UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
(Mark One)
| x |
ANNUAL REPORT PURSUANT TO
SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 |
For the fiscal year ended December 31, 2021
OR
| ☐ |
TRANSITION REPORT PURSUANT TO
SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 |
For the transition period from
to
Commission File Number: 001-40589
| A. |
Full title of the plan and the address of the plan, if
different from that of the issuer named below: |
NorthEast Community Bank Employees’ Savings & Profit Sharing
Plan and Trust
| B. |
Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office: |
NorthEast Community Bancorp, Inc.
325 Hamilton Avenue
White Plains, New York 10601
REQUIRED INFORMATION
| 1. |
Financial Statements. |
| |
|
| 2. |
Supplemental Schedule. |
| |
|
| |
Schedule H, Line 4(i) –
Schedule of Assets (Held at End of Year) at December 31,
2021 |
| |
|
| 3. |
Exhibits. |
| |
|
| |
Exhibit 23.1: Consent of
Independent Registered Public Accounting Firm |
| |
|
| |
Note: All other schedules required
by Section 2520.103-10 of the Department of Labor’s Rules and
Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974 have been omitted because
they are not applicable. |
NORTHEAST COMMUNITY BANK EMPLOYEES’
SAVINGS & PROFIT SHARING PLAN AND TRUST
FINANCIAL STATEMENTS
December 31, 2021 and 2020 and
For the Year Ended December 31, 2021
NORTHEAST COMMUNITY BANK
EMPLOYEES’
SAVINGS & PROFIT
SHARING PLAN AND TRUST
CONTENTS
Certain supplemental schedules have been omitted because they are
either not required or not applicable.
Report of Independent Registered
Public Accounting Firm
To the Members of the NorthEast Community Bank Audit Committee, the
Plan Administrator of the NorthEast Community Bank Employees’
Savings & Profit Sharing Plan and Trust and Plan
Participants:
Opinion on the Financial Statements
We have audited the accompanying Statements of Net Assets Available
for Benefits of the NorthEast Community Bank Employees’
Savings & Profit Sharing Plan and Trust (the Plan) as of
December 31, 2021, and 2020, and the related Statement of
Changes in Net Assets Available for Benefits for the year ended
December 31, 2021, and the related notes (collectively
referred to as the financial statements). In our opinion, the
financial statements present fairly, in all material respects, the
net assets available for benefits of the Plan as of
December 31, 2021, and 2020 and the changes in net assets
available for benefits for the year ended December 31, 2021,
in conformity with accounting principles generally accepted in the
United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s
management. Our responsibility is to express an opinion on the
Plan’s financial statements based on our audits. We are a public
accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be
independent with respect to the Plan in accordance with the U.S.
federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the
PCAOB.
We conducted our audits in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error
or fraud.
Our audits included performing procedures to assess the risks of
material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those
risks. Such procedures included examining, on a test basis,
evidence regarding the amounts and disclosures in the financial
statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that our audits provide a reasonable basis
for our opinion.
Supplemental Information
The supplemental Schedule H, Line 4(i) – Schedule of Assets
(Held at End of Year) as of December 31, 2021, has been
subjected to audit procedures performed in conjunction with the
audit of the Plan’s financial statements. The supplemental
information is the responsibility of the Plan’s management. Our
audit procedures included determining whether the supplemental
information reconciles to the financial statements or the
underlying accounting and other records, as applicable, and
performing procedures to test the completeness and accuracy of the
information presented in the supplemental information. In forming
our opinion on the supplemental information, we evaluated whether
the supplemental information, including its form and content, is
presented in conformity with the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974. In our opinion,
the supplemental information is fairly stated, in all material
respects, in relation to the financial statements as a whole.
/s/ Caron & Bletzer, PLLC.
