Northeast Bank reports strong Q2 earnings with increased net income, assets, and dividends declared.

From GlobeNewswire: 2024-07-29 16:30:00

Northeast Bank (NASDAQ: NBN) reported net income of $15.1 million for Q2 2024, up from $12.1 million in Q2 2023, with a cash dividend of $0.01 per share on August 23, 2024. Total assets reached $3.13 billion, a 9.1% increase from June 30, 2023. Deposits rose by $402.3 million, with shareholders’ equity up by $80.0 million. Loans generated by the National Lending Division reached $257.8 million, with an increase in total assets and loans purchased or originated during the period. Transactions were up while Federal Home Loan Bank advances decreased. Net interest and dividend income increased by $3.8 million, while noninterest income rose by $980 thousand. Noninterest expense increased by $718 thousand. Provision for credit losses rose by $94 thousand. The Bank outperformed in Q2 2024, driven by strong results from the National Lending Division, leading to increased earnings and shareholders’ equity, with deposit and loan growth indicators on the rise.



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