Northeast Bank Reports Fourth Quarter Results and Declares Dividend

Core Insights - Northeast Bank reported a net income of $15.1 million, or$1.91 per diluted common share, for the quarter ended June 30, 2024, compared to $12.1 million, or$1.61 per diluted common share, for the same quarter in 2023 [17] - Total assets increased to $3.13 billion, a rise of$262.3 million, or 9.1%, from $2.87 billion as of June 30, 2023 [19] - The National Lending Division's portfolio earned a yield of 9.37$3.8 million to $37.9 million for the quarter ended June 30, 2024, compared to$34.1 million for the same quarter in 2023 [28] - Noninterest income rose by $980 thousand for the quarter ended June 30, 2024, primarily due to an increase in gain on sale of SBA loans [30] - Noninterest expense increased by$718 thousand for the quarter ended June 30, 2024, mainly due to higher salaries and employee benefits [31] Loan Portfolio - Total loans as of June 30, 2024, amounted to $2.76 billion, an increase of$240.8 million, or 9.55%, from $2.52 billion as of June 30, 2023 [20] - Loans generated by the National Lending Division for the quarter ended June 30, 2024, totaled$257.8 million, consisting of $143.6 million of purchased loans and$114.3 million of originated loans [20] - The total return on purchased loans for the quarter ended June 30, 2024, was 9.47%, an increase from 8.12% for the same quarter in 2023 [24] Capital and Deposits - The Bank's Tier 1 leverage capital ratio was 12.3% as of June 30, 2024, compared to 10.4% at June 30, 2023 [11] - Total deposits increased by $402.3 million, or 20.8$80.0 million, or 27.0%, from June 30, 2023, driven by net income and the issuance of common stock [27]