Northeast Bancorp Q3 Earnings Call Highlights

3 weeks ago 22

MarketBeat

Tue, April 28, 2026 astatine 10:29 AM CDT 8 min read

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Key Points

Northeast delivered a grounds 4th with $254 million of originations and nett income of $29.9 million ($3.53/share), supported by a widened nett involvement borderline of 5.15% and nett involvement income of $63.1 million.
Balance expanse maturation pushed full assets conscionable supra $5 billion and loans to $4.4 billion, with the originated portfolio up ~11% quarter‑over‑quarter and astir two‑thirds of originations successful lender finance; small‑balance enactment included 422 loans for $65 million (≈$38M SBA).
Management remained disciplined successful the acquisition market—buying lone $25 million of loans aft reviewing implicit $1 cardinal of opportunities—while accelerated accretion (~$7.3 million) boosted yields, the allowance fell to $60.3 million (coverage 136), and superior stayed beardown with a Tier 1 leverage ratio of 11.4%; ~$550 million of brokered CDs mature successful the adjacent 3 months.
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Northeast Bancorp (NASDAQ:NBN) executives highlighted what they described arsenic a record-setting 3rd 4th of fiscal 2026, driven by beardown indebtedness originations, higher nett involvement income and a notable assistance successful purchase-loan yields tied to accelerated accretion.

President and CEO Rick Wayne said the slope “broke immoderate records” during the quarter, including grounds quarterly originations and, excluding a fiscal 2021 4th influenced by PPP indebtedness merchantability gains, “a grounds net 4th successful the past of the bank.” Wayne besides called it “a grounds for the astir nett involvement income successful the bank’s history.”

Record originations and equilibrium expanse maturation

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Wayne reported originated loans of $254 million for the quarter, a slope grounds that surpassed the anterior quarter’s record. Total indebtedness measurement “in each areas” was $345 million for the 4th and $1.56 billion year-to-date (nine months). Loans accrued $121.5 million during the quarter, Wayne said.

Chief Financial Officer Santino Delmolino said full assets ended the 4th “for the archetypal clip conscionable supra $5 billion,” portion loans ended astatine $4.4 billion, up astir $100 million oregon 2% from the linked quarter. Growth was concentrated successful the originated portfolio, which expanded $145 million oregon 11% quarter-over-quarter, offset by a $46 million oregon 2% diminution successful the purchased portfolio.

Earnings, profitability and borderline enlargement

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Delmolino said the slope posted net income of $29.9 million, oregon $3.53 per diluted share for the quarter, and $73.1 million, oregon $8.67 per diluted share year-to-date. Wayne cited quarterly profitability metrics including return connected equity of 21.67% and return connected assets of 2.43%, and said tangible publication worth per stock roseate to $66.35.