Welcome to our dedicated page for Northeast Banc news (Ticker: NBN), a resource for investors and traders seeking the latest updates and insights on Northeast Banc stock.
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) 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.
Northeast Bank (NASDAQ: NBN) will release its fiscal 2021 first quarter earnings results on October 29, 2020. A conference call will follow on October 30, 2020, at 10:00 a.m. EDT, led by key executives including CEO Rick Wayne and CFO JP Lapointe. Investors can join the call by dialing 800.773.2954 with conference ID# 49981729. Live audio will also be available via the Bank's website, which requires prior registration. A replay will be available online for one year.
Northeast Bank (NASDAQ: NBN) reported strong financial results for Q4 and the year ending June 30, 2020. The bank earned $11.2 million ($1.33/share) in Q4, a significant recovery from a $603k loss in Q4 2019. Yearly net income rose to $22.7 million ($2.53/share) from $13.9 million ($1.52/share). This performance was bolstered by selling $457.6 million in Paycheck Protection Program (PPP) loans, resulting in a $9.7 million pre-tax gain. The Board declared a cash dividend of $0.01 per share, payable August 28, 2020, supporting shareholder earnings.
Northeast Bank (NASDAQ: NBN) will announce its fiscal 2020 fourth quarter earnings results on July 29, 2020. A conference call, led by CEO Rick Wayne, CFO JP Lapointe, and EVP Pat Dignan, is scheduled for July 30, 2020, at 10:00 a.m. EDT. Investors can join the call by dialing 877.878.2762 with conference ID 2496196, or via live webcast on the Bank's website. A slide presentation will accompany the call, and a replay will be available online for one year.
Northeast Bank (NASDAQ: NBN) has announced a Board-approved share repurchase program to buy back up to $10.2 million of its common stock, equating to approximately 600,000 shares or 7.3% of outstanding shares. The repurchases will occur in open market transactions and are contingent on various factors including market conditions and liquidity priorities. The program is effective until July 21, 2021, with prior plans allowing 900,000 shares to be repurchased expiring on October 21, 2020.
Northeast Bank (NASDAQ: NBN) announced a Loan Purchase and Sale Agreement with The Loan Source, Inc., selling $457.6 million in loans tied to the Paycheck Protection Program (PPP). This sale will generate a pre-tax gain of $9.8 million in the current fiscal quarter. Through June 24, 2020, Loan Source is closing on a total of $1.27 billion in PPP loans. The Bank expects to continue originating PPP loans, albeit at reduced volumes. The relationship with Loan Source may yield additional correspondent fees and servicing income over time.