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) reported a net income of $8.3 million ($1.12 per diluted share) for Q1 FY 2023, down from $9.9 million ($1.20 per diluted share) in Q1 FY 2022. This decline resulted from a $6.4 million decrease in correspondent fee income and a $1.1 million increase in loan loss provisions, despite a $4.8 million rise in net interest income. Notably, the National Lending Division achieved $259.3 million in loan originations, raising the portfolio by 13.5%. Total assets climbed to $1.74 billion, driven by a $159.4 million increase in loans.
Northeast Bank (NASDAQ: NBN) will announce its fiscal 2023 first quarter earnings results on October 31, 2022. Following this, a conference call will be held on November 1, 2022, at 10:00 a.m. ET, hosted by key executives including President and CEO Rick Wayne. Investors can participate by phone or via a live webcast on the Bank’s website. The call will include a slide presentation, and a replay will be available online for one year. Northeast Bank offers personal and business banking services across Maine and has a national lending division.
Northeast Bank (NASDAQ: NBN) reported a net income of $10.3 million, or $1.35 per diluted share, for Q2 2022, a decline from $21.4 million in Q2 2021. For the fiscal year, net income dropped to $42.2 million, down from $71.5 million in the previous year. The decrease was primarily due to a significant $12.6 million reduction in gains from the sale of PPP loans. Notably, the National Lending Division achieved record originations of $172.9 million in Q2 and increased yield to 7.9%. The bank declared a $0.01 dividend payable on August 23, 2022.
Northeast Bank (NASDAQ: NBN) announced it will release its fiscal 2022 fourth quarter earnings on July 25, 2022. A conference call is scheduled for July 26, 2022, at 10:00 a.m. ET, featuring executives including President Rick Wayne and CFO JP Lapointe. Investors can join the call at 866.374.5140 using PIN 31924851#, or via a live webcast accessible through Northeast Bank's website. The Bank operates seven branches in Maine and offers nationwide services through its National Lending Division and ableBanking.
Northeast Bank (NASDAQ: NBN) reported a net income of $10.6 million, or $1.36 per diluted share, for the quarter ended March 31, 2022, a decrease from $34.2 million, or $4.06 per diluted share, in the same quarter of 2021. For the nine-month period, net income was $31.9 million, down from $50.1 million year-over-year. The Board declared a $0.01 dividend per share, payable on May 18, 2022. Strong loan originations of $152.1 million were reported, with a net growth of $61.3 million in the originated portfolio, reflecting 9.9% growth compared to December 2021.
Northeast Bank (NASDAQ: NBN) announced the termination of its existing share repurchase program and initiated a new program allowing for the buyback of 1,000,000 shares or up to $40 million, representing approximately 13.1% of its outstanding common stock. The repurchases will occur in open market transactions and are subject to various factors including market conditions. The program can be suspended or terminated at any time and will expire on April 13, 2023.
Northeast Bank (NASDAQ: NBN) will disclose its fiscal 2022 third quarter earnings results on April 25, 2022. A conference call, featuring key executives including President Rick Wayne, will take place on April 26, 2022, at 10:00 a.m. ET. Investors can access the call via phone or a live webcast on the Bank's website, with a replay available for one year. Northeast Bank provides personal and business banking services in Maine and commercial loans nationwide through its National Lending Division.
Northeast Bank (NASDAQ: NBN) reported a net income of $11.4 million or $1.42 per diluted share for the quarter ending December 31, 2021, an increase from $8.2 million or $0.98 year-over-year. For the six months, net income rose to $21.3 million or $2.63 per share. The board declared a cash dividend of $0.01 per share, payable on February 24, 2022. Key highlights include a record $260.5 million in loan originations, reflecting strong loan portfolio growth and a return on average equity of 18.8%.
Northeast Bank (NASDAQ: NBN) will release its fiscal 2022 second quarter earnings on January 26, 2022. The earnings call is scheduled for January 27, 2022, at 10:00 a.m. ET, hosted by top executives including President Rick Wayne and CFO JP Lapointe. Investors can participate by calling 800.773.2954 with conference ID 50273456 or through a live webcast available on the Bank's website. A replay of the call will be accessible for one year. Northeast Bank, based in Portland, Maine, provides a range of personal and business banking services across eight branches and offers national commercial loans.
Northeast Bank (NASDAQ: NBN) reported a net income of $9.9 million for Q1 FY 2022, up from $7.8 million in Q1 FY 2021, equating to $1.20 per diluted share. The bank declared a dividend of $0.01 per share, payable on November 23, 2021. Notable highlights include a 17.8% year-on-year increase in the National Lending average loan portfolio, totaling $147.2 million, and a 4.0% growth in the lending portfolio since June 30, 2021. However, total assets decreased by 36.4% to $1.38 billion, primarily due to an 81.0% drop in cash and short-term investments.
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