|  Balance                  at September 30, 2007                                                                                                                                                        |   | $      | 132    |   |   | $      | 57,542 |   |   | $      | (4,730 | )      |   | $      | 55,550 |   |   | $      | (129   | )      |   | $ | 108,365 |   |   |   |   |   |
|                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

*Table            of Contents*

**CONSOLIDATEDSTATEMENTS      OF CASH FLOWS (UNAUDITED)**

|                                                                                                            |   | **Nine                Months Ended** |    |
|-----------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|---------|
|                                                                                                            |   | **September                30,**     |    |
|                                                                                                            |   | **2007**                             |    |   | **2006** |   |
|                                                                                                            |   | **(In                thousands)**    |    |
|                                                                                                            |   |
| **CASH                FLOWS FROM OPERATING ACTIVITIES**                                                         |   |
|                                                                                                            |   |                                 |    |   |   |   |
| Net                income                                                                                       |   | $                                    | 11,567  |   |   | $ | 1,171 |   |
| Adjustments                to reconcile net income to net cash provided by operating                activities: |   |                                 |    |   |   |   |   |   |
| Amortization                (accretion) of                securities premiums and discounts, net                |   |                                 | (95     | ) |   |   | (115 | ) |
| Provision                for loan                losses                                                         |   |                                 | 338     |   |   |   | - |   |
| Provision                for                depreciation                                                        |   |                                 | 442     |   |   |   | 417 |   |
| Amortization                of deferred loan                discounts, fees and costs, net                      |   |                                 | 107     |   |   |   | 114 |   |
| (Gain)                from dispositions of                premises and equipment                                |   |                                 | (18,962 | ) |   |   | - |   |
| (Increase)                in bank owned life                insurance                                           |   |                                 | (269    | ) |   |   | (62 | ) |
| (Increase)                in accrued interest                receivable                                         |   |                                 | (186    | ) |   |   | (36 | ) |
| (Increase)                in other                assets                                                        |   |                                 | (37     | ) |   |   | (92 | ) |
| Increase                in accrued interest                payable                                              |   |                                 | 8       |   |   |   | 7 |   |
| Increase                (decrease) in other                liabilities                                          |   |                                 | 4,323   |   |   |   | (87 | ) |
| ESOP                shares                earned                                                                |   |                                 | 224     |   |   |   | 202 |   |
|                                                                                                            |   |                                 |    |   |   |   |   |   |
| **Net                Cash (Used in) Provided by Operating Activities**                                          |   |                                 | (2,540  | ) |   |   | 1,519 |   |
|                                                                                                            |   |                                 |    |   |   |   |   |   |
| CASH              FLOWS FROM INVESTING ACTIVITIES                                                          |   |                                 |    |   |   |   |   |   |
|                                                                                                            |   |                                 |    |   |   |   |   |   |
| Net                (increase) in loans                                                                          |   |                                 | (39,410 | ) |   |   | (6,593 | ) |
| Purchase                of securities held to maturity                                                          |   |                                 | (5,000  | ) |   |   | (40,459 | ) |
| Proceeds                from principal repayments on securities available for sale                              |   |                                 | 6       |   |   |   | 14 |   |
| Proceeds                from principal repayments on securities held to maturity                                |   |                                 | 23,365  |   |   |   | 4,079 |   |
| Purchases                of FHLB stock                                                                          |   |                                 | (15     | ) |   |   | (42 | ) |
| Purchases                of premises and equipment                                                              |   |                                 | (117    | ) |   |   | (6,559 | ) |
| Proceeds                from sale of premises and equipment                                                     |   |                                 | 9,080   |   |   |   | - |   |
| Purchase                of bank owned life insurance                                                            |   |                                 | -       |   |   |   | (8,000 | ) |
|                                                                                                            |   |                                 |    |   |   |   |   |   |
| **Net                Cash (Used in) Investing Activities**                                                      |   |                                 | (12,091 | ) |   |   | (57,560 | ) |
|                                                                                                            |   |                                 |    |   |   |   |   |   |
| CASH              FLOWS FROM FINANCING ACTIVITIES                                                          |   |                                 |    |   |   |   |   |   |
|                                                                                                            |   |                                 |    |   |   |   |   |   |
| Net                increase (decrease) in deposits                                                              |   |                                 | 11,348  |   |   |   | (3,053 | ) |
| Increase                in advance payments by borrowers for taxes and insurance                                |   |                                 | 1,777   |   |   |   | 1,100 |   |
| Net                proceeds of initial public stock offering                                                    |   |                                 | -       |   |   |   | 57,627 |   |
| Common                stock acquired by ESOP                                                                    |   |                                 | -       |   |   |   | (5,184 | ) |
| Initial                capitalization of mutual holding company                                                 |   |                                 | -       |   |   |   | (500 | ) |
|                                                                                                            |   |                                 |    |   |   |   |   |   |
| **Net                Cash Provided by Financing Activities**                                                    |   |                                 | 13,125  |   |   |   | 49,990 |   |
|                                                                                                            |   |                                 |    |   |   |   |   |   |
| **Net                Decrease in Cash and Cash Equivalents**                                                    |   |                                 | (1,506  | ) |   |   | (6,051 | ) |
|                                                                                                            |   |                                 |    |   |   |   |   |   |
| **Cash                and Cash Equivalents - Beginning**                                                        |   |                                 | 36,749  |   |   |   | 27,389 |   |
|                                                                                                            |   |                                 |    |   |   |   |   |   |
| **Cash                and Cash Equivalents - Ending**                                                           |   | $                                    | 35,243  |   |   | $ | 21,338 |   |
|                                                                                                            |   |                                 |    |   |   |   |   |   |
|                                                                                                            |   |                                 |    |   |   |   |   |   |
| Income                taxes                paid                                                                 |   | $                                    | 4,865   |   |   | $ | 1,087 |   |
| Interest                paid                                                                                    |   | $                                    | 4,112   |   |   | $ | 3,193 |   |

