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 entered into a Loan Purchase and Sale Agreement with The Loan Source, Inc. to sell all loans originated under the SBA's Paycheck Protection Program. From January 11 to February 26, 2021, the Bank received approval for $1.84 billion in PPP loans, with $1.65 billion funded. The sale is expected to yield a pre-tax gain of approximately $26 million. The Bank will continue to originate PPP loans, although future volumes are not expected to match previous levels. Northeast Bank ranks as the eleventh largest Round 2 PPP lender.
Northeast Bank (NASDAQ: NBN) has appointed Matthew Botein as the new Chairman of the Board of Directors, succeeding Robert R. Glauber. Botein, who has been a board member since 2010, is Co-founder and Managing Partner of Gallatin Point Capital LLC and has held significant positions at BlackRock, Highfields Capital, and Blackstone. He brings extensive experience in financial services and serves on multiple boards. In his remarks about Glauber, Botein emphasized his contributions to the bank and the industry.
Northeast Bank (NASDAQ: NBN) announced the passing of its Chairman, Robert R. Glauber, on February 14, 2021. Glauber, who led the Board since 2010, was recognized for his integrity and steady leadership. He had a distinguished career, including roles as a professor at Harvard Business School, Under Secretary of the Treasury, and CEO of NASD. The Bank extends condolences to Glauber’s family and community. Northeast Bank provides personal and business banking services in Maine and operates a National Lending Division for commercial loans.
Northeast Bank (NASDAQ: NBN) reported robust financial results with a net income of $8.2 million ($0.98 per diluted share) for Q2 2021, doubling from $4.9 million a year earlier. For the first six months, net income rose to $16.0 million ($1.92 per share), compared to $9.6 million in 2019. The Board declared a cash dividend of $0.01 per share, payable on February 24, 2021. Asset growth was recorded at $1.23 billion, despite a 1.9% drop from June. The National Lending team generated $175.9 million in new volume, reflecting strong loan originations and purchases.
Northeast Bank (NASDAQ: NBN) announced it will release its fiscal 2021 second quarter earnings on January 27, 2021. A conference call is scheduled for January 28 at 10:00 a.m. EST, led by CEO Rick Wayne and CFO JP Lapointe. Investors can participate by calling 800.773.2954 using conference ID: 50081035 or through a live webcast on the Bank's website. Northeast Bank, headquartered in Portland, Maine, offers personal and business banking through nine branches and provides nationwide commercial loan services via its National Lending Division.
Northeast Bank (NASDAQ: NBN) reported a strong net income of $7.8 million, or $0.94 per diluted share, for Q1 FY2021, a significant increase from $4.8 million in the same quarter last year. The Board declared a cash dividend of $0.01 per share, payable on November 24, 2020. Total assets remained stable at $1.26 billion. Key financial metrics included a return on average equity of 18.5% and an efficiency ratio of 46.4%. The bank also reported an increase in correspondent fee income of $4.7 million, benefiting from a partnership with Loan Source.
Northeast Bank (NASDAQ: NBN) will release its fiscal 2021 first quarter earnings results on October 29, 2020. A conference call will follow on October 30, 2020, at 10:00 a.m. EDT, led by key executives including CEO Rick Wayne and CFO JP Lapointe. Investors can join the call by dialing 800.773.2954 with conference ID# 49981729. Live audio will also be available via the Bank's website, which requires prior registration. A replay will be available online for one year.
Northeast Bank (NASDAQ: NBN) reported strong financial results for Q4 and the year ending June 30, 2020. The bank earned $11.2 million ($1.33/share) in Q4, a significant recovery from a $603k loss in Q4 2019. Yearly net income rose to $22.7 million ($2.53/share) from $13.9 million ($1.52/share). This performance was bolstered by selling $457.6 million in Paycheck Protection Program (PPP) loans, resulting in a $9.7 million pre-tax gain. The Board declared a cash dividend of $0.01 per share, payable August 28, 2020, supporting shareholder earnings.
Northeast Bank (NASDAQ: NBN) will announce its fiscal 2020 fourth quarter earnings results on July 29, 2020. A conference call, led by CEO Rick Wayne, CFO JP Lapointe, and EVP Pat Dignan, is scheduled for July 30, 2020, at 10:00 a.m. EDT. Investors can join the call by dialing 877.878.2762 with conference ID 2496196, or via live webcast on the Bank's website. A slide presentation will accompany the call, and a replay will be available online for one year.
Northeast Bank (NASDAQ: NBN) has announced a Board-approved share repurchase program to buy back up to $10.2 million of its common stock, equating to approximately 600,000 shares or 7.3% of outstanding shares. The repurchases will occur in open market transactions and are contingent on various factors including market conditions and liquidity priorities. The program is effective until July 21, 2021, with prior plans allowing 900,000 shares to be repurchased expiring on October 21, 2020.
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