Northeast Banc Stock Price, News & Analysis

Northeast Bank (NASDAQ: NBN) reported a strong financial performance for the quarter ending March 31, 2023, with net income of $12.5 million ($1.69 per diluted share), up from $10.6 million ($1.36 per share) in the same quarter of 2022. Total assets reached $2.87 billion, representing an 81.1% increase year-over-year. The bank declared a cash dividend of $0.01 per share, payable on May 19, 2023. Interest income surged 140.2% to $29.1 million due to historic loan growth. Shareholder equity increased by $35.6 million, or 14.3%, mainly attributed to net income and stock issuance. However, noninterest income fell by $4.2 million due to a decline in correspondent fee income. Overall, the bank's earnings show a positive trend amidst challenges in noninterest income.

Northeast Bank (NASDAQ: NBN) announced it will release its fiscal 2023 third quarter earnings results on April 24, 2023. This will be followed by a conference call on April 25, 2023, at 10:00 a.m. ET, hosted by key executives including President Rick Wayne and CFO JP Lapointe. The conference call will be available via live webcast, with attendees encouraged to register early. Following the call, a replay will be accessible online for one year. Northeast Bank, based in Portland, Maine, provides a range of personal and business banking services through its seven branches and nationwide commercial loans via its National Lending Division.

Northeast Bank (NASDAQ: NBN) reported a net income of $11.3 million or $1.54 per diluted share for the quarter ending December 31, 2022, a slight dip from $11.4 million or $1.42 per share in the same quarter last year. Over the six months, net income totaled $19.6 million or $2.65 per share, down from $21.3 million or $2.63 per share in 2021. The Bank’s total assets surged to $2.81 billion, a 77.5% increase since June 2022. A cash dividend of $0.01 per share will be distributed on February 23, 2023. The National Lending Division achieved record originations of $1.17 billion, enhancing the bank's growth prospects.

Northeast Bank (NASDAQ: NBN) will release its fiscal 2023 second quarter earnings on January 25, 2023. A conference call will follow on January 26, 2023, at 10:00 a.m. ET, hosted by CEO Rick Wayne, CFO JP Lapointe, and COO Pat Dignan. The event will be accessible via phone and live webcast on the Bank's website. Interested parties are advised to register 15 minutes early to ensure they can access the audio stream and presentation slides. A replay will be available online for one year post-event. Northeast Bank provides a range of banking services in Maine and nationwide commercial lending through its divisions.

Northeast Bank (NASDAQ: NBN) has announced an equity distribution agreement with Piper Sandler & Co. for the sale of up to $50 million in shares of its voting common stock. Proceeds from the at-the-market offering will support general corporate purposes and growth. Sales will occur at market prices over time, with variations based on market conditions. The offering is subject to various conditions, and no assurance can be made regarding its completion. The Bank emphasizes the offering is made solely through an offering circular.

Northeast Bank (NASDAQ: NBN) announced its plan to purchase commercial real estate loans totaling up to $1.16 billion, increasing its existing loan portfolio of $996.8 million as of September 30, 2022. The funding will be mainly through Federal Home Loan Bank advances and deposits. CEO Rick Wayne expressed confidence in leveraging the current interest rate environment and the Bank's strong capital position for growth. The press release includes forward-looking statements highlighting inherent risks and uncertainties affecting future performance.

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.