We have served as the Plan’s auditor since 2014
Kingston, NH
June 24, 2022
NORTHEAST COMMUNITY BANK
EMPLOYEES’
SAVINGS & PROFIT
SHARING PLAN AND TRUST
STATEMENTS OF NET ASSETS AVAILABLE
FOR BENEFITS
December 31, 2021, and 2020
| |
|
2021 |
|
|
2020 |
|
|
Investments, at fair value: |
|
|
|
|
|
|
|
|
|
Northeast Community Bancorp, Inc. Stock |
|
$ |
1,056,350 |
|
|
$ |
919,692 |
|
|
Common collective trust |
|
|
980,172 |
|
|
|
493,718 |
|
|
Mutual funds |
|
|
12,450,976 |
|
|
|
9,878,379 |
|
| |
|
|
|
|
|
|
|
|
| Total
investments |
|
|
14,487,498 |
|
|
|
11,291,789 |
|
| |
|
|
|
|
|
|
|
|
|
Receivables: |
|
|
|
|
|
|
|
|
|
Notes receivable from participants |
|
|
256,401 |
|
|
|
266,836 |
|
| |
|
|
|
|
|
|
|
|
| Total
assets |
|
|
14,743,899 |
|
|
|
11,558,625 |
|
| |
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
Prepaid contributions |
|
|
33,865 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
Net assets available for benefits |
|
$ |
14,710,034 |
|
|
$ |
11,558,625 |
|
The accompanying notes are an integral part of the financial
statements.
NORTHEAST COMMUNITY BANK
EMPLOYEES’
SAVINGS & PROFIT
SHARING PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS
For the year ended December 31, 2021
| |
|
2021 |
|
|
Additions |
|
|
|
|
|
Investment income: |
|
|
|
|
|
Net appreciation in fair value of investments |
|
$ |
1,259,457 |
|
|
Dividend and interest income |
|
|
970,269 |
|
| |
|
|
2,229,726 |
|
|
Contributions: |
|
|
|
|
|
Participant contributions |
|
|
767,256 |
|
|
Rollover contributions |
|
|
454,116 |
|
|
|
|
|
1,221,372 |
|
| |
|
|
|
|
|
Total additions |
|
|
3,451,098 |
|
| |
|
|
|
|
|
Deductions |
|
|
|
|
|
Distributions to participants |
|
|
293,637 |
|
|
Participant transaction fees |
|
|
6,052 |
|
| |
|
|
|
|
|
Total deductions |
|
|
299,689 |
|
| |
|
|
|
|
|
Net increase |
|
|
3,151,409 |
|
| |
|
|
|
|
| Net
assets available for benefits: |
|
|
|
|
|
Beginning of year |
|
|
11,558,625 |
|
| |
|
|
|
|
|
End of year |
|
$ |
14,710,034 |
|
The accompanying notes are an integral part of the financial
statements.
NORTHEAST COMMUNITY BANK
EMPLOYEES’
SAVINGS & PROFIT
SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
The following description of the NorthEast Community Bank
Employees’ Savings & Profit Sharing Plan and Trust (the
“Plan”) provides only general information. Participants should
refer to the plan document for more detailed information.
General
The Plan is a defined contribution plan sponsored by NorthEast
Community Bank (the “Company”) covering substantially all employees
who have attained 18 years of age. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974,
as amended (“ERISA”).
Contributions
Participants may contribute up to 60% of their gross compensation,
as defined in the Plan, on a pre-tax basis or on an after-tax
(“Roth”) basis, subject to Internal Revenue Code (“IRC”)
limitations. Participants who are at least age 50 may make an
additional pretax "catch-up" contribution subject to IRC
limitations. The Plan provides for automatic enrollment in the
amount of 3% of compensation for new employees who do not opt out.
Participants who are automatically enrolled are also automatically
increased by 1% annually up to 5%. Participants may also contribute
funds from another qualified retirement plan (“rollover
contributions”), subject to certain requirements.
The Company may make discretionary non-elective contributions.
Participants must work at least 1,000 hours during the plan year
and be employed on the last day of the plan year to be eligible for
discretionary non-elective contributions. No discretionary
non-elective contributions were made during 2021.
Participant Accounts
Each participant’s account is credited or charged with
contributions, investment income, and administrative expenses.
Investment income, including realized and unrealized gains and
losses, and expenses are allocated to participant’s accounts based
on each participant’s account balance within each fund.
