Northeast Banc Stock Price, News & Analysis

Northeast Bank (NASDAQ: NBN) announced an increase in its share repurchase program to 1,000,000 shares, valued at up to $25 million, representing approximately 12% of its outstanding common stock. The repurchases will be conducted in open market transactions and are influenced by various market conditions and corporate needs. This increased buyback aims to enhance shareholder value. Additionally, the Bank has 46,902 shares available under a prior plan expiring on October 21, 2021.

Northeast Bank (NASDAQ: NBN) achieved record net income of $34.2 million, or $4.06 per diluted share, for the quarter ended March 31, 2021, compared to $1.9 million in Q1 2020. The nine-month net income reached $50.1 million, including $33 million from the sale of Paycheck Protection Program (PPP) loans. The Board declared a $0.01 dividend, payable on May 20, 2021. Total assets rose by 36.3% to $1.71 billion, while total loans were $1.002 billion. The company reports robust performance, driven by strong PPP loan activity.

Northeast Bank (NASDAQ: NBN) plans to release its fiscal 2021 third quarter earnings on April 21, 2021. Following this, a conference call will take place on April 22, 2021, at 10:00 a.m. ET, hosted by key executives including Rick Wayne, the President and CEO. Investors can join the call by dialing 800.773.2954, using conference ID#: 50138487, or via webcast on the Bank’s website. The Bank operates across nine Maine branches and has a division, ableBanking, that provides online savings products nationally.

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.