Northeast Community Bancorp (NECB) 10-Q12 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	May 11, 2023
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-40589
Entity Registrant Name	NorthEast Community Bancorp, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	86-3173858
Entity Address, Address Line One	325 Hamilton Avenue
Entity Address, City or Town	White Plains
Entity Address State Or Province	NY
Entity Address, Postal Zip Code	10601
City Area Code	914
Local Phone Number	684-2500
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	NECB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		15,092,179
Entity Central Index Key	0001847398
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Cash and amounts due from depository institutions	$ 14,330,000	$ 13,210,000
Interest-bearing deposits	62,715,000	82,098,000
Total cash and cash equivalents	77,045,000	95,308,000
Certificates of deposit	100,000	100,000
Equity securities	18,266,000	18,041,000
Securities available-for-sale, at fair value	0	1,000
Securities held-to-maturity (net of allowance for credit losses of $136, fair value of $23,084 and $22,865, respectively)	26,108,000	26,395,000
Loans receivable		1,217,321,000
Loans receivable	1,314,505,000
Deferred loan costs, net		372,000
Deferred loan costs, net	369,000
Allowance for credit losses		(5,474,000)
Allowance for credit losses	(4,066,000)	(5,474,000)
Net loans		1,212,219,000
Net loans	1,310,808,000
Premises and equipment, net	25,843,000	26,063,000
Investments in restricted stock, at cost	923,000	1,238,000
Bank owned life insurance	26,046,000	25,896,000
Accrued interest receivable	9,919,000	8,597,000
Goodwill	200,000	200,000
Real estate owned	1,456,000	1,456,000
Property held for investment	1,435,000	1,444,000
Right of Use Assets - Operating	2,182,000	2,312,000
Right of Use Assets - Financing	354,000	355,000
Other assets	2,055,000	5,338,000
Total assets	1,502,740,000	1,424,963,000
Deposits:
Non-interest bearing	330,573,000	376,302,000
Interest bearing	877,820,000	745,653,000
Total deposits	1,208,393,000	1,121,955,000
Advance payments by borrowers for taxes and insurance	3,753,000	2,369,000
Federal Home Loan Bank advances	14,000,000	21,000,000
Lease Liability - Operating	2,234,000	2,363,000
Lease Liability - Financing	542,000	533,000
Accounts payable and accrued expenses	11,315,000	14,754,000
Total liabilities	1,240,237,000	1,162,974,000
Stockholders' equity:
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding
Common stock, $0.01 par value; 75,000,000 shares authorized; 15,325,828 shares and 16,049,454 shares issued and outstanding, respectively	153,000	161,000
Additional paid-in capital	126,462,000	136,434,000
Unearned Employee Stock Ownership Plan ("ESOP") shares	(7,215,000)	(7,432,000)
Retained earnings	142,940,000	132,670,000
Accumulated other comprehensive income	163,000	156,000
Total stockholders' equity	262,503,000	261,989,000
Total liabilities and stockholders' equity	$ 1,502,740,000	$ 1,424,963,000

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
Securities held-to-maturity, allowance for credit losses	$ 136
Securities held-to-maturity, fair value	$ 23,084	$ 22,865
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	15,325,828	16,049,454
Common stock, shares outstanding	15,325,828	16,049,454

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
INTEREST INCOME:
Loans	$ 27,575	$ 13,061
Interest-earning deposits	703	54
Securities	233	158
Total Interest Income	28,511	13,273
INTEREST EXPENSE:
Deposits	5,552	1,178
Borrowings	112	161
Financing lease	9	9
Total Interest Expense	5,673	1,348
Net Interest Income	22,838	11,925
Provision for credit loss	1
Net Interest Income after Provision for Credit Loss	22,837	11,925
NON-INTEREST INCOME:
Other loan fees and service charges	607	391
Earnings on bank owned life insurance	150	148
Investment advisory fees	117	137
Unrealized gain (loss) on equity securities	225	(634)
Other	16	16
Total Non-Interest Income	1,115	58
NON-INTEREST EXPENSES:
Salaries and employee benefits	4,542	3,828
Occupancy expense	669	603
Equipment	304	290
Outside data processing	515	436
Advertising	49	54
Real estate owned expense	21	31
Other	2,091	1,978
Total Non-Interest Expenses	8,191	7,220
INCOME BEFORE PROVISION FOR INCOME TAXES	15,761	4,763
PROVISION FOR INCOME TAXES	4,517	1,118
NET INCOME	$ 11,244	$ 3,645
EARNINGS PER COMMON SHARE-BASIC (in dollars per share)	$ 0.77	$ 0.23
EARNINGS PER COMMON SHARE-DILUTED (in dollars per share)	$ 0.77
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING-BASIC (in shares)	14,649	15,523
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING-DILUTED (in shares)	14,696

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income		$ 11,244	$ 3,645
Reclassification adjustments out of accumulated other comprehensive income:
Amortization of actuarial loss (gain)	[1]	(8)	7
Actuarial loss arising during period		18	17
Total		10	24
Income tax effect	[2]	(3)	(5)
Total other comprehensive income		7	19
Total Comprehensive Income		$ 11,251	$ 3,664

[1] Amounts are included in salaries and employees benefits in the consolidated statements of income as part of net periodic pension cost. See Note 9 for further information. Amounts are included in provision for income taxes in the consolidated statements of income.

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid- in Capital	Unearned ESOP Shares	Retained Earnings Cumulative effect of adoption of ASU 2016-13	Retained Earnings	Accumulated Other Comprehensive Loss	Cumulative effect of adoption of ASU 2016-13	Total
Balance at beginning of period at Dec. 31, 2021	$ 164	$ 145,335	$ (8,301)		$ 114,323	$ (139)		$ 251,382
Balance at beginning of period (shares) at Dec. 31, 2021	16,377,936
Increase (Decrease) in Stockholders' Equity
Net income					3,645			3,645
Other comprehensive income						19		19
Cash dividend declared					(931)			(931)
ESOP shares earned		41	217					258
Balance at end of period at Mar. 31, 2022	$ 164	145,376	(8,084)		117,037	(120)		254,373
Balance at end of period (shares) at Mar. 31, 2022	16,377,936
Balance at beginning of period at Dec. 31, 2022	$ 161	136,434	(7,432)	$ (99)	132,670	156	$ (99)	261,989
Balance at beginning of period (shares) at Dec. 31, 2022	16,049,454
Increase (Decrease) in Stockholders' Equity
Net income					11,244			11,244
Other comprehensive income						7		7
Cash dividend declared					(875)			(875)
Stock repurchases	$ (8)	(10,514)						(10,522)
Stock repurchases (shares)	(723,626)
Compensation expense related to restricted stock awards		241						241
Compensation expense related to stock options		192						192
ESOP shares earned		109	217					326
Balance at end of period at Mar. 31, 2023	$ 153	$ 126,462	$ (7,215)		$ 142,940	$ 163		$ 262,503
Balance at end of period (shares) at Mar. 31, 2023	15,325,828

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Cash dividend declared per share	$ 0.06	$ 0.06

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities:
Net income	$ 11,244	$ 3,645
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization of securities premiums and discounts, net	10	1
Provision for credit losses	1
Depreciation	316	299
Net amortization of deferred loan fees and costs	119	132
Deferred income tax benefit	(89)	(26)
Unrealized (gain) loss recognized on equity securities	(225)	634
Earnings on bank owned life insurance	(150)	(148)
ESOP compensation expense	326	258
Compensation expense related to stock options	192
Compensation expense related to restricted stock	241
Increase in accrued interest receivable	(1,322)	(460)
Decrease in other assets	3,543	1,285
Decrease in accounts payable - loan closing	(2,705)	(2,616)
Decrease in accounts payable and accrued expenses	(552)	(2,176)
Net Cash Provided by Operating Activities	10,949	828
Cash Flows from Investing Activities:
Net increase in loans	(102,613)	(34,514)
Proceeds from sale of loans	3,708	251
Principal repayments on securities available-for-sale	1
Principal repayments on securities held-to-maturity	142	240
Redemptions of restricted stock	315	315
Purchases of premises and equipment	(96)	(1,883)
Net Cash Used in Investing Activities	(98,543)	(35,591)
Cash Flows from Financing Activities:
Net increase in deposits	86,438	64,774
Repayment of FHLB of NY advances	(7,000)	(7,000)
Stock repurchases	(10,522)
Increase in advance payments by borrowers for taxes and insurance	1,384	387
Cash dividends paid	(969)	(983)
Net Cash Provided by Financing Activities	69,331	57,178
Net (Decrease) Increase in Cash and Cash Equivalents	(18,263)	22,415
Cash and Cash Equivalents - Beginning	95,308	152,269
Cash and Cash Equivalents - Ending	77,045	174,684
Supplementary Cash Flows Information:
Income taxes paid	371
Interest paid	5,621	1,322
Supplementary Disclosure of Non-Cash Investing and Financing Activities:
Dividends declared and not paid	$ 924	$ 983

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 1 — Summary of Significant Accounting Policies The following is a description of the Company’s business and significant accounting and reporting policies: Nature of Business: Northeast Community Bancorp, Inc. (the “Company”) 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. NorthEast Community Bancorp, MHC was the former mutual holding company for the Mid-Tier Holding Company prior to the completion of the second-step conversion. 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 the Company sold, for gross proceeds of per share. As part of the second-step conversion, 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 The Bank is a New York State-chartered savings bank and the Company’s primary activity is the ownership and operation of the Bank. The Bank is headquartered in White Plains, New York. The Bank was founded in 1934 and is a community oriented financial institution dedicated to serving the financial services needs of individuals and businesses within its market area. The Bank currently conducts business through its eleven branch offices located in Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex and Norfolk Counties in Massachusetts and three loan production offices located in White Plains, New York, New City, New York, and Danvers, Massachusetts. The Bank’s principal business consists of originating primarily construction loans and, to a lesser extent, commercial and industrial loans and multifamily and mixed-use residential real estate loans and non-residential real estate loans. The Bank offers a variety of retail deposit products to the general public in the areas surrounding its main office and its branch offices, with interest rates that are competitive with those of similar products offered by other financial institutions operating in its market area. The Bank also utilizes borrowings as a source of funds. The Bank’s revenues are derived primarily from interest on loans and, to a lesser extent, interest on investment securities and mortgage-backed securities. The Bank also generates revenues from other income including deposit fees, service charges and investment advisory fees. The Bank also offers investment advisory and financial planning services under the name Harbor West Wealth Management Group, a division of the Bank, through a networking arrangement with a registered broker-dealer and investment advisor. New England Commercial Properties LLC (“NECP”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in October 2007 to facilitate the purchase or lease of real property by the Bank. New England Commercial Properties, LLC currently owns one foreclosed property located in Pennsylvania. NECB Financial Services Group, LLC (“NECB Financial”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in the third quarter of 2012 as a complement to Harbor West Wealth Management Group to sell life insurance and fixed rate annuities. NECB Financial is licensed in the States of New York and Connecticut. 72 West Eckerson LLC (“72 West Eckerson”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in April 2015 to facilitate the purchase or lease of real property by the Bank and currently owns the Bank branch locations in Spring Valley, New York and Monroe, New York. 166 Route 59 Realty LLC (“166 Route 59 Realty”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in April 2021 to facilitate the purchase or lease of real property by the Bank and currently owns the property for the Bank branch located in Airmont, New York. 3 Winterton Realty LLC, a New York limited liability company and wholly owned subsidiary of the Bank, was formed in October 2021 to facilitate the purchase or lease of real property by the Bank and currently owns the property for the Bank branch located in Bloomingburg, New York. Principal of Consolidations: The accompanying unaudited consolidated financial statements include the accounts of the Company, the Bank, NECP, NECB Financial, 72 West Eckerson, 166 Route 59 Realty, and 3 Winterton Realty LLC (collectively the “Company”) and have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All significant inter-company accounts and transactions have been eliminated in consolidation. The accounting and reporting policies of the Company and its subsidiaries conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and to the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to such rules and regulations. The unaudited consolidated interim financial information should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2022. In the opinion of the Company, all adjustments (consisting only of normal recurring accruals) that are necessary for a fair presentation of the operating results for the interim periods have been included. The results of operations for periods of less than a year are not necessarily indicative of results for the full year or any other period. Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenue and expenses during the reporting period. Estimates that are particularly susceptible to change in the near term are used in connection with the determination of the allowance for credit losses, the review of the need for a valuation allowance of the Company’s deferred tax assets and the fair value of financial instruments. Accounting Pronouncements Adopted in 2023: Effective January 1, 2023, the Company adopted Accounting Standards Topic 326, “Financial Instruments – Credit Losses” which replaced the previously existing U.S. GAAP “incurred loss” approach to “expected credit losses” approach, which is referred as Current Expected Credit Losses (“CECL”). CECL measures the credit loss associated with financial assets carried at amortize cost, including loan receivables, held-to-maturity debt securities, off balance sheet credit exposures. The company adopted Topic 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balances sheet exposures. Results for reporting periods beginning after January 1, 2023 are presented under Topic 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. Upon adoption, we recorded a cumulative-effect adjustment totaling retained earnings. The transition adjustment includes the adoption and changes to the three applicable components of the allowance for credit losses (“ACL”): a decrease of The following table illustrates the impact of adopting ASC 326: January 1, 2023 Pre-adoption Adoption Impact As Reported (In Thousands) Assets ACL on debt securities held-to-maturity Municipal Bonds $ - $ 132 $ 132 ACL on loan receivables Residential real estate 528 895 1,423 Non-residential real estate 131 7 138 Construction 3,835 (2,086) 1,749 Commercial and industrial 955 (437) 518 Consumer 18 44 62 Unallocated 7 (7) - Liabilities ACL for off-balance sheet exposure - 1,586 1,586 $ 5,474 $ 134 $ 5,608 Allowance for Credit Losses - Loans The allowance for credit losses related to loans is a valuation reserve established and maintained by charges against income and is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. Loans, or portions thereof, are charged off against the ACL when they are deemed uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The ACL is an estimate of expected credit losses, measured over the contractual life of a loan, that considers our historical loss experience, current conditions and forecasts of future economic conditions. Determination of an appropriate ACL is inherently subjective and may have significant changes from period to period. The methodology for determining the ACL has two main components: evaluation of expected credit losses for certain groups of homogeneous loans that share similar risk characteristics and evaluation of loans that do not share risk characteristics with other loans. The allowance for credit losses related to loans is measured on a collective (pool) basis when similar risk characteristics exist. If the risk characteristics of a loan change, such that they are no longer similar to other loans in the pool, the Company will evaluate the loan with a different pool of loans that share similar risk characteristics. If the loan does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. The Company evaluates the pooling methodology at least annually. Loans are charged off against the allowance for credit losses related to loans when the Company believes the balances to be uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off or expected to be charged off. The Company has chosen to segment its portfolio consistent with the manner in which it manages credit risk. Such segments include residential real estate, non-residential real estate, construction, commercial and industrial business, and consumer. For most segments the Company calculates estimated credit losses using a probability of default and loss given default methodology, the results of which are applied to each individual loan within the segment. The point in time probability of default and loss given default are then conditioned by macroeconomic scenarios to incorporate reasonable and supportable forecasts that affect the collectability of the reported amount. The Company estimates the allowance for credit losses related to loans via a quantitative analysis which considers relevant available information from internal and external sources related to past events and current conditions, as well as the incorporation of reasonable and supportable forecasts. The Company evaluates a variety of factors including third party economic forecasts, industry trends and other available published economic information in arriving at its forecasts. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the renewal option is included in the original or modified contract at the reporting date and are not unconditionally cancelable by the Company. Also included in the allowance for credit losses related to loans are qualitative reserves to cover losses that are expected but, in the Company’s assessment, might not be adequately represented in the quantitative analysis or the forecasts described above. Factors that the Company considers include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and non-accrual loans, the effect of external factors such as competition, legal and regulatory requirements, among others. Qualitative loss factors are applied to each portfolio segment with the amounts judgmentally determined by the relative risk to the most severe loss periods identified in the historical loan charge-offs of the Company. The Company has elected to exclude accrued interest receivable from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income. On a case-by-case basis, the Company may conclude that a loan should be evaluated on an individual basis based on the loan’s disparate risk characteristics. When the Company determines that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, the loan’s observable market price or, for collateral-dependent loans, the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. If the fair value of the collateral is less than the amortized cost basis of the loan, the Company will charge off the difference between the fair value of the collateral, less costs to sell at the reporting date and the amortized cost basis of the loan. Allowance for Credit Losses – Held-to-Maturity Debt Securities The allowance for credit losses related to held-to-maturity debt securities is a valuation reserve established and maintained by charges against income and is deducted from the amortized cost basis of held-to-maturity debt securities to present the net amount expected to be collected on the held-to-maturity debt securities. Losses, or portions thereof, are charged off against the ACL when they are deemed uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The Company has elected to exclude accrued interest receivable from the measurement of its ACL. When an investment is placed on non-accrual status, any outstanding accrued interest is reversed against interest income. Allowance for Credit Losses Related to Off-Balance Sheet Credit Exposures The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses related to off-balance sheet credit exposures is adjusted through credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life.