| See                Notes to Consolidated Financial                Statements. |
|-------------------------------------------------------------------------------|

----

*Table            of Contents*

**NORTHEAST      COMMUNITY BANCORP, INC.**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE      1 – BASIS OF PRESENTATION**

**NOTE      2 – EARNINGS AND DIVIDENDS PER SHARE**

----

*Table            of Contents*

**NOTE      3 – EMPLOYEE STOCK OWNERSHIP PLAN**

** **

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

|                                                                                          |   | **Three                  Months Ended****September                  30,** |   |   | **Nine                  Months Ended****September                  30,** |   |
|-----------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------|--------|
|                                                                                          |   | **2007**                                                                  |   |   | **2006**                                                                 |   |   | **2007** |   |   | **2006** |   |
| Service                  cost                                                                 |   | $                                                                         | 8      |   |                                                                     | $      | 8 |   |   | $ | 25 |   |   | $ | 24 |   |
| Interest                  cost                                                                |   |                                                                      | 5      |   |                                                                     |   | 5 |   |   |   | 16 |   |   |   | 14 |   |
|        Amortization                  of Prior Service Cost |   |                                                                      | 5      |   |                                                                     |   | 5 |   |   |   | 15 |   |   |   | 15 |   |
|    Total                                                                       |   | $                                                                         | 18     |   |                                                                     | $      | 18 |   |   | $ | 56 |   |   | $ | 53 |   |

