Northeast Bancorp ( (NBN) ) has realeased its Q1 earnings. Here is a breakdown of the information Northeast Bancorp presented to its investors.
Don't Miss Our Christmas Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Northeast Bancorp, operating as Northeast Bank, is a Maine-based full-service bank that provides personal and business banking services, with a focus on national commercial lending and small business lending through its National Lending Division.
Northeast Bancorp reported a net income of $17.1 million for the first quarter of 2024, showing an increase from the previous year. The bank declared a cash dividend of $0.01 per share, highlighting its commitment to returning value to shareholders.
The bank’s National Lending Division generated $859.8 million in loans, marking the second-largest quarterly loan volume in its history. This included significant growth in SBA 7(a) loan originations and sales. The total assets of the bank increased by 25.8% to $3.94 billion, while deposits grew by 33.6%, driven by a rise in time deposits. Net interest income also saw a rise, supported by increased interest income from loans and short-term investments.
Shareholders’ equity rose by $15.9 million, and the bank maintained a strong return on average equity of 17.5%. Despite a slight rise in nonperforming assets, the bank’s capital ratios remained robust, reflecting its ability to manage growth and risk effectively.
Looking ahead, Northeast Bancorp is poised to continue its growth trajectory, leveraging its expanding loan portfolio and strategic initiatives to enhance shareholder value, while remaining vigilant of market conditions and regulatory requirements.
