{"success":true,"data":{"pressRelease":{"id":"9673","rtpr_id":"nGNX1QNhfz","ticker":"NBN","exchange":"NASDAQ","all_tickers":["NBN"],"title":"Northeast Bank Reports Third Quarter Results and Declares Dividend","author":"Globe Newswire","published_at":"2026-04-27T20:16:00.558Z","article_body":"PORTLAND, Maine, April 27, 2026 (GLOBE NEWSWIRE) -- Northeast Bank (the\n“Bank”) (NASDAQ: NBN), a Maine-based bank, today reported net income of\n$29.9 million, or $3.53 per diluted common share, for the quarter ended March\n31, 2026, compared to net income of $18.7 million, or $2.23 per diluted common\nshare, for the quarter ended March 31, 2025. Net income for the nine months\nended March 31, 2026 was $73.1 million, or $8.67 per diluted common share,\ncompared to $58.2 million, or $7.07 per diluted common share, for the nine\nmonths ended March 31, 2025.\n\nThe Board of Directors declared a cash dividend of $0.01 per share, payable on\nMay 26, 2026, to shareholders of record as of May 12, 2026.\n\n\"I am pleased to report another quarter of excellent earnings and record\norigination volume,” said Rick Wayne, Chief Executive Officer. “Net income\nof $29.9 million resulted in a return on average equity of 21.7% and a return\non average assets of 2.4%. Quarterly loan volume totaled $344.7 million, which\nincluded a record $253.9 million of National Lending originated loans. We\ncrossed five billion dollars in total assets this quarter, with total loans,\nincluding loans held for sale, at March 31, 2026 of $4.56 billion,\nrepresenting an increase of $769.5 million, or 20.3%, over June 30, 2025.\"\n\nAs of March 31, 2026, total assets were $5.03 billion, an increase of $755.0\nmillion, or 17.6%, from total assets of $4.28 billion as of June 30, 2025,\ndue to the following:\n\n1.   The following table highlights the changes in the loan portfolio,\nincluding loans held for sale, for the nine months ended March 31, 2026:\n\n Loan Portfolio Changes \n March 31, 2026 June 30, 2025 Change ($) Change (%) \n (Dollars in thousands) \n National Lending Purchased $ 2,810,887 $ 2,375,157 $ 435,730 18.35 % \n National Lending Originated 1,501,080 1,251,768 249,312 19.92 % \n Small Business 233,085 144,974 88,111 60.78 % \n Community Banking 14,637 18,258 (3,621 ) (19.83 %) \n Total $ 4,559,689 $ 3,790,157 $ 769,532 20.30 % \n \n\nLoans generated during the quarter ended March 31, 2026 totaled $344.7\nmillion, which consisted of $25.3 million of National Lending purchased loans\nat an average price of 97.6% of unpaid principal balance, $253.9 million of\nNational Lending originated loans, $38.5 million of Small Business\nAdministration (\"SBA\") 7(a) loans, and $27.0 million of insured small balance\nbusiness loans.\n\nAn overview of the Bank’s National Lending Division portfolio follows:\n\n National Lending Portfolio \n Three Months Ended March 31, \n 2026 2025 \n Purchased Originated Total Purchased Originated Total \n \n (Dollars in thousands) \n Loans purchased or originated during the period: \n Unpaid principal balance $ 25,924 $ 253,881 $ 279,805 $ 79,144 $ 217,983 $ 297,127 \n Initial net investment basis (1) 25,291 253,881 279,172 74,553 217,983 292,536 \n \n Loan returns during the period: \n Yield 9.30 % 7.72 % 8.78 % 8.33 % 8.73 % 8.46 % \n Total Return on Purchased Loans (2) 9.51 % N/A 9.51 % 8.43 % N/A 8.43 % \n \n \n Nine Months Ended March 31, \n 2026 2025 \n Purchased Originated Total Purchased Originated Total \n \n (Dollars in thousands) \n Loans purchased or originated during the period: \n Unpaid principal balance $ 754,123 $ 640,061 $ 1,394,184 $ 901,693 $ 591,292 $ 1,492,985 \n Initial net investment basis (1) 702,822 640,061 1,342,883 821,485 591,292 1,412,777 \n \n Loan returns during the period: \n Yield 8.56 % 8.11 % 8.41 % 8.65 % 9.02 % 8.77 % \n Total Return on Purchased Loans (2) 8.68 % N/A 8.68 % 8.70 % N/A 8.70 % \n \n Total loans as of period end: \n Unpaid principal balance $ 2,964,683 $ 1,501,080 $ 4,465,763 $ 2,638,438 $ 1,185,153 $ 3,823,591 \n Net investment basis 2,810,887 1,501,080 4,311,967 2,443,822 1,185,153 3,628,975 \n \n\n((1)  Initial net investment basis on purchased loans is the initial\namortized cost basis net of initial allowance for credit losses (credit\nmark).)\n((2)  The total return on purchased loans represents scheduled accretion,\naccelerated accretion, gains (losses) on real estate owned, release of\nallowance for credit losses on purchased loans, and other noninterest income\nrecorded during the period divided by the average invested balance on an\nannualized basis. The total return on purchased loans does not include the\neffect of purchased loan charge-offs or recoveries during the period. Total\nreturn on purchased loans is considered a non-GAAP financial measure. See\nreconciliation in below table entitled “Total Return on Purchased Loans.”)\n\n2.   Deposits increased by $275.6 million, or 8.2%, from June 30, 2025. The\nincrease was primarily attributable to an increase in time deposits of $262.5\nmillion, or 11.7%. The significant drivers in the change in time deposits were\nan increase in brokered time deposits, which increased by $155.1 million,\ncombined with an increase in Community Banking Division time deposits of\n$125.4 million.\n\n3.   Federal Home Loan Bank (“FHLB”) advances increased by $399.9\nmillion, or 124.9%, from June 30, 2025. The increase was attributable to\nadvances taken to fund a portion of the loan purchases during the quarter\nended December 31, 2025.\n\n4.   Shareholders’ equity increased by $73.4 million, or 14.8%, from June\n30, 2025, primarily due to net income of $73.1 million for the fiscal year to\ndate through March 31, 2026 and stock-based compensation of $5.8 million,\npartially offset by the cancellation of restricted stock to cover tax\nobligations on restricted stock vests, which resulted in a $5.3 million\ndecrease in shareholders' equity.\n\nNet income increased by $11.2 million to $29.9 million for the quarter ended\nMarch 31, 2026, compared to net income of $18.7 million for the quarter ended\nMarch 31, 2025, due to the following:\n\n1.   Net interest and dividend income before provision for credit losses\nincreased by $17.1 million to $63.1 million for the quarter ended March 31,\n2026, compared to $46.0 million for the quarter ended March 31, 2025. The\nincrease was primarily due to the following:\n* An increase in interest income earned on loans of $20.9 million, primarily\ndue to higher transactional income and higher average balances in the National\nLending Division and Small Business portfolios; partially offset by,\n* An increase in deposit interest expense of $2.2 million, due to higher\naverage balances; and\n* An increase in interest expense on FHLB advances of $1.7 million, due to\nhigher average balances.\nThe following table summarizes interest income and related yields recognized\non the loan portfolios:\n\n Interest Income and Yield on Loans \n Three Months Ended March 31, \n 2026 2025 \n Average Balance (1) Interest Income Yield Average Balance (1) Interest Income Yield \n \n (Dollars in thousands) \n Community Banking $ 15,950 $ 303 7.70 % $ 20,074 $ 349 7.05 % \n Small Business 226,354 5,442 9.75 % 121,521 2,975 9.93 % \n National Lending: \n Originated 1,405,687 26,768 7.72 % 1,120,756 24,120 8.73 % \n Purchased 2,827,998 64,875 9.30 % 2,387,715 49,034 8.33 % \n Total National Lending 4,233,685 91,643 8.78 % 3,508,471 73,154 8.46 % \n Total $ 4,475,989 $ 97,388 8.82 % $ 3,650,066 $ 76,478 8.50 % \n \n \n Nine Months Ended March 31, \n 2026 2025 \n Average Balance (1) Interest Income Yield Average Balance (1) Interest Income Yield \n \n (Dollars in thousands) \n Community Banking $ 16,582 $ 901 7.24 % $ 21,330 $ 1,088 6.79 % \n Small Business 176,069 12,963 9.81 % 91,481 8,145 11.86 % \n National Lending: \n Originated 1,302,525 79,283 8.11 % 1,052,656 71,297 9.02 % \n Purchased 2,515,772 161,738 8.56 % 2,183,068 141,831 8.65 % \n Total National Lending 3,818,297 241,021 8.41 % 3,235,724 213,128 8.77 % \n Total $ 4,010,948 $ 254,885 8.47 % $ 3,348,535 $ 222,361 8.85 % \n \n\n((1) Includes loans held for sale.)\n\nThe components of total income on purchased loans are set forth in the table\nbelow entitled “Total Return on Purchased Loans.” When compared to the\nquarter ended March 31, 2025, transactional income increased by $7.3 million\nfor the quarter ended March 31, 2026, and regularly scheduled interest and\naccretion increased by $9.4 million, primarily due to higher average balances.