Participants determine the percentage in which contributions are to
be invested in each fund, except for investments in the Company
Stock which are not open to new investments as of December 31,
2021. Participants may change their investment options as set forth
in the plan document. The benefit to which a participant is
entitled is the benefit that can be provided from the participant's
vested account.
NORTHEAST COMMUNITY BANK
EMPLOYEES’
SAVINGS & PROFIT
SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
Vesting
Participants are fully vested in that portion of their account
which represents their contributions and the income earned thereon.
Participants become 100% vested in the Company’s contributions and
earnings thereon upon death, total and permanent disability, or
attainment of normal retirement age. Otherwise, a participant’s
interest in the Company’s contributions and earnings thereon vests
according to the following:
|
Completed
Years of Service |
|
Percent
Vested |
| 1 year |
|
0 |
% |
| 2 years |
|
20 |
% |
| 3 years |
|
40 |
% |
| 4 years |
|
60 |
% |
| 5 years |
|
80 |
% |
| 6 years |
|
100 |
% |
Forfeitures
When certain terminations of participation in the Plan occur, the
nonvested portion of a participant’s account represents a
forfeiture, as defined by the Plan. If a forfeiting participant is
re-employed and fulfills certain requirements, as set forth in the
Plan, the participant’s account will be restored. Forfeitures can
be used to reduce administrative expenses or to reduce employer
contributions. No forfeitures were used to pay for administrative
expenses or to reduce employer contributions during 2021. Total
unapplied forfeitures on December 31, 2021 and 2020 were
$1,842 and $1,232, respectively.
Distribution of Benefits
Benefits may be distributed to participants upon termination of
employment by reason of retirement, disability, death, or other
separation from service. Distributions from the Plan may be made in
the form of a lump sum or annuity.
A participant may also request a withdrawal upon attainment of age
59 ½ or upon demonstration by the participant to the plan
administrator that the participant is suffering from “hardship”, as
defined in the plan document. A participant may also take a
distribution from their rollover account balance at any time.
Notes Receivable from Participants
Participants may borrow from their fund accounts a minimum of
$1,000 up to a maximum equal to the lesser of $50,000 or 50 percent
of their vested account balance. The loans are secured by the
balance in the participant's account. Loans must bear a reasonable
rate of interest. All loans must be repaid within five years unless
the proceeds are used to acquire a principal residence, in which
case a longer repayment period is allowed. No more than two loans
may be outstanding at any time. Principal and interest is generally
paid ratably through payroll deductions each pay period.
NORTHEAST COMMUNITY BANK
EMPLOYEES’
SAVINGS & PROFIT
SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
| B. |
Summary of Significant Accounting
Policies: |
Basis of Accounting
The accompanying financial statements have been prepared using the
accrual basis of accounting.
Investment Valuation and Income Recognition
Investments are reported at fair value. Fair value is the price
that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants on
the measurement date. See Note C for discussion of fair value
measurements.
Purchases and sales of securities are recorded on a trade-date
basis. Interest income is recorded on the accrual basis. Dividends
are recorded on the ex-dividend date. Net appreciation
(depreciation) includes the Plan’s gains and losses on investments
bought and sold as well as held during the year.
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid
principal balance plus any accrued but unpaid interest. Interest
income is recorded on the accrual basis. No allowance for credit
losses has been recorded as of December 31, 2021 or 2020.
Delinquent participant loans are reclassified as distributions
based upon the terms of the plan document.
Payment of Benefits
Benefits are recorded when paid.
Plan Expenses
Expenses that are paid by the Company are excluded from these
financial statements. The majority of expenses incurred in the
administration of the Plan are paid by the Company. Remaining
expenses are paid by the Plan.
Use of Estimates
The preparation of financial statements in accordance with
accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and changes
therein, and disclosure of contingent assets and liabilities.
Actual results could differ from those estimates.
NORTHEAST COMMUNITY BANK
EMPLOYEES’
SAVINGS & PROFIT
SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
| C. |
FAIR VALUE
MEASUREMENTS: |
The framework for measuring fair value provides a fair value
hierarchy that prioritizes the inputs to valuation techniques used
to measure fair value. The hierarchy gives the highest priority to
unadjusted quoted prices in active markets for identical assets or
liabilities (level 1) and the lowest priority to unobservable
inputs (level 3). The three levels of the fair value hierarchy
under FASB ASC 820 are described as follows:
Level 1 - Inputs to the valuation methodology are unadjusted
quoted prices for identical assets or liabilities in active markets
that the Plan has the ability to access.