**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**

----

*Table            of Contents*

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

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

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

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

----

*Table            of Contents*

|                                                                                                                                                         |   | **Three                    Months Ended September 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                                                                                                                                      |   | $                                                       | 245,685 |   |   | $ | 3,884 |   |   |   | 6.32 | % |   | $ | 202,552 |   |   | $ | 3,275 |   |   |   | 6.47 | % |
|    Securities                                                                                                                                 |   |                                                    | 10,228  |   |   |   | 140 |   |   |   | 5.48 |   |   |   | 21,899 |   |   |   | 287 |   |   |   | 5.24 |   |
|    Other                    interest-earning assets                                                                                           |   |                                                    | 41,695  |   |   |   | 538 |   |   |   | 5.16 |   |   |   | 54,844 |   |   |   | 549 |   |   |   | 4.00 |   |
|      Total                    interest-earning assets                                                                               |   |                                                    | 297,608 |   |   |   | 4,562 |   |   |   | 6.13 |   |   |   | 279,295 |   |   |   | 4,111 |   |   |   | 5.89 |   |
| Allowance                    for loan losses                                                                                                                 |   |                                                    | (1,536  | ) |   |   |   |   |   |   |   |   |   |   | (1,200 | ) |   |   |   |   |   |   |   |   |
| Noninterest-earning                    assets                                                                                                                |   |                                                    | 19,281  |   |   |   |   |   |   |   |   |   |   |   | 23,285 |   |   |   |   |   |   |   |   |   |
|       Total                    assets                                                                                          |   | $                                                       | 315,353 |   |   |   |   |   |   |   |   |   |   | $ | 301,380 |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                         |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Liabilities                    and Stockholders’ equity:**                                                                                           |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing                    liabilities:                                                                                                             |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest-bearing                    demand                                                                                                 |   | $                                                       | 20,187  |   |   | $ | 27 |   |   |   | 0.53 | % |   | $ | 37,590 |   |   | $ | 55 |   |   |   | 0.59 | % |
|    Savings                    and club accounts                                                                                               |   |                                                    | 58,258  |   |   |   | 104 |   |   |   | 0.71 |   |   |   | 64,594 |   |   |   | 143 |   |   |   | 0.89 |   |
|    Certificates                    of deposit                                                                                                 |   |                                                    | 112,690 |   |   |   | 1,355 |   |   |   | 4.81 |   |   |   | 101,781 |   |   |   | 1,027 |   |   |   | 4.04 |   |
|       Total                    interest-bearing deposits                                                                       |   |                                                    | 191,135 |   |   |   | 1,486 |   |   |   | 3.11 |   |   |   | 203,965 |   |   |   | 1,225 |   |   |   | 2.40 |   |
|                                                                                                                                                         |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    FHLB                    advances                                                                                                           |   |                                                    | 1,304   |   |   |   | 18 |   |   |   | 5.52 |   |   |   | - |   |   |   | - |   |   |   | - |   |
|       Total                    interest-bearing liabilities                                                                    |   |                                                    | 192,439 |   |   |   | 1,504 |   |   |   | 3.13 |   |   |   | 203,965 |   |   |   | 1,225 |   |   |   | 2.40 |   |
|                                                                                                                                                         |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Noninterest-bearing                    demand                                                                                                                |   |                                                    | 2,623   |   |   |   |   |   |   |   |   |   |   |   | 1,410 |   |   |   |   |   |   |   |   |   |
| Other                    liabilities                                                                                                                         |   |                                                    | 12,092  |   |   |   |   |   |   |   |   |   |   |   | 2,596 |   |   |   |   |   |   |   |   |   |
|       Total                    liabilities                                                                                     |   |                                                    | 207,154 |   |   |   |   |   |   |   |   |   |   |   | 207,971 |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                         |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders’                    equity                                                                                                                |   |                                                    | 108,199 |   |   |   |   |   |   |   |   |   |   |   | 93,409 |   |   |   |   |   |   |   |   |   |
|       Total                    liabilities and stockholders’         equity |   | $                                                       | 315,353 |   |   |   |   |   |   |   |   |   |   | $ | 301,380 |   |   |   |   |   |   |   |   |   |

| Net                    interest income                                                                                         |   |   |    |   | $      | 3,058  |   |   |   |   |   |   |   |   | $      | 2,886  |   |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Interest                    rate spread                                                                                        |   |   |    |   |   |   |   |   |   | 3.00   | %      |   |   |   |   |   |   |   |   |   | 3.49 | % |
| Net                    interest margin                                                                                         |   |   |    |   |   |   |   |   |   | 4.11   | %      |   |   |   |   |   |   |   |   |   | 4.13 | % |
| Net                    interest-earning assets                                                                                 |   | $      | 105,169 |   |   |   |   |   |   |   |   |   |   | $      | 75,330 |   |   |   |   |   |   |   |   |   |
| Average                    interest-earning assets to   average                    interest-bearing liabilities |   |   | 154.65  | %      |   |   |   |   |   |   |   |   |   |   | 136.93 | %      |   |   |   |   |   |   |   |   |