\nThe total return on purchased loans for the quarter ended March 31, 2026 was\n9.5%, an increase from 8.4% for the quarter ended March 31, 2025. The\nfollowing table details the total return on purchased loans:\n\n Total Return on Purchased Loans \n Three Months Ended March 31, \n 2026 2025 \n Income Return (1) Income Return (1) \n \n (Dollars in thousands) \n Regularly scheduled interest and accretion $ 57,525 8.25 % $ 48,149 8.18 % \n Transactional income: \n Release of allowance for credit losses on purchased loans 1,454 0.21 % 573 0.10 % \n Accelerated accretion and loan fees 7,350 1.05 % 885 0.15 % \n Total transactional income 8,804 1.26 % 1,458 0.25 % \n Total $ 66,329 9.51 % $ 49,607 8.43 % \n \n Nine Months Ended March 31, \n 2026 2025 \n Income Return (1) Income Return (1) \n \n (Dollars in thousands) \n Regularly scheduled interest and accretion $ 149,380 7.91 % $ 136,055 8.30 % \n Transactional income: \n Release of allowance for credit losses on purchased loans 2,240 0.12 % 734 0.05 % \n Accelerated accretion and loan fees 12,358 0.65 % 5,775 0.35 % \n Total transactional income 14,598 0.77 % 6,509 0.40 % \n Total $ 163,978 8.68 % $ 142,564 8.70 % \n \n\n((1) The total return on purchased loans represents scheduled accretion,\naccelerated accretion, gains (losses) on real estate owned, release of\nallowance for credit losses on purchased loans, and other noninterest income\nrecorded during the period divided by the average invested balance on an\nannualized basis. The total return on purchased loans does not include the\neffect of purchased loan charge-offs or recoveries during the period. Total\nreturn on purchased loans is considered a non-GAAP financial measure.)\n\n2.   Provision for credit losses decreased by $3.1 million reflecting a\ncredit of $218 thousand for the quarter ended March 31, 2026, compared to a\nprovision of $2.9 million for the quarter ended March 31, 2025. The decrease\nwas primarily due to decreases in individual reserves required in the quarter\nended March 31, 2026 compared to increased reserves on the unguaranteed\nportion of the SBA portfolio and increased reserves due to loan growth in the\nquarter ended March 31, 2025.\n\n3.   Noninterest income decreased by $3.1 million for the quarter ended\nMarch 31, 2026, compared to the quarter ended March 31, 2025, primarily due to\na decrease in gain on sale of SBA loans of $3.1 million, due to a lower sale\nvolume of $33.0 million in SBA loans during the quarter ended March 31, 2026\nas compared to $73.6 million during the quarter ended March 31, 2025.\n\n4.   Noninterest expense increased by $3.5 million for the quarter ended\nMarch 31, 2026, compared to the quarter ended March 31, 2025, primarily due to\nthe following: \n* An increase in salaries and employee benefits expense of $2.4 million,\nprimarily due to an increase to the projected incentive compensation accrual,\nalong with increases in regular and stock compensation expense;\n* An increase in loan expense of $914 thousand, primarily related to increased\nexpenses in connection with the origination of SBA and insured small balance\nbusiness loans; and \n* An increase in Federal Deposit Insurance Corporation (“FDIC”) insurance\nexpense of $106 thousand, due to changes in the Bank's assessment rate and\ngrowth in the balance sheet. \n5.   Income tax expense increased by $2.5 million to $13.3 million, or an\neffective tax rate of 30.9%, for the quarter ended March 31, 2026, compared to\nincome tax expense of $10.8 million, or an effective tax rate of 36.7%, for\nthe quarter ended March 31, 2025. The decrease in effective tax rate is\nprimarily due to changes in state tax law.\n\nAs of March 31, 2026, nonperforming assets totaled $39.3 million, or 0.8% of\ntotal assets, compared to $35.6 million, or 0.8% of total assets, as of\nJune 30, 2025.\n\nAs of March 31, 2026, past due loans totaled $28.4 million, or 0.6% of total\nloans, compared to past due loans totaling $30.1 million, or 0.8% of total\nloans, as of June 30, 2025.\n\nAs of March 31, 2026, the Bank’s Tier 1 leverage capital ratio was 11.4%,\ncompared to 11.6% at June 30, 2025, and the Bank's Total risk-based capital\nratio was 14.2% at March 31, 2026, compared to 14.7% at June 30, 2025. The\nTotal risk-based capital ratio decreased primarily due to the increase in\nrisk-weighted assets from significant loan growth from purchases during the\nquarter ended December 31, 2025.\n\nInvestor Call Information \nRick Wayne, Chief Executive Officer, Santino Delmolino, Chief Financial\nOfficer, and Pat Dignan, Chief Operating Officer and Chief Credit Officer, of\nNortheast Bank, will host a conference call to discuss third quarter financial\nresults and business outlook at 10:00 a.m. Eastern Time on Tuesday, April\n28(th). To access the conference call by phone, please go to this link (Phone\n(https://www.globenewswire.com/Tracker?data=M6gGA1pRziAXPVm_3-vh3ni8GS0v--3KvM5Iv3ekkfmf0AbMoaDJ7B3QZs0S5COsUABdYGkuyh7xyk6teOgkGbTkjOl6kYzFpwAkLI2UxHs7xL6p5dlpZWIsvJFmhitzDcO195UVd4shBa81mCkUt9wNI4iegt9VfK5yf8fL7nc=)\nRegistration\n(https://www.globenewswire.com/Tracker?data=Lbc8sUyWQgxX7qTAOwLqQTPVH2F0aG7cJXw_VtlKJAzJt8eDTCJoWylGhZXXXZwuD7gislhlSwOY232GXrnOK6QxYrfQAcYv9p-3HdvkOJDBBD2VdGuUkoakLhxaPMYWtIlFR4pEkYgmXYGec6OwTdnZ3_0oaB_qSFHObVeFIIA=)),\nand you will be provided with dial in details. The call will be available via\nlive webcast, which can be viewed by accessing the Bank’s website at\nwww.northeastbank.com and clicking on the About Us - Investor Relations\nsection. To listen to the webcast, attendees are encouraged to visit the\nwebsite at least 15 minutes early to register, download, and install any\nnecessary audio software. Please note there will also be a slide presentation\nthat will accompany the webcast. This presentation is also available in the\nInvestor Relations section of the Bank's website at www.northeastbank.com. For\nthose who cannot listen to the live broadcast, a replay will be available\nonline for one year at www.northeastbank.com.\n\nAbout Northeast Bank \nNortheast Bank (NASDAQ: NBN) is headquartered in Portland, Maine and operates\nas both a national lender and a community bank. The Bank’s National Lending\nDivision originates and purchases commercial real estate loans across the\ncountry. The National Lending Division specializes in complex credit\nstructures and secondary market loan acquisitions, providing tailored\nfinancing solutions to a diverse national clientele. Complementing this\nsegment, the Bank’s Small Business segment serves as a nationwide SBA\nPreferred Lender, offering government-guaranteed loans and small-balance\ninsured financing. On a regional and national level, Northeast Bank provides a\ncomprehensive suite of depository products and cash management and treasury\nservices through a network of seven full-service branches in Maine alongside\nthe Bank’s digital banking Division, ableBanking. Information regarding\nNortheast Bank can be found at www.northeastbank.com.\n\nNon-GAAP Financial Measures \nIn addition to results presented in accordance with generally accepted\naccounting principles (“GAAP”), this press release contains certain\nnon-GAAP financial measures, including tangible common shareholders’ equity,\ntangible book value per share, total return on purchased loans, and efficiency\nratio. The Bank’s management believes that the supplemental non-GAAP\ninformation is utilized by regulators and market analysts to evaluate a\ncompany’s financial condition and therefore, such information is useful to\ninvestors. These disclosures should not be viewed as a substitute for\nfinancial results determined in accordance with GAAP, nor are they necessarily\ncomparable to non-GAAP performance measures that may be presented by other\ncompanies. Because non-GAAP financial measures are not standardized, it may\nnot be possible to compare these financial measures with other companies’\nnon-GAAP financial measures having the same or similar names.\n\nForward-Looking Statements \nStatements in this press release that are not historical facts are\nforward-looking statements within the meaning of Section 27A of the Securities\nAct of 1933, as amended, and Section 21E of the Securities Exchange Act of\n1934, as amended, and are intended to be covered by the safe harbor provisions\nof the Private Securities Litigation Reform Act of 1995. We may also make\nforward-looking statements in other documents we file with the Federal Deposit\nInsurance Corporation (\"FDIC\"), in our annual reports to our shareholders, in\npress releases and other written materials, and in oral statements made by our\nofficers, directors, or employees. You can identify forward-looking statements\nby the use of the words “believe,” “expect,” “anticipate,”\n“intend,” “estimate,” “assume,” “outlook,” “will,”\n“should,” and other expressions that predict or indicate future events and\ntrends and which do not relate to historical matters. Although the Bank\nbelieves that these forward-looking statements are based on reasonable\nestimates and assumptions, they are not guarantees of future performance and\nare subject to known and unknown risks, uncertainties, contingencies, and\nother factors. You should not place undue reliance on our forward-looking\nstatements. You should exercise caution in interpreting and relying on\nforward-looking statements because they are subject to significant risks,\nuncertainties, and other factors which are, in some cases, beyond the Bank’s\ncontrol. The Bank’s actual results could differ materially from those\nexpressed or implied by such forward-looking statements as a result of, among\nother factors: changes in interest rates and real estate values; changes in\nemployment levels and general business and economic conditions on a national\nbasis and in the local markets in which the Bank operates; changes in customer\nbehavior due to changing business and economic conditions (including the\nimpact of ongoing armed conflicts, tariffs, inflation, and concerns about\nliquidity) or legislative or regulatory initiatives; the possibility that\nfuture credit