Regulatory Capital

Regulatory Capital	3 Months Ended
Regulatory Capital	Mar. 31, 2023
Regulatory Capital
Regulatory Capital	Note 2 — Regulatory Capital The Company and the Bank are subject to regulatory capital requirements promulgated by the federal banking agencies. The Federal Reserve establishes capital requirements, including well capitalized standards, for the consolidated bank holding company, and the FDIC has similar requirements for the Company’s subsidiary bank. The Bank met all capital adequacy requirements to which it was subject as of March 31, 2023 and December 31, 2022. The following table presents information about the Bank’s capital levels at the dates presented: Regulatory Capital Requirements Minimum Capital For Classification as Actual Adequacy(1) Well-Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) As of March 31, 2023: Total capital (to risk-weighted assets) $ 237,412 14.11 % $ ≥ 134,605 ≥ 8.00 % $ ≥ 168,256 ≥ 10.00 % Tier 1 capital (to risk-weighted assets) 231,855 13.78 ≥ 100,954 ≥ 6.00 ≥ 134,605 ≥ 8.00 Common equity tier 1 capital (to risk-weighted assets) 231,855 13.78 ≥ 75,715 ≥ 4.50 ≥ 109,367 ≥ 6.50 Core (Tier 1) capital (to adjusted total assets) 231,855 16.21 ≥ 57,202 ≥ 4.00 ≥ 71,503 ≥ 5.00 As of December 31, 2022: Total capital (to risk-weighted assets) $ 222,728 13.66 % $ ≥ 130,429 ≥ 8.00 % $ ≥ 163,036 ≥ 10.00 % Tier 1 capital (to risk-weighted assets) 217,283 13.33 ≥ 97,822 ≥ 6.00 ≥ 130,429 ≥ 8.00 Common equity tier 1 capital (to risk-weighted assets) 217,283 13.33 ≥ 73,366 ≥ 4.50 ≥ 105,973 ≥ 6.50 Core (Tier 1) capital (to adjusted total assets) 217,283 16.50 ≥ 52,687 ≥ 4.00 ≥ 65,858 ≥ 5.00 (1) Ratios do not include the capital conservation buffer. Based on the most recent notification by the FDIC, the Bank was categorized as “well capitalized” under the regulatory framework for prompt corrective action. There have been no conditions or events that have occurred since notification that management believes have changed the Bank’s category.

Equity Securities

Equity Securities	3 Months Ended
Equity Securities	Mar. 31, 2023
Equity Securities
Equity Securities	Note 3 — Equity Securities The following table is the schedule of equity securities at March 31, 2023 and December 31, 2022. The equity securities consists of our investment in a market-rate bond mutual fund that invests in high quality fixed income bonds, mainly government agency securities whose proceeds are designed to positively impact community development throughout the United States. The mutual fund focuses exclusively on providing affordable housing for low- and moderate-income borrowers and renters within our delineated lending areas, including those in majority minority census tracts. March 31, December 31, 2023 2022 (In Thousands) Equity Securities, at Fair Value $ 18,266 $ 18,041 The following is a summary of unrealized gain or loss recognized in net income on equity securities during the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 (In Thousands) Net gain (loss) recognized on equity securities during the period $ 225 $ (634) Less: Net losses realized on the sale of equity securities during the period — — Unrealized net gain (loss) recognized on equity securities held at the reporting date $ 225 $ (634)

Securities Available-for-Sale

Securities Available-for-Sale	3 Months Ended
Securities Available-for-Sale	Mar. 31, 2023
Securities Available-for-Sale
Securities Available-for-Sale	Note 4 — Securities Available-for-Sale The Company’s portfolio of securities available-for-sale totaled zero and $1,000 at March 31, 2023 and December 31, 2022, respectively. The following table is the schedule of securities available-for-sale at December 31, 2022: December 31, 2022 Gross Gross Allowance Amortized Unrealized Unrealized for Fair Cost Gains Losses Credit Loss Value (In Thousands) Mortgage-backed securities – residential: Federal Home Loan Mortgage Corporation $ 1 $ — $ — $ — $ 1 $ 1 $ — $ — $ — $ 1 There were no sales of securities available-for-sale as of March 31, 2023 and December 31, 2022. At March 31, 2023 and December 31, 2022, the Company had no unrealized loss.

Securities Held-to-Maturity

Securities Held-to-Maturity	3 Months Ended
Securities Held-to-Maturity	Mar. 31, 2023
Securities Held-to-Maturity
Securities Held-to-Maturity	Note 5 — Securities Held-to-Maturity The following table summarizes the Company’s portfolio of securities held-to-maturity at March 31, 2023 and December 31, 2022. March 31, 2023 Gross Gross Allowance Amortized Unrealized Unrealized Fair for Cost Gains Losses Value Credit Loss (In Thousands) Mortgage-backed securities – residential: Government National Mortgage Association $ 512 $ $ 13 $ 499 $ — Federal Home Loan Mortgage Corporation 939 — 116 823 — Federal National Mortgage Association 2,229 — 230 1,999 — Collateralized mortgage obligations – GSE 3,017 — 492 2,525 — Total mortgage-backed securities 6,697 — 851 5,846 — Municipal Bonds 9,541 — 2,269 7,272 136 U.S. Treasury securities 10,006 — 40 9,966 — $ 26,244 $ — $ 3,160 $ 23,084 $ 136 December 31, 2022 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Mortgage-backed securities – residential: Government National Mortgage Association $ 523 $ — $ 18 $ 505 Federal Home Loan Mortgage Corporation 961 — 129 832 Federal National Mortgage Association 2,308 — 250 2,058 Collateralized mortgage obligations – GSE 3,043 — 506 2,537 Total mortgage-backed securities 6,835 — 903 5,932 Municipal Bonds 9,546 — 2,524 7,022 U.S. Treasury securities 10,014 — 103 9,911 $ 26,395 $ — $ 3,530 $ 22,865 Contractual final maturities of mortgage-backed securities, municipal bonds, U.S. Treasury securities were as follows at March 31, 2023: March 31, 2023 Amortized Fair Cost Value (In Thousands) Due within one year $ 10,552 $ 10,432 Due after one but within five years 1,610 1,288 Due after five but within ten years 3,011 2,470 Due after ten years 11,071 8,894 $ 26,244 $ 23,084 The maturities shown above are based upon contractual final maturity. Actual maturities will differ from contractual maturities due to scheduled monthly repayments and due to the underlying borrowers having the right to prepay their obligations. The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity: Municipal Bonds Balance – December 31, 2022 $ - Impact of adopting ASC 326 132 Provision for credit loss 4 Balance – March 31, 2023 $ 136 The age of unrealized losses and the fair value of related securities held-to-maturity, for which an allowance for credit losses was not deemed necessary, were as follows: Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) March 31, 2023: Mortgage-backed securities - residential: Government National Mortgage Association $ 499 $ 13 $ — $ — $ 499 $ 13 Federal Home Loan Mortgage Corporation — — 823 116 823 116 Federal National Mortgage Association — — 1,996 230 1,996 230 Collateralized mortgage obligations – GSE — — 2,525 492 2,525 492 Total mortgage-backed securities 499 13 5,344 838 5,843 851 U.S. Treasury securities 9,966 40 — — 9,966 40 $ 10,465 $ 53 $ 5,344 $ 838 $ 15,809 $ 891 Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) December 31, 2022: Mortgage-backed securities - residential: Government National Mortgage Association $ 505 $ 18 $ — $ — $ 505 $ 18 Federal Home Loan Mortgage Corporation — — 824 129 824 129 Federal National Mortgage Association 478 33 1,580 217 2,058 250 Collateralized mortgage obligations – GSE 1,777 344 759 162 2,536 506 Total mortgage-backed securities 2,760 395 3,163 508 5,923 903 Municipal Bonds 444 39 6,578 2,485 7,022 2,524 U.S. Treasury securities 9,911 103 — — 9,911 103 $ 13,115 $ 537 $ 9,741 $ 2,993 $ 22,856 $ 3,530 At March 31, 2023, thirty-four U.S. Treasury notes had unrealized loss due to interest rate volatility. Management concluded that the unrealized loss reflected above was temporary in nature since the unrealized loss was related primarily to market interest rates volatility, and not related to the underlying credit quality of the issuers of the securities. Additionally, the Company has the ability and intent to hold the securities for the time necessary to recover the amortized cost. At December 31, 2022, there were thirty-five Credit Quality Indicators The held to maturity securities portfolio consists of agency mortgage-backed securities, U.S. Treasuries and municipal bonds. All agency mortgage-backed securities and U.S. Treasuries are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The six municipal bonds in the portfolio carry no lower than A ratings from the rating agencies at March 31, 2023 and have a long history of no credit losses. The Company regularly monitors the municipal bonds sector of the market and reviews collectability including such factors as the financial condition of the issuers as well as credit ratings in effect as of the reporting period.

Loans Receivable and the Allowa

Loans Receivable and the Allowance for Credit Losses	3 Months Ended
Loans Receivable and the Allowance for Credit Losses	Mar. 31, 2023
Loans Receivable and the Allowance for Credit Losses
Loans Receivable and the Allowance for Credit Losses	Note 6 — Loans Receivable and the Allowance for Credit Losses Loans are stated at unpaid principal balances plus net deferred loan origination fees and costs less an allowance for credit losses. Interest on loans receivable is recorded on the accrual basis. An allowance for uncollected interest is established on loans where management has determined that the borrowers may be unable to meet contractual principal and/or interest obligations or where interest or principal is 90 days or more past due, unless the loans are well secured with a reasonable expectation of collection. When a loan is placed on nonaccrual, an allowance for uncollected interest is established and charged against current income. Thereafter, interest income is not recognized unless the financial condition and payment record of the borrower warrant the recognition of interest income. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Interest on loans that have been restructured is accrued according to the renegotiated terms. Net loan origination fees and costs are deferred and amortized into interest income over the contractual lives of the related loans by use of the level yield method. Past due status of loans is based upon the contractual due date. Prepayment penalties received on loans which pay in full prior to the scheduled maturity are included in interest income in the period the prepayment penalties are collected. The composition of loans were as follows at March 31, 2023 and December 31, 2022: March 31, December 31, 2023 2022 (In Thousands) Residential real estate: One-to-four family $ 5,401 $ 5,467 Multi-family 124,996 123,385 Mixed-use 29,096 21,902 Total residential real estate 159,493 150,754 Non-residential real estate 21,662 25,324 Construction 1,008,781 930,628 Commercial and industrial 123,533 110,069 Consumer 1,036 546 Total Loans 1,314,505 1,217,321 Deferred loan costs, net 369 372 Allowance for credit losses (4,066) (5,474) $ 1,310,808 $ 1,212,219 Loans serviced for the benefit of others totaled approximately $26,112,000 and $22,350,000 at March 31, 2023 and December 31, 2022, respectively. The value of mortgage servicing rights was not material at March 31, 2023 and December 31, 2022. The allowance for credit losses on loans represents management’s estimate of losses inherent in the loan portfolio as of the statement of financial condition date and is recorded as a reduction to loans. The allowance for credit losses is increased by the provision for credit losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for credit losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. The allowance for credit losses on loans is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the relevant available information from internal and external sources related to past events and current conditions, as well as the incorporation of reasonable and supportable forecasts. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. The following tables summarize the allocation of the allowance for credit losses based upon the calculation methodology described in Note 1, and loans receivable by loan class and credit loss method at March 31, 2023 and December 31, 2022: At March 31, 2023: Non- Commercial Residential residential and Real Estate Real Estate Construction Industrial Consumer Unallocated Total (In Thousands) Allowance for credit losses: Ending balance $ 1,474 $ 122 $ 1,842 $ 506 $ 122 $ — $ 4,066 Ending balance: individually evaluated for credit loss $ — $ — $ — $ — $ — $ — $ — Ending balance: collectively evaluated for credit loss $ 1,474 $ 122 $ 1,842 $ 506 $ 122 $ — $ 4,066 Loans receivable: Ending balance $ 159,493 $ 21,662 $ 1,008,781 $ 123,533 $ 1,036 $ — $ 1,314,505 Ending balance: individually evaluated for credit loss $ — $ — $ — $ — $ — $ — $ — Ending balance: collectively evaluated for credit loss $ 159,493 $ 21,662 $ 1,008,781 $ 123,533 $ 1,036 $ — $ 1,314,505 At December 31, 2022: Non- Commercial Residential residential and Real Estate Real Estate Construction Industrial Consumer Unallocated Total (In Thousands) Allowance for loan losses: Ending balance $ 528 $ 131 $ 3,835 $ 955 $ 18 $ 7 $ 5,474 Ending balance: individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 528 $ 131 $ 3,835 $ 955 $ 18 $ 7 $ 5,474 Loans receivable: Ending balance $ 150,754 $ 25,324 $ 930,628 $ 110,069 $ 546 $ — $ 1,217,321 Ending balance: individually evaluated for impairment $ 855 $ — $ — $ — $ — $ — $ 855 Ending balance: collectively evaluated for impairment $ 149,899 $ 25,324 $ 930,628 $ 110,069 $ 546 $ — $ 1,216,466 The activity in the allowance for credit loss by loan class for the three months ended March 31, 2023 and 2022 was as follows: Non- Commercial Residential residential and Real Estate Real Estate Construction Industrial Consumer Unallocated Total (In Thousands) Allowance for credit losses: Balance - December 31, 2022 $ 528 $ 131 $ 3,835 $ 955 $ 18 $ 7 $ 5,474 Impact of adopting ASC 326 895 7 (2,086) (437) 44 (7) (1,584) Charge-offs — — — — (21) — (21) Recoveries — — — — — — — Provision (Benefit) 51 (16) 93 (12) 81 — 197 Balance -March 31, 2023 $ 1,474 $ 122 $ 1,842 $ 506 $ 122 $ — $ 4,066 Non- Commercial Residential residential and Real Estate Real Estate Construction Industrial Consumer Unallocated Total (In Thousands) Allowance for loan losses: Balance - December 31, 2021 $ 571 $ 381 $ 3,143 $ 973 $ 10 $ 164 $ 5,242 Charge-offs — — — — (10) — (10) Recoveries 43 53 — — — — 96 Provision (Benefit) (104) (94) 249 (15) 17 (53) — Balance - March 31, 2022 $ 510 $ 340 $ 3,392 $ 958 $ 17 $ 111 $ 5,328 The Company has no individually evaluated loans at March 31, 2023, and there was no interest income recognized from individually evaluated loans as of March 31, 2023. The following table shows our recorded investment, unpaid principal balance and allocated allowance for credit losses for loans that were considered impaired as of and for the periods presented: As of and for the Three months Ended March 31, 2022: Three Months Ended March 31, 2022 Recorded Unpaid Principal Related Average Recorded Interest Income 2022 Investment Balance Allowance Investment Recognized (In Thousands) With no related allowance recorded: Residential real estate-Multi-family $ 865 $ 865 $ — $ 871 $ 6 Non-residential real estate 766 833 — 756 10 Construction — — — — — Commercial and industrial — — — — — 1,631 1,698 — 1,627 16 With an allowance recorded — — — — — Total: Residential real estate-Multi-family 865 865 — 871 6 Non-residential real estate 766 833 — 756 10 Construction — — — — — Commercial and industrial — — — — — $ 1,631 $ 1,698 $ — $ 1,627 $ 16 As of and for the Year Ended December 31, 2022: Recorded Unpaid Principal Related Average Recorded Interest Income 2022 Investment Balance Allowance Investment Recognized (In Thousands) With no related allowance recorded: Residential real estate-Multi-family $ 855 $ 769 $ — $ 863 $ 43 Non-residential real estate — — — 385 14 Construction — — — — — Commercial and industrial — — — — — 855 769 — 1,248 57 With an allowance recorded — — — — — Total: Residential real estate-Multi-family 855 769 — 863 43 Non-residential real estate — — — 385 14 Construction — — — — — Commercial and industrial — — — — — $ 855 $ 769 $ — $ 1,248 $ 57 There were no non-accrual loans at March 31, 2023 and December 31, 2022, respectively. The following tables provide information about delinquencies in our loan portfolio at the dates indicated. Age Analysis of Past Due Loans as of March 31, 2023: Recorded Investment > 30 – 59 Days 60 – 89 Days Greater Than Total Past Total Loans 90 Days and Past Due Past Due 90 Days Due Current Receivable Accruing (In Thousands) Residential real estate: One- to four-family $ — $ — $ — $ — $ 5,401 $ 5,401 $ — Multi-family — — — — 124,996 124,996 — Mixed-use — — — — 29,096 29,096 — Non-residential real estate — — — — 21,662 21,662 — Construction loans — — — — 1,008,781 1,008,781 — Commercial and industrial loans — — — — 123,533 123,533 — Consumer — — — — 1,036 1,036 — $ — $ — $ — $ — $ 1,314,505 $ 1,314,505 $ — Age Analysis of Past Due Loans as of December 31, 2022: Recorded Investment 30 – 59 Days 60 – 89 Days Greater Than Total Past Total Loans > 90 Days and Past Due Past Due 90 Days Due Current Receivable Accruing (In Thousands) Residential real estate: One- to four-family $ — $ — $ — $ — $ 5,467 $ 5,467 $ — Multi-family — 946 — 946 122,439 123,385 — Mixed-use — — — — 21,902 21,902 — Non-residential real estate — — — — 25,324 25,324 — Construction loans — — — — 930,628 930,628 — Commercial and industrial loans — — — — 110,069 110,069 — Consumer — — — — 546 546 — $ — $ 946 $ — $ 946 $ 1,216,375 $ 1,217,321 $ — Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually to classify the loans as to credit risk. The Company uses the following definitions for risk ratings: Pass Special Mention Substandard – Loans which are inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful The following table presents the risk category of loans at March 31, 2023 by loan segment and vintage year: Revolving Revolving Term Loans Amortized Costs Basis by Origination Year Loans Loans Amortized Converted March 31, 2023 2023 2022 2021 2020 2019 Prior Cost Basis to Term Total Residential real estate Risk Rating Pass $ 21,317 $ 58,791 $ 16,360 $ 10,871 $ 1,384 $ 49,848 $ - $ - $ 158,571 Special Mention - - - 922 - - - - 922 Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 21,317 $ 58,791 $ 16,360 $ 11,793 $ 1,384 $ 49,848 $ - $ - $ 159,493 Residential real estate Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Non-residential real estate Risk Rating Pass $ - $ 256 $ 2,217 $ 1,009 $ 387 $ 17,793 $ - $ - $ 21,662 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ - $ 256 $ 2,217 $ 1,009 $ 387 $ 17,793 $ - $ - $ 21,662 Non-residential real estate Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Construction - Risk Rating Pass $ 46,203 $ 470,380 $ 303,372 $ 93,220 $ 45,091 $ 50,515 $ - $ - $ 1,008,781 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 46,203 $ 470,380 $ 303,372 $ 93,220 $ 45,091 $ 50,515 $ - $ - $ 1,008,781 Construction Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Commercial and industrial - Risk Rating Pass $ 15,027 $ 32,678 $ 28,357 $ 7,905 $ 4,710 $ 33,247 $ - $ 1,609 $ 123,533 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 15,027 $ 32,678 $ 28,357 $ 7,905 $ 4,710 $ 33,247 $ - $ 1,609 $ 123,533 Commercial and industrial Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Consumer - Risk Rating Pass $ 1,013 $ - $ - $ - $ - $ 23 $ - $ - $ 1,036 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 1,013 $ - $ - $ - $ - $ 23 $ - $ - $ 1,036 Consumer Current period gross charge-offs $ 21 $ - $ - $ - $ - $ - $ - $ - $ 21 Total - Risk Rating Pass $ 83,560 $ 562,105 $ 350,306 $ 113,005 $ 51,572 $ 151,426 $ - $ 1,609 $ 1,313,583 Special Mention - - - 922 - - - - 922 Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 83,560 $ 562,105 $ 350,306 $ 113,927 $ 51,572 $ 151,426 $ - $ 1,609 $ 1,314,505 There were no non-performing loans at March 31, 2023. The following table provides certain information related to the credit quality of our loan portfolio. Credit Risk Profile by Internally Assigned Grade as of December 31, 2022: Residential Non-residential Commercial Real Estate Real Estate Construction and Industrial Consumer Total (In Thousands) Grade: Pass $ 148,953 $ 25,324 $ 930,628 $ 110,069 $ 546 $ 1,215,520 Special Mention 946 — — — — 946 Substandard 855 — — — — 855 Doubtful — — — — — — $ 150,754 $ 25,324 $ 930,628 $ 110,069 $ 546 $ 1,217,321 Modifications to Borrowers Experiencing Financial Difficulty: Occasionally, the Company modifies loans to borrowers in financial distress by providing principal forgiveness, term extension, an other-than-insignificant payment delay, or interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses. In some cases, the Company provides multiple types of concessions on one loan. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. There were no loans modified to borrowers experiencing financial difficulty during the three months ended March 31, 2023 or the year ended December 31, 2022. Allowance for Credit Losses on Off-Balance Sheet Commitments: The following table presents the activity in the allowance for credit losses related to off-balance sheet commitments, that is included in Accounts Payable and Accrued Expenses on the consolidated statement of financial condition, for the three months ended March 31, 2023: Allowance for Credit Loss Balance – December 31, 2022 $ - Impact of adopting ASC 326 1,586 Provision for credit loss (200) Balance – March 31, 2023 $ 1,386