Level 2 - Inputs to the valuation methodology include quoted
prices for similar assets or liabilities in active markets; quoted
prices for identical or similar assets or liabilities in inactive
markets; inputs other than quoted prices that are observable for
the asset or liability; inputs that are derived principally from or
corroborated by observable market data by correlation or other
means. If the assets or liability has a specified (contractual)
term, the level 2 input must be observable for substantially the
full term of the asset or liability.
Level 3 - Inputs to the valuation methodology are
unobservable and significant to the fair value measurement.
The asset or liability’s fair value measurement level within the
fair value hierarchy is based on the lowest level of any input that
is significant to the fair value measurement.
Following is a description of the valuation methodologies used by
the Plan:
Northeast Community
Bancorp, Inc. Stock – At December 31,
2021, valued at the daily closing price as publicly traded on the
market. At December 31, 2020, valued at fair value based upon
an independent appraisal. This appraisal was based upon a
combination of the market and income valuation techniques. The
appraiser took into account historical and projected net income,
growth rate, prior transactions share value, capitalization factor,
return on equity, and market comparables.
Mutual funds – At December 31, 2021 and 2020, valued at
the daily closing price as reported by the fund. Mutual funds held
by the Plan are open-end mutual funds that are registered with the
SEC. These funds are required to publish their daily net asset
value (NAV) and to transact at that price. The mutual funds held by
the Plan are deemed to be actively traded.
Common collective trust – At December 31, 2021 and
2020, valued at the net asset value of units of a collective trust.
The net asset value, as provided by the fund manager, is used as a
practical expedient to estimate fair value. The net asset value is
based on the fair value of the underlying investments held by the
fund less its liabilities. This practical expedient would not be
used if it is determined to be probable that the fund will sell the
investment for an amount different from the reported net asset
value.
NORTHEAST COMMUNITY BANK
EMPLOYEES’
SAVINGS & PROFIT
SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
The following tables set forth by level, within the fair value
hierarchy, the Plan's assets at fair value as of
December 31:
| |
|
2021 |
|
| |
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Northeast Community Bancorp, Inc. Stock |
|
$ |
1,056,350 |
|
|
$ |
1,056,350 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Mutual funds |
|
|
12,450,976 |
|
|
|
12,450,976 |
|
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments in the fair value hierarchy |
|
|
13,507,326 |
|
|
$ |
13,507,326 |
|
|
$ |
— |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments measured at net asset value (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common collective trust |
|
|
980,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment at fair value |
|
$ |
14,487,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2020 |
|
| |
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Northeast Community Bancorp, Inc. Stock |
|
$ |
919,692 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
919,692 |
|
|
Mutual funds |
|
|
9,878,379 |
|
|
|
9,878,379 |
|
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments in the fair value hierarchy |
|
|
10,798,071 |
|
|
$ |
9,878,379 |
|
|
$ |
— |
|
|
$ |
919,692 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments measured at net asset value (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common collective trust |
|
|
493,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment at fair value |
|
$ |
11,291,789 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
In accordance with Subtopic 820-10,
certain investments that were measured at net asset value per share
(or its equivalent) have not been classified in the fair value
hierarchy. The fair value amounts presented in this table are
intended to permit reconciliation of the fair value hierarchy to
the line items presented in the statements of net assets available
for benefits. |
Redemptions of the common collective trust held by the Plan are
allowed daily for participants; however, the Plan is subject to a
twelve-month redemption notice period. There are no unfunded
commitments.