losses are higher than currently expected due to changes in\neconomic assumptions, customer behavior, or adverse economic developments;\nturbulence in the capital and debt markets; competitive pressures from other\nfinancial institutions; changes in loan defaults and charge-off rates; changes\nin the value of securities and other assets, adequacy of credit loss reserves,\nor deposit levels necessitating increased borrowing to fund loans and\ninvestments; changes in, and evolving interpretations of, existing and future\nlaws, rules, and regulations; operational risks including, but not limited to,\ncybersecurity, fraud, natural disasters, climate change, and future pandemics;\nthe risk that the Bank may not be successful in the implementation of its\nbusiness strategy; the risk that intangibles recorded in the Bank’s\nfinancial statements will become impaired; changes in assumptions used in\nmaking such forward-looking statements; and the other risks and uncertainties\ndetailed in the Bank’s Annual Report on Form 10-K, as updated in the\nBank’s Quarterly Reports on Form 10-Q and other filings submitted to the\nFDIC. These statements speak only as of the date of this release and the Bank\ndoes not undertake any obligation to update or revise any of these\nforward-looking statements to reflect events or circumstances occurring after\nthe date of this release or to reflect the occurrence of unanticipated events.\n\nNBN-F\n\n \n NORTHEAST BANK \n BALANCE SHEETS \n (Unaudited) \n (Dollars in thousands, except share and per share data) \n March 31, 2026 June 30, 2025 \n \n Assets \n Cash and due from banks $ 2,399 $ 2,908 \n Short-term investments 398,731 410,711 \n Total cash and cash equivalents 401,130 413,619 \n \n Available-for-sale debt securities, at fair value 4,724 15,308 \n Equity securities, at fair value 7,632 7,396 \n Total securities 12,356 22,704 \n \n Loans held for sale 109,877 33,768 \n \n Loans: \n Commercial real estate 3,301,869 2,733,794 \n Commercial and industrial 1,029,721 903,278 \n Residential real estate 118,115 119,158 \n Consumer 107 159 \n Total loans 4,449,812 3,756,389 \n Less: Allowance for credit losses 60,313 47,930 \n Loans, net 4,389,499 3,708,459 \n \n Premises and equipment, net 23,206 24,704 \n Real estate owned and other possessed collateral, net 9,155 560 \n Federal Home Loan Bank stock, at cost 30,844 15,295 \n Loan servicing rights, net 604 699 \n Bank-owned life insurance 18,660 19,329 \n Accrued interest receivable 19,200 16,897 \n Other assets 19,565 23,034 \n Total assets $ 5,034,096 $ 4,279,068 \n \n Liabilities and Shareholders’ Equity \n Deposits: \n Demand $ 170,639 $ 159,274 \n Savings and interest checking 898,850 880,016 \n Money market 75,643 92,716 \n Time 2,506,049 2,243,594 \n Total deposits 3,651,181 3,375,600 \n \n Federal Home Loan Bank advances 720,064 320,191 \n Lease liability 17,723 19,044 \n Other liabilities 77,464 69,947 \n Total liabilities 4,466,432 3,784,782 \n \n Commitments and contingencies \n \n Shareholders’ equity \n Preferred stock, $1.00 par value, 1,000,000 shares authorized; no shares issued and outstanding at March 31, 2026 and June 30, 2025 — — \n Voting common stock, $1.00 par value, 25,000,000 shares authorized; 8,555,360 and 8,525,362 shares issued and outstanding at March 31, 2026 and June 30, 2025, respectively 8,555 8,525 \n Non-voting common stock, $1.00 par value, 3,000,000 shares authorized; No shares issued and outstanding at March 31, 2026 and June 30, 2025 — — \n Additional paid-in capital 99,204 98,728 \n Retained earnings 459,908 387,035 \n Accumulated other comprehensive loss (3 ) (2 ) \n Total shareholders’ equity 567,664 494,286 \n Total liabilities and shareholders’ equity $ 5,034,096 $ 4,279,068 \n \n\n\n\n \n NORTHEAST BANK \n STATEMENTS OF INCOME \n (Unaudited) \n (Dollars in thousands, except share and per share data) \n Three Months Ended March 31, Nine Months Ended March 31, \n 2026 2025 2026 2025 \n Interest and dividend income: \n Interest and fees on loans $ 97,388 $ 76,478 $ 254,885 $ 222,361 \n Interest on available-for-sale securities 116 352 446 1,383 \n Other interest and dividend income 4,367 3,996 13,834 12,104 \n Total interest and dividend income 101,871 80,826 269,165 235,848 \n \n Interest expense: \n Deposits 32,811 30,593 95,067 89,959 \n Federal Home Loan Bank advances 5,778 4,057 13,383 11,754 \n Obligation under capital lease agreements 209 225 650 691 \n Total interest expense 38,798 34,875 109,100 102,404 \n Net interest and dividend income before provision for credit losses 63,073 45,951 160,065 133,444 \n (Credit) provision for credit losses (218 ) 2,908 223 5,275 \n Net interest and dividend income after provision for credit losses 63,291 43,043 159,842 128,169 \n \n Noninterest income: \n Fees for other services to customers 328 362 1,035 1,197 \n Gain on sales of SBA loans 2,905 6,014 9,169 14,915 \n Net unrealized (loss) gain on equity securities (35 ) 79 40 106 \n Loss on real estate owned, other repossessed collateral and premises and equipment, net - - (7 ) - \n Bank-owned life insurance income 284 124 796 372 \n Correspondent fee income 26 16 46 69 \n Other noninterest income 37 24 112 28 \n Total noninterest income 3,545 6,619 11,191 16,687 \n \n Noninterest expense: \n Salaries and employee benefits 14,830 12,477 40,016 34,947 \n Occupancy and equipment expense 1,221 1,275 3,482 3,456 \n Professional fees 631 669 2,497 1,985 \n Data processing fees 1,583 1,496 4,869 4,605 \n Marketing expense 129 89 363 318 \n Loan acquisition and collection expense 3,184 2,270 9,182 5,626 \n FDIC insurance expense 574 468 1,341 1,756 \n Other noninterest expense 1,488 1,399 4,550 4,203 \n Total noninterest expense 23,640 20,143 66,300 56,896 \n Income before income tax expense 43,196 29,519 104,733 87,960 \n Income tax expense 13,343 10,838 31,598 29,734 \n Net income $ 29,853 $ 18,681 $ 73,135 $ 58,226 \n \n Weighted-average shares outstanding: \n Basic 8,313,715 8,216,746 8,305,343 8,047,775 \n Diluted 8,447,028 8,394,964 8,433,401 8,232,435 \n \n Earnings per common share: \n Basic $ 3.59 $ 2.27 $ 8.81 $ 7.24 \n Diluted 3.53 2.23 8.67 7.07 \n \n Cash dividends declared per common share $ 0.01 $ 0.01 $ 0.03 $ 0.03 \n \n\n\n\n \n NORTHEAST BANK \n AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS \n (Unaudited) \n (Dollars in thousands) \n Three Months Ended March 31, \n 2026 2025 \n Average Balance Interest Income/ Expense (1) Average Yield/ Rate (1) Average Balance Interest Income/ Expense (1) Average Yield/ Rate (1) \n (Dollars in thousands) \n Assets: \n Interest-earning assets: \n Investment securities $ 12,482 $ 116 3.77 % $ 32,963 $ 352 4.33 % \n Loans (2) (3) 4,475,989 97,388 8.82 % 3,650,066 76,478 8.50 % \n Federal Home Loan Bank stock 25,292 320 5.13 % 16,657 301 7.33 % \n Short-term investments (4) 450,342 4,047 3.64 % 336,877 3,695 4.45 % \n Total interest-earning assets 4,964,105 101,871 8.32 % 4,036,563 80,826 8.12 % \n Cash and due from banks 1,673 2,332 \n Other non-interest earning assets 14,391 39,847 \n Total assets $ 4,980,169 $ 4,078,742 \n \n Liabilities & Shareholders' Equity: \n Interest-bearing liabilities: \n NOW accounts $ 656,086 $ 5,204 3.22 % $ 566,932 $ 5,190 3.71 % \n Money market accounts 76,207 322 1.71 % 116,647 754 2.62 % \n Savings accounts 206,508 1,113 2.19 % 198,094 1,365 2.79 % \n Time deposits 2,648,227 26,172 4.01 % 2,129,320 23,284 4.43 % \n Total interest-bearing deposits 3,587,028 32,811 3.71 % 3,010,993 30,593 4.12 % \n Federal Home Loan Bank advances 580,504 5,778 4.04 % 372,029 4,057 4.42 % \n Lease liability 17,880 209 4.74 % 19,340 225 4.72 % \n Total interest-bearing liabilities 4,185,412 38,798 3.76 % 3,402,362 34,875 4.16 % \n \n Non-interest bearing liabilities: \n Demand deposits and escrow accounts 159,807 183,348 \n Other liabilities 76,281 33,025 \n Total liabilities 4,421,500 3,618,735 \n Shareholders' equity 558,669 460,007 \n Total liabilities and shareholders' equity $ 4,980,169 $ 4,078,742 \n \n Net interest income $ 63,073 $ 45,951 \n \n Interest rate spread 4.56 % 3.96 % \n Net interest margin (5) 5.15 % 4.62 % \n \n Cost of funds (6) 3.62 % 3.94 % \n \n\n((1) Interest income and yield are stated on a fully tax-equivalent basis\nusing the statutory tax rate.)\n((2) Includes loans held for sale.)\n((3) Nonaccrual loans are included in the computation of average, but unpaid\ninterest has not been included for purposes of determining interest income.)\n((4) Short-term investments include FHLB overnight deposits and other\ninterest-bearing deposits.)\n((5) Net interest margin is calculated as net interest income divided by total\ninterest-earning assets.)\n((6) Cost of funds is calculated as total interest expense divided by total\ninterest-bearing liabilities plus demand deposits and escrow accounts.)