Real Estate Owned ("REO")

Real Estate Owned ("REO")	3 Months Ended
Real Estate Owned ("REO")	Mar. 31, 2023
Real Estate Owned ("REO")
Real Estate Owned ("REO")	Note 7 — Real Estate Owned (“REO”) The Company owned one foreclosed property valued at approximately $1,456,000 at March 31, 2023 and $1,456,000 at December 31, 2022, consisting of an office building located in Pennsylvania. The property was acquired through foreclosure in December 2014. Further declines in real estate values may result in impairment charges in the future. Routine holding costs are charged to expense as incurred and improvements to real estate owned that enhance the value of the real estate are capitalized. REO expense recorded in the consolidated statements of income amounted to for the three months ended March 31, 2023 and 2022, respectively.

Federal Home Loan Bank of New Y

Federal Home Loan Bank of New York ("FHLB") Advances	3 Months Ended
Federal Home Loan Bank of New York ("FHLB") Advances	Mar. 31, 2023
Federal Home Loan Bank of New York ("FHLB") Advances
Federal Home Loan Bank of New York ("FHLB") Advances	Note 8 — Federal Home Loan Bank of New York (“FHLB”) Advances FHLB advances are summarized as follows at March 31, 2023 and December 31, 2022: March 31, December 31, 2023 2022 Weighted Average Weighted Average Amount Interest Rate Amount Interest Rate (Dollars in Thousands) Advances maturing in: One year or less $ 7,000 2.86 % $ 7,000 2.83 % After one to three years — — % 7,000 2.86 % After five years (due 2030) 7,000 1.61 % 7,000 1.61 % $ 14,000 2.24 % $ 21,000 2.43 % At March 31, 2023, none of the above advances were subject to early call or redemption features. All advances had fixed interest rates and the term of the advance ranges between 2 . At March 31, 2023, the advances were secured by a pledge of the Company’s investment in the capital stock of the FHLB and a blanket assignment of the Company’s otherwise unpledged qualifying mortgage loans. At March 31, 2023, these unpledged qualifying mortgage loans were not pledged to any company other than the FHLB. At March 31, 2023, the Company had the ability to borrow

Benefits Plans

Benefits Plans	3 Months Ended
Benefits Plans	Mar. 31, 2023
Benefits Plans
Benefits Plans	Note 9 — Benefits Plans Outside Director Retirement Plan (“DRP”) The DRP is an unfunded non-contributory defined benefit pension plan covering all non-employee directors meeting eligibility requirements as specified in the plan document. The following table sets forth information regarding the components of net pension periodic expense measured as of March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 (Dollars In Thousands) Net periodic pension expense: Service cost $ 31 $ 30 Interest cost 10 14 Actuarial (gain) loss recognized (8) 7 Total net periodic pension expense included in other non-interest expenses $ 33 $ 51 Unrecognized net loss of $18,000 and $17,000 for the three months ended March 31, 2023 and 2022, respectively, were included in accumulated other comprehensive income. Supplemental Executive Retirement Plan (“SERP”) The SERP is a non-contributory defined benefit plan that covers certain officers of the Company. Under the SERP, each of these individuals will be entitled to receive upon retirement an annual benefit paid in monthly installments equal to period preceding retirement. Each individual may also retire early and receive a reduced benefit upon the attainment of certain age and years of service combination. Additional terms related to death while employed, death after retirement, disability before retirement and termination of employment are fully described within the plan document. The benefit payment term is the greater of benefits next five years Expenses of $60,000 and $119,000 for the three months, respectively, were recorded for this plan and are reflected in the Consolidated Statements of Income under Salaries and Employee Benefits. Stock-Based Deferral Plan In June 2021, the Company established a stock-based deferral plan for eligible key executives and members of the Board of Directors of the Company to elect to defer compensation received from the Company for their services and make deemed investments of that deferred compensation in shares of the Company’s common stock. At March 31, 2023, the Company did not have any obligations under the plan. 401(k) Plan The Company maintains a 401(k) plan for all eligible employees. Participants are permitted to contribute from of their annual compensation up to the maximum permitted under the Internal Revenue Code. The Company provided Employee Stock Ownership Plan (“ESOP”) In conjunction with the Mid-Tier Holding Company’s public stock offering in 2006, the Bank established an ESOP for all eligible employees (substantially all full-time employees). The ESOP borrowed per share. The loan from the Mid-Tier Holding Company, which has been assumed by the Company, carries an interest rate of In conjunction with the Company’s second-step conversion offering, on July 12, 2021, the ESOP borrowed $7,827,260 from the Company and used those funds to acquire 782,726 shares of Company common stock at $10.00 per share. The loan from the Company carries an interest rate equal to Each year, the Bank makes discretionary contributions to the ESOP equal to the principal and interest payment required on the loan from the Company. The ESOP may further pay down the principal balance of the loans by using dividends paid, if any, on the shares of Company common stock it owns. The balance remaining on the first ESOP loan was 2023 and December 31, 2022. The balance remaining on the second ESOP loan was 2023 Shares purchased with the loan proceeds serve as collateral for the loan and are held in a suspense account for future allocation among ESOP participants. As the loan principal is repaid, shares will be released from the suspense account and become eligible for allocation. The allocation among plan participants will be as described in the ESOP governing document. ESOP shares initially pledged as collateral were recorded as unearned ESOP shares in the stockholders’ equity section of the consolidated statement of financial condition. Thereafter, on a monthly basis over the terms of the ESOP loans, approximately shares for the ESOP loan made in 2021 are committed to be released respectively. Compensation expense is recorded equal to the shares committed to be released multiplied by the average closing price of the Company’s stock during that month. ESOP expense totaled approximately for the three months ended March 31, 2023 and 2022, respectively. Dividends on unallocated shares, which totaled approximately for the three months ended March 31, 2023 and 2022, are recorded as a reduction of the ESOP loan. Dividends on allocated shares, which totaled approximately ESOP shares are summarized as follows: March 31, December 31, 2023 2022 Allocated shares 694,848 607,922 Shares committed to be released 21,730 86,920 Unearned shares 760,831 782,567 Total ESOP Shares 1,477,409 1,477,409 Less allocated shares distributed to former or retired employees (132,012) (122,280) Total ESOP Shares Held by Trustee 1,345,397 1,355,129 Fair value of unearned shares $ 9,982,103 $ 11,675,897

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2023
Leases
Leases	Note 10 — Leases The Company has operating leases and finance leases all comprised of real estate property. The operating leases comprise substantially all of the Company’s obligations in which the Company is the lessee, with remaining lease terms ranging between 2 . Most operating lease agreements consist of initial lease terms ranging between 5 the term. The finance lease has a remaining lease term of . The payment structure of all leases is fixed rental payments with lease payments increasing on pre-determined dates at either a predetermined amount or change in the consumer price index. In accordance with ASC 842, the Company recognized operating and financing lease assets and corresponding lease liabilities related to office facilities and retail branches. The operating and financing lease assets represent the Company’s right to use an underlying asset for the lease term, and the lease liability represents the Company’s obligation to make lease payments over the lease term. The Company has elected that any short term leases would be expensed as incurred. The operating and financing lease asset and lease liability are determined at the commencement date of the lease based on the present value of the lease payments. Our leases do not provide an implicit interest rate. The company used its incremental borrowing rate, the rate of interest to borrow in a collateralized basis for a similar term, at the lease commencement date. All of the leases are net leases and, therefore, do not contain non-lease components. The Company either pays directly or reimburses the lessor for property and casualty insurance cost and the property taxes assessed on the property, as well as a portion of the common area maintenance associated with the property which are categorized as non-components as outlined in the applicable guidance. At March 31, 2023 and December 31, 2022, the quantitative data relating to the Company’s leases are as follows (in thousands): March 31, December 31, 2023 2022 Finance Lease Amounts: ROU asset $ 354 $ 355 Lease liability $ 542 $ 533 Operating Lease Amounts: ROU assets $ 2,182 $ 2,312 Lease liabilities $ 2,234 $ 2,363 Weighted-average remaining lease term Finance lease 93.75 years 94 years Operating leases 6.07 years 6.19 years Weighted-average discount rate Finance lease 9.50 % 9.50 % Operating leases 1.46 % 1.50 % The components of lease expense and cash flow information related to leases as follows: Three Months Ended March 31, 2023 2022 (Dollars In Thousands) Finance Lease Cost Amortization of ROU asset $ 1 $ 1 Interest on lease liability $ 9 $ 9 Operating Lease Costs $ 144 $ 142 Cash paid for amounts included in the measurement of lease liabilities Finance lease $ — $ — Operating leases $ 142 $ 138 Maturities of lease liabilities at March 31, 2023 are as follows (in thousands): Operating Finance Leases Lease Years ended December 31: 2023 $ 380 $ 23 2024 436 30 2025 398 30 2026 235 31 2027 239 33 Thereafter 636 4,016 Total lease payments $ 2,324 $ 4,163 Interest (90) (3,621) Lease liability $ 2,234 $ 542

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
Fair Value Disclosures	Mar. 31, 2023
Fair Value Disclosures
Fair Value Disclosures	Note 11 — Fair Value Disclosures The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The Company’s securities available for sale are recorded at fair value on a recurring basis. Additionally, from time to time, the Company has to record at fair value other assets and liabilities on a non-recurring basis, such as securities held to maturity, impaired loans and other real estate owned. U.S. GAAP has established a fair value hierarchy that prioritizes the inputs to valuation methods 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 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following table sets forth the Company’s assets that are carried at fair value on a recurring basis and the level that was used to determine their fair value at March 31, 2023 and December 31, 2022: Quoted Prices in Significant Other Significant Total Carried Active Markets for Observable Unobservable at Fair Identical Assets Inputs Inputs Value on a (Level 1) (Level 2) (Level 3) Recurring Basis March 31, December 31, March 31, December 31, March 31, December 31, March 31, December 31, Description 2023 2022 2023 2022 2023 2022 2023 2022 Assets: Marketable equity securities: Mutual funds $ 18,266 $ 18,041 $ — $ — $ — $ — $ 18,266 $ 18,041 Mortgage-backed securities FHLMC — — — 1 — — — 1 Total assets $ 18,266 $ 18,041 $ — $ 1 $ — $ — $ 18,266 $ 18,042 There were no transfers between Level 1 and 2 during the three months ended March 31, 2023 or the year ended December 31, 2022. The Company did t have any liabilities that were carried at fair value on a recurring basis at March 31, 2023 and December 31, 2022. The following table sets forth the Company’s assets that are carried at fair value on a non-recurring basis and the level that was used to determine their fair value, at March 31, 2023 and December 31: Quoted Prices in Significant Other Significant Total Carried Active Markets for Observable Unobservable at Fair Identical Assets Inputs Inputs Value on a (Level 1) (Level 2) (Level 3) Non-Recurring Basis March 31, December 31, March 31, December 31, March 31, December 31, March 31, December 31, Description 2023 2022 2023 2022 2023 2022 2023 2022 (In Thousands) Assets: Loans individually evaluated $ — $ — $ — $ — $ — $ 855 $ — $ 855 Real estate owned — — — — — 1,456 — 1,456 Total assets $ — $ — $ — $ — $ — $ 2,311 $ — $ 2,311 The Company did not have any assets that were carried at fair value on a non-recurring basis at March 31, 2023. The following tables present the qualitative information about non-recurring Level 3 fair value measurements of financial instruments at December 31, 2022: At December 31, 2022 Fair Valuation Unobservable Weighted Value Technique Input Range Average (In Thousands) Assets: Impaired loans $ 855 Income approach Capitalization rate 5.60 % 5.60 % Real estate owned 1,456 Income approach Capitalization rate 12.00 % 12.00 % The Company did not have any liabilities that were carried at fair value on a non-recurring basis at March 31, 2023 and December 31, 2022. The methods and assumptions used to estimate fair value at March 31, 2023 and December 31, 2022 are as follows: For real estate owned, fair value is generally determined through independent appraisals or fair value estimations of the underlying properties which generally include various Level 3 inputs which are not identifiable. The appraisals or fair value estimation may be adjusted by management for qualitative reasons and estimated liquidation expenses. Management’s assumptions may include consideration of location and occupancy of the property and current economic conditions. Subsequently, as these properties are actively marketed, the estimated fair values may be periodically adjusted through incremental subsequent write-downs to reflect decreases in estimated values resulting from sales price observations and the impact of changing economic and market conditions. A loan is considered individually evaluated for credit loss when, based upon current information and events, it is probable that the Company will be unable to collect all scheduled payments in accordance with the contractual terms of the loan. Individually evaluated loans that are collateral dependent are written down to fair value through the establishment of specific reserves, a component of the allowance for credit losses or through partial charge-offs, and as such are carried at the lower of cost or the fair value. Estimates of fair value of the collateral are determined based on a variety of information, including available valuations from certified appraisers for similar assets, present value of discounted cash flows and inputs that are estimated based on commonly used and generally accepted industry liquidation advance rates and estimates and assumptions developed by management. The appraisals may be adjusted by management for estimated liquidation expenses and qualitative factors such as economic conditions. If real estate is not the primary source of repayment, present value of discounted cash flows and estimates using generally accepted industry liquidation advance rates are utilized. Due to the multitude of assumptions, many of which are subjective in nature, and the varying inputs and techniques used by appraisers, the Company recognizes that valuations could differ across a wide spectrum of valuation techniques employed and accordingly, fair value estimates for impaired loans are classified as Level 3. Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective year-ends and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each year-end. The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of the Company’s financial instruments at March 31, 2023 and December 31, 2022: Securities Fair values for marketable equity securities are determined by quoted market prices on nationally recognized and foreign securities exchanges (Level 1). Fair values for securities available for sale and held to maturity are determined utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayments speeds, credit information and the security’s terms and conditions, among other things. The carrying amounts and estimated fair value of our financial instruments are as follows: Fair Value at March 31, 2023 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Assets Inputs Inputs (In thousands) Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets Cash and cash equivalents $ 77,045 $ 77,045 $ 77,045 $ — $ — Certificates of deposit 100 100 — 100 — Marketable equity securities 18,266 18,266 18,266 — — Securities available for sale — — — — — Securities held to maturity 26,108 23,084 — 23,084 — Loans receivable, net 1,310,808 1,287,299 — — 1,287,299 Investments in restricted stock 923 923 — 923 — Accrued interest receivable 9,919 9,919 — 9,919 — Financial Liabilities Deposits 1,208,393 1,210,167 — 1,210,167 — FHLB of New York advances 14,000 12,846 — 12,846 — Fair Value at December 31, 2022 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Assets Inputs Inputs (In thousands) Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets Cash and cash equivalents $ 95,308 $ 95,308 $ 95,308 $ — $ — Certificates of deposit 100 100 — 100 — Marketable equity securities 18,041 18,041 18,041 — — Securities available for sale 1 1 — 1 — Securities held to maturity 26,395 22,865 — 22,865 — Loans receivable, net 1,212,219 1,191,483 — — 1,191,483 Investments in restricted stock 1,238 1,238 — 1,238 — Accrued interest receivable 8,597 8,597 — 8,597 — Financial Liabilities Deposits 1,121,955 1,121,107 — 1,121,107 — FHLB of New York advances 21,000 19,437 — 19,437 —

