Northeast Bank · NASDAQ:NBN
Northeast Bank — Q1 2026 Earnings Presentation
27 slides from Northeast Bank's earnings presentation, Oct 29, 2025
Slide 1: Investor Call FY26 Q1
INVESTOR CALL FY26 Q1 October 29, 2025
Slide 2: Forward-Looking Statement
FORWARD-LOOKING STATEMENT Statements in this presentation that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by th
Slide 3: Financial Highlights
Financial Highlights Q1 FY26 Total Loan Volume $320.5 million National Lending: $144.6 million invested on $152.7 million of UPB(1) Purchased Loans (94.7% purchase price) Originated Loans(2) $133.8 million Weighted Average Rate as of 9/30/2025(3) 7.98% SBA Loans Originated $42.0 million SBA Loans So
Slide 4: Loan Portfolio Summary
Loan Portfolio Summary Loan Portfolio # of Loans Total Balance Average Balance WA LTV Dollars in thousands National Lending Division: Purchased Loans (1) 3,624 $2,406,506 $664 49%(4) Direct Originated Loans (2) 83 490,770 5,913 53% Lender Finance Loans (2) 115 722,341 6,281 41% SBA Loans (3) 4,881 1
Slide 5: National Lending Portfolio Roll Forward
National Lending Portfolio Roll Forward — Linked Quarter $4,000 $133.8 $172.5 $144.6 $113.2 $3,626.9 $3,619.6 $3,500 $3,000 Millions $2,500 $2,000 $1,500 $1,000 $500 $0 Balance at Originations Originated Run- Purchases Purchased Run- Balance at 6/30/2025 off (1) Off (1) 9/30/2025 (1) Run-off include
Slide 6: National Lending Purchased Activity
National Lending Purchased Activity by Trailing 5 Quarters $800 $732.9 $700 $600 $500 Millions $400 $300 $200 $144.6 $100 $74.6 $41.7 $14.0 $0 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 4
Slide 7: National Lending Originated Activity
National Lending Originated Activity by Trailing 5 Quarters $300 $246.4 $250 $218.0 $216.6 $200 Millions $150 $133.8 $126.9 $100 $50 $0 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 5
Slide 8: National Lending Loan Portfolio Statistics
National Lending Loan Portfolio Statistics Investment Size(1) $15+ Million $0-$2 Million 21% 26% Collateral State (44 States) $10-15 Million 11% All Other States WA 2% 18% $2-$6 Million IL 2% 26% TX 2% $6-$10 Million FL 4% 16% NY NJ 7% Collateral Type 42% Retail(2) Multifamily 20% 17% CA 23% Mixed U
Slide 9: Asset Quality Metrics
Asset Quality Metrics NPAs & NPLs Classified Commercial Loans(1) 1.50% $35.0 $32.1 $30.4 $30.0 1.03% 0.93% $24.0 1.00% 0.90% 0.90% $25.0 0.83% 0.84% Millions $20.0 0.55%0.62% $14.7 $15.0 0.50% $10.0 $5.0 0.00% $0.0 6/30/23 6/30/24 6/30/25 9/30/25 6/30/23 6/30/24 6/30/25 9/30/25 NPAs/Assets NPLs/Loan
Slide 10: Nonperforming Assets Turnover
Nonperforming Assets Turnover – Quarter Ended September 30, 2025 Nonperforming FMV of REO Total (1 ) Notes Loans Collateral (Dollars in Thousands) June 30, 2025 Balance: $35,011 $560 $35,571 NPL Additions: #1 1,073 - 1,073 1,584 Multi-tenant shopping center in CA #2 (719) 719 - Oreo addition in NM 7
Slide 11: Allowance Allocation
Allowance Allocation Total Loan Balances at Total Reserves at ACL / Total Loans at Total Reserves at ACL / Total Loans Lending Division September 30, 2025 September 30, 2025 September 30, 2025 June 30, 2025 at June 30, 2025 Dollars in thousands National Lending Purchased $2,406,506 $36,359 1.51% $36
Slide 12: National Lending Portfolio by Collateral Type
National Lending Portfolio by Collateral Type Total National Collateral Type Direct Originated Lender Finance Purchased Lending Dollars in thousands Balance WA LTV (1) Balance WA LTV (1) Balance WA LTV (2) Balance WA LTV 1-4 Family 28,158 41% 102,633 38% 46,819 58% 177,610 44% Hospitality 152,170 57
Slide 13: Weighted Average LTV by Bucket
National Lending Portfolio — Weighted Average LTV by Bucket WA LTV National Lending <40% 40-49% 50-59% 60-69% 70-79% >=80% Total Portfolio Dollars in thousands Direct Originated Loans (1) $46,808 $166,438 $107,623 $98,013 $65,885 $6,003 $490,770 Lender Finance Loans (1) 316,188 152,352 173,184 80,61
Slide 14: Purchased Portfolio Further Analysis
National Lending Purchased Portfolio — Further Analysis Portfolio Origination Year Dollars in thousands Pre-2013 2013-2018 2019-2021 2022 and later Total Current Basis $257,843 $924,070 $781,049 $443,544 $2,406,506 # of Loans 862 1,820 752 191 3,625 % of Portfolio 11% 38% 32% 18% 100% Seasoning (Yea
