Northeast Bank Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2023
January 29, 2024
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Northeast Bank reported earnings results for the second quarter and six months ended December 31, 2023. For the second quarter, the company reported net interest income was USD 37 million compared to USD 28.75 million a year ago. Net income was USD 14.05 million compared to USD 11.3 million a year ago. Basic earnings per share from continuing operations was USD 1.87 compared to USD 1.56 a year ago. Diluted earnings per share from continuing operations was USD 1.85 compared to USD 1.54 a year ago.
For the six months, net interest income was USD 74.12 million compared to USD 52.4 million a year ago. Net income was USD 29.23 million compared to USD 19.59 million a year ago. Basic earnings per share from continuing operations was USD 3.9 compared to USD 2.68 a year ago. Diluted earnings per share from continuing operations was USD 3.86 compared to USD 2.65 a year ago.
Northeast Bank (the Bank) is a full-service financial institution. The Bank gathers retail deposits through its seven full-service branches in Maine and through its online deposit program, ableBanking; purchase and originate commercial loans, typically secured by real estate, on a nationwide basis through its National Lending Division, and originate loans through the Community Banking Division and Small Business Administration (SBA) National Division. The National Lending Division purchases primarily performing commercial real estate loans, on a nationwide basis, typically at a discount from their unpaid principal balances. The National Lending Division also originates commercial real estate and commercial and industrial loans on a nationwide basis. The SBA National Division originates loans to small businesses to help provide funding opportunities nationally. The Community Banking Division originates loans directly to businesses located in its market area.
NORTHEAST BANK 
