{"id":984883,"date":"2026-07-27T07:50:07","date_gmt":"2026-07-27T11:50:07","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/northeast-bank-reports-fourth-quarter-results-and-declares-dividend\/"},"modified":"2026-07-27T07:50:07","modified_gmt":"2026-07-27T11:50:07","slug":"northeast-bank-reports-fourth-quarter-results-and-declares-dividend","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/northeast-bank-reports-fourth-quarter-results-and-declares-dividend\/","title":{"rendered":"Northeast Bank Reports Fourth Quarter Results and Declares Dividend"},"content":{"rendered":"
\n

PORTLAND, Maine, July 27, 2026 (GLOBE NEWSWIRE) — Northeast Bank (the \u201cBank\u201d) (NASDAQ: NBN), a Maine-based bank, today reported net income of $34.3 million, or $4.05 per diluted common share, for the quarter ended June 30, 2026, compared to net income of $25.2 million, or $3.00 per diluted common share, for the quarter ended June 30, 2025. Net income for the year ended June 30, 2026 was $107.5 million, or $12.74 per diluted common share, compared to $83.4 million, or $10.08 per diluted common share, for the year ended June 30, 2025.<\/p>\n

The Board of Directors declared a cash dividend of $0.01 per share, payable on August\u00a024, 2026, to shareholders of record as of August\u00a010, 2026.<\/p>\n

“We finished the fiscal year with exceptional results, delivering record annual earnings and a third straight quarter of record loan origination volume,\u201d said Rick Wayne, Chief Executive Officer. \u201cFourth-quarter net income increased 36.2% over the prior-year period to $34.3 million contributing to record annual earnings of $107.5 million. Quarterly loan volume totaled $389.8 million, which included a record $257.3 million of National Lending originated loans. The balance sheet grew 22.2% year over year to $5.23 billion, with total loans, including loans held for sale, at June\u00a030, 2026 of $4.59 billion, representing an increase of $801.8 million, or 21.2%, over June 30, 2025. These results reflect the strength of our business model, disciplined credit culture, and ability to generate attractive shareholder returns while continuing to scale the franchise.”<\/p>\n

As of June 30, 2026, total assets were $5.23 billion, an increase of $948.7 million, or 22.2%, from total assets of $4.28 billion as of June 30, 2025, due to the following:<\/p>\n

1.\u00a0 \u00a0The following table highlights the changes in the loan portfolio, including loans held for sale, for the year ended June 30, 2026:<\/p>\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\nLoan Portfolio Changes<\/td>\n<\/tr>\n
\u00a0<\/td>\nJune 30, 2026<\/td>\n\u00a0<\/td>\nJune 30, 2025<\/td>\n\u00a0<\/td>\nChange ($)<\/td>\n\u00a0<\/td>\nChange (%)<\/td>\n<\/tr>\n
\u00a0<\/td>\n(Dollars in thousands)<\/td>\n<\/tr>\n
National Lending Purchased<\/td>\n$<\/td>\n2,756,583<\/td>\n\u00a0<\/td>\n$<\/td>\n2,375,157<\/td>\n\u00a0<\/td>\n$<\/td>\n381,426<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16.06<\/td>\n%<\/td>\n<\/tr>\n
National Lending Originated<\/td>\n\u00a0<\/td>\n1,586,523<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,251,768<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n334,755<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n26.74<\/td>\n%<\/td>\n<\/tr>\n
Small Business<\/td>\n\u00a0<\/td>\n234,761<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n144,974<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n89,787<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n61.93<\/td>\n%<\/td>\n<\/tr>\n
Community Banking<\/td>\n\u00a0<\/td>\n14,125<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18,258<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,133<\/td>\n)<\/td>\n\u00a0<\/td>\n(22.64<\/td>\n%)<\/td>\n<\/tr>\n
Total<\/td>\n$<\/td>\n4,591,992<\/td>\n\u00a0<\/td>\n$<\/td>\n3,790,157<\/td>\n\u00a0<\/td>\n$<\/td>\n801,835<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n21.16<\/td>\n%<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n<\/table>\n

Loans generated during the quarter ended June\u00a030, 2026 totaled $389.8 million, which consisted of $94.4 million of National Lending purchased loans at an average price of 92.3% of unpaid principal balance, $257.3 million of National Lending originated loans, $33.5 million of Small Business Administration (“SBA”) 7(a) loans, and $4.5 million of insured small balance business loans.<\/p>\n