NORTHEAST COMMUNITY BANK
EMPLOYEES’
SAVINGS & PROFIT
SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
At December 31, 2020, the Northeast Community
Bancorp, Inc. Stock held by the Plan is reported at fair value
based upon an independent appraisal. The appraisal was based upon a
combination of the market and income valuation techniques as
illustrated in the following tables:
| |
|
2020 |
|
| |
|
Fair |
|
|
Principal Valuation |
|
Unobservable |
|
Instrument |
|
Value |
|
|
Technique |
|
Input(s) |
|
Northeast Community Bancorp, Inc. Stock |
|
$ |
919,692 |
|
|
Income |
|
Capitalization factor |
| |
|
|
|
|
|
|
|
Earnings power |
| |
|
|
|
|
|
|
|
Risk
free rate |
| |
|
|
|
|
|
|
|
Equity
Risk premium |
| |
|
|
|
|
|
|
|
Size
premium |
| |
|
|
|
|
|
|
|
Long-term growth rate |
| |
|
|
|
|
|
|
|
Discount for lack of marketability |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
Market |
|
Public
comparables |
| |
|
|
|
|
|
|
|
Price
to earnings multiples |
| |
|
|
|
|
|
|
|
Price
to book value multiples |
| |
|
|
|
|
|
|
|
Price
to tangible book value multiples |
| |
|
|
|
|
|
|
|
Discount for lack of marketability |
During 2021, the Northeast Community Bancorp, Inc. stock was
transferred from level 3 investment to level 1 investment due to
the Company’s second-step conversion completed in July 2021.
There were no other transfers in or out of the level 3 investment
during the year.
The Plan has adopted the volume submitter profit sharing plan
document of FMR LLC. The volume submitter sponsor received a
favorable opinion letter dated June 30, 2020 in which the IRS
stated that the form of the volume submitter plan was in compliance
with the applicable requirements of the IRC. The plan administrator
believes that the Plan is designed and being operated in compliance
with the applicable requirements of the IRC, and that the related
trust is therefore tax-exempt.
Accounting principles generally accepted in the United States of
America require plan management to evaluate tax positions taken by
the plan and recognize a tax liability if the plan has taken an
uncertain position that more likely than not would not be sustained
upon examination by the IRS. The Plan is subject to routine audits
by taxing jurisdictions; however, there are currently no audits for
any tax periods in progress.
Section 3(14) of ERISA defines a party-in-interest to include,
among others, fiduciaries or employees of the Plan, any person who
provides services to the Plan or an employer whose employees are
covered by the Plan. Accordingly, loans to participants and the
management of investments held by the trustee are considered
party-in-interest transactions.
NORTHEAST COMMUNITY BANK
EMPLOYEES’
SAVINGS & PROFIT
SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
The Plan invests in Northeast Community Bancorp, Inc. Stock.
Northeast Community Bancorp, Inc. is a Maryland corporation
that was incorporated in May 2021 to be the successor to
NorthEast Community Bancorp, Inc., a federally chartered
corporation (the “Mid-Tier Holding Company”), upon completion of
the second-step conversion of NorthEast Community Bank (the “Bank”)
from the two-tier mutual holding company structure to the stock
holding company structure. In conjunction with the second-step
conversion, each of NorthEast Community Bancorp, MHC and the
Mid-Tier Holding Company merged out of existence and now cease to
exist. The second-step conversion was completed on July 12,
2021, at which time each of the existing outstanding shares of
Mid-Tier Holding Company common stock owned by persons other than
NorthEast Community Bancorp, MHC was converted into 1.3400 shares
of Company common stock.
During the year ended December 31, 2021, the Plan purchased
shares in the amount of $11,297, sold shares in the amount of
$12,985, and had net appreciation in fair value in the amount of
$138,346. Of the shares purchased, $11,297 were reinvested as
dividends, and of the shares sold, $12,985 was distributed to
participants. The total value of the Plan’s interest in the Company
Common Stock was $1,056,350 and $919,692 on December 31, 2021,
and 2020, respectively. The total number of shares held by the Plan
was 94,887 and 94,773¹ on December 31, 2021 and 2020,
respectively.
¹Shares amounts related to periods prior to the July 12, 2021
closing of the Company’s second-step conversion offering have been
restated to give retroactive recognition to the 1.3400 exchange
ratio applied in the conversion offering.
