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Northeast Bank - NBN STOCK NEWS

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.

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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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Northeast Bank (NASDAQ: NBN) will release its fiscal 2024 third quarter earnings on April 30, 2024, followed by a conference call on May 1, 2024. The call will feature Rick Wayne, President and CEO, Richard Cohen, CFO, and Pat Dignan, COO.
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Northeast Bank reported a net income of $14.1 million for the quarter ended December 31, 2023, with a diluted common share of $1.85. The Board of Directors declared a cash dividend of $0.01 per share. Total assets increased by 3.5% to $2.97 billion. National Lending Division volume totaled $249.6 million, with a return on average equity of 17.4% and a return on average assets of 1.9%. Deposits increased by $192.5 million, and shareholders' equity increased by $30.9 million. The provision for credit losses increased by $111 thousand to a provision of $436 thousand. Nonperforming assets and past due loans increased compared to June 30, 2023. Capital ratios improved, with the Tier 1 leverage capital ratio at 11.3% and the Total risk-based capital ratio at 13.7%.
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Northeast Bank (NBN) will release its fiscal 2024 second quarter earnings results on January 30, 2024, followed by a conference call and webcast on January 31, 2024, hosted by the President, CEO, CFO, and COO. The call will be available via phone and live webcast, with a slide presentation. A replay will be available online for one year.
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Northeast Bank (NASDAQ: NBN) has announced the hiring of Richard Cohen as Chief Financial Officer, effective February 1, 2024. Mr. Cohen brings extensive experience in the financial services industry, having previously worked at Grey Matter Thinking and KPMG. His appointment is expected to bring valuable expertise to the Bank.
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Northeast Bank reports net income of $15.2 million for Q3 2023, compared to $8.3 million in Q3 2022. Cash dividend of $0.01 per share declared. National Lending Division volume reaches $120.4 million. Asset quality remains strong with non-performing assets at 0.61% of total assets.
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Northeast Bank to release fiscal 2024 first quarter earnings results
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Northeast Bank reports net income of $12.1 million for Q2 2023, compared to $10.3 million in Q2 2022. Total assets increase by 81.3% to $2.87 billion. National Lending Division interest income increases by $29.8 million. Non-performing assets decrease to 0.55% of total assets.
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Northeast Bank, a Maine-based full-service bank, will release its fiscal 2023 fourth quarter earnings results on Monday, July 24, 2023. The bank will host a conference call with a simultaneous webcast on Tuesday, July 25, 2023, featuring the bank's President, CFO, and EVP. The conference call can be accessed via phone or live webcast on the bank's website. A replay will be available online for one year.
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FAQ

What services does Northeast Bank offer?

Northeast Bank offers a wide range of banking and financial services, including residential mortgage loans, commercial loans, consumer loans, and Small Business Administration (SBA) loans. They also provide telephone banking, online banking, mobile banking, and remote deposit capture services.

How has Northeast Bank performed recently?

For the quarter ended September 30, 2023, Northeast Bank reported a net income of $15.2 million or $2.01 per diluted common share, with total assets reaching $2.88 billion. The National Lending Division contributed significantly to this growth.

What is the National Lending Division of Northeast Bank?

The National Lending Division of Northeast Bank purchases and originates commercial loans on a nationwide basis, contributing significantly to the bank's overall loan portfolio and revenue growth.

How does Northeast Bank maintain its asset quality?

Northeast Bank maintains strong asset quality by keeping non-performing assets at a low percentage of total assets. As of September 30, 2023, non-performing assets were only 0.69% of total assets.

What are the recent strategic initiatives of Northeast Bank?

Northeast Bank recently signed an agreement to purchase loans with unpaid balances of $74.2 million, which closed in October 2023. This transaction is expected to enhance the bank's profitability and asset base.

How does Northeast Bank's financial health look?

Northeast Bank's financial health is robust, demonstrated by a Tier 1 leverage capital ratio of 10.9% as of September 30, 2023, and consistent growth in net income and assets.

What are the core divisions of Northeast Bank?

Northeast Bank operates through three primary divisions: the Community Banking Division, the Loan Acquisition and Servicing Group, and the Small Business Administration Division.

How can investors stay informed about Northeast Bank?

Investors can stay informed by visiting Northeast Bank's website, particularly the Investor Relations section, and by participating in earnings calls hosted by the bank's senior executives.

What is the significance of Northeast Bank's recent earnings report?

The recent earnings report for the quarter ended September 30, 2023, showed strong performance with a net income of $15.2 million or $2.01 per diluted common share, highlighting the bank's growth and robust financial condition.

Does Northeast Bank pay dividends?

Yes, Northeast Bank pays dividends. For example, the Board of Directors declared a cash dividend of $0.01 per share, payable on November 21, 2023, to shareholders of record as of November 7, 2023.

Northeast Bank

Nasdaq:NBN

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NBN Stock Data

550.62M
7.80M
0.15%
63.09%
0.67%
Commercial Banking
Finance and Insurance
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United States of America
NASHVILLE