Northeast Bank
NASDAQ:NBN
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Northeast Bank
Northeast Bank (Maine) engages in offering personal and business banking services. The company is headquartered in Lewiston, Maine and currently employs 160 full-time employees. The Bank offers personal and business banking services to the Maine market through approximately eight branches. The Bank conducts its lending activities through two primary channels: the National Lending Division and the Community Banking Division. The company offers various loans, such as residential real estate loans, commercial and industrial loans, consumer loans, multi-family and other commercial real estate loans. The company originates residential mortgage loans secured by one- to four-family properties throughout Maine. The Bank offers a line of deposit products to customers in western and south-central Maine, including demand deposit, negotiable order of withdrawal (NOW), money market, savings and certificate of deposit accounts. The Bank through its division ableBanking offers online savings products to consumers nationwide. The company also offers telephone banking, online banking and bill payment, mobile banking and remote deposit capture services.
Northeast Bank (Maine) engages in offering personal and business banking services. The company is headquartered in Lewiston, Maine and currently employs 160 full-time employees. The Bank offers personal and business banking services to the Maine market through approximately eight branches. The Bank conducts its lending activities through two primary channels: the National Lending Division and the Community Banking Division. The company offers various loans, such as residential real estate loans, commercial and industrial loans, consumer loans, multi-family and other commercial real estate loans. The company originates residential mortgage loans secured by one- to four-family properties throughout Maine. The Bank offers a line of deposit products to customers in western and south-central Maine, including demand deposit, negotiable order of withdrawal (NOW), money market, savings and certificate of deposit accounts. The Bank through its division ableBanking offers online savings products to consumers nationwide. The company also offers telephone banking, online banking and bill payment, mobile banking and remote deposit capture services.
Strong Quarter: Northeast Bank reported net income of $22.5 million and EPS of $2.67, with solid returns (ROE 17.6%, ROA 2.1%) and a tangible book value just under $60 per share.
Loan Growth: Purchased loans totaled $145 million and originations reached $134 million, with loan pipelines described as robust and opportunity-rich for coming quarters.
SBA Headwinds: SBA loan gains on sale fell from $8.2 million to $4.2 million due to rule changes and a government shutdown halting new originations since October 1.
Margin Compression: Net interest margin declined to 4.6% from 5.1% last quarter, mainly due to less transactional income and higher cash balances.
Asset Quality: Credit quality remains strong, with disciplined underwriting and a focus on reducing risk in vulnerable portfolios.
Leadership Change: CFO Richard Cohen is departing, with Santino Delmolino stepping into the role and the finance team described as deep and well-prepared.