Revenue Recognition

Revenue Recognition	3 Months Ended
Revenue Recognition	Mar. 31, 2023
Revenue Recognition
Revenue Recognition	Note 12 — Revenue Recognition The majority of the Company’s revenues come from interest income and other sources, including loans and securities that are outside the scope of ASC 606, Revenue from Contracts with Customers. The Company’s services that fall within the scope of ASC 606 are presented within noninterest income and are recognized as revenue as the Company satisfies its obligation to the customer. Services within the scope of ASC 606 include deposit service charges on deposits, electronic banking fees and charges income, and investment advisory fees. A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The Company’s noninterest revenue streams are largely based on transactional activity, or standard month-end revenue accruals such as referral fees based month end reports. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not typically enter into long-term revenue contracts with customers, and therefore, does not experience significant contract balances. As of March 31, 2023, the Company did not have any significant contract balances. All of the Company’s revenue from contracts with customers within the scope of ASC 606 is recognized within noninterest income. The following table presents the Company’s sources of noninterest income for the three months ended March 31, 2023 and 2022. Sources of revenue outside the scope of ASC 606 are noted as such: Three Months Ended March 31, 2023 2022 (In Thousands) Non-interest income: Deposit-related fees and charges $ 14 $ 18 Loan-related fees and charges (1) 350 171 Electronic banking fees and charges 243 202 Income from bank owned life insurance (1) 150 148 Investment advisory fees 117 137 Unrealized loss on equity securities (1) 225 (634) Miscellaneous (1) 16 16 Total non-interest income $ 1,115 $ 58 (1) Not within the scope of ASC 606. A description of the Company’s revenue streams accounted for under ASC 606 is as follows: Service Charges on Deposit Accounts The Company earns fees from deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed at the point in the time the Company fulfills the customer’s request. The Company discontinued the imposition of overdraft fees on all consumer and business accounts in August 2022. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Electronic Banking Fee Income The Company earns interchange fees from debit and credit card holder transactions conducted through various payment networks. Interchange fees from cardholder transactions are recognized daily, concurrently with the transaction processing services provided by an outsourced technology solution. Investment Advisory Fees The Company earns fees from investment advisory and financial planning services under the name of Harbor West Financial Planning Wealth Management, a division of the Company through a networking arrangement with a registered broker-dealer and investment advisor. The registered broker-dealer deducts investment advisory fees and financial planning services fees from the client’s assets under management and remits the fees, net of administrative fees, to the Company on a monthly basis. The Company recognizes the fees into non-interest income upon receipt of the monthly remittances.

Other Non-Interest Expenses

Other Non-Interest Expenses	3 Months Ended
Other Non-Interest Expenses	Mar. 31, 2023
Other Non-Interest Expenses
Other Non-Interest Expenses	Note 13 — Other Non-Interest Expenses The following is an analysis of other non-interest expenses: Three Months Ended March 31, 2023 2022 (In Thousands) Other $ 766 $ 615 Service contracts 319 257 Consulting expense 189 258 Telephone 157 142 Directors compensation 224 139 Audit and accounting 111 205 Insurance 95 82 Director, officer, and employee expense 58 58 Legal fees 120 154 Office supplies and stationary 50 40 Recruiting expense 2 28 $ 2,091 $ 1,978

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2023
Earnings Per Share
Earnings Per Share	Note 14 — Earnings Per Share Basic earnings per share is calculated by dividing the net income available to common stockholders by the weighted average number of common shares outstanding during the period less any unvested restricted shares. Unallocated common shares held by the Employee Stock Ownership Plan (“ESOP”) are not included in the weighted-average number of common shares outstanding for purposes of calculating basic net income per common share until they are committed to be released. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and are determined using the treasury stock method. The following table sets forth the weighted average shares outstanding used in the computations of basic and diluted earnings per share. The following table sets forth the computations of basic and diluted earnings per share: Three Months Ended March 31, 2023 2022 (In Thousands, except per share data) Net income (basic and diluted) $ 11,244 $ 3,645 Weighted average shares issued 15,769 16,378 Less: Weighted average unearned ESOP shares (768) (855) Less: Weighted average unvested restricted shares (352) — Basic weighted average shares outstanding 14,649 15,523 Add: Dilutive effect of restricted stock 47 NA Add: Dilutive effect of stock option — NA Diluted weighted average shares outstanding 14,696 NA Net income per share Basic $ 0.77 $ 0.23 Diluted $ 0.77 $ NA

Stock Compensation Plans

Stock Compensation Plans	3 Months Ended
Stock Compensation Plans	Mar. 31, 2023
Stock Compensation Plans
Stock Compensation Plans	Note 15 — Stock Compensation Plans At a special shareholders meeting held on September 29, 2022, the Company’s shareholders approved the Company’s 2022 Equity Incentive Plan whereby shares of the Company’s common stock were reserved from authorized but unissued shares for purposes of grants of incentive stock options, nonqualified stock options, restricted stock, restricted stock units, performance shares and performance units to selected employees and non-employee directors of the Company. Under this plan, nonqualified stock options were in the aggregate awarded to employees of the Company on November 17, 2022. The restricted shares and nonqualified stock options vest at a rate of The product of the number of shares granted and the grant date market price of the Company’s common stock determine the fair value of restricted stock under the Company’s 2022 Equity Incentive plan. Management recognizes compensation expense for the fair value of restricted stock on a straight-line basis over the requisite service period for the entire award. As of March 31, 2023 and December 31, 2022, there were A summary of the Company’s restricted stock activity and related information for the three months ended March 31, 2023 follows: 2023 Weighted Average Grant-Date Shares Market Price Outstanding at December 31, 2022 352,037 $ 13.67 Granted — — Forfeited — — Vested — — Outstanding at March 31, 2023 352,037 $ 13.67 Compensation expense related to restricted stock was $241,000 for the three months ended March 31, 2023. At March 31, 2023 and December 31, 2022, the total compensation cost related to non-vested awards that has not yet been recognized was A summary of the Company’s stock option activity and related information for the three months ended March 31, 2023 follows: 2023 Weighted Average Grant-Date Options Market Price Outstanding at December 31, 2022 880,097 $ 13.67 Granted — — Forfeited — — Vested — — Outstanding at March 31, 2023 880,097 $ 13.67 Exercisable at March 31, 2023 — — Compensation cost related to stock options is recognized based on the fair value of the stock options at the grant date on a straight line basis over the vesting period. Compensation expense related to stock options was for the three months ended March 31, 2023. At March 31, 2023 and December 31, 2022, unrecognized compensation cost related to stock option awards was

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Mar. 31, 2023
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 16 — Recent Accounting Pronouncements There is no Accounting Standards pending adoption at March 31, 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Summary of Significant Accounting Policies
Nature of Business:	Nature of Business: Northeast Community Bancorp, Inc. (the “Company”) 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. NorthEast Community Bancorp, MHC was the former mutual holding company for the Mid-Tier Holding Company prior to the completion of the second-step conversion. 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 the Company sold, for gross proceeds of per share. As part of the second-step conversion, 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 The Bank is a New York State-chartered savings bank and the Company’s primary activity is the ownership and operation of the Bank. The Bank is headquartered in White Plains, New York. The Bank was founded in 1934 and is a community oriented financial institution dedicated to serving the financial services needs of individuals and businesses within its market area. The Bank currently conducts business through its eleven branch offices located in Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex and Norfolk Counties in Massachusetts and three loan production offices located in White Plains, New York, New City, New York, and Danvers, Massachusetts. The Bank’s principal business consists of originating primarily construction loans and, to a lesser extent, commercial and industrial loans and multifamily and mixed-use residential real estate loans and non-residential real estate loans. The Bank offers a variety of retail deposit products to the general public in the areas surrounding its main office and its branch offices, with interest rates that are competitive with those of similar products offered by other financial institutions operating in its market area. The Bank also utilizes borrowings as a source of funds. The Bank’s revenues are derived primarily from interest on loans and, to a lesser extent, interest on investment securities and mortgage-backed securities. The Bank also generates revenues from other income including deposit fees, service charges and investment advisory fees. The Bank also offers investment advisory and financial planning services under the name Harbor West Wealth Management Group, a division of the Bank, through a networking arrangement with a registered broker-dealer and investment advisor. New England Commercial Properties LLC (“NECP”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in October 2007 to facilitate the purchase or lease of real property by the Bank. New England Commercial Properties, LLC currently owns one foreclosed property located in Pennsylvania. NECB Financial Services Group, LLC (“NECB Financial”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in the third quarter of 2012 as a complement to Harbor West Wealth Management Group to sell life insurance and fixed rate annuities. NECB Financial is licensed in the States of New York and Connecticut. 72 West Eckerson LLC (“72 West Eckerson”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in April 2015 to facilitate the purchase or lease of real property by the Bank and currently owns the Bank branch locations in Spring Valley, New York and Monroe, New York. 166 Route 59 Realty LLC (“166 Route 59 Realty”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in April 2021 to facilitate the purchase or lease of real property by the Bank and currently owns the property for the Bank branch located in Airmont, New York. 3 Winterton Realty LLC, a New York limited liability company and wholly owned subsidiary of the Bank, was formed in October 2021 to facilitate the purchase or lease of real property by the Bank and currently owns the property for the Bank branch located in Bloomingburg, New York.
Principal of Consolidations:	Principal of Consolidations: The accompanying unaudited consolidated financial statements include the accounts of the Company, the Bank, NECP, NECB Financial, 72 West Eckerson, 166 Route 59 Realty, and 3 Winterton Realty LLC (collectively the “Company”) and have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All significant inter-company accounts and transactions have been eliminated in consolidation. The accounting and reporting policies of the Company and its subsidiaries conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and to the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to such rules and regulations. The unaudited consolidated interim financial information should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2022. In the opinion of the Company, all adjustments (consisting only of normal recurring accruals) that are necessary for a fair presentation of the operating results for the interim periods have been included. The results of operations for periods of less than a year are not necessarily indicative of results for the full year or any other period.
Use of Estimates:	Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenue and expenses during the reporting period. Estimates that are particularly susceptible to change in the near term are used in connection with the determination of the allowance for credit losses, the review of the need for a valuation allowance of the Company’s deferred tax assets and the fair value of financial instruments.
Accounting Pronouncements Adopted in 2023:	Accounting Pronouncements Adopted in 2023: Effective January 1, 2023, the Company adopted Accounting Standards Topic 326, “Financial Instruments – Credit Losses” which replaced the previously existing U.S. GAAP “incurred loss” approach to “expected credit losses” approach, which is referred as Current Expected Credit Losses (“CECL”). CECL measures the credit loss associated with financial assets carried at amortize cost, including loan receivables, held-to-maturity debt securities, off balance sheet credit exposures. The company adopted Topic 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balances sheet exposures. Results for reporting periods beginning after January 1, 2023 are presented under Topic 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. Upon adoption, we recorded a cumulative-effect adjustment totaling retained earnings. The transition adjustment includes the adoption and changes to the three applicable components of the allowance for credit losses (“ACL”): a decrease of The following table illustrates the impact of adopting ASC 326: January 1, 2023 Pre-adoption Adoption Impact As Reported (In Thousands) Assets ACL on debt securities held-to-maturity Municipal Bonds $ - $ 132 $ 132 ACL on loan receivables Residential real estate 528 895 1,423 Non-residential real estate 131 7 138 Construction 3,835 (2,086) 1,749 Commercial and industrial 955 (437) 518 Consumer 18 44 62 Unallocated 7 (7) - Liabilities ACL for off-balance sheet exposure - 1,586 1,586 $ 5,474 $ 134 $ 5,608
Allowance for Credit Losses - Loans	Allowance for Credit Losses - Loans The allowance for credit losses related to loans is a valuation reserve established and maintained by charges against income and is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. Loans, or portions thereof, are charged off against the ACL when they are deemed uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The ACL is an estimate of expected credit losses, measured over the contractual life of a loan, that considers our historical loss experience, current conditions and forecasts of future economic conditions. Determination of an appropriate ACL is inherently subjective and may have significant changes from period to period. The methodology for determining the ACL has two main components: evaluation of expected credit losses for certain groups of homogeneous loans that share similar risk characteristics and evaluation of loans that do not share risk characteristics with other loans. The allowance for credit losses related to loans is measured on a collective (pool) basis when similar risk characteristics exist. If the risk characteristics of a loan change, such that they are no longer similar to other loans in the pool, the Company will evaluate the loan with a different pool of loans that share similar risk characteristics. If the loan does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. The Company evaluates the pooling methodology at least annually. Loans are charged off against the allowance for credit losses related to loans when the Company believes the balances to be uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off or expected to be charged off. The Company has chosen to segment its portfolio consistent with the manner in which it manages credit risk. Such segments include residential real estate, non-residential real estate, construction, commercial and industrial business, and consumer. For most segments the Company calculates estimated credit losses using a probability of default and loss given default methodology, the results of which are applied to each individual loan within the segment. The point in time probability of default and loss given default are then conditioned by macroeconomic scenarios to incorporate reasonable and supportable forecasts that affect the collectability of the reported amount. The Company estimates the allowance for credit losses related to loans via a quantitative analysis which considers relevant available information from internal and external sources related to past events and current conditions, as well as the incorporation of reasonable and supportable forecasts. The Company evaluates a variety of factors including third party economic forecasts, industry trends and other available published economic information in arriving at its forecasts. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the renewal option is included in the original or modified contract at the reporting date and are not unconditionally cancelable by the Company. Also included in the allowance for credit losses related to loans are qualitative reserves to cover losses that are expected but, in the Company’s assessment, might not be adequately represented in the quantitative analysis or the forecasts described above. Factors that the Company considers include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and non-accrual loans, the effect of external factors such as competition, legal and regulatory requirements, among others. Qualitative loss factors are applied to each portfolio segment with the amounts judgmentally determined by the relative risk to the most severe loss periods identified in the historical loan charge-offs of the Company. The Company has elected to exclude accrued interest receivable from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income. On a case-by-case basis, the Company may conclude that a loan should be evaluated on an individual basis based on the loan’s disparate risk characteristics. When the Company determines that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, the loan’s observable market price or, for collateral-dependent loans, the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. If the fair value of the collateral is less than the amortized cost basis of the loan, the Company will charge off the difference between the fair value of the collateral, less costs to sell at the reporting date and the amortized cost basis of the loan.
Allowance for Credit Losses - Held-to-Maturity Debt Securities	Allowance for Credit Losses – Held-to-Maturity Debt Securities The allowance for credit losses related to held-to-maturity debt securities is a valuation reserve established and maintained by charges against income and is deducted from the amortized cost basis of held-to-maturity debt securities to present the net amount expected to be collected on the held-to-maturity debt securities. Losses, or portions thereof, are charged off against the ACL when they are deemed uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The Company has elected to exclude accrued interest receivable from the measurement of its ACL. When an investment is placed on non-accrual status, any outstanding accrued interest is reversed against interest income.
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures	Allowance for Credit Losses Related to Off-Balance Sheet Credit Exposures The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses related to off-balance sheet credit exposures is adjusted through credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
Summary of Significant Accounting Policies (Tables)	Mar. 31, 2023
Summary of Significant Accounting Policies
Summary of impact of adopting ASC 326	January 1, 2023 Pre-adoption Adoption Impact As Reported (In Thousands) Assets ACL on debt securities held-to-maturity Municipal Bonds $ - $ 132 $ 132 ACL on loan receivables Residential real estate 528 895 1,423 Non-residential real estate 131 7 138 Construction 3,835 (2,086) 1,749 Commercial and industrial 955 (437) 518 Consumer 18 44 62 Unallocated 7 (7) - Liabilities ACL for off-balance sheet exposure - 1,586 1,586 $ 5,474 $ 134 $ 5,608

Regulatory Capital (Tables)

Regulatory Capital (Tables)	3 Months Ended
Regulatory Capital (Tables)	Mar. 31, 2023
Regulatory Capital
Schedule of bank's capital levels	Regulatory Capital Requirements Minimum Capital For Classification as Actual Adequacy(1) Well-Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) As of March 31, 2023: Total capital (to risk-weighted assets) $ 237,412 14.11 % $ ≥ 134,605 ≥ 8.00 % $ ≥ 168,256 ≥ 10.00 % Tier 1 capital (to risk-weighted assets) 231,855 13.78 ≥ 100,954 ≥ 6.00 ≥ 134,605 ≥ 8.00 Common equity tier 1 capital (to risk-weighted assets) 231,855 13.78 ≥ 75,715 ≥ 4.50 ≥ 109,367 ≥ 6.50 Core (Tier 1) capital (to adjusted total assets) 231,855 16.21 ≥ 57,202 ≥ 4.00 ≥ 71,503 ≥ 5.00 As of December 31, 2022: Total capital (to risk-weighted assets) $ 222,728 13.66 % $ ≥ 130,429 ≥ 8.00 % $ ≥ 163,036 ≥ 10.00 % Tier 1 capital (to risk-weighted assets) 217,283 13.33 ≥ 97,822 ≥ 6.00 ≥ 130,429 ≥ 8.00 Common equity tier 1 capital (to risk-weighted assets) 217,283 13.33 ≥ 73,366 ≥ 4.50 ≥ 105,973 ≥ 6.50 Core (Tier 1) capital (to adjusted total assets) 217,283 16.50 ≥ 52,687 ≥ 4.00 ≥ 65,858 ≥ 5.00 (1) Ratios do not include the capital conservation buffer.

