Northeast Bank reports earnings, dividend actions, loan activity, and operating updates for a Maine-based bank that combines community banking with nationwide specialty lending. The bank provides personal and business banking in Maine, offers digital savings products through ableBanking, and generates lending activity through its National Lending Division and Small Business segment.
Recurring developments include commercial loan originations and purchases, commercial real estate exposure, SBA and insured small-balance business lending, deposit and funding trends, FHLB advance activity, cash management and treasury services, quarterly conference calls, and management or governance changes.
Northeast Bank (NASDAQ: NBN) reported a net income of $9.9 million for Q1 FY 2022, up from $7.8 million in Q1 FY 2021, equating to $1.20 per diluted share. The bank declared a dividend of $0.01 per share, payable on November 23, 2021. Notable highlights include a 17.8% year-on-year increase in the National Lending average loan portfolio, totaling $147.2 million, and a 4.0% growth in the lending portfolio since June 30, 2021. However, total assets decreased by 36.4% to $1.38 billion, primarily due to an 81.0% drop in cash and short-term investments.
Northeast Bank (NASDAQ: NBN) will release its fiscal 2022 first quarter earnings results on October 27, 2021. A conference call is scheduled for October 28, 2021 at 10:00 a.m. ET, hosted by key executives including President Rick Wayne and CFO JP Lapointe. Investors can participate by dialing 800.773.2954 with conference ID 50237132, or via live webcast on the Bank's website. A slide presentation will accompany the call, and a replay will be available for one year on the site.
Northeast Bank (NASDAQ: NBN) reported a strong financial performance for the quarter and year ending June 30, 2021. The bank generated net income of $21.4 million, or $2.54 per diluted share, up from $11.2 million or $1.33 per share in Q2 2020. For the full year, net income soared to $71.5 million, or $8.55 per share, compared to $22.7 million or $2.53 per share in 2020. Notably, the quarter included net gains of $12.6 million from the sale of SBA PPP loans. The bank's assets grew to $2.17 billion, a 72.9% increase year-over-year.
Northeast Bank (NASDAQ: NBN) will release its fiscal 2021 fourth quarter earnings on July 28, 2021. A conference call with CEO Rick Wayne, CFO JP Lapointe, and EVP Pat Dignan will follow on July 29, 2021, at 10:00 a.m. ET. Investors can access the call by dialing 800.773.2954 using conference ID# 50197423 or via a live webcast on the Bank's website. This call aims to provide insights into financial performance and strategic initiatives. The Bank operates nine branches in Maine and offers various banking services, including commercial loans and online savings products.
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.