----

*Table            of Contents*

***Provision      for Loan Losses.***

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

----

*Table            of Contents*

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

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

**Comparison      of Operating Results for the Nine Months Ended September 30, 2007 and      2006**

***General.  ***

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

----

*Table            of Contents*

|                                                                                                                                               |   | **Nine                Months Ended September 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                                                                                                                            |   | $                                                  | 220,517 |   |   | $ | 10,506 |   |   |   | 6.35 | % |   | $ | 200,482 |   |   | $ | 9,588 |   |   |   | 6.38 | % |
|    Securities                                                                                                                       |   |                                               | 18,857  |   |   |   | 708 |   |   |   | 5.01 |   |   |   | 15,625 |   |   |   | 543 |   |   |   | 4.63 |   |
|    Other                interest-earning assets                                                                                     |   |                                               | 36,782  |   |   |   | 1,443 |   |   |   | 5.23 |   |   |   | 35,916 |   |   |   | 1,209 |   |   |   | 4.49 |   |
|      Total                interest-earning assets                                                                         |   |                                               | 276,156 |   |   |   | 12,657 |   |   |   | 6.11 |   |   |   | 252,023 |   |   |   | 11,340 |   |   |   | 6.00 |   |
| Allowance                for loan losses                                                                                                           |   |                                               | (1,314  | ) |   |   |   |   |   |   |   |   |   |   | (1,200 | ) |   |   |   |   |   |   |   |   |
| Noninterest-earning                assets                                                                                                          |   |                                               | 23,052  |   |   |   |   |   |   |   |   |   |   |   | 14,954 |   |   |   |   |   |   |   |   |   |
|       Total                assets                                                                                    |   | $                                                  | 297,894 |   |   |   |   |   |   |   |   |   |   | $ | 265,777 |   |   |   |   |   |   |   |   |   |
|                                                                                                                                               |   |                                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Liabilities                and Stockholders’ equity:**                                                                                     |   |                                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing                liabilities:                                                                                                       |   |                                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest-bearing                demand                                                                                           |   | $                                                  | 20,414  |   |   | $ | 78 |   |   |   | 0.51 | % |   | $ | 26,797 |   |   | $ | 86 |   |   |   | 0.43 | % |
|    Savings                and club accounts                                                                                         |   |                                               | 59,276  |   |   |   | 311 |   |   |   | 0.70 |   |   |   | 68,526 |   |   |   | 359 |   |   |   | 0.70 |   |
|    Certificates                of deposit                                                                                           |   |                                               | 107,687 |   |   |   | 3,713 |   |   |   | 4.60 |   |   |   | 100,487 |   |   |   | 2,755 |   |   |   | 3.66 |   |
|       Total                interest-bearing deposits                                                                 |   |                                               | 187,377 |   |   |   | 4,102 |   |   |   | 2.92 |   |   |   | 195,810 |   |   |   | 3,200 |   |   |   | 2.18 |   |
|                                                                                                                                               |   |                                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    FHLB                advances                                                                                                     |   |                                               | 469     |   |   |   | 18 |   |   |   | 5.12 |   |   |   | - |   |   |   | - |   |   |   | - |   |
|       Total                interest-bearing liabilities                                                              |   |                                               | 187,846 |   |   |   | 4,120 |   |   |   | 2.92 |   |   |   | 195,810 |   |   |   | 3,200 |   |   |   | 2.18 |   |
|                                                                                                                                               |   |                                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Noninterest-bearing                demand                                                                                                          |   |                                               | 1,826   |   |   |   |   |   |   |   |   |   |   |   | 6,242 |   |   |   |   |   |   |   |   |   |
| Other                liabilities                                                                                                                   |   |                                               | 7,213   |   |   |   |   |   |   |   |   |   |   |   | 3,258 |   |   |   |   |   |   |   |   |   |
|       Total                liabilities                                                                               |   |                                               | 196,885 |   |   |   |   |   |   |   |   |   |   |   | 205,310 |   |   |   |   |   |   |   |   |   |
|                                                                                                                                               |   |                                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders’                equity                                                                                                          |   |                                               | 101,009 |   |   |   |   |   |   |   |   |   |   |   | 60,467 |   |   |   |   |   |   |   |   |   |
|       Total                liabilities and Stockholders’        equity |   | $                                                  | 297,894 |   |   |   |   |   |   |   |   |   |   | $ | 265,777 |   |   |   |   |   |   |   |   |   |

| Net                interest income                                                                                     |   |   |   |   | $      | 8,537  |   |   |   |   |   |   |   |   | $      | 8,140  |   |   |   |   |
|------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Interest                rate spread                                                                                    |   |   |   |   |   |   |   |   |   | 3.19   | %      |   |   |   |   |   |   |   |   |   | 3.82 | % |
| Net                interest margin                                                                                     |   |   |   |   |   |   |   |   |   | 4.12   | %      |   |   |   |   |   |   |   |   |   | 4.31 | % |
| Net                interest-earning assets                                                                             |   | $      | 88,310 |   |   |   |   |   |   |   |   |   |   | $      | 56,213 |   |   |   |   |   |   |   |   |   |
| Average                interest-earning assets to   average                interest-bearing liabilities |   |   | 147.01 | %      |   |   |   |   |   |   |   |   |   |   | 128.71 | %      |   |   |   |   |   |   |   |   |