\n\n \n NORTHEAST BANK \n AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS \n (Unaudited) \n (Dollars in thousands) \n Nine Months Ended March 31, \n 2026 2025 \n Average Balance Interest Income/ Expense (1) Average Yield/ Rate (1) Average Balance Interest Income/ Expense (1) Average Yield/ Rate (1) \n Assets: \n Interest-earning assets: \n Investment securities $ 15,411 $ 446 3.86 % $ 42,865 $ 1,383 4.30 % \n Loans (2) (3) 4,010,948 254,885 8.47 % 3,348,535 222,361 8.85 % \n Federal Home Loan Bank stock 19,441 888 6.08 % 16,190 977 8.04 % \n Short-term investments (4) 429,932 12,946 4.01 % 302,262 11,127 4.90 % \n Total interest-earning assets 4,475,732 269,165 8.01 % 3,709,852 235,848 8.47 % \n Cash and due from banks 1,979 2,219 \n Other non-interest earning assets 45,290 55,078 \n Total assets $ 4,523,001 $ 3,767,149 \n \n Liabilities & Shareholders' Equity: \n Interest-bearing liabilities: \n NOW accounts $ 655,491 $ 17,213 3.50 % $ 570,906 $ 17,014 3.97 % \n Money market accounts 80,327 1,184 1.96 % 131,481 2,972 3.01 % \n Savings accounts 208,299 3,893 2.49 % 188,053 4,575 3.24 % \n Time deposits 2,367,702 72,777 4.09 % 1,864,771 65,398 4.67 % \n Total interest-bearing deposits 3,311,819 95,067 3.82 % 2,755,211 89,959 4.35 % \n Federal Home Loan Bank advances 427,110 13,383 4.17 % 357,020 11,754 4.39 % \n Lease liability 18,326 650 4.72 % 19,655 691 4.68 % \n Total interest-bearing liabilities 3,757,255 109,100 3.87 % 3,131,886 102,404 4.36 % \n \n Non-interest bearing liabilities: \n Demand deposits and escrow accounts 161,899 182,877 \n Other liabilities 73,248 29,877 \n Total liabilities 3,992,402 3,344,640 \n Shareholders' equity 530,599 422,509 \n Total liabilities and shareholders' equity $ 4,523,001 $ 3,767,149 \n \n Net interest income $ 160,065 $ 133,444 \n \n Interest rate spread 4.14 % 4.11 % \n Net interest margin (5) 4.76 % 4.79 % \n \n Cost of funds (6) 3.71 % 4.12 % \n \n\n((1) Interest income and yield are stated on a fully tax-equivalent basis\nusing the statutory tax rate.)\n((2) Includes loans held for sale.)\n((3) Nonaccrual loans are included in the computation of average, but unpaid\ninterest has not been included for purposes of determining interest income.)\n((4) Short-term investments include FHLB overnight deposits and other\ninterest-bearing deposits.)\n((5) Net interest margin is calculated as net interest income divided by total\ninterest-earning assets.)\n((6) Cost of funds is calculated as total interest expense divided by total\ninterest-bearing liabilities plus demand deposits and escrow accounts. )\n\n \n NORTHEAST BANK \n SELECTED FINANCIAL HIGHLIGHTS AND OTHER DATA \n (Unaudited) \n (Dollars in thousands, except share and per share data) \n Three Months Ended \n March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 \n \n Net interest income $ 63,073 $ 48,801 $ 48,192 $ 53,931 $ 45,951 \n (Credit) provision for credit losses (218 ) 875 (435 ) 3,469 2,908 \n Noninterest income 3,545 2,964 4,683 8,768 6,619 \n Noninterest expense 23,640 20,771 21,890 21,495 20,143 \n Net income 29,853 20,740 22,541 25,216 18,681 \n Weighted-average common shares outstanding: \n Basic 8,313,715 8,312,859 8,272,801 8,233,002 8,216,746 \n Diluted 8,447,028 8,405,541 8,430,980 8,413,895 8,394,964 \n Earnings per common share: \n Basic $ 3.59 $ 2.49 $ 2.72 $ 3.06 $ 2.27 \n Diluted 3.53 2.47 2.67 3.00 2.23 \n Dividends declared per common share $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 \n Return on average assets 2.43 % 1.87 % 2.13 % 2.38 % 1.86 % \n Return on average equity 21.67 % 15.62 % 17.64 % 20.74 % 16.47 % \n Net interest rate spread (1) 4.56 % 3.89 % 3.91 % 4.49 % 3.96 % \n Net interest margin (2) 5.15 % 4.49 % 4.59 % 5.10 % 4.62 % \n Efficiency ratio (non-GAAP) (3) 35.49 % 40.13 % 41.40 % 34.28 % 38.32 % \n Noninterest expense to average total assets 1.93 % 1.87 % 2.07 % 2.03 % 2.00 % \n Average interest-earning assets to average interest-bearing liabilities 118.60 % 118.40 % 120.43 % 119.07 % 118.64 % \n \n As of: \n March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 \n Nonperforming loans: \n Total originated portfolio $ 16,714 $ 12,761 $ 10,817 $ 10,587 $ 12,552 \n Total purchased portfolio 13,439 21,842 22,976 24,424 19,680 \n Total nonperforming loans 30,153 34,603 33,793 35,011 32,232 \n Real estate owned and other repossessed collateral, net 9,155 719 1,279 560 1,200 \n Total nonperforming assets $ 39,308 $ 35,322 $ 35,072 $ 35,571 $ 33,432 \n \n Past due loans to total loans 0.64 % 0.84 % 0.77 % 0.80 % 0.91 % \n Nonperforming loans to total loans 0.68 % 0.80 % 0.90 % 0.93 % 0.86 % \n Nonperforming assets to total assets 0.78 % 0.71 % 0.84 % 0.83 % 0.79 % \n Allowance for credit losses to total loans 1.36 % 1.47 % 1.24 % 1.28 % 1.23 % \n Allowance for credit losses to nonperforming loans 200.02 % 184.42 % 138.23 % 136.90 % 142.79 % \n Net charge-offs $ 3,378 $ 2,942 $ 1,887 $ 1,723 $ 2,082 \n Commercial real estate loans to total capital (4) 509.14 % 533.21 % 470.01 % 486.07 % 521.47 % \n Net loans to deposits 120.22 % 112.25 % 114.02 % 109.86 % 112.10 % \n Purchased loans to total loans 63.17 % 65.66 % 64.12 % 63.23 % 65.33 % \n Equity to total assets 11.28 % 10.83 % 12.31 % 11.55 % 11.06 % \n Common equity tier 1 capital ratio 12.95 % 12.47 % 13.86 % 13.44 % 12.72 % \n Total risk-based capital ratio 14.20 % 13.73 % 15.11 % 14.69 % 13.97 % \n Tier 1 leverage capital ratio 11.40 % 12.19 % 12.21 % 11.64 % 11.45 % \n Total shareholders’ equity $ 567,664 $ 536,018 $ 513,647 $ 494,286 $ 467,516 \n Less: Preferred stock — — — — — \n Common shareholders’ equity 567,664 536,018 513,647 494,286 467,516 \n Less: Intangible assets — — — — — \n Tangible common shareholders' equity (non-GAAP) $ 567,664 $ 536,018 $ 513,647 $ 494,286 $ 467,516 \n Common shares outstanding 8,555,360 8,555,360 8,562,960 8,525,362 8,525,362 \n Book value per common share $ 66.35 $ 62.65 $ 59.98 $ 57.98 $ 54.84 \n Tangible book value per share (non-GAAP) (5) 66.35 62.65 59.98 57.98 54.84 \n \n\n((1) The net interest rate spread represents the difference between the\nweighted-average yield on interest-earning assets and the weighted-average\ncost of interest-bearing liabilities for the period.)\n((2) Net interest margin is calculated as net interest income divided by total\ninterest-earning assets.)\n((3) The efficiency ratio represents noninterest expense divided by the sum of\nnet interest income (before the credit loss provision) plus noninterest\nincome.)\n((4) For purposes of calculating this ratio, commercial real estate includes\nall non-owner occupied commercial real estate loans defined as such by\nregulatory guidance, including all land development and construction loans.)\n((5) Tangible book value per share represents total shareholders’ equity\nless the sum of preferred stock and intangible assets divided by common shares\noutstanding.)\n\nFor More Information:\nSantino Delmolino, Chief Financial Officer \nNortheast Bank, 27 Pearl Street, Portland, Maine 04101 \n617.960.3634 \nwww.northeastbank.com\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/ec44d25b-c247-4d5d-9264-10fb03e30aa8)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX1QNhfz","title":"Northeast Bank Reports Third Quarter Results and Declares Dividend","author":"Globe Newswire","ticker":"NBN","created":"2026-04-27T20:16:00.558Z","tickers":["NBN"],"exchange":"NASDAQ","article_body":"PORTLAND, Maine, April 27, 2026 (GLOBE NEWSWIRE) -- Northeast Bank (the\n“Bank”) (NASDAQ: NBN), a Maine-based bank, today reported net income of\n$29.9 million, or $3.53 per diluted common share, for the quarter ended March\n31, 2026, compared to net income of $18.7 million, or $2.23 per diluted common\nshare, for the quarter ended March 31, 2025. Net income for the nine months\nended March 31, 2026 was $73.1 million, or $8.67 per diluted common share,\ncompared to $58.2 million, or $7.07 per diluted common share, for the nine\nmonths ended March 31, 2025.\n\nThe Board of Directors declared a cash dividend of $0.01 per share, payable on\nMay 26, 2026, to shareholders of record as of May 12, 2026.\n\n\"I am pleased to report another quarter of excellent earnings and record\norigination volume,” said Rick Wayne, Chief Executive Officer. “Net income\nof $29.9 million resulted in a return on average equity of 21.7% and a return\non average assets of 2.4%. Quarterly loan volume totaled $344.7 million, which\nincluded a record $253.9 million of National Lending originated loans. We\ncrossed five billion dollars in total assets this quarter, with total loans,\nincluding loans held for sale, at March 31, 2026 of $4.56 billion,\nrepresenting an increase of $769.5 million, or 20.3%, over June 30, 2025.\"\n\nAs of March 31, 2026, total assets were $5.03 billion, an increase of $755.0\nmillion, or 17.6%, from total assets of $4.28 billion as of June 30, 2025,\ndue to the following:\n\n1.   The following table highlights the changes in the loan portfolio,\nincluding loans held for sale, for the nine months ended March 31, 2026:\n\n Loan Portfolio Changes \n March 31, 2026 June 30, 2025 Change ($) Change (%) \n (Dollars in thousands) \n National Lending Purchased $ 2,810,887 $ 2,375,157 $ 435,730 18.35 % \n National Lending Originated 1,501,080 1,251,768 249,312 19.92 % \n Small Business 233,085 144,974 88,111 60.78 % \n Community Banking 14,637 18,258 (3,621 ) (19.83 %) \n Total $ 4,559,689 $ 3,790,157 $ 769,532 20.30 % \n \n\nLoans generated during the quarter ended March 31, 2026 totaled $344.7\nmillion, which consisted of $25.3 million of National Lending purchased loans\nat an average price of 97.6% of unpaid principal balance, $253.9 million of\nNational Lending originated loans, $38.5 million of Small Business\nAdministration (\"SBA\") 7(a) loans, and $27.0 million of insured small balance\nbusiness loans.