Equity Securities (Tables)

Equity Securities (Tables)	3 Months Ended
Equity Securities (Tables)	Mar. 31, 2023
Equity Securities
Schedule of equity securities	March 31, December 31, 2023 2022 (In Thousands) Equity Securities, at Fair Value $ 18,266 $ 18,041
Schedule of unrealized losses recognized in net income on equity securities	Three Months Ended March 31, 2023 2022 (In Thousands) Net gain (loss) recognized on equity securities during the period $ 225 $ (634) Less: Net losses realized on the sale of equity securities during the period — — Unrealized net gain (loss) recognized on equity securities held at the reporting date $ 225 $ (634)

Securities Available-for-Sale (

Securities Available-for-Sale (Tables)	3 Months Ended
Securities Available-for-Sale (Tables)	Mar. 31, 2023
Securities Available-for-Sale
Schedule of portfolio of securities available-for-sale	December 31, 2022 Gross Gross Allowance Amortized Unrealized Unrealized for Fair Cost Gains Losses Credit Loss Value (In Thousands) Mortgage-backed securities – residential: Federal Home Loan Mortgage Corporation $ 1 $ — $ — $ — $ 1 $ 1 $ — $ — $ — $ 1

Securities Held-to-Maturity (Ta

Securities Held-to-Maturity (Tables)	3 Months Ended
Securities Held-to-Maturity (Tables)	Mar. 31, 2023
Securities Held-to-Maturity
Summary of securities held-to-maturity portfolio	March 31, 2023 Gross Gross Allowance Amortized Unrealized Unrealized Fair for Cost Gains Losses Value Credit Loss (In Thousands) Mortgage-backed securities – residential: Government National Mortgage Association $ 512 $ $ 13 $ 499 $ — Federal Home Loan Mortgage Corporation 939 — 116 823 — Federal National Mortgage Association 2,229 — 230 1,999 — Collateralized mortgage obligations – GSE 3,017 — 492 2,525 — Total mortgage-backed securities 6,697 — 851 5,846 — Municipal Bonds 9,541 — 2,269 7,272 136 U.S. Treasury securities 10,006 — 40 9,966 — $ 26,244 $ — $ 3,160 $ 23,084 $ 136 December 31, 2022 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Mortgage-backed securities – residential: Government National Mortgage Association $ 523 $ — $ 18 $ 505 Federal Home Loan Mortgage Corporation 961 — 129 832 Federal National Mortgage Association 2,308 — 250 2,058 Collateralized mortgage obligations – GSE 3,043 — 506 2,537 Total mortgage-backed securities 6,835 — 903 5,932 Municipal Bonds 9,546 — 2,524 7,022 U.S. Treasury securities 10,014 — 103 9,911 $ 26,395 $ — $ 3,530 $ 22,865
Schedule of contractual final maturities	March 31, 2023 Amortized Fair Cost Value (In Thousands) Due within one year $ 10,552 $ 10,432 Due after one but within five years 1,610 1,288 Due after five but within ten years 3,011 2,470 Due after ten years 11,071 8,894 $ 26,244 $ 23,084
Schedule of unrealized losses and the fair value	Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) March 31, 2023: Mortgage-backed securities - residential: Government National Mortgage Association $ 499 $ 13 $ — $ — $ 499 $ 13 Federal Home Loan Mortgage Corporation — — 823 116 823 116 Federal National Mortgage Association — — 1,996 230 1,996 230 Collateralized mortgage obligations – GSE — — 2,525 492 2,525 492 Total mortgage-backed securities 499 13 5,344 838 5,843 851 U.S. Treasury securities 9,966 40 — — 9,966 40 $ 10,465 $ 53 $ 5,344 $ 838 $ 15,809 $ 891 Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) December 31, 2022: Mortgage-backed securities - residential: Government National Mortgage Association $ 505 $ 18 $ — $ — $ 505 $ 18 Federal Home Loan Mortgage Corporation — — 824 129 824 129 Federal National Mortgage Association 478 33 1,580 217 2,058 250 Collateralized mortgage obligations – GSE 1,777 344 759 162 2,536 506 Total mortgage-backed securities 2,760 395 3,163 508 5,923 903 Municipal Bonds 444 39 6,578 2,485 7,022 2,524 U.S. Treasury securities 9,911 103 — — 9,911 103 $ 13,115 $ 537 $ 9,741 $ 2,993 $ 22,856 $ 3,530
Schedule of allowance for credit losses for debt securities held-to-maturity	Municipal Bonds Balance – December 31, 2022 $ - Impact of adopting ASC 326 132 Provision for credit loss 4 Balance – March 31, 2023 $ 136

Loans Receivable and the Allo_2

Loans Receivable and the Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2023
Loans Receivable and the Allowance for Credit Losses
Summary of composition of loans	March 31, December 31, 2023 2022 (In Thousands) Residential real estate: One-to-four family $ 5,401 $ 5,467 Multi-family 124,996 123,385 Mixed-use 29,096 21,902 Total residential real estate 159,493 150,754 Non-residential real estate 21,662 25,324 Construction 1,008,781 930,628 Commercial and industrial 123,533 110,069 Consumer 1,036 546 Total Loans 1,314,505 1,217,321 Deferred loan costs, net 369 372 Allowance for credit losses (4,066) (5,474) $ 1,310,808 $ 1,212,219
Schedule of analysis of the activity in the allowance for loan losses	At March 31, 2023: Non- Commercial Residential residential and Real Estate Real Estate Construction Industrial Consumer Unallocated Total (In Thousands) Allowance for credit losses: Ending balance $ 1,474 $ 122 $ 1,842 $ 506 $ 122 $ — $ 4,066 Ending balance: individually evaluated for credit loss $ — $ — $ — $ — $ — $ — $ — Ending balance: collectively evaluated for credit loss $ 1,474 $ 122 $ 1,842 $ 506 $ 122 $ — $ 4,066 Loans receivable: Ending balance $ 159,493 $ 21,662 $ 1,008,781 $ 123,533 $ 1,036 $ — $ 1,314,505 Ending balance: individually evaluated for credit loss $ — $ — $ — $ — $ — $ — $ — Ending balance: collectively evaluated for credit loss $ 159,493 $ 21,662 $ 1,008,781 $ 123,533 $ 1,036 $ — $ 1,314,505 At December 31, 2022: Non- Commercial Residential residential and Real Estate Real Estate Construction Industrial Consumer Unallocated Total (In Thousands) Allowance for loan losses: Ending balance $ 528 $ 131 $ 3,835 $ 955 $ 18 $ 7 $ 5,474 Ending balance: individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 528 $ 131 $ 3,835 $ 955 $ 18 $ 7 $ 5,474 Loans receivable: Ending balance $ 150,754 $ 25,324 $ 930,628 $ 110,069 $ 546 $ — $ 1,217,321 Ending balance: individually evaluated for impairment $ 855 $ — $ — $ — $ — $ — $ 855 Ending balance: collectively evaluated for impairment $ 149,899 $ 25,324 $ 930,628 $ 110,069 $ 546 $ — $ 1,216,466 Non- Commercial Residential residential and Real Estate Real Estate Construction Industrial Consumer Unallocated Total (In Thousands) Allowance for credit losses: Balance - December 31, 2022 $ 528 $ 131 $ 3,835 $ 955 $ 18 $ 7 $ 5,474 Impact of adopting ASC 326 895 7 (2,086) (437) 44 (7) (1,584) Charge-offs — — — — (21) — (21) Recoveries — — — — — — — Provision (Benefit) 51 (16) 93 (12) 81 — 197 Balance -March 31, 2023 $ 1,474 $ 122 $ 1,842 $ 506 $ 122 $ — $ 4,066 Non- Commercial Residential residential and Real Estate Real Estate Construction Industrial Consumer Unallocated Total (In Thousands) Allowance for loan losses: Balance - December 31, 2021 $ 571 $ 381 $ 3,143 $ 973 $ 10 $ 164 $ 5,242 Charge-offs — — — — (10) — (10) Recoveries 43 53 — — — — 96 Provision (Benefit) (104) (94) 249 (15) 17 (53) — Balance - March 31, 2022 $ 510 $ 340 $ 3,392 $ 958 $ 17 $ 111 $ 5,328
Summary of recorded investment, unpaid principal balance and allocated allowance for loan losses for loans that were considered impaired	As of and for the Three months Ended March 31, 2022: Three Months Ended March 31, 2022 Recorded Unpaid Principal Related Average Recorded Interest Income 2022 Investment Balance Allowance Investment Recognized (In Thousands) With no related allowance recorded: Residential real estate-Multi-family $ 865 $ 865 $ — $ 871 $ 6 Non-residential real estate 766 833 — 756 10 Construction — — — — — Commercial and industrial — — — — — 1,631 1,698 — 1,627 16 With an allowance recorded — — — — — Total: Residential real estate-Multi-family 865 865 — 871 6 Non-residential real estate 766 833 — 756 10 Construction — — — — — Commercial and industrial — — — — — $ 1,631 $ 1,698 $ — $ 1,627 $ 16 As of and for the Year Ended December 31, 2022: Recorded Unpaid Principal Related Average Recorded Interest Income 2022 Investment Balance Allowance Investment Recognized (In Thousands) With no related allowance recorded: Residential real estate-Multi-family $ 855 $ 769 $ — $ 863 $ 43 Non-residential real estate — — — 385 14 Construction — — — — — Commercial and industrial — — — — — 855 769 — 1,248 57 With an allowance recorded — — — — — Total: Residential real estate-Multi-family 855 769 — 863 43 Non-residential real estate — — — 385 14 Construction — — — — — Commercial and industrial — — — — — $ 855 $ 769 $ — $ 1,248 $ 57
Schedule of age analysis of past due loans	Age Analysis of Past Due Loans as of March 31, 2023: Recorded Investment > 30 – 59 Days 60 – 89 Days Greater Than Total Past Total Loans 90 Days and Past Due Past Due 90 Days Due Current Receivable Accruing (In Thousands) Residential real estate: One- to four-family $ — $ — $ — $ — $ 5,401 $ 5,401 $ — Multi-family — — — — 124,996 124,996 — Mixed-use — — — — 29,096 29,096 — Non-residential real estate — — — — 21,662 21,662 — Construction loans — — — — 1,008,781 1,008,781 — Commercial and industrial loans — — — — 123,533 123,533 — Consumer — — — — 1,036 1,036 — $ — $ — $ — $ — $ 1,314,505 $ 1,314,505 $ — Age Analysis of Past Due Loans as of December 31, 2022: Recorded Investment 30 – 59 Days 60 – 89 Days Greater Than Total Past Total Loans > 90 Days and Past Due Past Due 90 Days Due Current Receivable Accruing (In Thousands) Residential real estate: One- to four-family $ — $ — $ — $ — $ 5,467 $ 5,467 $ — Multi-family — 946 — 946 122,439 123,385 — Mixed-use — — — — 21,902 21,902 — Non-residential real estate — — — — 25,324 25,324 — Construction loans — — — — 930,628 930,628 — Commercial and industrial loans — — — — 110,069 110,069 — Consumer — — — — 546 546 — $ — $ 946 $ — $ 946 $ 1,216,375 $ 1,217,321 $ —
Summary of risk category of loans	Revolving Revolving Term Loans Amortized Costs Basis by Origination Year Loans Loans Amortized Converted March 31, 2023 2023 2022 2021 2020 2019 Prior Cost Basis to Term Total Residential real estate Risk Rating Pass $ 21,317 $ 58,791 $ 16,360 $ 10,871 $ 1,384 $ 49,848 $ - $ - $ 158,571 Special Mention - - - 922 - - - - 922 Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 21,317 $ 58,791 $ 16,360 $ 11,793 $ 1,384 $ 49,848 $ - $ - $ 159,493 Residential real estate Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Non-residential real estate Risk Rating Pass $ - $ 256 $ 2,217 $ 1,009 $ 387 $ 17,793 $ - $ - $ 21,662 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ - $ 256 $ 2,217 $ 1,009 $ 387 $ 17,793 $ - $ - $ 21,662 Non-residential real estate Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Construction - Risk Rating Pass $ 46,203 $ 470,380 $ 303,372 $ 93,220 $ 45,091 $ 50,515 $ - $ - $ 1,008,781 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 46,203 $ 470,380 $ 303,372 $ 93,220 $ 45,091 $ 50,515 $ - $ - $ 1,008,781 Construction Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Commercial and industrial - Risk Rating Pass $ 15,027 $ 32,678 $ 28,357 $ 7,905 $ 4,710 $ 33,247 $ - $ 1,609 $ 123,533 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 15,027 $ 32,678 $ 28,357 $ 7,905 $ 4,710 $ 33,247 $ - $ 1,609 $ 123,533 Commercial and industrial Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Consumer - Risk Rating Pass $ 1,013 $ - $ - $ - $ - $ 23 $ - $ - $ 1,036 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 1,013 $ - $ - $ - $ - $ 23 $ - $ - $ 1,036 Consumer Current period gross charge-offs $ 21 $ - $ - $ - $ - $ - $ - $ - $ 21 Total - Risk Rating Pass $ 83,560 $ 562,105 $ 350,306 $ 113,005 $ 51,572 $ 151,426 $ - $ 1,609 $ 1,313,583 Special Mention - - - 922 - - - - 922 Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 83,560 $ 562,105 $ 350,306 $ 113,927 $ 51,572 $ 151,426 $ - $ 1,609 $ 1,314,505 Credit Risk Profile by Internally Assigned Grade as of December 31, 2022: Residential Non-residential Commercial Real Estate Real Estate Construction and Industrial Consumer Total (In Thousands) Grade: Pass $ 148,953 $ 25,324 $ 930,628 $ 110,069 $ 546 $ 1,215,520 Special Mention 946 — — — — 946 Substandard 855 — — — — 855 Doubtful — — — — — — $ 150,754 $ 25,324 $ 930,628 $ 110,069 $ 546 $ 1,217,321
Schedule of allowance for credit losses on off balance sheet commitments.	Allowance for Credit Loss Balance – December 31, 2022 $ - Impact of adopting ASC 326 1,586 Provision for credit loss (200) Balance – March 31, 2023 $ 1,386

Federal Home Loan Bank of New_2

Federal Home Loan Bank of New York ("FHLB") Advances (Tables)	3 Months Ended
	Mar. 31, 2023
Federal Home Loan Bank of New York ("FHLB") Advances
Schedule of FHLB advances	March 31, December 31, 2023 2022 Weighted Average Weighted Average Amount Interest Rate Amount Interest Rate (Dollars in Thousands) Advances maturing in: One year or less $ 7,000 2.86 % $ 7,000 2.83 % After one to three years — — % 7,000 2.86 % After five years (due 2030) 7,000 1.61 % 7,000 1.61 % $ 14,000 2.24 % $ 21,000 2.43 %

Benefits Plans (Tables)

Benefits Plans (Tables)	3 Months Ended
Benefits Plans (Tables)	Mar. 31, 2023
Benefits Plans
Schedule of components of net pension periodic expense	Three Months Ended March 31, 2023 2022 (Dollars In Thousands) Net periodic pension expense: Service cost $ 31 $ 30 Interest cost 10 14 Actuarial (gain) loss recognized (8) 7 Total net periodic pension expense included in other non-interest expenses $ 33 $ 51
Summary of ESOP shares	March 31, December 31, 2023 2022 Allocated shares 694,848 607,922 Shares committed to be released 21,730 86,920 Unearned shares 760,831 782,567 Total ESOP Shares 1,477,409 1,477,409 Less allocated shares distributed to former or retired employees (132,012) (122,280) Total ESOP Shares Held by Trustee 1,345,397 1,355,129 Fair value of unearned shares $ 9,982,103 $ 11,675,897

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2023
Leases
Schedule of Company's leases	At March 31, 2023 and December 31, 2022, the quantitative data relating to the Company’s leases are as follows (in thousands): March 31, December 31, 2023 2022 Finance Lease Amounts: ROU asset $ 354 $ 355 Lease liability $ 542 $ 533 Operating Lease Amounts: ROU assets $ 2,182 $ 2,312 Lease liabilities $ 2,234 $ 2,363 Weighted-average remaining lease term Finance lease 93.75 years 94 years Operating leases 6.07 years 6.19 years Weighted-average discount rate Finance lease 9.50 % 9.50 % Operating leases 1.46 % 1.50 % The components of lease expense and cash flow information related to leases as follows: Three Months Ended March 31, 2023 2022 (Dollars In Thousands) Finance Lease Cost Amortization of ROU asset $ 1 $ 1 Interest on lease liability $ 9 $ 9 Operating Lease Costs $ 144 $ 142 Cash paid for amounts included in the measurement of lease liabilities Finance lease $ — $ — Operating leases $ 142 $ 138
Maturities of operating lease liabilities	Maturities of lease liabilities at March 31, 2023 are as follows (in thousands): Operating Finance Leases Lease Years ended December 31: 2023 $ 380 $ 23 2024 436 30 2025 398 30 2026 235 31 2027 239 33 Thereafter 636 4,016 Total lease payments $ 2,324 $ 4,163 Interest (90) (3,621) Lease liability $ 2,234 $ 542
Maturities of financing lease liabilities	Operating Finance Leases Lease Years ended December 31: 2023 $ 380 $ 23 2024 436 30 2025 398 30 2026 235 31 2027 239 33 Thereafter 636 4,016 Total lease payments $ 2,324 $ 4,163 Interest (90) (3,621) Lease liability $ 2,234 $ 542