----

*Table            of Contents*

***Provision      for Loan Losses.***

----

*Table            of Contents*

|                                                                                                                        |   | **At****September                30, 2007** |   |   | **At****December                31, 2006** |   |
|-----------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|--------|--------|--------------------------------------------|--------|
|                                                                                                                        |   | **(Dollars                in thousands)**   |   |
| Non-accrual                loans                                                                                            |   | $                                           | 1,866  |   |                                       | $      | - |   |
| Loans                90 days or more delinquent and accruing                                                                |   |                                        | 408    |   |                                       |   | 2 |   |
| Other                non-performing loans                                                                                   |   |                                        | -      |   |                                       |   | - |   |
|          Total                non-performing loans                             |   |                                        | 2,274  |   |                                       |   | 2 |   |
|                                                                                                                        |   |                                        |   |   |                                       |   |   |   |
| Troubled                debt restructurings                                                                                 |   |                                        | -      |   |                                       |   | - |   |
|                                                                                                                        |   |                                        |   |   |                                       |   |   |   |
| Troubled                debt restructurings and   total                non-performing assets                 |   | $                                           | 2,274  |   |                                       | $      | 2 |   |
|                                                                                                                        |   |                                        |   |   |                                       |   |   |   |
| Total                non-performing loans to total loans                                                                    |   |                                        | 0.88   | %      |                                       |   | 0.00 | % |
| Total                non-performing loans to total assets                                                                   |   |                                        | 0.72   | %      |                                       |   | 0.00 | % |
| Total                non-performing assets and troubled   debt                restructurings to total assets |   |                                        | 0.72   | %      |                                       |   | 0.00 | % |

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

***Non-interest      Expense.***

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*Table            of Contents*

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

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

***Capital      Management.***

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*Table            of Contents*

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

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

**Qualitative      Aspects of Market Risk.**

**Quantitative      Aspects of Market      Risk.**

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*Table            of Contents*

|                                                                                 |   | **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    |                                                                                  |   | $                                                                                                | 80,806 |   |   | $ | (5,172 | ) |   |   | (6 | )% |   |   | 27.93 |   |   |   | (78 | ) |
|                                                                                      | 200    |                                                                                  |   |                                                                                             | 82,558 |   |   |   | (3,420 | ) |   |   | (4 | )% |   |   | 28.21 |   |   |   | (50 | ) |
|                                                                                      | 100    |                                                                                  |   |                                                                                             | 84,280 |   |   |   | (1,698 | ) |   |   | (2 | )% |   |   | 28.47 |   |   |   | (24 | ) |
|                                                                                      | 50     |                                                                                  |   |                                                                                             | 85,133 |   |   |   | (845 | ) |   |   | (1 | )% |   |   | 28.59 |   |   |   | (12 | ) |
|                                                                                      | 0      |                                                                                  |   |                                                                                             | 85,978 |   |   |   | - |   |   |   | - |   |   |   | 28.71 |   |   |   | - |   |
|                                                                                      | (50    | )                                                                                     |   |                                                                                             | 86,813 |   |   |   | 836 |   |   |   | 1 | % |   |   | 28.82 |   |   |   | 11 |   |
|                                                                                      | (100   | )                                                                                     |   |                                                                                             | 87,532 |   |   |   | 1,554 |   |   |   | 2 | % |   |   | 28.89 |   |   |   | 19 |   |
|                                                                                      | (200   | )                                                                                     |   |                                                                                             | 88,732 |   |   |   | 2,755 |   |   |   | 3 | % |   |   | 28.98 |   |   |   | 27 |   |

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

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*Table            of Contents*

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

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

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

**Item      1A.                Risk      Factors**

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

| **Item                3.** | **Defaults                Upon SeniorSecurities** |
|----------------------------|---------------------------------------------------|

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

| **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:  November                14, 2007 | By:                                              | /s/                Kenneth A. Martinek |
|                                              |                                             | Kenneth                A. Martinek |
|                                              |                                             | Chairman,                President and Chief Executive Officer |
|                                              |                                             |   |
|                                              |                                             |   |
|                                              |                                             |   |
|                                              |                                             |   |
|                                              |                                             |   |
| Date:  November                14, 2007 | By:                                              | /s/                Salvatore Randazzo |
|                                              |                                             | Salvatore                Randazzo |
|                                              |                                             | Executive                Vice President and Chief Financial Officer |
|                                              |                                             | (Principal                Financial Officer) |