Although the Plan was established with the intention that it will
continue indefinitely, the Company retains the right to discontinue
its contributions at any time or to terminate the Plan, subject to
the provisions of ERISA.
| G. |
PREPAID CONTRIBUTIONS: |
Participant contributions from the first pay date of the 2022 plan
year were contributed to the Plan on December 30, 2021. This
contribution has been recorded as a prepaid contribution as of
December 31, 2021.
|
H. |
Risks and
uncertainties: |
The Plan invests in various investment securities. Investment
securities are exposed to various risks, such as interest rate,
market, and credit risks. Market risks include global events which
could impact the value of investment securities. Due to the level
of risk associated with certain investment securities, it is at
least reasonably possible that changes in the value of investment
securities will occur in the near term and that such changes could
materially affect participants' account balances and the amounts
reported in the statements of net assets available for
benefits.
NORTHEAST COMMUNITY BANK
EMPLOYEES’
SAVINGS & PROFIT
SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
The Plan has evaluated all events or transactions through the date
of this filing. During this period, there were no material
subsequent events which affected the Plan’s financial
statements.
NORTHEAST COMMUNITY BANK
EMPLOYEES’
SAVINGS & PROFIT
SHARING PLAN AND TRUST
EIN: 13-0736530
pLAN NUMBER: 002
sCHEDULE
h, lINE 4(i) –
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
dECEMBER 31,
2021
|
(a) |
|
(b) |
|
(c) |
|
(d) |
|
(e) |
|
| |
|
|
|
Description of
investment including |
|
|
|
|
|
| |
|
Identity of issue, borrower, |
|
maturity date, rate of interest, |
|
|
|
|
|
| |
|
lessor or similar party |
|
collateral, par of maturity value |
|
Cost |
|
Current value |
|
|
* |
|
NORTHEAST COMMUNITY BANCORP, INC. STOCK |
|
Common stock |
|
** |
|
$ |
1,056,350 |
|
|
* |
|
FIDELITY MANAGED INCOME PORTFOLIO |
|
Common collective trust |
|
** |
|
|
980,172 |
|
| |
|
PIMCO TOTAL RETURN ADM |
|
Mutual fund |
|
** |
|
|
302,691 |
|
| |
|
INVESCO EM ALL CAP A |
|
Mutual fund |
|
** |
|
|
109,757 |
|
| |
|
T.
ROWE PRICE EQUITY INC ADV |
|
Mutual fund |
|
** |
|
|
796,534 |
|
| |
|
T.
ROWE PRICE SM CAP VAL ADV |
|
Mutual fund |
|
** |
|
|
197,975 |
|
| |
|
OAKMARK EQ & INC INV |
|
Mutual fund |
|
** |
|
|
16,261 |
|
|
* |
|
FIDELITY SELECT HEALTHCARE |
|
Mutual fund |
|
** |
|
|
176,560 |
|
|
* |
|
FIDELITY SELECT TECHNOLOGY |
|
Mutual fund |
|
** |
|
|
301,115 |
|
|
* |
|
FIDELITY SELECT UTILITIES |
|
Mutual fund |
|
** |
|
|
102,501 |
|
|
* |
|
FIDELITY SELECT FINANCIAL |
|
Mutual fund |
|
** |
|
|
71,376 |
|
|
* |
|
FIDELITY REAL ESTATE INVS |
|
Mutual fund |
|
** |
|
|
285,329 |
|
|
* |
|
FIDELITY INTERNATIONAL DISCOVERY |
|
Mutual fund |
|
** |
|
|
455,348 |
|
|
* |
|
FIDELITY CAPITAL APPREC |
|
Mutual fund |
|
** |
|
|
1,350,705 |
|
|
* |
|
FIDELITY BLUE CHIP GR |
|
Mutual fund |