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
Fair Value Disclosures (Tables)	Mar. 31, 2023
Fair Value Disclosures
Assets carried at fair value on a recurring basis	Quoted Prices in Significant Other Significant Total Carried Active Markets for Observable Unobservable at Fair Identical Assets Inputs Inputs Value on a (Level 1) (Level 2) (Level 3) Recurring Basis March 31, December 31, March 31, December 31, March 31, December 31, March 31, December 31, Description 2023 2022 2023 2022 2023 2022 2023 2022 Assets: Marketable equity securities: Mutual funds $ 18,266 $ 18,041 $ — $ — $ — $ — $ 18,266 $ 18,041 Mortgage-backed securities FHLMC — — — 1 — — — 1 Total assets $ 18,266 $ 18,041 $ — $ 1 $ — $ — $ 18,266 $ 18,042
Assets carried at fair value on a non-recurring basis	Quoted Prices in Significant Other Significant Total Carried Active Markets for Observable Unobservable at Fair Identical Assets Inputs Inputs Value on a (Level 1) (Level 2) (Level 3) Non-Recurring Basis March 31, December 31, March 31, December 31, March 31, December 31, March 31, December 31, Description 2023 2022 2023 2022 2023 2022 2023 2022 (In Thousands) Assets: Loans individually evaluated $ — $ — $ — $ — $ — $ 855 $ — $ 855 Real estate owned — — — — — 1,456 — 1,456 Total assets $ — $ — $ — $ — $ — $ 2,311 $ — $ 2,311
Schedule of qualitative information about non-recurring Level 3 fair value measurements of financial instruments	At December 31, 2022 Fair Valuation Unobservable Weighted Value Technique Input Range Average (In Thousands) Assets: Impaired loans $ 855 Income approach Capitalization rate 5.60 % 5.60 % Real estate owned 1,456 Income approach Capitalization rate 12.00 % 12.00 %
Schedule of carrying amounts and estimated fair value of our financial instruments	Fair Value at March 31, 2023 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Assets Inputs Inputs (In thousands) Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets Cash and cash equivalents $ 77,045 $ 77,045 $ 77,045 $ — $ — Certificates of deposit 100 100 — 100 — Marketable equity securities 18,266 18,266 18,266 — — Securities available for sale — — — — — Securities held to maturity 26,108 23,084 — 23,084 — Loans receivable, net 1,310,808 1,287,299 — — 1,287,299 Investments in restricted stock 923 923 — 923 — Accrued interest receivable 9,919 9,919 — 9,919 — Financial Liabilities Deposits 1,208,393 1,210,167 — 1,210,167 — FHLB of New York advances 14,000 12,846 — 12,846 — Fair Value at December 31, 2022 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Assets Inputs Inputs (In thousands) Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets Cash and cash equivalents $ 95,308 $ 95,308 $ 95,308 $ — $ — Certificates of deposit 100 100 — 100 — Marketable equity securities 18,041 18,041 18,041 — — Securities available for sale 1 1 — 1 — Securities held to maturity 26,395 22,865 — 22,865 — Loans receivable, net 1,212,219 1,191,483 — — 1,191,483 Investments in restricted stock 1,238 1,238 — 1,238 — Accrued interest receivable 8,597 8,597 — 8,597 — Financial Liabilities Deposits 1,121,955 1,121,107 — 1,121,107 — FHLB of New York advances 21,000 19,437 — 19,437 —

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
Revenue Recognition (Tables)	Mar. 31, 2023
Revenue Recognition
Revenue Recognition	Three Months Ended March 31, 2023 2022 (In Thousands) Non-interest income: Deposit-related fees and charges $ 14 $ 18 Loan-related fees and charges (1) 350 171 Electronic banking fees and charges 243 202 Income from bank owned life insurance (1) 150 148 Investment advisory fees 117 137 Unrealized loss on equity securities (1) 225 (634) Miscellaneous (1) 16 16 Total non-interest income $ 1,115 $ 58 (1) Not within the scope of ASC 606.

Other Non-Interest Expenses (Ta

Other Non-Interest Expenses (Tables)	3 Months Ended
Other Non-Interest Expenses (Tables)	Mar. 31, 2023
Other Non-Interest Expenses
Schedule of other non-interest expenses	Three Months Ended March 31, 2023 2022 (In Thousands) Other $ 766 $ 615 Service contracts 319 257 Consulting expense 189 258 Telephone 157 142 Directors compensation 224 139 Audit and accounting 111 205 Insurance 95 82 Director, officer, and employee expense 58 58 Legal fees 120 154 Office supplies and stationary 50 40 Recruiting expense 2 28 $ 2,091 $ 1,978

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2023
Earnings Per Share
Computations of basic and diluted earnings per share	Three Months Ended March 31, 2023 2022 (In Thousands, except per share data) Net income (basic and diluted) $ 11,244 $ 3,645 Weighted average shares issued 15,769 16,378 Less: Weighted average unearned ESOP shares (768) (855) Less: Weighted average unvested restricted shares (352) — Basic weighted average shares outstanding 14,649 15,523 Add: Dilutive effect of restricted stock 47 NA Add: Dilutive effect of stock option — NA Diluted weighted average shares outstanding 14,696 NA Net income per share Basic $ 0.77 $ 0.23 Diluted $ 0.77 $ NA

Stock Compensation Plans (Table

Stock Compensation Plans (Tables)	3 Months Ended
Stock Compensation Plans (Tables)	Mar. 31, 2023
Stock Compensation Plans
Schedule of restricted stock activity	2023 Weighted Average Grant-Date Shares Market Price Outstanding at December 31, 2022 352,037 $ 13.67 Granted — — Forfeited — — Vested — — Outstanding at March 31, 2023 352,037 $ 13.67
Schedule of stock option activity	2023 Weighted Average Grant-Date Options Market Price Outstanding at December 31, 2022 880,097 $ 13.67 Granted — — Forfeited — — Vested — — Outstanding at March 31, 2023 880,097 $ 13.67 Exercisable at March 31, 2023 — —

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Millions	Jul. 12, 2021 USD ($) $ / shares shares	Mar. 31, 2023 property Office
Summary of Significant Accounting Policies
Number of branch offices \| Office		11
Number of loan production offices \| Office		3
New England Commercial Properties LLC
Summary of Significant Accounting Policies
Number of foreclosed properties \| property		1
NorthEast Community Bank
Summary of Significant Accounting Policies
Gross proceeds \| $	$ 97.8
Stock issued \| shares	9,784,077
Share price \| $ / shares	$ 10
Shares issued upon conversion \| shares	1.3400
Exchange ratio	1.3400

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Adopting ASC 326 (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies
Retained earnings	$ 142,940	$ 134,000	$ 132,670
Retained earnings, net of tax		99,000
Securities held-to-maturity, allowance for credit losses	136	1,600
ACL on loan receivables		132,000	5,474	$ 5,328	$ 5,242
ACL for off-balance sheet exposure		1,600
Residential Real Estate
Summary of Significant Accounting Policies
ACL on loan receivables			528	510	571
Non-residential Real Estate
Summary of Significant Accounting Policies
ACL on loan receivables			131	340	381
Construction
Summary of Significant Accounting Policies
ACL on loan receivables			3,835	3,392	3,143
Commercial and Industrial
Summary of Significant Accounting Policies
ACL on loan receivables			955	958	973
Consumer
Summary of Significant Accounting Policies
ACL on loan receivables			18	17	10
Unallocated
Summary of Significant Accounting Policies
ACL on loan receivables			7	$ 111	$ 164
Adoption Impact
Summary of Significant Accounting Policies
ACL for off-balance sheet exposure	1,386
Topic 326
Summary of Significant Accounting Policies
ACL on debt securities held-to-maturity, ACL on loan receivables and ACL for off-balance sheet exposure			5,474
Topic 326 \| Residential Real Estate
Summary of Significant Accounting Policies
ACL on loan receivables			528
Topic 326 \| Non-residential Real Estate
Summary of Significant Accounting Policies
ACL on loan receivables			131
Topic 326 \| Construction
Summary of Significant Accounting Policies
ACL on loan receivables			3,835
Topic 326 \| Commercial and Industrial
Summary of Significant Accounting Policies
ACL on loan receivables			955
Topic 326 \| Consumer
Summary of Significant Accounting Policies
ACL on loan receivables			18
Topic 326 \| Unallocated
Summary of Significant Accounting Policies
ACL on loan receivables			$ 7
Topic 326 \| Adoption Impact
Summary of Significant Accounting Policies
ACL for off-balance sheet exposure	$ 1,586	1,586
ACL on debt securities held-to-maturity, ACL on loan receivables and ACL for off-balance sheet exposure		134
Topic 326 \| Adoption Impact \| Residential Real Estate
Summary of Significant Accounting Policies
ACL on loan receivables		895
Topic 326 \| Adoption Impact \| Non-residential Real Estate
Summary of Significant Accounting Policies
ACL on loan receivables		7
Topic 326 \| Adoption Impact \| Construction
Summary of Significant Accounting Policies
ACL on loan receivables		(2,086)
Topic 326 \| Adoption Impact \| Commercial and Industrial
Summary of Significant Accounting Policies
ACL on loan receivables		(437)
Topic 326 \| Adoption Impact \| Consumer
Summary of Significant Accounting Policies
ACL on loan receivables		44
Topic 326 \| Adoption Impact \| Unallocated
Summary of Significant Accounting Policies
ACL on loan receivables		(7)
Topic 326 \| Adoption Impact \| Municipal Bonds
Summary of Significant Accounting Policies
Securities held-to-maturity, allowance for credit losses		132
Topic 326 \| As Reported
Summary of Significant Accounting Policies
ACL for off-balance sheet exposure		1,586
ACL on debt securities held-to-maturity, ACL on loan receivables and ACL for off-balance sheet exposure		5,608
Topic 326 \| As Reported \| Residential Real Estate
Summary of Significant Accounting Policies
ACL on loan receivables		1,423
Topic 326 \| As Reported \| Non-residential Real Estate
Summary of Significant Accounting Policies
ACL on loan receivables		138
Topic 326 \| As Reported \| Construction
Summary of Significant Accounting Policies
ACL on loan receivables		1,749
Topic 326 \| As Reported \| Commercial and Industrial
Summary of Significant Accounting Policies
ACL on loan receivables		518
Topic 326 \| As Reported \| Consumer
Summary of Significant Accounting Policies
ACL on loan receivables		62
Topic 326 \| As Reported \| Municipal Bonds
Summary of Significant Accounting Policies
Securities held-to-maturity, allowance for credit losses		$ 132

Regulatory Capital - Schedule o

Regulatory Capital - Schedule of capital levels of the bank (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Actual Capital Amount
Total capital (to risk-weighted assets), Actual amount	$ 237,412	$ 222,728
Total capital (to risk-weighted assets), Minimum Capital Adequacy amount	134,605	130,429
Total capital (to risk-weighted assets), For Classification as Well-Capitalized amount	$ 168,256	$ 163,036
Actual Capital Ratio
Total capital (to risk-weighted assets), Actual ratio	0.1411	0.1366
Total capital (to risk-weighted assets), Minimum Capital Adequacy ratio	0.0800	0.0800
Total capital (to risk-weighted assets), For Classification as Well-Capitalized ratio	0.1000	0.1000
Tier 1 capital Amount
Tier 1 capital (to risk-weighted assets), Actual amount	$ 231,855	$ 217,283
Tier 1 capital (to risk-weighted assets), Minimum Capital Adequacy amount	100,954	97,822
Tier 1 capital (to risk-weighted assets), For Classification as Well-Capitalized amount	$ 134,605	$ 130,429
Tier 1 capital Ratio
Tier 1 capital (to risk-weighted assets), Actual ratio	0.1378	0.1333
Tier 1 capital (to risk-weighted assets), Minimum Capital Adequacy ratio	0.0600	0.0600
Tier 1 capital (to risk-weighted assets), For Classification as Well-Capitalized ratio	0.0800	0.0800
Common Equity Tier 1 Capital Amount
Common equity tier 1 capital (to risk-weighted assets), Actual amount	$ 231,855	$ 217,283
Common equity tier 1 capital (to risk-weighted assets), Minimum Capital Adequacy amount	75,715	73,366
Common equity tier 1 capital (to risk-weighted assets), For Classification as Well-Capitalized amount	$ 109,367	$ 105,973
Common Equity Tier 1 Capital Ratio
Common equity tier 1 capital (to risk-weighted assets), Actual ratio	0.1378	0.1333
Common equity tier 1 capital (to risk-weighted assets), Minimum Capital Adequacy ratio	0.0450	0.0450
Common equity tier 1 capital (to risk-weighted assets), For Classification as Well-Capitalized ratio	0.0650	0.0650
Core (Tier 1) Capital Amount
Core (Tier 1) capital (to adjusted total assets), Actual amount	$ 231,855	$ 217,283
Core (Tier 1) capital (to adjusted total assets), Minimum Capital Adequacy amount	57,202	52,687
Core (Tier 1) capital (to adjusted total assets), For Classification as Well-Capitalized amount	$ 71,503	$ 65,858
Core (Tier 1) Capital Ratio
Core (Tier 1) capital (to adjusted total assets), Actual ratio	0.1621	0.1650
Core (Tier 1) capital (to adjusted total assets), Minimum Capital Adequacy ratio	0.0400	0.0400
Core (Tier 1) capital (to adjusted total assets), For Classification as Well-Capitalized ratio	0.0500	0.0500

Equity Securities - Schedule of

Equity Securities - Schedule of equity securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Equity Securities
Equity Securities, at Fair Value	$ 18,266	$ 18,041

Equity Securities - Schedule _2

Equity Securities - Schedule of unrealized losses recognized in net income on equity securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity Securities
Net gain (loss) recognized on equity securities during the period	$ 225	$ (634)
Unrealized net gain (loss) recognized on equity securities held at the reporting date	$ 225	$ (634)

Securities Available-for-Sale -

Securities Available-for-Sale - Schedule of portfolio of securities available-for-sale (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Securities Available-for-Sale
Fair Value	$ 0	$ 1,000
Securities available-for-sale, at fair value	$ 0	1,000
Mortgage-backed securities - residential
Securities Available-for-Sale
Amortized Cost		1,000
Fair Value		1,000
Securities available-for-sale, at fair value		1,000
Federal Home Loan Mortgage Corporation
Securities Available-for-Sale
Amortized Cost		1,000
Fair Value		1,000
Securities available-for-sale, at fair value		$ 1,000

Securities Available-for-Sale_2

Securities Available-for-Sale - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Securities Available-for-Sale
Proceeds from sales of securities available-for-sale	$ 0	$ 0
Unrealized loss	$ 0	$ 0

Securities Held-to-Maturity - P

Securities Held-to-Maturity - Portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022
Securities Held-to-Maturity
Amortized Cost	$ 26,244		$ 26,395
Gross Unrealized Losses	3,160		3,530
ACL on debt securities held-to-maturity	136	$ 1,600
Fair Value	23,084		22,865
Mortgage-backed securities - residential
Securities Held-to-Maturity
Amortized Cost	6,697		6,835
Gross Unrealized Losses	851		903
Fair Value	5,846		5,932
Government National Mortgage Association
Securities Held-to-Maturity
Amortized Cost	512		523
Gross Unrealized Losses	13		18
Fair Value	499		505
Federal Home Loan Mortgage Corporation
Securities Held-to-Maturity
Amortized Cost	939		961
Gross Unrealized Losses	116		129
Fair Value	823		832
Federal National Mortgage Association
Securities Held-to-Maturity
Amortized Cost	2,229		2,308
Gross Unrealized Losses	230		250
Fair Value	1,999		2,058
Collateralized mortgage obligations - GSE
Securities Held-to-Maturity
Amortized Cost	3,017		3,043
Gross Unrealized Losses	492		506
Fair Value	2,525		2,537
Municipal Bonds
Securities Held-to-Maturity
Amortized Cost	9,541		9,546
Gross Unrealized Losses	2,269		2,524
ACL on debt securities held-to-maturity	136
Fair Value	7,272		7,022
U.S Treasury securities
Securities Held-to-Maturity
Amortized Cost	10,006		10,014
Gross Unrealized Losses	40		103
Fair Value	$ 9,966		$ 9,911

Securities Held-to-Maturity - C

Securities Held-to-Maturity - Contractual final maturities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Amortized Cost
Due within one year	$ 10,552
Due after one but within five years	1,610
Due after five but within ten years	3,011
Due after ten years	11,071
Amortized Cost	26,244
Fair Value
Due within one year	10,432
Due after one but within five years	1,288
Due after five but within ten years	2,470
Due after ten years	8,894
Fair Value	$ 23,084