\n\nAn overview of the Bank’s National Lending Division portfolio follows:\n\n National Lending Portfolio \n Three Months Ended March 31, \n 2026 2025 \n Purchased Originated Total Purchased Originated Total \n \n (Dollars in thousands) \n Loans purchased or originated during the period: \n Unpaid principal balance $ 25,924 $ 253,881 $ 279,805 $ 79,144 $ 217,983 $ 297,127 \n Initial net investment basis (1) 25,291 253,881 279,172 74,553 217,983 292,536 \n \n Loan returns during the period: \n Yield 9.30 % 7.72 % 8.78 % 8.33 % 8.73 % 8.46 % \n Total Return on Purchased Loans (2) 9.51 % N/A 9.51 % 8.43 % N/A 8.43 % \n \n \n Nine Months Ended March 31, \n 2026 2025 \n Purchased Originated Total Purchased Originated Total \n \n (Dollars in thousands) \n Loans purchased or originated during the period: \n Unpaid principal balance $ 754,123 $ 640,061 $ 1,394,184 $ 901,693 $ 591,292 $ 1,492,985 \n Initial net investment basis (1) 702,822 640,061 1,342,883 821,485 591,292 1,412,777 \n \n Loan returns during the period: \n Yield 8.56 % 8.11 % 8.41 % 8.65 % 9.02 % 8.77 % \n Total Return on Purchased Loans (2) 8.68 % N/A 8.68 % 8.70 % N/A 8.70 % \n \n Total loans as of period end: \n Unpaid principal balance $ 2,964,683 $ 1,501,080 $ 4,465,763 $ 2,638,438 $ 1,185,153 $ 3,823,591 \n Net investment basis 2,810,887 1,501,080 4,311,967 2,443,822 1,185,153 3,628,975 \n \n\n((1)  Initial net investment basis on purchased loans is the initial\namortized cost basis net of initial allowance for credit losses (credit\nmark).)\n((2)  The total return on purchased loans represents scheduled accretion,\naccelerated accretion, gains (losses) on real estate owned, release of\nallowance for credit losses on purchased loans, and other noninterest income\nrecorded during the period divided by the average invested balance on an\nannualized basis. The total return on purchased loans does not include the\neffect of purchased loan charge-offs or recoveries during the period. Total\nreturn on purchased loans is considered a non-GAAP financial measure. See\nreconciliation in below table entitled “Total Return on Purchased Loans.”)\n\n2.   Deposits increased by $275.6 million, or 8.2%, from June 30, 2025. The\nincrease was primarily attributable to an increase in time deposits of $262.5\nmillion, or 11.7%. The significant drivers in the change in time deposits were\nan increase in brokered time deposits, which increased by $155.1 million,\ncombined with an increase in Community Banking Division time deposits of\n$125.4 million.\n\n3.   Federal Home Loan Bank (“FHLB”) advances increased by $399.9\nmillion, or 124.9%, from June 30, 2025. The increase was attributable to\nadvances taken to fund a portion of the loan purchases during the quarter\nended December 31, 2025.\n\n4.   Shareholders’ equity increased by $73.4 million, or 14.8%, from June\n30, 2025, primarily due to net income of $73.1 million for the fiscal year to\ndate through March 31, 2026 and stock-based compensation of $5.8 million,\npartially offset by the cancellation of restricted stock to cover tax\nobligations on restricted stock vests, which resulted in a $5.3 million\ndecrease in shareholders' equity.\n\nNet income increased by $11.2 million to $29.9 million for the quarter ended\nMarch 31, 2026, compared to net income of $18.7 million for the quarter ended\nMarch 31, 2025, due to the following:\n\n1.   Net interest and dividend income before provision for credit losses\nincreased by $17.1 million to $63.1 million for the quarter ended March 31,\n2026, compared to $46.0 million for the quarter ended March 31, 2025. The\nincrease was primarily due to the following:\n* An increase in interest income earned on loans of $20.9 million, primarily\ndue to higher transactional income and higher average balances in the National\nLending Division and Small Business portfolios; partially offset by,\n* An increase in deposit interest expense of $2.2 million, due to higher\naverage balances; and\n* An increase in interest expense on FHLB advances of $1.7 million, due to\nhigher average balances.\nThe following table summarizes interest income and related yields recognized\non the loan portfolios:\n\n Interest Income and Yield on Loans \n Three Months Ended March 31, \n 2026 2025 \n Average Balance (1) Interest Income Yield Average Balance (1) Interest Income Yield \n \n (Dollars in thousands) \n Community Banking $ 15,950 $ 303 7.70 % $ 20,074 $ 349 7.05 % \n Small Business 226,354 5,442 9.75 % 121,521 2,975 9.93 % \n National Lending: \n Originated 1,405,687 26,768 7.72 % 1,120,756 24,120 8.73 % \n Purchased 2,827,998 64,875 9.30 % 2,387,715 49,034 8.33 % \n Total National Lending 4,233,685 91,643 8.78 % 3,508,471 73,154 8.46 % \n Total $ 4,475,989 $ 97,388 8.82 % $ 3,650,066 $ 76,478 8.50 % \n \n \n Nine Months Ended March 31, \n 2026 2025 \n Average Balance (1) Interest Income Yield Average Balance (1) Interest Income Yield \n \n (Dollars in thousands) \n Community Banking $ 16,582 $ 901 7.24 % $ 21,330 $ 1,088 6.79 % \n Small Business 176,069 12,963 9.81 % 91,481 8,145 11.86 % \n National Lending: \n Originated 1,302,525 79,283 8.11 % 1,052,656 71,297 9.02 % \n Purchased 2,515,772 161,738 8.56 % 2,183,068 141,831 8.65 % \n Total National Lending 3,818,297 241,021 8.41 % 3,235,724 213,128 8.77 % \n Total $ 4,010,948 $ 254,885 8.47 % $ 3,348,535 $ 222,361 8.85 % \n \n\n((1) Includes loans held for sale.)\n\nThe components of total income on purchased loans are set forth in the table\nbelow entitled “Total Return on Purchased Loans.” When compared to the\nquarter ended March 31, 2025, transactional income increased by $7.3 million\nfor the quarter ended March 31, 2026, and regularly scheduled interest and\naccretion increased by $9.4 million, primarily due to higher average balances.\nThe total return on purchased loans for the quarter ended March 31, 2026 was\n9.5%, an increase from 8.4% for the quarter ended March 31, 2025. The\nfollowing table details the total return on purchased loans:\n\n Total Return on Purchased Loans \n Three Months Ended March 31, \n 2026 2025 \n Income Return (1) Income Return (1) \n \n (Dollars in thousands) \n Regularly scheduled interest and accretion $ 57,525 8.25 % $ 48,149 8.18 % \n Transactional income: \n Release of allowance for credit losses on purchased loans 1,454 0.21 % 573 0.10 % \n Accelerated accretion and loan fees 7,350 1.05 % 885 0.15 % \n Total transactional income 8,804 1.26 % 1,458 0.25 % \n Total $ 66,329 9.51 % $ 49,607 8.43 % \n \n Nine Months Ended March 31, \n 2026 2025 \n Income Return (1) Income Return (1) \n \n (Dollars in thousands) \n Regularly scheduled interest and accretion $ 149,380 7.91 % $ 136,055 8.30 % \n Transactional income: \n Release of allowance for credit losses on purchased loans 2,240 0.12 % 734 0.05 % \n Accelerated accretion and loan fees 12,358 0.65 % 5,775 0.35 % \n Total transactional income 14,598 0.77 % 6,509 0.40 % \n Total $ 163,978 8.68 % $ 142,564 8.70 % \n \n\n((1) The total return on purchased loans represents scheduled accretion,\naccelerated accretion, gains (losses) on real estate owned, release of\nallowance for credit losses on purchased loans, and other noninterest income\nrecorded during the period divided by the average invested balance on an\nannualized basis. The total return on purchased loans does not include the\neffect of purchased loan charge-offs or recoveries during the period. Total\nreturn on purchased loans is considered a non-GAAP financial measure.)\n\n2.   Provision for credit losses decreased by $3.1 million reflecting a\ncredit of $218 thousand for the quarter ended March 31, 2026, compared to a\nprovision of $2.9 million for the quarter ended March 31, 2025. The decrease\nwas primarily due to decreases in individual reserves required in the quarter\nended March 31, 2026 compared to increased reserves on the unguaranteed\nportion of the SBA portfolio and increased reserves due to loan growth in the\nquarter ended March 31, 2025.\n\n3.   Noninterest income decreased by $3.1 million for the quarter ended\nMarch 31, 2026, compared to the quarter ended March 31, 2025, primarily due to\na decrease in gain on sale of SBA loans of $3.1 million, due to a lower sale\nvolume of $33.0 million in SBA loans during the quarter ended March 31, 2026\nas compared to $73.6 million during the quarter ended March 31, 2025.\n\n4.   Noninterest expense increased by $3.5 million for the quarter ended\nMarch 31, 2026, compared to the quarter ended March 31, 2025, primarily due to\nthe following: \n* An increase in salaries and employee benefits expense of $2.4 million,\nprimarily due to an increase to the projected incentive compensation accrual,\nalong with increases in regular and stock compensation expense;\n* An increase in loan expense of $914 thousand, primarily related to increased\nexpenses in connection with the origination of SBA and insured small balance\nbusiness loans; and \n* An increase in Federal Deposit Insurance Corporation (“FDIC”) insurance\nexpense of $106 thousand, due to changes in the Bank's assessment rate and\ngrowth in the balance sheet. \n5.   Income tax expense increased by $2.5 million to $13.3 million, or an\neffective tax rate of 30.9%, for the quarter ended March 31, 2026, compared to\nincome tax expense of $10.8 million, or an effective tax rate of 36.7%, for\nthe quarter ended March 31, 2025. The decrease in effective tax rate is\nprimarily due to changes in state tax law.