Welcome to our dedicated page for Northeast Bank news (Ticker: NBN), a resource for investors and traders seeking the latest updates and insights on Northeast Bank stock.
The Northeast Bank (NBN), a Maine-based full-service bank, offers a comprehensive range of banking and financial services to both individual and corporate customers across the United States. The bank operates through three primary divisions: the Community Banking Division, the Loan Acquisition and Servicing Group, and the Small Business Administration Division.
The bank's diverse loan portfolio includes residential mortgage loans, multi-family and commercial real estate loans, commercial and industrial loans, consumer loans, and Small Business Administration (SBA) loans. These loans are mainly serviced through branches in the Maine market and the National Lending Division, which purchases and originates commercial loans nationwide. The firm also provides modern banking solutions such as telephone banking, online banking, mobile banking, and remote deposit capture services.
Northeast Bank's recent financial performance highlights its robust growth and stability. For the quarter ended September 30, 2023, the bank reported a net income of $15.2 million or $2.01 per diluted common share. Total assets as of that date were $2.88 billion, showcasing a consistent increase in asset value. The National Lending Division has been instrumental in this growth, with a combined yield of 9.4% for the quarter ended September 30, 2023.
Further proving its financial health, Northeast Bank's Tier 1 leverage capital ratio increased to 10.9% as of September 30, 2023. This was a notable rise from 10.4% in the previous quarter, reflecting increased earnings and solid capitalization. Additionally, the bank’s asset quality remains strong, with non-performing assets comprising only 0.69% of total assets.
The bank continues to maintain strategic partnerships and engage in significant projects. Recently, it signed an agreement to purchase loans with unpaid balances of $74.2 million, closed in October 2023. This transaction is expected to further enhance the bank's profitability and asset base.
As of June 30, 2023, the bank's total assets were $2.87 billion, marking an impressive growth from $1.58 billion the previous year. The National Lending Division's loan purchases and originations have been vital to this growth, contributing significantly to the bank’s revenue from interest and dividends.
Northeast Bank is committed to maintaining its strong performance and expanding its market presence through innovative banking solutions and strategic growth initiatives. Investors can stay informed about the company’s developments through their website and frequent earnings calls hosted by senior executives.
Northeast Bank (NASDAQ: NBN) has announced an at-the-market offering of voting common stock with an aggregate offering price of up to $75 million. The offering will be conducted through Piper Sandler and KBW as distribution agents, with sales made at prevailing market prices or negotiated prices.
The Bank plans to use the net proceeds for general corporate purposes and to support additional growth. The shares will be offered through an offering circular, and the completion of the offering is subject to market conditions with no guaranteed timeline or terms.
Northeast Bank operates as a full-service bank headquartered in Portland, Maine, with seven banking centers serving the Maine market, alongside National Lending and SBA Divisions operating nationwide.
Northeast Bank (NASDAQ: NBN) reported Q1 FY2024 net income of $17.1 million, or $2.11 per diluted share, up from $15.2 million ($2.01/share) in Q1 FY2023. The bank achieved its second-largest quarterly loan volume with $859.8 million in loan generation from the National Lending Division. Total assets increased 25.8% to $3.94 billion. The bank's SBA 7(a) program showed significant growth, originating $82.4 million in loans and selling $63.1 million of guaranteed portions. Return on average equity was 17.5% with a return on average assets of 2.1%. The Board declared a $0.01 per share dividend, payable November 26, 2024.
Northeast Bank (NASDAQ: NBN) has announced it will release its fiscal 2025 first quarter earnings results on Tuesday, October 29, 2024. The Bank will host a conference call with a simultaneous webcast at 10:00 a.m. ET on Wednesday, October 30, 2024. The call will be led by the President and CEO Rick Wayne, CFO Richard Cohen, and COO Pat Dignan. The webcast will include a slide presentation and can be accessed through the Bank's website. A replay will be available online for one year. Northeast Bank operates seven branches in Maine and includes a National Lending Division for commercial loans nationwide, along with ableBanking division for online savings products.
Northeast Bank (NASDAQ: NBN) has announced a significant loan purchase volume since June 30, 2024. The Bank has acquired primarily commercial real estate loans with an unpaid principal balance of $805 million. This represents the second largest quarterly loan purchase volume in the Bank's history.
Due to the late-quarter timing of these purchases, there will be minimal impact on earnings for the first fiscal quarter of 2025. The Bank has funded and plans to continue funding these loan purchases primarily through brokered deposits and Federal Home Loan Bank advances.
CEO Rick Wayne expressed satisfaction with the quarter's purchased loan activity, highlighting the Bank's strong reputation in the loan purchase market and the team's ability to capitalize on available opportunities.
Northeast Bank (NASDAQ: NBN) reported strong Q4 results for fiscal year 2024, with net income of $15.1 million, or $1.91 per diluted share, up from $12.1 million in Q4 2023. For the full year, net income reached $58.2 million, or $7.58 per diluted share, compared to $44.2 million in FY 2023. The bank's National Lending Division portfolio grew by 9.0% year-over-year, driven by $399.1 million in originations and $382.0 million in purchases. Total assets increased by 9.1% to $3.13 billion. The loan portfolio yield improved to 9.37% in Q4 2024, up from 8.71% in Q4 2023. Deposits grew by 20.8%, while FHLB advances decreased by 38.6%. The bank declared a cash dividend of $0.01 per share.
Northeast Bank (NASDAQ: NBN) has announced the release of its fiscal 2024 fourth quarter earnings results on Monday, July 29, 2024. The bank will host a conference call and simultaneous webcast to discuss the results on Thursday, August 1, 2024, at 10:00 a.m. ET. The call will be led by Rick Wayne (President and CEO), Richard Cohen (CFO), and Pat Dignan (COO).
Investors can access the conference call via phone registration or watch the live webcast on Northeast Bank's website. A replay of the webcast will be available online for one year. Northeast Bank is a full-service bank headquartered in Portland, Maine, offering personal and business banking services through seven branches and a National Lending Division for commercial loans nationwide.
Northeast Bank reported net income of $13.9 million for the quarter ended March 31, 2024, with a dividend of $0.01 per share declared. Total assets reached $3.00 billion, a 4.6% increase from the prior year. Strong results led by the National Lending Division's portfolio growth and the issuance of common stock. Non-GAAP measures like total return on purchased loans were highlighted.
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