Business
Northeast Bank Reports Third Quarter Results and Declares Dividend
PORTLAND, Maine, April 29, 2025 (GLOBE NEWSWIRE) -- Northeast Bank (the “Bank”) (NASDAQ: NBN), a Maine-based bank, today reported net income of $18.7 million,
About this update from Northeast Bank
[{"type":"text","content":"PORTLAND, Maine, April 29, 2025 (GLOBE NEWSWIRE) -- Northeast Bank (the “Bank”) (NASDAQ: NBN), a Maine-based bank, today reported net income of $18.7 million, or $2.23 per diluted common share, for the quarter ended March 31, 2025, compared to net income of $13.9 million, or $1.83 per diluted common share, for the quarter ended March 31, 2024. Net income for the nine months ended March 31, 2025 was $58.2 million, or $7.07 per diluted common share, compared to $43.1 million, or $5.67 per diluted common share, for the nine months ended March 31, 2024. The Board of Directors declared a cash dividend of $0.01 per share, payable on May 27, 2025, to shareholders of record as of May 13, 2025. “We recorded strong loan volume during the third fiscal quarter,” said Rick Wayne, Chief Executive Officer. “Our National Lending Division generated $292.5 million in originated and purchased volume, and our small balance SBA 7(a) program with Newity LLC as our loan service provider has continued to grow, with quarterly originations of $121.3 million, compared to $100.3 million for the quarter ended December 31, 2024 and $29.0 million for the quarter ended March 31, 2024. At March 31, 2025, the loan portfolio, including loans held for sale, totaled $3.80 billion, representing an increase of $1.04 billion, or 37.7%, over June 30, 2024. During the quarter ended March 31, 2025, we sold $73.6 million of the guaranteed portion of our SBA loans, generating a gain on sale of $6.0 million, compared with sales of $64.5 million for a gain on sale of $5.6 million in the quarter ended December 31, 2024. For the quarter, we are reporting earnings of $2.23 per diluted common share, a return on average equity of 16.5%, and a return on average assets of 1.9%.” As of March 31, 2025, total assets were $4.23 billion, an increase of $1.10 billion, or 35.0%, from total assets of $3.13 billion as of June 30, 2024. 1. The following table highlights the changes in the loan portfolio, including loans held for sale, for the nine months ended March 31, 2025: Loan Portfolio Changes March 31, 2025 Balance June 30, 2024 Balance Change ($) Change (%) (Dollars in thousands)National Lending Purchased$2,443,822 $1,708,551 $735,271 43.03%National Lending Originated 1,185,153 981,497 203,656 20.75%SBA National 152,319 48,405 103,914 214.68%Community Banking 19,495 22,704 (3,209) (14...