NorthEast Community Bancorp Board Authorizes Third Stock Repurchase Program To Acquire Up To 1.40M Shares, Or 10%, Of Company's Currently Issued And Outstanding Common Stock

NorthEast Community Bancorp, Inc. (NASDAQ:NECB) (the "Company"), the holding company for NorthEast Community Bank, today announced that the Company's Board of Directors has authorized a third stock repurchase program to acquire up to 1,400,435 shares, or 10%, of the Company's currently issued and outstanding common stock.

On May 30, 2023, the Company announced its second stock repurchase program, which authorized the purchase of up to 1,509,218 shares of the Company's common stock. The Company repurchased 1,091,174 shares, at an average cost of $15.78 per share, under the second stock repurchase program prior to its expiration and no shares currently remain available for repurchase under the second stock repurchase program.

The new stock repurchase program permits shares to be repurchased in open market transactions or privately negotiated transactions, and pursuant to a trading plan that the Company intends to adopt in accordance with Rule 10b5-1 of the Securities and Exchange Commission.