From GlobeNewswire: 2025-02-06 16:19:35

Northeast Bank reported net income of $22.4 million for the quarter ended December 31, 2024, an increase from $14.1 million in the same period in 2023. The Board of Directors declared a cash dividend of $0.01 per share. Total assets as of December 31, 2024, were $4.08 billion, up 30.4% from June 30, 2024. Loans generated by the National Lending Division totaled $260.5 million for the quarter, including record originations. Deposits increased by $811.9 million, mainly due to increases in time deposits. Noninterest income increased by $4.5 million, primarily from a gain on the sale of SBA loans. Net interest income before provision for credit losses increased by $11.5 million. Provision for credit losses increased to $1.9 million. Income tax expense increased to $11.0 million. Nonperforming assets totaled $31.3 million as of December 31, 2024. The Bank’s Tier 1 leverage capital ratio was 11.2%. The Bank’s CEO, CFO, and COO will host a conference call on February 7th to discuss second-quarter earnings and business outlook. For more information, visit www.northeastbank.com.



Read more at GlobeNewswire: Northeast Bank Reports Second Quarter Results and Declares