\n\nAs of March 31, 2026, nonperforming assets totaled $39.3 million, or 0.8% of\ntotal assets, compared to $35.6 million, or 0.8% of total assets, as of\nJune 30, 2025.\n\nAs of March 31, 2026, past due loans totaled $28.4 million, or 0.6% of total\nloans, compared to past due loans totaling $30.1 million, or 0.8% of total\nloans, as of June 30, 2025.\n\nAs of March 31, 2026, the Bank’s Tier 1 leverage capital ratio was 11.4%,\ncompared to 11.6% at June 30, 2025, and the Bank's Total risk-based capital\nratio was 14.2% at March 31, 2026, compared to 14.7% at June 30, 2025. The\nTotal risk-based capital ratio decreased primarily due to the increase in\nrisk-weighted assets from significant loan growth from purchases during the\nquarter ended December 31, 2025.\n\nInvestor Call Information \nRick Wayne, Chief Executive Officer, Santino Delmolino, Chief Financial\nOfficer, and Pat Dignan, Chief Operating Officer and Chief Credit Officer, of\nNortheast Bank, will host a conference call to discuss third quarter financial\nresults and business outlook at 10:00 a.m. Eastern Time on Tuesday, April\n28(th). To access the conference call by phone, please go to this link (Phone\n(https://www.globenewswire.com/Tracker?data=M6gGA1pRziAXPVm_3-vh3ni8GS0v--3KvM5Iv3ekkfmf0AbMoaDJ7B3QZs0S5COsUABdYGkuyh7xyk6teOgkGbTkjOl6kYzFpwAkLI2UxHs7xL6p5dlpZWIsvJFmhitzDcO195UVd4shBa81mCkUt9wNI4iegt9VfK5yf8fL7nc=)\nRegistration\n(https://www.globenewswire.com/Tracker?data=Lbc8sUyWQgxX7qTAOwLqQTPVH2F0aG7cJXw_VtlKJAzJt8eDTCJoWylGhZXXXZwuD7gislhlSwOY232GXrnOK6QxYrfQAcYv9p-3HdvkOJDBBD2VdGuUkoakLhxaPMYWtIlFR4pEkYgmXYGec6OwTdnZ3_0oaB_qSFHObVeFIIA=)),\nand you will be provided with dial in details. The call will be available via\nlive webcast, which can be viewed by accessing the Bank’s website at\nwww.northeastbank.com and clicking on the About Us - Investor Relations\nsection. To listen to the webcast, attendees are encouraged to visit the\nwebsite at least 15 minutes early to register, download, and install any\nnecessary audio software. Please note there will also be a slide presentation\nthat will accompany the webcast. This presentation is also available in the\nInvestor Relations section of the Bank's website at www.northeastbank.com. For\nthose who cannot listen to the live broadcast, a replay will be available\nonline for one year at www.northeastbank.com.\n\nAbout Northeast Bank \nNortheast Bank (NASDAQ: NBN) is headquartered in Portland, Maine and operates\nas both a national lender and a community bank. The Bank’s National Lending\nDivision originates and purchases commercial real estate loans across the\ncountry. The National Lending Division specializes in complex credit\nstructures and secondary market loan acquisitions, providing tailored\nfinancing solutions to a diverse national clientele. Complementing this\nsegment, the Bank’s Small Business segment serves as a nationwide SBA\nPreferred Lender, offering government-guaranteed loans and small-balance\ninsured financing. On a regional and national level, Northeast Bank provides a\ncomprehensive suite of depository products and cash management and treasury\nservices through a network of seven full-service branches in Maine alongside\nthe Bank’s digital banking Division, ableBanking. Information regarding\nNortheast Bank can be found at www.northeastbank.com.\n\nNon-GAAP Financial Measures \nIn addition to results presented in accordance with generally accepted\naccounting principles (“GAAP”), this press release contains certain\nnon-GAAP financial measures, including tangible common shareholders’ equity,\ntangible book value per share, total return on purchased loans, and efficiency\nratio. The Bank’s management believes that the supplemental non-GAAP\ninformation is utilized by regulators and market analysts to evaluate a\ncompany’s financial condition and therefore, such information is useful to\ninvestors. These disclosures should not be viewed as a substitute for\nfinancial results determined in accordance with GAAP, nor are they necessarily\ncomparable to non-GAAP performance measures that may be presented by other\ncompanies. Because non-GAAP financial measures are not standardized, it may\nnot be possible to compare these financial measures with other companies’\nnon-GAAP financial measures having the same or similar names.\n\nForward-Looking Statements \nStatements in this press release that are not historical facts are\nforward-looking statements within the meaning of Section 27A of the Securities\nAct of 1933, as amended, and Section 21E of the Securities Exchange Act of\n1934, as amended, and are intended to be covered by the safe harbor provisions\nof the Private Securities Litigation Reform Act of 1995. We may also make\nforward-looking statements in other documents we file with the Federal Deposit\nInsurance Corporation (\"FDIC\"), in our annual reports to our shareholders, in\npress releases and other written materials, and in oral statements made by our\nofficers, directors, or employees. You can identify forward-looking statements\nby the use of the words “believe,” “expect,” “anticipate,”\n“intend,” “estimate,” “assume,” “outlook,” “will,”\n“should,” and other expressions that predict or indicate future events and\ntrends and which do not relate to historical matters. Although the Bank\nbelieves that these forward-looking statements are based on reasonable\nestimates and assumptions, they are not guarantees of future performance and\nare subject to known and unknown risks, uncertainties, contingencies, and\nother factors. You should not place undue reliance on our forward-looking\nstatements. You should exercise caution in interpreting and relying on\nforward-looking statements because they are subject to significant risks,\nuncertainties, and other factors which are, in some cases, beyond the Bank’s\ncontrol. The Bank’s actual results could differ materially from those\nexpressed or implied by such forward-looking statements as a result of, among\nother factors: changes in interest rates and real estate values; changes in\nemployment levels and general business and economic conditions on a national\nbasis and in the local markets in which the Bank operates; changes in customer\nbehavior due to changing business and economic conditions (including the\nimpact of ongoing armed conflicts, tariffs, inflation, and concerns about\nliquidity) or legislative or regulatory initiatives; the possibility that\nfuture credit losses are higher than currently expected due to changes in\neconomic assumptions, customer behavior, or adverse economic developments;\nturbulence in the capital and debt markets; competitive pressures from other\nfinancial institutions; changes in loan defaults and charge-off rates; changes\nin the value of securities and other assets, adequacy of credit loss reserves,\nor deposit levels necessitating increased borrowing to fund loans and\ninvestments; changes in, and evolving interpretations of, existing and future\nlaws, rules, and regulations; operational risks including, but not limited to,\ncybersecurity, fraud, natural disasters, climate change, and future pandemics;\nthe risk that the Bank may not be successful in the implementation of its\nbusiness strategy; the risk that intangibles recorded in the Bank’s\nfinancial statements will become impaired; changes in assumptions used in\nmaking such forward-looking statements; and the other risks and uncertainties\ndetailed in the Bank’s Annual Report on Form 10-K, as updated in the\nBank’s Quarterly Reports on Form 10-Q and other filings submitted to the\nFDIC. These statements speak only as of the date of this release and the Bank\ndoes not undertake any obligation to update or revise any of these\nforward-looking statements to reflect events or circumstances occurring after\nthe date of this release or to reflect the occurrence of unanticipated events.