Securities Held-to-Maturity - A

Securities Held-to-Maturity - Age of unrealized losses and the fair value (Details) $ in Thousands	Mar. 31, 2023 USD ($) security item	Dec. 31, 2022 USD ($) security item
Fair Value
Less than 12 Months	$ 10,465	$ 13,115
12 Months or More	5,344	9,741
Total	15,809	22,856
Gross Unrealized Losses
Less than 12 Months	53	537
12 Months or More	838	2,993
Total	891	3,530
Government National Mortgage Association
Fair Value
Less than 12 Months	499	505
Total	499	505
Gross Unrealized Losses
Less than 12 Months	13	18
Total	13	18
Federal Home Loan Mortgage Corporation
Fair Value
12 Months or More	823	824
Total	823	824
Gross Unrealized Losses
12 Months or More	116	129
Total	116	129
Federal National Mortgage Association
Fair Value
Less than 12 Months		478
12 Months or More	1,996	1,580
Total	1,996	2,058
Gross Unrealized Losses
Less than 12 Months		33
12 Months or More	230	217
Total	230	250
Collateralized mortgage obligations - GSE
Fair Value
Less than 12 Months		1,777
12 Months or More	2,525	759
Total	2,525	2,536
Gross Unrealized Losses
Less than 12 Months		344
12 Months or More	492	162
Total	492	506
Mortgage-backed securities - residential
Fair Value
Less than 12 Months	499	2,760
12 Months or More	5,344	3,163
Total	5,843	5,923
Gross Unrealized Losses
Less than 12 Months	13	395
12 Months or More	838	508
Total	$ 851	$ 903
Mortgage-backed securities
Gross Unrealized Losses
Number of securities with unrealized loss \| security	34	35
Municipal Bonds
Fair Value
Less than 12 Months		$ 444
12 Months or More		6,578
Total		7,022
Gross Unrealized Losses
Less than 12 Months		39
12 Months or More		2,485
Total		$ 2,524
Number of securities with unrealized loss \| item		6
U.S Treasury securities
Fair Value
Less than 12 Months	$ 9,966	$ 9,911
Total	9,966	9,911
Gross Unrealized Losses
Less than 12 Months	40	103
Total	$ 40	$ 103
US Treasury Notes
Gross Unrealized Losses
Number of securities with unrealized loss \| item	2	2

Securities Held-to-Maturity -_2

Securities Held-to-Maturity - Allowance for credit losses for debt securities held-to-maturity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Securities Held-to-Maturity
Ending Balance	$ 136
Municipal Bonds
Securities Held-to-Maturity
Provision for HTM securities	4
Ending Balance	136
Municipal Bonds \| Impact of adoptiong ASC 326
Securities Held-to-Maturity
Beginning Balance	$ 132

Loans Receivable and the Allo_3

Loans Receivable and the Allowance for Credit Losses - Summary of composition of loans (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Loans Receivable and the Allowance for Loan Losses
Loans receivable	$ 1,314,505
Loans receivable			$ 1,217,321
Deferred loan costs, net	369
Deferred loan costs, net			372
Allowance for credit losses	(4,066)		(5,474)
Allowance for credit losses		$ (132,000)	(5,474)	$ (5,328)	$ (5,242)
Net loans	1,310,808
Net loans			1,212,219
Residential Real Estate
Loans Receivable and the Allowance for Loan Losses
Loans receivable	159,493
Loans receivable			150,754
Allowance for credit losses	(1,474)		(528)
Allowance for credit losses			(528)	(510)	(571)
Residential Real Estate \| One-to-four family
Loans Receivable and the Allowance for Loan Losses
Loans receivable	5,401
Loans receivable			5,467
Residential Real Estate \| Multi-family
Loans Receivable and the Allowance for Loan Losses
Loans receivable	124,996
Loans receivable			123,385
Residential Real Estate \| Mixed-use
Loans Receivable and the Allowance for Loan Losses
Loans receivable	29,096
Loans receivable			21,902
Non-residential Real Estate
Loans Receivable and the Allowance for Loan Losses
Loans receivable	21,662
Loans receivable			25,324
Allowance for credit losses	(122)		(131)
Allowance for credit losses			(131)	(340)	(381)
Construction
Loans Receivable and the Allowance for Loan Losses
Loans receivable	1,008,781
Loans receivable			930,628
Allowance for credit losses	(1,842)		(3,835)
Allowance for credit losses			(3,835)	(3,392)	(3,143)
Commercial and Industrial
Loans Receivable and the Allowance for Loan Losses
Loans receivable	123,533
Loans receivable			110,069
Allowance for credit losses	(506)		(955)
Allowance for credit losses			(955)	(958)	(973)
Consumer
Loans Receivable and the Allowance for Loan Losses
Loans receivable	1,036
Loans receivable			546
Allowance for credit losses	$ (122)		(18)
Allowance for credit losses			$ (18)	$ (17)	$ (10)

Loans Receivable and the Allo_4

Loans Receivable and the Allowance for Credit Losses - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Loans Receivable and the Allowance for Loan Losses
Loans serviced for the benefit of others	$ 26,112,000		$ 22,350,000
Charge-offs		$ 10,000
Loans receivable	1,314,505,000
Individually evaluated loans	0		$ 855,000
Interest income recognized from individually evaluated loans	0
Nonperforming Financial Instruments [Member]
Loans Receivable and the Allowance for Loan Losses
Loans receivable	$ 0

Loans Receivable and the Allo_5

Loans Receivable and the Allowance for Credit Losses - Schedule of analysis of the activity in the allowance for loan losses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Allowance for loan losses:
Ending balance		$ 132,000	$ 5,474	$ 5,328	$ 5,242
Ending balance	$ 4,066		5,474
Ending balance: individually evaluated for impairment	4,066
Ending balance: collectively evaluated for impairment	4,066
Ending balance: collectively evaluated for impairment			5,474
Ending balance			1,217,321
Ending balance	1,314,505
Ending balance: individually evaluated for impairment	0		855
Ending balance: collectively evaluated for impairment			1,216,466
Ending balance: collectively evaluated for impairment	1,314,505
Residential Real Estate
Allowance for loan losses:
Ending balance			528	510	571
Ending balance	1,474		528
Ending balance: individually evaluated for impairment	1,474
Ending balance: collectively evaluated for impairment	1,474
Ending balance: collectively evaluated for impairment			528
Ending balance			150,754
Ending balance	159,493
Ending balance: individually evaluated for impairment			855
Ending balance: collectively evaluated for impairment			149,899
Ending balance: collectively evaluated for impairment	159,493
Non-residential Real Estate
Allowance for loan losses:
Ending balance			131	340	381
Ending balance	122		131
Ending balance: individually evaluated for impairment	122
Ending balance: collectively evaluated for impairment	122
Ending balance: collectively evaluated for impairment			131
Ending balance			25,324
Ending balance	21,662
Ending balance: collectively evaluated for impairment			25,324
Ending balance: collectively evaluated for impairment	21,662
Construction
Allowance for loan losses:
Ending balance			3,835	3,392	3,143
Ending balance	1,842		3,835
Ending balance: individually evaluated for impairment	1,842
Ending balance: collectively evaluated for impairment	1,842
Ending balance: collectively evaluated for impairment			3,835
Ending balance			930,628
Ending balance	1,008,781
Ending balance: collectively evaluated for impairment			930,628
Ending balance: collectively evaluated for impairment	1,008,781
Commercial and Industrial
Allowance for loan losses:
Ending balance			955	958	973
Ending balance	506		955
Ending balance: individually evaluated for impairment	506
Ending balance: collectively evaluated for impairment	506
Ending balance: collectively evaluated for impairment			955
Ending balance			110,069
Ending balance	123,533
Ending balance: collectively evaluated for impairment			110,069
Ending balance: collectively evaluated for impairment	123,533
Consumer
Allowance for loan losses:
Ending balance			18	17	10
Ending balance	122		18
Ending balance: individually evaluated for impairment	122
Ending balance: collectively evaluated for impairment	122
Ending balance: collectively evaluated for impairment			18
Ending balance			546
Ending balance	1,036
Ending balance: collectively evaluated for impairment			546
Ending balance: collectively evaluated for impairment	$ 1,036
Unallocated
Allowance for loan losses:
Ending balance			7	$ 111	$ 164
Ending balance			7
Ending balance: collectively evaluated for impairment			$ 7

Loans Receivable and the Allo_6

Loans Receivable and the Allowance for Credit Losses - Unfunded loan commitment allowances activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - December 31, 2022	$ 5,474
Ending balance	4,066
Charge-offs	21
Provision (Benefit)	197
Balance -March 31, 2023	4,066
Residential Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - December 31, 2022	528
Ending balance	1,474
Provision (Benefit)	51
Balance -March 31, 2023	1,474
Non-residential Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - December 31, 2022	131
Ending balance	122
Provision (Benefit)	(16)
Balance -March 31, 2023	122
Construction
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - December 31, 2022	3,835
Ending balance	1,842
Provision (Benefit)	93
Balance -March 31, 2023	1,842
Commercial and Industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - December 31, 2022	955
Ending balance	506
Provision (Benefit)	(12)
Balance -March 31, 2023	506
Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - December 31, 2022	18
Ending balance	122
Charge-offs	21
Provision (Benefit)	81
Balance -March 31, 2023	122
Unallocated
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - December 31, 2022	7
Ending balance
Cumulative effect of adoption of ASU 2016-13
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - December 31, 2022	(1,584)
Ending balance
Cumulative effect of adoption of ASU 2016-13 \| Residential Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - December 31, 2022	895
Ending balance
Cumulative effect of adoption of ASU 2016-13 \| Non-residential Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - December 31, 2022	7
Ending balance
Cumulative effect of adoption of ASU 2016-13 \| Construction
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - December 31, 2022	(2,086)
Ending balance
Cumulative effect of adoption of ASU 2016-13 \| Commercial and Industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - December 31, 2022	(437)
Ending balance
Cumulative effect of adoption of ASU 2016-13 \| Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - December 31, 2022	44
Ending balance
Cumulative effect of adoption of ASU 2016-13 \| Unallocated
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - December 31, 2022	$ (7)
Ending balance

Loans Receivable and the Allo_7

Loans Receivable and the Allowance for Credit Losses - Schedule of analysis of the activity in the allowance for loan loss by loan class (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Allowance for loan losses:
Beginning balance	$ 5,474	$ 5,242
Charge-offs		(10)
Recoveries		96
Provision (Benefit)	1
Ending balance		5,328
Residential Real Estate
Allowance for loan losses:
Beginning balance	528	571
Recoveries		43
Provision (Benefit)		(104)
Ending balance		510
Non-residential Real Estate
Allowance for loan losses:
Beginning balance	131	381
Recoveries		53
Provision (Benefit)		(94)
Ending balance		340
Construction
Allowance for loan losses:
Beginning balance	3,835	3,143
Provision (Benefit)		249
Ending balance		3,392
Commercial and Industrial
Allowance for loan losses:
Beginning balance	955	973
Provision (Benefit)		(15)
Ending balance		958
Consumer
Allowance for loan losses:
Beginning balance	18	10
Charge-offs		(10)
Provision (Benefit)		17
Ending balance		17
Unallocated
Allowance for loan losses:
Beginning balance	$ 7	164
Provision (Benefit)		(53)
Ending balance		$ 111

Loans Receivable and the Allo_8

Loans Receivable and the Allowance for Credit Losses - Summary of recorded investment, unpaid principal balance and allocated allowance (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2022
Recorded Investment
Recorded Investment, With no related allowance	$ 1,631	$ 855
Recorded Investment	1,631	855
Unpaid Principal Balance
Unpaid Principal Balance, With no related allowance	1,698	769
Unpaid Principal Balance	1,698	769
Average Recorded Investment
Average Recorded Investment, With no related allowance	1,627	1,248
Average Recorded Investment	1,627	1,248
Interest Income Recognized
Interest Income Recognized, With no related allowance	16	57
Interest Income Recognized	16	57
Residential Real Estate \| Multi-family
Recorded Investment
Recorded Investment, With no related allowance	865	855
Recorded Investment	865	855
Unpaid Principal Balance
Unpaid Principal Balance, With no related allowance	865	769
Unpaid Principal Balance	865	769
Average Recorded Investment
Average Recorded Investment, With no related allowance	871	863
Average Recorded Investment	871	863
Interest Income Recognized
Interest Income Recognized, With no related allowance	6	43
Interest Income Recognized	6	43
Non-residential Real Estate
Recorded Investment
Recorded Investment, With no related allowance	766
Recorded Investment	766
Unpaid Principal Balance
Unpaid Principal Balance, With no related allowance	833
Unpaid Principal Balance	833
Average Recorded Investment
Average Recorded Investment, With no related allowance	756	385
Average Recorded Investment	756	385
Interest Income Recognized
Interest Income Recognized, With no related allowance	10	14
Interest Income Recognized	$ 10	$ 14

Loans Receivable and the Allo_9

Loans Receivable and the Allowance for Credit Losses - Summary of loans receivable on nonaccrual status (Details) - loan	Mar. 31, 2023	Dec. 31, 2022
Loans Receivable and the Allowance for Credit Losses
Non-accrual loans	0	0

Loans Receivable and the All_10

Loans Receivable and the Allowance for Credit Losses - Schedule of age analysis of past due loans (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Loans Receivable and the Allowance for Loan Losses
Loans receivable		$ 1,217,321
Loans receivable	$ 1,314,505
60-89 Days Past Due
Loans Receivable and the Allowance for Loan Losses
Loans receivable		946
Past Due
Loans Receivable and the Allowance for Loan Losses
Loans receivable		946
Current
Loans Receivable and the Allowance for Loan Losses
Loans receivable		1,216,375
Loans receivable	1,314,505
Residential Real Estate
Loans Receivable and the Allowance for Loan Losses
Loans receivable		150,754
Loans receivable	159,493
Residential Real Estate \| One-to-four family
Loans Receivable and the Allowance for Loan Losses
Loans receivable		5,467
Loans receivable	5,401
Residential Real Estate \| One-to-four family \| Current
Loans Receivable and the Allowance for Loan Losses
Loans receivable		5,467
Loans receivable	5,401
Residential Real Estate \| Multi-family
Loans Receivable and the Allowance for Loan Losses
Loans receivable		123,385
Loans receivable	124,996
Residential Real Estate \| Multi-family \| 60-89 Days Past Due
Loans Receivable and the Allowance for Loan Losses
Loans receivable		946
Residential Real Estate \| Multi-family \| Past Due
Loans Receivable and the Allowance for Loan Losses
Loans receivable		946
Residential Real Estate \| Multi-family \| Current
Loans Receivable and the Allowance for Loan Losses
Loans receivable		122,439
Loans receivable	124,996
Residential Real Estate \| Mixed-use
Loans Receivable and the Allowance for Loan Losses
Loans receivable		21,902
Loans receivable	29,096
Residential Real Estate \| Mixed-use \| Current
Loans Receivable and the Allowance for Loan Losses
Loans receivable		21,902
Loans receivable	29,096
Non-residential Real Estate
Loans Receivable and the Allowance for Loan Losses
Loans receivable		25,324
Loans receivable	21,662
Non-residential Real Estate \| Current
Loans Receivable and the Allowance for Loan Losses
Loans receivable		25,324
Loans receivable	21,662
Construction
Loans Receivable and the Allowance for Loan Losses
Loans receivable		930,628
Loans receivable	1,008,781
Construction \| Current
Loans Receivable and the Allowance for Loan Losses
Loans receivable		930,628
Loans receivable	1,008,781
Commercial and Industrial
Loans Receivable and the Allowance for Loan Losses
Loans receivable		110,069
Loans receivable	123,533
Commercial and Industrial \| Current
Loans Receivable and the Allowance for Loan Losses
Loans receivable		110,069
Loans receivable	123,533
Consumer
Loans Receivable and the Allowance for Loan Losses
Loans receivable		546
Loans receivable	1,036
Consumer \| Current
Loans Receivable and the Allowance for Loan Losses
Loans receivable		$ 546
Loans receivable	$ 1,036

Loans Receivable and the All_11

Loans Receivable and the Allowance for Credit Losses - Troubled Debt Restructuring (Details) - loan	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Loans Receivable and the Allowance for Credit Losses
Number of loans modified that were deemed troubled debt restructuring	0	0

Loans Receivable and the All_12

Loans Receivable and the Allowance for Credit Losses - Summary of risk category of loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Loans Receivable and the Allowance for Loan Losses
2023	$ 83,560
2022	562,105
2021	350,306
2020	113,927
2019	51,572
Prior	151,426
Revolving Loans Converted to Term	1,609
Total	1,314,505	$ 1,217,321
Residential Real Estate
Loans Receivable and the Allowance for Loan Losses
2023	21,317
2022	58,791
2021	16,360
2020	11,793
2019	1,384
Prior	49,848
Total	159,493	150,754
Non-residential Real Estate
Loans Receivable and the Allowance for Loan Losses
2022	256
2021	2,217
2020	1,009
2019	387
Prior	17,793
Total	21,662	25,324
Construction
Loans Receivable and the Allowance for Loan Losses
2023	46,203
2022	470,380
2021	303,372
2020	93,220
2019	45,091
Prior	50,515
Total	1,008,781	930,628
Commercial and Industrial
Loans Receivable and the Allowance for Loan Losses
2023	15,027
2022	32,678
2021	28,357
2020	7,905
2019	4,710
Prior	33,247
Revolving Loans Converted to Term	1,609
Total	123,533	110,069
Consumer
Loans Receivable and the Allowance for Loan Losses
2023	1,013
Prior	23
Total	1,036	546
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff
2023	21
Total	21
Pass
Loans Receivable and the Allowance for Loan Losses
2023	83,560
2022	562,105
2021	350,306
2020	113,005
2019	51,572
Prior	151,426
Revolving Loans Converted to Term	1,609
Total	1,313,583	1,215,520
Pass \| Residential Real Estate
Loans Receivable and the Allowance for Loan Losses
2023	21,317
2022	58,791
2021	16,360
2020	10,871
2019	1,384
Prior	49,848
Total	158,571	148,953
Pass \| Non-residential Real Estate
Loans Receivable and the Allowance for Loan Losses
2022	256
2021	2,217
2020	1,009
2019	387
Prior	17,793
Total	21,662	25,324
Pass \| Construction
Loans Receivable and the Allowance for Loan Losses
2023	46,203
2022	470,380
2021	303,372
2020	93,220
2019	45,091
Prior	50,515
Total	1,008,781	930,628
Pass \| Commercial and Industrial
Loans Receivable and the Allowance for Loan Losses
2023	15,027
2022	32,678
2021	28,357
2020	7,905
2019	4,710
Prior	33,247
Revolving Loans Converted to Term	1,609
Total	123,533	110,069
Pass \| Consumer
Loans Receivable and the Allowance for Loan Losses
2023	1,013
Prior	23
Total	1,036	546
Special Mention
Loans Receivable and the Allowance for Loan Losses
2020	922
Total	922	946
Special Mention \| Residential Real Estate
Loans Receivable and the Allowance for Loan Losses
2020	922
Total	$ 922	946
Substandard
Loans Receivable and the Allowance for Loan Losses
Total		855
Substandard \| Residential Real Estate
Loans Receivable and the Allowance for Loan Losses
Total		$ 855