|
** |
|
|
1,142,579 |
|
|
* |
|
FIDELITY LOW PRICED STOCK |
|
Mutual fund |
|
** |
|
|
204,021 |
|
|
* |
|
FIDELITY DIVIDEND GR |
|
Mutual fund |
|
** |
|
|
766,401 |
|
|
* |
|
FIDELITY FREEDOM INCOME |
|
Mutual fund |
|
** |
|
|
38,858 |
|
|
* |
|
FIDELITY FREEDOM 2010 |
|
Mutual fund |
|
** |
|
|
19,097 |
|
|
* |
|
FIDELITY FREEDOM 2020 |
|
Mutual fund |
|
** |
|
|
266,468 |
|
|
* |
|
FIDELITY FREEDOM 2030 |
|
Mutual fund |
|
** |
|
|
511,521 |
|
|
* |
|
FIDELITY HIGH INCOME |
|
Mutual fund |
|
** |
|
|
60,123 |
|
|
* |
|
FIDELITY NATURAL RES |
|
Mutual fund |
|
** |
|
|
27,513 |
|
|
* |
|
FIDELITY SELECT INDUSTRIALS |
|
Mutual fund |
|
** |
|
|
23,137 |
|
|
* |
|
FIDELITY SELECT CONS DISCR |
|
Mutual fund |
|
** |
|
|
28,337 |
|
|
* |
|
FIDELITY FREEDOM 2040 |
|
Mutual fund |
|
** |
|
|
714,100 |
|
|
* |
|
FIDELITY FREEDOM 2005 |
|
Mutual fund |
|
** |
|
|
103,652 |
|
|
* |
|
FIDELITY FREEDOM 2015 |
|
Mutual fund |
|
** |
|
|
502,482 |
|
|
* |
|
FIDELITY FREEDOM 2025 |
|
Mutual fund |
|
** |
|
|
158,894 |
|
|
* |
|
FIDELITY FREEDOM 2035 |
|
Mutual fund |
|
** |
|
|
165,059 |
|
|
* |
|
FIDELITY FREEDOM 2045 |
|
Mutual fund |
|
** |
|
|
196,689 |
|
|
* |
|
FIDELITY FREEDOM 2050 |
|
Mutual fund |
|
** |
|
|
430,124 |
|
|
* |
|
FIDELITY US BOND IDX |
|
Mutual fund |
|
** |
|
|
185,047 |
|
|
* |
|
FIDELITY 500 INDEX |
|
Mutual fund |
|
** |
|
|
2,236,062 |
|
|
* |
|
FIDELITY FREEDOM 2055 |
|
Mutual fund |
|
** |
|
|
309,365 |
|
|
* |
|
FIDELITY INTERNATIONAL INDEX |
|
Mutual fund |
|
** |
|
|
132,551 |
|
|
* |
|
FIDELITY EXTD MKT IDX |
|
Mutual fund |
|
** |
|
|
11,324 |
|
|
* |
|
FIDELITY STOCK SELECT MID CAP |
|
Mutual fund |
|
** |
|
|
11,794 |
|
|
* |
|
FIDELITY FREEDOM 2060 |
|
Mutual fund |
|
** |
|
|
39,626 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
Total investments on the statement of net assets available for
benefits |
|
|
|
|
|
|
14,487,498 |
|
|
* |
|
Participation Loans |
|
(3.25% - 5.50%) |
|
- |
|
|
256,401 |
|
|
|
|
Total investments on the Form 5500 |
|
|
|
|
|
$ |
14,743,899 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
** Cost omitted for participant directed
investments. |
|
|
|
|
|
|
|
|
| |
|
* Denotes party-in-interest to the
Plan |
|
|
|
|
|
|
|
|
SIGNATURES
The Plan. Pursuant to the requirements of the Securities
Exchange Act of 1934, the trustees (or other persons who administer
the employee benefit plan) have duly caused this annual report to
be signed on its behalf by the undersigned hereunto duly
authorized.
Date: June 24, 2022
| |
NORTHEAST COMMUNITY
BANK EMPLOYEES’ SAVINGS & PROFIT SHARING PLAN AND
TRUST |
| |
|
|
| |
By: |
/s/ Donald
S. Hom |
| |
Name: |
Donald S.
Hom |
| |
Title: |
Executive
Vice President and Chief Financial Officer |
| |
|
(Principal
Financial and Chief Accounting Officer) |
EXHIBIT INDEX
NorthEast Community Banc... (NASDAQ:NECB)
Historical Stock Chart
From Jul 2022 to Aug 2022
NorthEast Community Banc... (NASDAQ:NECB)
Historical Stock Chart
From Aug 2021 to Aug 2022