\n\nNBN-F\n\n \n NORTHEAST BANK \n BALANCE SHEETS \n (Unaudited) \n (Dollars in thousands, except share and per share data) \n March 31, 2026 June 30, 2025 \n \n Assets \n Cash and due from banks $ 2,399 $ 2,908 \n Short-term investments 398,731 410,711 \n Total cash and cash equivalents 401,130 413,619 \n \n Available-for-sale debt securities, at fair value 4,724 15,308 \n Equity securities, at fair value 7,632 7,396 \n Total securities 12,356 22,704 \n \n Loans held for sale 109,877 33,768 \n \n Loans: \n Commercial real estate 3,301,869 2,733,794 \n Commercial and industrial 1,029,721 903,278 \n Residential real estate 118,115 119,158 \n Consumer 107 159 \n Total loans 4,449,812 3,756,389 \n Less: Allowance for credit losses 60,313 47,930 \n Loans, net 4,389,499 3,708,459 \n \n Premises and equipment, net 23,206 24,704 \n Real estate owned and other possessed collateral, net 9,155 560 \n Federal Home Loan Bank stock, at cost 30,844 15,295 \n Loan servicing rights, net 604 699 \n Bank-owned life insurance 18,660 19,329 \n Accrued interest receivable 19,200 16,897 \n Other assets 19,565 23,034 \n Total assets $ 5,034,096 $ 4,279,068 \n \n Liabilities and Shareholders’ Equity \n Deposits: \n Demand $ 170,639 $ 159,274 \n Savings and interest checking 898,850 880,016 \n Money market 75,643 92,716 \n Time 2,506,049 2,243,594 \n Total deposits 3,651,181 3,375,600 \n \n Federal Home Loan Bank advances 720,064 320,191 \n Lease liability 17,723 19,044 \n Other liabilities 77,464 69,947 \n Total liabilities 4,466,432 3,784,782 \n \n Commitments and contingencies \n \n Shareholders’ equity \n Preferred stock, $1.00 par value, 1,000,000 shares authorized; no shares issued and outstanding at March 31, 2026 and June 30, 2025 — — \n Voting common stock, $1.00 par value, 25,000,000 shares authorized; 8,555,360 and 8,525,362 shares issued and outstanding at March 31, 2026 and June 30, 2025, respectively 8,555 8,525 \n Non-voting common stock, $1.00 par value, 3,000,000 shares authorized; No shares issued and outstanding at March 31, 2026 and June 30, 2025 — — \n Additional paid-in capital 99,204 98,728 \n Retained earnings 459,908 387,035 \n Accumulated other comprehensive loss (3 ) (2 ) \n Total shareholders’ equity 567,664 494,286 \n Total liabilities and shareholders’ equity $ 5,034,096 $ 4,279,068 \n \n\n\n\n \n NORTHEAST BANK \n STATEMENTS OF INCOME \n (Unaudited) \n (Dollars in thousands, except share and per share data) \n Three Months Ended March 31, Nine Months Ended March 31, \n 2026 2025 2026 2025 \n Interest and dividend income: \n Interest and fees on loans $ 97,388 $ 76,478 $ 254,885 $ 222,361 \n Interest on available-for-sale securities 116 352 446 1,383 \n Other interest and dividend income 4,367 3,996 13,834 12,104 \n Total interest and dividend income 101,871 80,826 269,165 235,848 \n \n Interest expense: \n Deposits 32,811 30,593 95,067 89,959 \n Federal Home Loan Bank advances 5,778 4,057 13,383 11,754 \n Obligation under capital lease agreements 209 225 650 691 \n Total interest expense 38,798 34,875 109,100 102,404 \n Net interest and dividend income before provision for credit losses 63,073 45,951 160,065 133,444 \n (Credit) provision for credit losses (218 ) 2,908 223 5,275 \n Net interest and dividend income after provision for credit losses 63,291 43,043 159,842 128,169 \n \n Noninterest income: \n Fees for other services to customers 328 362 1,035 1,197 \n Gain on sales of SBA loans 2,905 6,014 9,169 14,915 \n Net unrealized (loss) gain on equity securities (35 ) 79 40 106 \n Loss on real estate owned, other repossessed collateral and premises and equipment, net - - (7 ) - \n Bank-owned life insurance income 284 124 796 372 \n Correspondent fee income 26 16 46 69 \n Other noninterest income 37 24 112 28 \n Total noninterest income 3,545 6,619 11,191 16,687 \n \n Noninterest expense: \n Salaries and employee benefits 14,830 12,477 40,016 34,947 \n Occupancy and equipment expense 1,221 1,275 3,482 3,456 \n Professional fees 631 669 2,497 1,985 \n Data processing fees 1,583 1,496 4,869 4,605 \n Marketing expense 129 89 363 318 \n Loan acquisition and collection expense 3,184 2,270 9,182 5,626 \n FDIC insurance expense 574 468 1,341 1,756 \n Other noninterest expense 1,488 1,399 4,550 4,203 \n Total noninterest expense 23,640 20,143 66,300 56,896 \n Income before income tax expense 43,196 29,519 104,733 87,960 \n Income tax expense 13,343 10,838 31,598 29,734 \n Net income $ 29,853 $ 18,681 $ 73,135 $ 58,226 \n \n Weighted-average shares outstanding: \n Basic 8,313,715 8,216,746 8,305,343 8,047,775 \n Diluted 8,447,028 8,394,964 8,433,401 8,232,435 \n \n Earnings per common share: \n Basic $ 3.59 $ 2.27 $ 8.81 $ 7.24 \n Diluted 3.53 2.23 8.67 7.07 \n \n Cash dividends declared per common share $ 0.01 $ 0.01 $ 0.03 $ 0.03 \n \n\n\n\n \n NORTHEAST BANK \n AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS \n (Unaudited) \n (Dollars in thousands) \n Three Months Ended March 31, \n 2026 2025 \n Average Balance Interest Income/ Expense (1) Average Yield/ Rate (1) Average Balance Interest Income/ Expense (1) Average Yield/ Rate (1) \n (Dollars in thousands) \n Assets: \n Interest-earning assets: \n Investment securities $ 12,482 $ 116 3.77 % $ 32,963 $ 352 4.33 % \n Loans (2) (3) 4,475,989 97,388 8.82 % 3,650,066 76,478 8.50 % \n Federal Home Loan Bank stock 25,292 320 5.13 % 16,657 301 7.33 % \n Short-term investments (4) 450,342 4,047 3.64 % 336,877 3,695 4.45 % \n Total interest-earning assets 4,964,105 101,871 8.32 % 4,036,563 80,826 8.12 % \n Cash and due from banks 1,673 2,332 \n Other non-interest earning assets 14,391 39,847 \n Total assets $ 4,980,169 $ 4,078,742 \n \n Liabilities & Shareholders' Equity: \n Interest-bearing liabilities: \n NOW accounts $ 656,086 $ 5,204 3.22 % $ 566,932 $ 5,190 3.71 % \n Money market accounts 76,207 322 1.71 % 116,647 754 2.62 % \n Savings accounts 206,508 1,113 2.19 % 198,094 1,365 2.79 % \n Time deposits 2,648,227 26,172 4.01 % 2,129,320 23,284 4.43 % \n Total interest-bearing deposits 3,587,028 32,811 3.71 % 3,010,993 30,593 4.12 % \n Federal Home Loan Bank advances 580,504 5,778 4.04 % 372,029 4,057 4.42 % \n Lease liability 17,880 209 4.74 % 19,340 225 4.72 % \n Total interest-bearing liabilities 4,185,412 38,798 3.76 % 3,402,362 34,875 4.16 % \n \n Non-interest bearing liabilities: \n Demand deposits and escrow accounts 159,807 183,348 \n Other liabilities 76,281 33,025 \n Total liabilities 4,421,500 3,618,735 \n Shareholders' equity 558,669 460,007 \n Total liabilities and shareholders' equity $ 4,980,169 $ 4,078,742 \n \n Net interest income $ 63,073 $ 45,951 \n \n Interest rate spread 4.56 % 3.96 % \n Net interest margin (5) 5.15 % 4.62 % \n \n Cost of funds (6) 3.62 % 3.94 % \n \n\n((1) Interest income and yield are stated on a fully tax-equivalent basis\nusing the statutory tax rate.)\n((2) Includes loans held for sale.)\n((3) Nonaccrual loans are included in the computation of average, but unpaid\ninterest has not been included for purposes of determining interest income.)\n((4) Short-term investments include FHLB overnight deposits and other\ninterest-bearing deposits.)\n((5) Net interest margin is calculated as net interest income divided by total\ninterest-earning assets.)\n((6) Cost of funds is calculated as total interest expense divided by total\ninterest-bearing liabilities plus demand deposits and escrow accounts.)\n\n \n NORTHEAST BANK \n AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS \n (Unaudited) \n (Dollars in thousands) \n Nine Months Ended March 31, \n 2026 2025 \n Average Balance Interest Income/ Expense (1) Average Yield/ Rate (1) Average Balance Interest Income/ Expense (1) Average Yield/ Rate (1) \n Assets: \n Interest-earning assets: \n Investment securities $ 15,411 $ 446 3.86 % $ 42,865 $ 1,383 4.30 % \n Loans (2) (3) 4,010,948 254,885 8.47 % 3,348,535 222,361 8.85 % \n Federal Home Loan Bank stock 19,441 888 6.08 % 16,190 977 8.04 % \n Short-term investments (4) 429,932 12,946 4.01 % 302,262 11,127 4.90 % \n Total interest-earning assets 4,475,732 269,165 8.01 % 3,709,852 235,848 8.47 % \n Cash and due from banks 1,979 2,219 \n Other non-interest earning assets 45,290 55,078 \n Total assets $ 4,523,001 $ 3,767,149 \n \n Liabilities & Shareholders' Equity: \n Interest-bearing liabilities: \n NOW accounts $ 655,491 $ 17,213 3.50 % $ 570,906 $ 17,014 3.97 % \n Money market accounts 80,327 1,184 1.96 % 131,481 2,972 3.01 % \n Savings accounts 208,299 3,893 2.49 % 188,053 4,575 3.24 % \n Time deposits 2,367,702 72,777 4.09 % 1,864,771 65,398 4.67 % \n Total interest-bearing deposits 3,311,819 95,067 3.82 % 2,755,211 89,959 4.35 % \n Federal Home Loan Bank advances 427,110 13,383 4.17 % 357,020 11,754 4.39 % \n Lease liability 18,326 650 4.72 % 19,655 691 4.68 % \n Total interest-bearing liabilities 3,757,255 109,100 3.87 % 3,131,886 102,404 4.36 % \n \n Non-interest bearing liabilities: \n Demand deposits and escrow accounts 161,899 182,877 \n Other liabilities 73,248 29,877 \n Total liabilities 3,992,402 3,344,640 \n Shareholders' equity 530,599 422,509 \n Total liabilities and shareholders' equity $ 4,523,001 $ 3,767,149 \n \n Net interest income $ 160,065 $ 133,444 \n \n Interest rate spread 4.14 % 4.11 % \n Net interest margin (5) 4.76 % 4.79 % \n \n Cost of funds (6) 3.71 % 4.12 % \n \n\n((1) Interest income and yield are stated on a fully tax-equivalent basis\nusing the statutory tax rate.)\n((2) Includes loans held for sale.)\n((3) Nonaccrual loans are included in the computation of average, but unpaid\ninterest has not been included for purposes of determining interest income.)\n((4) Short-term investments include FHLB overnight deposits and other\ninterest-bearing deposits.)\n((5) Net interest margin is calculated as net interest income divided by total\ninterest-earning assets.)