An overview of the Bank\u2019s National Lending Division portfolio follows:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\nNational Lending Portfolio<\/td>\n<\/tr>\n
\u00a0<\/td>\nThree Months Ended June 30,<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n2026<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2025<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nPurchased<\/td>\n\u00a0<\/td>\nOriginated<\/td>\n\u00a0<\/td>\nTotal<\/td>\n\u00a0<\/td>\nPurchased<\/td>\n\u00a0<\/td>\nOriginated<\/td>\n\u00a0<\/td>\nTotal<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n(Dollars in thousands)<\/td>\n<\/tr>\n
Loans purchased or originated during the period:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Unpaid principal balance<\/td>\n$<\/td>\n102,287<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n257,297<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n359,584<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n44,419<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n216,631<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n261,050<\/td>\n\u00a0<\/td>\n<\/tr>\n
Initial net investment basis (1)<\/td>\n\u00a0<\/td>\n94,446<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n257,297<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n351,743<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n41,680<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n216,631<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n258,311<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loan returns during the period:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Yield<\/td>\n\u00a0<\/td>\n8.64<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7.68<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.30<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.52<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9.95<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.99<\/td>\n%<\/td>\n<\/tr>\n
Total Return on Purchased Loans (2)<\/td>\n\u00a0<\/td>\n9.33<\/td>\n%<\/td>\n\u00a0<\/td>\nN\/A<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9.33<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.76<\/td>\n%<\/td>\n\u00a0<\/td>\nN\/A<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.76<\/td>\n%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nYear Ended June 30,<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n2026<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2025<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nPurchased<\/td>\n\u00a0<\/td>\nOriginated<\/td>\n\u00a0<\/td>\nTotal<\/td>\n\u00a0<\/td>\nPurchased<\/td>\n\u00a0<\/td>\nOriginated<\/td>\n\u00a0<\/td>\nTotal<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n(Dollars in thousands)<\/td>\n<\/tr>\n
Loans purchased or originated during the period:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Unpaid principal balance<\/td>\n$<\/td>\n856,410<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n897,358<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,753,768<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n946,112<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n807,923<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,754,035<\/td>\n\u00a0<\/td>\n<\/tr>\n
Initial net investment basis (1)<\/td>\n\u00a0<\/td>\n797,268<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n897,358<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,694,626<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n863,165<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n807,923<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,671,088<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loan returns during the period:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Yield<\/td>\n\u00a0<\/td>\n8.59<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7.99<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.38<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.62<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9.27<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.90<\/td>\n%<\/td>\n<\/tr>\n
Total Return on Purchased Loans (2)<\/td>\n\u00a0<\/td>\n8.86<\/td>\n%<\/td>\n\u00a0<\/td>\nN\/A<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.86<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.71<\/td>\n%<\/td>\n\u00a0<\/td>\nN\/A<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.71<\/td>\n%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total loans as of period end:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Unpaid principal balance<\/td>\n$<\/td>\n2,897,286<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,586,523<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4,483,809<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2,554,266<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,251,768<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3,806,034<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net investment basis<\/td>\n\u00a0<\/td>\n2,756,583<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,586,523<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,343,106<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,375,157<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,251,768<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,626,925<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n<\/table>\n

(1)\u00a0\u00a0Initial net investment basis on purchased loans is the initial amortized cost basis net of initial allowance for credit losses (credit mark).
(2)\u00a0\u00a0The total return on purchased loans represents scheduled accretion, accelerated accretion, gains (losses) on real estate owned, release of allowance for credit losses on purchased loans, and other noninterest income recorded during the period divided by the average invested balance on an annualized basis. The total return on purchased loans does not include the effect of purchased loan charge-offs or recoveries during the period. Total return on purchased loans is considered a non-GAAP financial measure. See reconciliation in below table entitled \u201cTotal Return on Purchased Loans.\u201d<\/p>\n

2.\u00a0 \u00a0Investment securities increased by $74.9 million, or 330.0%, from June 30, 2025. The increase was driven by the purchase of $90.2 million in agency securities during the quarter ended June 30, 2026.<\/p>\n

3.\u00a0 \u00a0Deposits increased by $314.2 million, or 9.3%, from June 30, 2025. The increase was primarily attributable to an increase in time deposits of $275.5 million, or 12.3%. The significant drivers in the change in time deposits were an increase in brokered time deposits, which increased by $155.4 million, combined with an increase in Community Banking Division time deposits of $142.0 million.<\/p>\n

4.\u00a0 \u00a0Federal Home Loan Bank (\u201cFHLB\u201d) advances increased by $520.3 million, or 162.5%, from June 30, 2025. The increase was attributable to advances taken to fund loan growth.<\/p>\n

5.\u00a0 \u00a0Shareholders\u2019 equity increased by $109.6 million, or 22.2%, from June 30, 2025, primarily due to net income of $107.5 million for the fiscal year ended June 30, 2026 and stock-based compensation of $7.9 million, partially offset by the cancellation of restricted stock to cover tax obligations on restricted stock vests, which resulted in a $5.3 million decrease in shareholders’ equity.<\/p>\n

Net income increased by $9.1 million to $34.3 million for the quarter ended June\u00a030, 2026, compared to net income of $25.2 million for the quarter ended June\u00a030, 2025, due to the following:<\/p>\n

1.\u00a0 \u00a0Net interest and dividend income before provision for credit losses increased by $6.4 million to $60.3 million for the quarter ended June\u00a030, 2026, compared to $53.9 million for the quarter ended June\u00a030, 2025. The increase was primarily due to the following:<\/p>\n