Northeast BankNASDAQ: NBN

PORTLAND, Maine, Sept. 24, 2024 (GLOBE NEWSWIRE) --  Northeast Bank (the “Bank”) (NASDAQ: NBN) announced today that since June 30, 2024, the Bank has purchased primarily commercial real estate loans in the amount of unpaid principal balance of $805 million. Because the purchases closed primarily late in the quarter, there will be minimal impact on earnings for the first fiscal quarter of 2025. The Bank has funded and intends to fund the purchase of these loans primarily relying on brokered deposits and Federal Home Loan Bank advances.

Northeast Bank (NASDAQ:NBN ) Q4 2024 Earnings Conference Call August 1, 2024 10:00 AM ET Company Participants Richard Wayne - President, CEO & Director Richard Cohen - CFO Patrick Dignan - COO & EVP Conference Call Participants David Minkoff - DCM Asset Management Operator Welcome to the Northeast Bank Fourth Quarter Fiscal Year 2024 Earnings Call. My name is Steven, and I will be your operator for today's call.

PORTLAND, Maine, July 29, 2024 (GLOBE NEWSWIRE) -- Northeast Bank (the “Bank”) (NASDAQ: NBN), a Maine-based full-service bank, today reported net income of $15.1 million, or $1.91 per diluted common share, for the quarter ended June 30, 2024, compared to net income of $12.1 million, or $1.61 per diluted common share, for the quarter ended June 30, 2023. Net income for the year ended June 30, 2024 was $58.2 million, or $7.58 per diluted common share, compared to $44.2 million, or $5.96 per diluted common share, for the year ended June 30, 2023.

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, Chief Operating Officer.

Northeast Bank, a full-service bank based in Maine, will be releasing its fiscal third quarter earnings on April 30, 2024. A conference call with a simultaneous webcast will be held on May 1, 2024 at 10:00 a.m. ET, hosted by the Bank's President, CEO, CFO, and COO.

Northeast Bank has created great value for shareholders by buying commercial real estate loans at a discount in the secondary market. The bank's unconventional way of doing business gives it a competitive advantage in the commoditized banking industry. The success of other companies in commoditized sectors, such as Berkshire Hathaway's insurance business, shows that small tweaks to an established model can lead to phenomenal success.

PORTLAND, Maine, Oct. 18, 2023 (GLOBE NEWSWIRE) -- Northeast Bank (the “Bank”) (NASDAQ: NBN), a Maine-based full-service bank, announced today it will release its fiscal 2024 first quarter earnings results on Monday, October 23, 2023. Following the release, the Bank will host a conference call with a simultaneous webcast at 10:00 a.m. ET on Tuesday, October 24, 2023. The conference call will be hosted by Rick Wayne, President and Chief Executive Officer, JP Lapointe, Chief Financial Officer, and Pat Dignan, Chief Operating Officer.

Northeast Bank is a small regional bank in Maine, run by one of the best bankers in America in terms of track record. The analyst community is asleep at the wheel with the story of value creation over the past decade. However, NBN's recent loan purchases suggest the best is yet to come. NBN has identifiable advantages in its core business of buying loans at a discount in the secondary market. NBN's accordion-like balance sheet allows it to deploy capital opportunistically when needed.

Northeast Bank (NBN) Q3 2023 Earnings Call Transcript.