Northeast Banc Stock Price, News & Analysis

Northeast Bank (NASDAQ: NBN) has been ranked as the 18th best-performing U.S. community bank among 4,287 banks by S&P Global Market Intelligence. This recognition highlights the Bank's strong performance despite challenges from the COVID-19 pandemic. President Rick Wayne credited the dedicated team for achieving success in national lending and the Paycheck Protection Program (PPP), which enabled financing for tens of thousands of small businesses, generating significant fee income through a partnership with The Loan Source, Inc.

Northeast Bank (NASDAQ: NBN) has appointed William Mayer to its Board of Directors to fill the vacancy left by the late Robert R. Glauber, the Bank's Chairman since 2010. Mayer, a retired partner from Goodwin Procter, brings extensive experience in corporate and regulatory counsel for financial institutions. His background includes roles with USAID, the World Bank, and the IMF. Chairman Matthew Botein expressed enthusiasm for Mayer’s appointment, citing his knowledge of legal and business issues, and sensitivity to regulatory conditions, as vital for the Bank's future.

Northeast Bank (NASDAQ: NBN) has entered a Loan Sale Agreement with The Loan Source, Inc. to sell all loans originated under the SBA's Paycheck Protection Program (PPP). The Bank has received SBA approval for $1.84 billion in PPP loans, funding $1.65 billion, and anticipates a pre-tax gain of approximately $26 million from this sale. Northeast Bank will continue to serve as a correspondent for Loan Source, receiving fees on loan servicing. The Bank remains committed to originating additional PPP loans but does not expect the same volume going forward.

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.