Slide 15: Originated Portfolio Interest Reserve Analysis
National Lending Originated Portfolio — Interest Reserve Analysis Lender Finance % with Interest Interest Reserve WA Advance Dollars in thousands Balance WA LTV(2) Reserves WA Duration Rate(1) Total Loans $722,341 55% 41% Loans with Interest Reserves 618,657 86% 4.95 Months Direct Originated Loans %
Slide 16: SBA Loan Trailing Quarters
SBA Loan Trailing 5 Quarters Loan Originations and Sales (dollars in thousands) $140,000 1200 1069 $121,333 $120,000 917 1000 $107,585 $104,468 $100,290 $100,000 766 777 800 $82,425 $80,000 $73,605 $63,110 $64,473 600 $60,000 $52,745 $41,979 400 286 $40,000 200 $20,000 $- 0 Q1 FY25 Q2 FY25 Q3 FY25 Q
Slide 17: Quarterly Cost of Deposits
Quarterly Cost of Deposits by Trailing 5 Quarters 4.5% 4.4% 4.34% 4.3% 4.2% 4.15% 4.1% 4.0% 3.93% 3.92% 3.9% 3.90% 3.8% 3.7% 3.6% 3.61% 3.5% Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Average Cost of Deposits by Quarter Cost of Deposits at Quarter-end 15
Slide 18: Deposit Portfolio Changes
Deposit Portfolio Changes By Channels September 30, 2025 September 30, 2024 Net Change Dollars in thousands Balance WAR Mix Balance WAR Mix Balance % WAR Retail Banking Centers 1,086,246 3.19% 33% $927,423 3.66% 30% $158,823 17.13% -0.47% Government Banking 479,852 3.93% 15% 426,278 4.68% 14% 53,574
Slide 19: Deposit Portfolio and Interest Analysis
Deposit Portfolio and Interest Analysis Trailing Twelve-Month Deposit Portfolio and Annualized Interest Expense (Includes Brokered Deposits) $ Millions $150.0 $3,500 $130.0 $3,000 $110.0 Deposit Portfolio $2,500 $90.0 Interest Expense $2,000 $70.0 $1,500 $50.0 $1,000 $30.0 $500 $10.0 $0 $(10.0) Oct-
Slide 20: Deposit Mix
Deposit Mix by Trailing 5 Quarters $3,600 Total Total Total Total Total $3,400 $3,125 $3,152 $3,296 $3,376 $3,250 $3,200 $2,244 $2,250 $2,176 $3,000 $2,092 $2,080 $2,800 $2,600 $2,400 $2,200 $2,000 Millions $1,800 $1,600 $1,400 $1,200 $1,000 $301 $288 $314 $323 $301 $800 $831 $786 $600 $719 $749 $74
Slide 21: Revenue and Non-interest Expense
Revenue and Non-interest Expense by Trailing 5 Quarters $70 $60 $62.7 $50 $52.9 $54.4 $52.6 $41.2 $40 $35.4 $43.1 $32.4 Millions $31.0 $30 $25.4 $20 $21.5 $21.9 $19.1 $20.1 $17.7 $10 $0 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Total Revenue(1) Noninterest Expense Revenue Less Noninterest Expense (1)
Slide 22: Loan Performance & Average Loan Balance
Loan Performance & Average Loan Balance by Trailing 5 Quarters Loan Performance Average Loan Balance Total Total Total Total Total $4,000 $2,839 $3,564 $3,650 $3,767 $3,675 $1,344 $3,500 $1,262 $1,364 $1,157 $3,000 $1,080 $2,500 Millions $2,407 $2,388 $2,423 $2,311 $2,000 $1,759 $1,500 $1,000 $500 $
Slide 23: Purchased Loan Investment Basis and Discount
Purchased Loan Investment Basis and Discount by Trailing 5 Quarters Total UPB Total UPB Total UPB Total UPB Total UPB $2,644.4 $2,598.3 $2,638.4 $2,554.3 $2,578.0 $3,000 $37.9 $37.7 $37.7 $194.6 $36.7 $36.4 $2,500 $223.5 $205.9 $171.5 $179.1 $2,000 $1,500 Millions $2,420.9 $2,392.4 $2,443.8 $2,375.2
Slide 24: Q1 FY26 Return Summary
National Lending Portfolio — Q1 FY26 Return Summary (1) Purchased Originated Total Regularly Scheduled 7.73% 8.58% 8.02% Interest & Accretion Accelerated Accretion, Interest, & Fees Recognized 0.48% 0.05% 0.33% on Loan Payoffs Total 8.21% 8.63% 8.35% (1) The total return on purchased loans represent
Slide 25: Loan Mix
Loan Mix by Trailing 5 Quarters Total Total Total Total Total $4,000 $3,503 $3,591 $3,740 $3,756 $3,753 $3,600 $3,200 $2,800 $2,444 $2,375 $2,406 $2,400 $2,392 $2,421 Millions $2,000 $1,600 $1,200 (1 $800 $1,252 $1,213 $1,109 $1,185 $1,011 $92 $400 $111 $116 $49 $68 $22 $19 18 18 $0 $21 Q1 FY25 Q2 F
Slide 26: Net Income
Net Income by Trailing 5 Quarters $25,215 $25,000 $22,440 $22,541 $20,000 $18,681 $17,106 Thousands $15,000 $10,000 $5,000 $0 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 24
Slide 27: Key Components of Income
Key Components of Income by Trailing 5 Quarters Net Interest Income Noninterest Income Before Credit Loss Provision Total Total Total Total Total $4,119 $5,949 $6,619 $8,768 $4,683 $10,000 Total Total Total Total Total $39,000 $48,490 $45,951 $53,930 $48,192 $3,768 $9,000 $50,000 $50,162 $2,908 $2,6