Loans Receivable and the All_13

Loans Receivable and the Allowance for Credit Losses - Summary of allowance for credit losses on off balance sheet commitments (Details) - Impact of adoptiong ASC 326 $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]
Provisions of credit loss expense - off-balance sheet commitments	$ (200)
Ending balance of allowance for Credit Loss on off-balance sheet Commitments	1,386
Adoption of ASU 2016-13
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]
Ending balance of allowance for Credit Loss on off-balance sheet Commitments	$ 1,586

Real Estate Owned ("REO") (Deta

Real Estate Owned ("REO") (Details) $ in Thousands	3 Months Ended
Real Estate Owned ("REO") (Details) $ in Thousands	Mar. 31, 2023 USD ($) property	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Real Estate Owned ("REO")
Number of foreclosed property owned \| property	1
Value of foreclosed property owned	$ 1,456		$ 1,456
REO expense including loss on sales and write-downs	$ 21	$ 31

Federal Home Loan Bank of New_3

Federal Home Loan Bank of New York ("FHLB") Advances (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Advances maturing in:
One year or less	$ 7,000	$ 7,000
After one to three years		7,000
After five years (due 2030)	7,000	7,000
FHLB advances	$ 14,000	$ 21,000
Weighted Average Interest Rate
One year or less	2.86%	2.83%
After one to three years		2.86%
After five years (due 2030)	1.61%	1.61%
FHLB advances weighted average interest rate (as a percent)	2.24%	2.43%

Federal Home Loan Bank of New_4

Federal Home Loan Bank of New York ("FHLB") Advances - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Federal Home Loan Bank of New York ("FHLB") Advances
Advances subject to early call or redemption features	$ 0
Outstanding advances	14,000	$ 21,000
FHLB
Federal Home Loan Bank of New York ("FHLB") Advances
Maximum borrowing capacity	35,500
Outstanding advances	14,000
Atlantic Community Bankers Bank
Federal Home Loan Bank of New York ("FHLB") Advances
Outstanding advances	$ 8,000
Minimum
Federal Home Loan Bank of New York ("FHLB") Advances
Term of the advance	2 years
Maximum
Federal Home Loan Bank of New York ("FHLB") Advances
Term of the advance	10 years

Benefits Plans - Net periodic p

Benefits Plans - Net periodic pension expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net periodic pension expense:
Unrecognized net gain (loss) included in accumulated other comprehensive income	$ (18)	$ 17
Pension Plan \| DRP
Net periodic pension expense:
Service cost	31	30
Interest cost	10	14
Actuarial (gain) loss amortized	(8)	7
Total net periodic pension expense included in other non-interest expenses	$ 33	$ 51

Benefits Plans - Narrative (Det

Benefits Plans - Narrative (Details)		3 Months Ended
Benefits Plans - Narrative (Details)	Jul. 12, 2022 USD ($) installment $ / shares shares	Mar. 31, 2023 USD ($) installment $ / shares shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Benefits Plans
Balance remaining on the ESOP loan				$ 1,212,219,000
Balance remaining on the ESOP loan		$ 1,310,808,000
401 (K) Plan
Benefits Plans
Participants maximum contribution (as a percent)		60%
Employers matching contribution (as a percent)		0%	0%
401 (K) Plan \| Minimum
Benefits Plans
Participants maximum contribution (as a percent)		1%
401 (K) Plan \| Maximum
Benefits Plans
Participants maximum contribution (as a percent)		15%
ESOP 2006 \| Employee Stock Ownership Plan Loan
Benefits Plans
Expense on defined benefit plan.		$ 326,000	$ 258,000
Amount borrowed from company	$ 7,827,260	$ 5,184,200
Common stock shares acquired \| shares	782,726	518,420
Share price \| $ / shares	$ 10	$ 10
Interest rate on loans (as a percent)	3.25%	8.25%
Number of installments of loans receivable \| installment	15	20
Balance remaining on the ESOP loan				1,327,000
Balance remaining on the ESOP loan		$ 1,327,000
Shares committed to be released \| shares		2,894
Dividends on unallocated shares reduced from loan		$ 47,000	52,000
Dividends on unallocated shares charged to retained earnings		42,000	36,000
ESOP 2021 \| Employee Stock Ownership Plan Loan
Benefits Plans
Balance remaining on the ESOP loan				$ 6,850,000
Balance remaining on the ESOP loan		$ 6,850,000
Shares committed to be released \| shares		4,348
Pension Plan \| SERP
Benefits Plans
Term of average base salary preceding retirement		3 years
Monthly installments		50%
Expense on defined benefit plan.		$ 60,000	$ 119,000
2023		0
2024		0
2025		0
2026		0
2027		$ 0
Pension Plan \| SERP \| Minimum
Benefits Plans
Benefit payment term		15 years

Benefits Plans - ESOP shares (D

Benefits Plans - ESOP shares (Details) - Pension Plan - DRP - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Benefits Plans
Allocated shares	$ 694,848	$ 607,922
Shares committed to be released	21,730	86,920
Unearned shares	760,831	782,567
Total ESOP Shares	1,477,409	1,477,409
Less allocated shares distributed to former or retired employees	(132,012)	(122,280)
Total ESOP Shares Held by Trustee	1,345,397	1,355,129
Fair value of unearned shares	$ 9,982,103	$ 11,675,897

Leases - Narrative (Details)

Leases - Narrative (Details)	3 Months Ended
Leases - Narrative (Details)	Mar. 31, 2023
Leases
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Finance lease remaining lease terms	95 years
Lessee, Finance Lease, Existence of Option to Extend [true false]	true
Minimum
Leases
Operating lease remaining lease terms	2 years
Operating lease initial lease terms	5 years
Maximum
Leases
Operating lease remaining lease terms	9 years
Operating lease initial lease terms	10 years

Leases - Schedule of leases of

Leases - Schedule of leases of the Company (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Finance Lease Amounts:
ROU asset	$ 354		$ 355
Lease liability	542		533
Operating Lease Amounts:
ROU assets	2,182		2,312
Lease liability	2,234		$ 2,363
Amortization of ROU asset	1	$ 1
Interest on lease liability	9	9
Operating Lease Costs	144	142
Cash paid for amounts included in the measurement of lease liabilities
Operating leases	$ 142	$ 138
Finance lease	93 years 9 months		94 years
Operating leases	6 years 25 days		6 years 2 months 8 days
Finance lease	9.50%		9.50%
Operating leases	1.46%		1.50%

Leases - Maturities of lease li

Leases - Maturities of lease liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Maturities of Operating lease liabilities
2023	$ 380
2024	436
2025	398
2026	235
2027	239
Thereafter	636
Total lease payments	2,324
Interest	(90)
Lease liability	2,234	$ 2,363
Maturities of Finance lease liabilities
2023	23
2024	30
2025	30
2026	31
2027	33
Thereafter	4,016
Total lease payments	4,163
Interest	(3,621)
Lease liability	$ 542	$ 533

Fair Value Disclosures - Assets

Fair Value Disclosures - Assets carried at fair value on a recurring basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Disclosures
Transfer of Assets from Level 1 to 2	$ 0	$ 0
Transfer of Assets from Level 2 to 1	0	0
Transfer of Liabilities from Level 1 to 2	0	0
Transfer of Liabilities from Level 2 to 1	0	0
Recurring
Fair Value Disclosures
Total assets	18,266	18,042
Total Liabilities	0	0
Recurring \| Mutual funds
Fair Value Disclosures
Total assets	18,266	18,041
Recurring \| FHLMC
Fair Value Disclosures
Total assets		1
Level 1 \| Recurring
Fair Value Disclosures
Total assets	18,266	18,041
Level 1 \| Recurring \| Mutual funds
Fair Value Disclosures
Total assets	$ 18,266	18,041
Level 2 \| Recurring
Fair Value Disclosures
Total assets		1
Level 2 \| Recurring \| FHLMC
Fair Value Disclosures
Total assets		$ 1

Fair Value Disclosures - Asse_2

Fair Value Disclosures - Assets carried at fair value on a non-recurring basis (Details) - Non recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Disclosures
Total assets		$ 2,311
Total Liabilities	$ 0	0
Impaired loans [Member]
Fair Value Disclosures
Total assets		855
Real estate owned
Fair Value Disclosures
Total assets		1,456
Level 3
Fair Value Disclosures
Total assets		2,311
Level 3 \| Impaired loans [Member]
Fair Value Disclosures
Total assets		855
Level 3 \| Real estate owned
Fair Value Disclosures
Total assets		$ 1,456

Fair Value Disclosures - Qualit

Fair Value Disclosures - Qualitative information about non-recurring Level III fair value measurements (Details) - Non recurring $ in Thousands	Dec. 31, 2022 USD ($)
Fair Value Disclosures
Fair value	$ 2,311
Impaired loans
Fair Value Disclosures
Fair value	855
Real estate owned
Fair Value Disclosures
Fair value	1,456
Level 3
Fair Value Disclosures
Fair value	2,311
Level 3 \| Impaired loans
Fair Value Disclosures
Fair value	$ 855
Level 3 \| Impaired loans \| Income approach \| Capitalization rate
Fair Value Disclosures
Securities held for sale	5.60
Level 3 \| Impaired loans \| Income approach \| Weighted Average \| Capitalization rate
Fair Value Disclosures
Securities held for sale	5.60
Level 3 \| Real estate owned
Fair Value Disclosures
Fair value	$ 1,456
Level 3 \| Real estate owned \| Income approach \| Capitalization rate
Fair Value Disclosures
Securities held for sale	12
Level 3 \| Real estate owned \| Income approach \| Weighted Average \| Capitalization rate
Fair Value Disclosures
Securities held for sale	12

Fair Value Disclosures - Carryi

Fair Value Disclosures - Carrying amounts and estimated fair value of our financial instruments (Details) - Non recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Disclosures
Total assets		$ 2,311
Carrying Amount \| Deposits- liabilities
Fair Value Disclosures
Financial Liabilities	$ 1,208,393	1,121,955
Carrying Amount \| FHLB of New York advances
Fair Value Disclosures
Financial Liabilities	14,000	21,000
Carrying Amount \| Cash and cash equivalents
Fair Value Disclosures
Total assets	77,045	95,308
Carrying Amount \| Certificates of deposit
Fair Value Disclosures
Total assets	100	100
Carrying Amount \| Marketable equity securities
Fair Value Disclosures
Total assets	18,266	18,041
Carrying Amount \| Securities available for sale
Fair Value Disclosures
Total assets		1
Carrying Amount \| Securities held to maturity
Fair Value Disclosures
Total assets	26,108	26,395
Carrying Amount \| Loans receivable, net
Fair Value Disclosures
Total assets	1,310,808	1,212,219
Carrying Amount \| Investments in restricted stock
Fair Value Disclosures
Total assets	923	1,238
Carrying Amount \| Accrued interest receivable
Fair Value Disclosures
Total assets	9,919	8,597
Fair Value \| Deposits- liabilities
Fair Value Disclosures
Financial Liabilities	1,210,167	1,121,107
Fair Value \| FHLB of New York advances
Fair Value Disclosures
Financial Liabilities	12,846	19,437
Fair Value \| Cash and cash equivalents
Fair Value Disclosures
Total assets	77,045	95,308
Fair Value \| Certificates of deposit
Fair Value Disclosures
Total assets	100	100
Fair Value \| Marketable equity securities
Fair Value Disclosures
Total assets	18,266	18,041
Fair Value \| Securities available for sale
Fair Value Disclosures
Total assets		1
Fair Value \| Securities held to maturity
Fair Value Disclosures
Total assets	23,084	22,865
Fair Value \| Loans receivable, net
Fair Value Disclosures
Total assets	1,287,299	1,191,483
Fair Value \| Investments in restricted stock
Fair Value Disclosures
Total assets	923	1,238
Fair Value \| Accrued interest receivable
Fair Value Disclosures
Total assets	9,919	8,597
Level 1 \| Fair Value \| Cash and cash equivalents
Fair Value Disclosures
Total assets	77,045	95,308
Level 1 \| Fair Value \| Marketable equity securities
Fair Value Disclosures
Total assets	18,266	18,041
Level 2 \| Fair Value \| Deposits- liabilities
Fair Value Disclosures
Financial Liabilities	1,210,167	1,121,107
Level 2 \| Fair Value \| FHLB of New York advances
Fair Value Disclosures
Financial Liabilities	12,846	19,437
Level 2 \| Fair Value \| Certificates of deposit
Fair Value Disclosures
Total assets	100	100
Level 2 \| Fair Value \| Securities available for sale
Fair Value Disclosures
Total assets		1
Level 2 \| Fair Value \| Securities held to maturity
Fair Value Disclosures
Total assets	23,084	22,865
Level 2 \| Fair Value \| Investments in restricted stock
Fair Value Disclosures
Total assets	923	1,238
Level 2 \| Fair Value \| Accrued interest receivable
Fair Value Disclosures
Total assets	9,919	8,597
Level 3
Fair Value Disclosures
Total assets		2,311
Level 3 \| Fair Value \| Loans receivable, net
Fair Value Disclosures
Total assets	$ 1,287,299	$ 1,191,483

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Revenue Recognition
Deposit-related fees and charges	$ 14	$ 18
Loan-related fees and charges	350	171
Electronic banking fees and charges	243	202
Income from bank owned life insurance	150	148
Investment advisory fees	117	137
Unrealized gain (loss) on equity securities	225	(634)
Miscellaneous	16	16
Total Non-Interest Income	$ 1,115	$ 58

Other Non-Interest Expenses (De

Other Non-Interest Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Non-Interest Expenses
Other	$ 766	$ 615
Service contracts	319	257
Consulting expense	189	258
Telephone	157	142
Directors compensation	224	139
Audit and accounting	111	205
Insurance	95	82
Director, officer, and employee expense	58	58
Legal fees	120	154
Office supplies and stationary	50	40
Recruiting expense	2	28
Other non-interest expenses	$ 2,091	$ 1,978

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share
Net income	$ 11,244	$ 3,645
Weighted average shares issued	15,769	16,378
Less: Weighted average unearned ESOP shares	(768)	(855)
Less: Weighted average unvested restricted shares	(352)
Basic weighted average shares outstanding	14,649	15,523
Add: Dilutive effect of restricted stock	47
Diluted weighted average shares outstanding	14,696
Net income per share
Basic	$ 0.77	$ 0.23
Diluted	$ 0.77

Stock Compensation Plans (Detai

Stock Compensation Plans (Details) - 2022 Equity Incentive Plan	Nov. 17, 2022 shares	Sep. 30, 2022 director shares	Mar. 31, 2023 shares	Dec. 31, 2022 shares	Sep. 29, 2022 shares
Stock Compensation Plans
Number of shares authorized under incentive plan					1,369,771
Number of eligible non-employee directors \| director		6
Vesting rate of plan (%)	20%
Number of common stock reserved			137,637	137,637
Employees
Stock Compensation Plans
Number of common stock reserved			98,311	98,311
Restricted stock
Stock Compensation Plans
Number of common stock reserved			39,326	39,326
Restricted stock \| 6 Non-employee directors
Stock Compensation Plans
Number of common stock awarded		86,880
Restricted stock \| Employees
Stock Compensation Plans
Number of common stock awarded	265,157
Nonqualified stock options \| 6 Non-employee directors
Stock Compensation Plans
Number of common stock awarded		217,206
Nonqualified stock options \| Employees
Stock Compensation Plans
Number of common stock awarded	662,891

Stock Compensation Plans - Rest

Stock Compensation Plans - Restricted stock activity (Details) - Restricted stock - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Shares
Outstanding, Beginning of year	352,037
Outstanding, end of year	352,037
Weighted Average Grant -Date Market Price
Outstanding, Beginning of year	$ 13.67
Outstanding, end of year	$ 13.67
Compensation expense related to restricted stock	$ 241,000
Compensation cost not yet recognized	$ 4,500	$ 4,700
Period over which unrecognized compensation costs expected to recognized	5 years

Stock Compensation Plans - Stoc

Stock Compensation Plans - Stock option activity (Details) - Stock option - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Options
Outstanding, Beginning of year	880,097
Outstanding, end of year	880,097
Weighted Average Grant -Date Market Price
Outstanding, Beginning of year	$ 13.67
Outstanding, end of year	$ 13.67
Compensation cost recognized	$ 192,000
Unrecognized compensation cost	$ 3,600	$ 3,700
Period over which unrecognized compensation costs expected to recognized	5 years