PORTLAND, Maine, July 24, 2024 (GLOBE NEWSWIRE) -- Northeast Bank (the "Bank") (NASDAQ: NBN), a Maine-based full-service bank, announced today it will release its fiscal 2024 fourth quarter earnings results on Monday, July 29, 2024. Following the release, the Bank will host a conference call with a simultaneous webcast at 10:00 a.m. ET on Thursday, August 1, 2024. The conference call will be hosted by Rick Wayne, President and Chief Executive Officer, Richard Cohen, Chief Financial Officer, and Pat Dignan, ...

Company Overview - Northeast Bank is a full-service bank headquartered in Portland, Maine, offering personal and business banking services through seven branches [1] - The bank's National Lending Division engages in purchasing and originating commercial loans nationwide [1] - ableBanking, a division of Northeast Bank, provides online savings products to consumers across the country [1] Upcoming Earnings Release - Northeast Bank will release its fiscal 2024 fourth quarter earnings results on July 29, 2024 [2] - A conference call will be held on August 1, 2024, at 10:00 a.m. ET, featuring key executives including the President and CEO, CFO, and COO [2] Conference Call Details - The conference call can be accessed via phone registration, and a live webcast will be available on the bank's website [3] - Attendees are encouraged to visit the website at least 15 minutes prior to the call for registration and software installation [3] - A replay of the webcast will be available online for one year after the event [3]

PORTLAND, Maine, April 30, 2024 (GLOBE NEWSWIRE) -- Northeast Bank (the "Bank") (NASDAQ:NBN), a Maine-based full-service bank, today reported net income of $13.9 million, or $1.83 per diluted common share, for the quarter ended March 31, 2024, compared to net income of $12.5 million, or $1.69 per diluted common share, for the quarter ended March 31, 2023. Net income for the nine months ended March 31, 2024 was $43.1 million, or $5.67 per diluted common share, compared to $32.1 million, or $4.35 per diluted ...

PORTLAND, Maine, April 25, 2024 (GLOBE NEWSWIRE) -- Northeast Bank (the "Bank") (NASDAQ:NBN), a Maine-based full-service bank, announced today it will release its fiscal 2024 third quarter earnings results on Tuesday, April 30, 2024. Following the release, the Bank will host a conference call with a simultaneous webcast at 10:00 a.m. ET on Wednesday, May 1, 2024. The conference call will be hosted by Rick Wayne, President and Chief Executive Officer, Richard Cohen, Chief Financial Officer, and Pat Dignan, C ...

PORTLAND, Maine, April 25, 2024 (GLOBE NEWSWIRE) -- Northeast Bank (the “Bank”) (NASDAQ: NBN), a Maine-based full-service bank, announced today it will release its fiscal 2024 third quarter earnings results on Tuesday, April 30, 2024. Following the release, the Bank will host a conference call with a simultaneous webcast at 10:00 a.m. ET on Wednesday, May 1, 2024. The conference call will be hosted by Rick Wayne, President and Chief Executive Officer, Richard Cohen, Chief Financial Officer, and Pat Dignan, ...

Company Participants Conference Call Participants Operator I will now turn the call over to Rick Wayne. Mr. Wayne, you may begin. First, talking about the loan volume in the quarter. The purchased loans activity of $186.1 million invested on $208 million of UPB or 89.5% purchase price is our second strongest purchase quarter only behind the approximate $1 billion of loans purchased one year ago, so very, very strong. And on that topic, on the purchase loan market, weÂ're seeing a fair amount of good, very g ...

Rick Wayne - President and Chief Executive Officer JP Lapointe - Chief Financial Officer Pat Dignan - Executive Vice President and Chief Operating Officer Welcome to the Northeast Bank First Quarter Fiscal Year 2024 Earnings Call. My name is Victor, and I will be your operator for today's call. This call is being recorded. Please note that this presentation contains forward-looking statements about Northeast Bank. Forward-looking statements are based upon the current expectations of Northeast Bank's managem ...

September 30, 2023 September 30, 2022 Net Change | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|------------------|--------------------|-------|------------------|--------------------|-------|------------------|------------|--------| | Dollars in thousands | Balance | WAR | Mix | Balance | WAR | Mix | Balance | % | WAR | | Community Banking | | | | | | | | | | | Banking Centers | $725,563 3.70% | | 37% | $581,520 0.69% | | 45% | $144,043 25% | | 3.01% | | Gove ...

Financial Data and Key Metrics Changes - For Q4 2023, the company purchased $48.8 million of loans with an UPB of $54.3 million, marking a $19 million increase from the previous quarter [2] - The Return on Equity (ROE) was 16.7% for the quarter and 16.5% for the year, while the Return on Assets (ROA) was 1.7% for the quarter and 1.9% for the year [3] - The Net Interest Margin (NIM) increased by 16 basis points from the linked quarter to 4.91% [15] Business Line Data and Key Metrics Changes - The originated loan book increased by $229 million or 30% from the balance on June 30, 2022, with an origination of $84.2 million in the quarter [15] - Non-interest expense for the quarter was $16.4 million, which was $2.6 million over the linked quarter, primarily due to incentive compensation [18] Market Data and Key Metrics Changes - The average cost of deposits rose by 36 basis points from the previous quarter, with 95% of deposits insured [5] - The company noted a general decrease in transaction volume in the marketplace, indicating a wider bid-ask gap [3][15] Company Strategy and Development Direction - The company plans to enhance transparency regarding its commercial real estate portfolio by providing detailed information on various collateral types over the next quarters [6] - Management expressed a cautious approach to new transactions, emphasizing a focus on low loan-to-value (LTV) loans to mitigate credit risk [30] Management's Comments on Operating Environment and Future Outlook - Management noted that while there were significant transactions in the market, many did not meet pricing expectations, leading to a selective bidding strategy [15] - The company expects the bid-ask gap to narrow, potentially leading to more opportunities in the future [15] Other Important Information - The company is preparing for the adoption of the Current Expected Credit Loss (CECL) model, which is not expected to have a meaningful impact on the income statement [41][50] - The company has a current loan capacity of about $450 million, which has increased due to earnings and an $8 million raise through an ATM offering [38] Q&A Session Summary Question: Can you elaborate on the transaction volume coming to market? - Management noted that there were $2.5 billion of transactions in 34 pools, including a $900 million pool, with a mix of large and small transactions [23][25] Question: What is the appetite for larger pools of loans? - Management indicated a strong interest in larger transactions, with a focus on maintaining low credit risk [30][38] Question: What are the expectations regarding the CECL adoption? - Management clarified that the adoption of CECL is not expected to have a significant impact on the income statement, with adjustments primarily affecting the allowance for loan losses [41][50] Question: Who are the main competitors in the purchase market? - Management stated that the competition is primarily from banks, with some private equity and specialty finance companies also participating [49]

Rick Wayne - President & Chief Executive Officer Patrick Dignan - Chief Operating Officer JP Lapointe - Senior Vice President & Chief Financial Officer Welcome to the Northeast Bank Third Quarter Fiscal Year 2023 Earnings Conference Call. My name is Olivia and I'll be your operator for today's call. This call is being recorded. With us today from the bank is Rick Wayne, President and Chief Executive Officer; JP Lapointe, Chief Financial Officer; and Pat Dignan, Executive Vice President and Chief Operating O ...