\n((6) Cost of funds is calculated as total interest expense divided by total\ninterest-bearing liabilities plus demand deposits and escrow accounts. )\n\n \n NORTHEAST BANK \n SELECTED FINANCIAL HIGHLIGHTS AND OTHER DATA \n (Unaudited) \n (Dollars in thousands, except share and per share data) \n Three Months Ended \n March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 \n \n Net interest income $ 63,073 $ 48,801 $ 48,192 $ 53,931 $ 45,951 \n (Credit) provision for credit losses (218 ) 875 (435 ) 3,469 2,908 \n Noninterest income 3,545 2,964 4,683 8,768 6,619 \n Noninterest expense 23,640 20,771 21,890 21,495 20,143 \n Net income 29,853 20,740 22,541 25,216 18,681 \n Weighted-average common shares outstanding: \n Basic 8,313,715 8,312,859 8,272,801 8,233,002 8,216,746 \n Diluted 8,447,028 8,405,541 8,430,980 8,413,895 8,394,964 \n Earnings per common share: \n Basic $ 3.59 $ 2.49 $ 2.72 $ 3.06 $ 2.27 \n Diluted 3.53 2.47 2.67 3.00 2.23 \n Dividends declared per common share $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 \n Return on average assets 2.43 % 1.87 % 2.13 % 2.38 % 1.86 % \n Return on average equity 21.67 % 15.62 % 17.64 % 20.74 % 16.47 % \n Net interest rate spread (1) 4.56 % 3.89 % 3.91 % 4.49 % 3.96 % \n Net interest margin (2) 5.15 % 4.49 % 4.59 % 5.10 % 4.62 % \n Efficiency ratio (non-GAAP) (3) 35.49 % 40.13 % 41.40 % 34.28 % 38.32 % \n Noninterest expense to average total assets 1.93 % 1.87 % 2.07 % 2.03 % 2.00 % \n Average interest-earning assets to average interest-bearing liabilities 118.60 % 118.40 % 120.43 % 119.07 % 118.64 % \n \n As of: \n March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 \n Nonperforming loans: \n Total originated portfolio $ 16,714 $ 12,761 $ 10,817 $ 10,587 $ 12,552 \n Total purchased portfolio 13,439 21,842 22,976 24,424 19,680 \n Total nonperforming loans 30,153 34,603 33,793 35,011 32,232 \n Real estate owned and other repossessed collateral, net 9,155 719 1,279 560 1,200 \n Total nonperforming assets $ 39,308 $ 35,322 $ 35,072 $ 35,571 $ 33,432 \n \n Past due loans to total loans 0.64 % 0.84 % 0.77 % 0.80 % 0.91 % \n Nonperforming loans to total loans 0.68 % 0.80 % 0.90 % 0.93 % 0.86 % \n Nonperforming assets to total assets 0.78 % 0.71 % 0.84 % 0.83 % 0.79 % \n Allowance for credit losses to total loans 1.36 % 1.47 % 1.24 % 1.28 % 1.23 % \n Allowance for credit losses to nonperforming loans 200.02 % 184.42 % 138.23 % 136.90 % 142.79 % \n Net charge-offs $ 3,378 $ 2,942 $ 1,887 $ 1,723 $ 2,082 \n Commercial real estate loans to total capital (4) 509.14 % 533.21 % 470.01 % 486.07 % 521.47 % \n Net loans to deposits 120.22 % 112.25 % 114.02 % 109.86 % 112.10 % \n Purchased loans to total loans 63.17 % 65.66 % 64.12 % 63.23 % 65.33 % \n Equity to total assets 11.28 % 10.83 % 12.31 % 11.55 % 11.06 % \n Common equity tier 1 capital ratio 12.95 % 12.47 % 13.86 % 13.44 % 12.72 % \n Total risk-based capital ratio 14.20 % 13.73 % 15.11 % 14.69 % 13.97 % \n Tier 1 leverage capital ratio 11.40 % 12.19 % 12.21 % 11.64 % 11.45 % \n Total shareholders’ equity $ 567,664 $ 536,018 $ 513,647 $ 494,286 $ 467,516 \n Less: Preferred stock — — — — — \n Common shareholders’ equity 567,664 536,018 513,647 494,286 467,516 \n Less: Intangible assets — — — — — \n Tangible common shareholders' equity (non-GAAP) $ 567,664 $ 536,018 $ 513,647 $ 494,286 $ 467,516 \n Common shares outstanding 8,555,360 8,555,360 8,562,960 8,525,362 8,525,362 \n Book value per common share $ 66.35 $ 62.65 $ 59.98 $ 57.98 $ 54.84 \n Tangible book value per share (non-GAAP) (5) 66.35 62.65 59.98 57.98 54.84 \n \n\n((1) The net interest rate spread represents the difference between the\nweighted-average yield on interest-earning assets and the weighted-average\ncost of interest-bearing liabilities for the period.)\n((2) Net interest margin is calculated as net interest income divided by total\ninterest-earning assets.)\n((3) The efficiency ratio represents noninterest expense divided by the sum of\nnet interest income (before the credit loss provision) plus noninterest\nincome.)\n((4) For purposes of calculating this ratio, commercial real estate includes\nall non-owner occupied commercial real estate loans defined as such by\nregulatory guidance, including all land development and construction loans.)\n((5) Tangible book value per share represents total shareholders’ equity\nless the sum of preferred stock and intangible assets divided by common shares\noutstanding.)\n\nFor More Information:\nSantino Delmolino, Chief Financial Officer \nNortheast Bank, 27 Pearl Street, Portland, Maine 04101 \n617.960.3634 \nwww.northeastbank.com\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/ec44d25b-c247-4d5d-9264-10fb03e30aa8)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-04-27T20:16:00.643265062Z","server_sent_at_ms":1777320960643},"received_at":"2026-04-27T20:16:00.813Z","source_url":null},"analysis":{"id":"7345","press_release_id":"9673","analysis_json":{"industry":{"label":"Banks","sector":"Financials"},"redFlags":[],"eventType":"earnings","narrative":"Northeast Bank reported third-quarter net income of $29.9 million, or $3.53 per diluted share, a 60% increase from the prior year’s $18.7 million. The growth was fueled by record origination volume of $344.7 million and higher yields, resulting in a return on average equity of 21.7%.\n\nTotal assets surpassed the $5 billion threshold for the first time, reaching $5.03 billion, while total loans grew 20.3% to $4.56 billion. The bank maintained strong credit quality with nonperforming assets remaining stable at 0.8% of total assets.\n\nThe Board of Directors declared a cash dividend of $0.01 per share, payable May 26, 2026. Operational efficiency improved, with the efficiency ratio dropping to 35.49% compared to 38.32% in the prior year.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"60% earnings surge and crossing $5B in assets highlight strong execution in the national lending segment."},"keyFigures":{"eps":3.53,"customDimensions":{"roa":"2.4%","roe":"21.7%","net_income":"$29.9 million","total_loans":"$4.56 billion","total_assets":"$5.03 billion","efficiency_ratio":"35.49%","net_interest_income":"$63.1 million","net_interest_margin":"5.15%"}},"quotedText":"I am pleased to report another quarter of excellent earnings and record origination volume","namedEntities":{"people":[{"name":"Rick Wayne","role":"Chief Executive Officer"},{"name":"Santino Delmolino","role":"Chief Financial Officer"},{"name":"Pat Dignan","role":"Chief Operating Officer and Chief Credit Officer"}],"products":["National Lending loans","SBA 7(a) loans","ableBanking"],"companies":[{"name":"Northeast Bank","ticker":"NBN"},{"name":"Federal Home Loan Bank","relationship":"credit facility"},{"name":"Small Business Administration","relationship":" guarantor"}],"dollarAmounts":[{"amount":"$29.9 million","context":"quarterly net income"},{"amount":"$18.7 million","context":"prior year quarterly net income"},{"amount":"$0.01","context":"dividend per share"},{"amount":"$5.03 billion","context":"total assets"},{"amount":"$4.56 billion","context":"total loans"},{"amount":"$344.7 million","context":"quarterly loan volume"}]},"materialImpact":{"score":4,"reasoning":"Net income surged 60% year-over-year to $29.9 million, driven by record loan origination volume and higher yields. The bank also crossed the $5 billion asset milestone, signaling strong balance sheet expansion."},"tickerRelevance":{"others":[],"primary":"NBN"},"globalImportance":30,"audienceRelevance":25,"eventTypeSecondary":["dividend"],"importanceComponents":{"tickerTier":"Small/Mid-cap","eventGravity":"60% YoY earnings growth","sectorWeight":"Regional Bank","marketCapAdjustment":"Approx $550M market cap"}},"event_type":"earnings","event_type_secondary":["dividend"],"sentiment":"bullish","material_impact_score":4,"narrative":"Northeast Bank reported third-quarter net income of $29.9 million, or $3.53 per diluted share, a 60% increase from the prior year’s $18.7 million. The growth was fueled by record origination volume of $344.7 million and higher yields, resulting in a return on average equity of 21.7%.\n\nTotal assets surpassed the $5 billion threshold for the first time, reaching $5.03 billion, while total loans grew 20.3% to $4.56 billion. The bank maintained strong credit quality with nonperforming assets remaining stable at 0.8% of total assets.\n\nThe Board of Directors declared a cash dividend of $0.01 per share, payable May 26, 2026. Operational efficiency improved, with the efficiency ratio dropping to 35.49% compared to 38.32% in the prior year.","key_figures":{"eps":3.53,"customDimensions":{"roa":"2.4%","roe":"21.7%","net_income":"$29.9 million","total_loans":"$4.56 billion","total_assets":"$5.03 billion","efficiency_ratio":"35.49%","net_interest_income":"$63.1 million","net_interest_margin":"5.15%"}},"named_entities":{"people":[{"name":"Rick Wayne","role":"Chief Executive Officer"},{"name":"Santino Delmolino","role":"Chief Financial Officer"},{"name":"Pat Dignan","role":"Chief Operating Officer and Chief Credit Officer"}],"products":["National Lending loans","SBA 7(a) loans","ableBanking"],"companies":[{"name":"Northeast Bank","ticker":"NBN"},{"name":"Federal Home Loan Bank","relationship":"credit facility"},{"name":"Small Business Administration","relationship":" guarantor"}],"dollarAmounts":[{"amount":"$29.9 million","context":"quarterly net income"},{"amount":"$18.7 million","context":"prior year quarterly net income"},{"amount":"$0.01","context":"dividend per share"},{"amount":"$5.03 billion","context":"total assets"},{"amount":"$4.56 billion","context":"total loans"},{"amount":"$344.7 million","context":"quarterly loan volume"}]},"model_name":"glm-4.7","prompt_hash":"sha256:1fc968c3ac7f7ebb","schema_hash":"sha256:1f8af1196c7db48c","created_at":"2026-04-27T20:38:26.731Z","global_importance":30,"audience_relevance":25,"importance_components":{"tickerTier":"Small/Mid-cap","eventGravity":"60% YoY earnings growth","sectorWeight":"Regional Bank","marketCapAdjustment":"Approx $550M market cap"}},"durationMs":93352,"modelName":"glm-4.7"}}