Northeast Bank earnings nearly double, driven by loan growth
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Northeast Bank, headquartered in Portland, reported increased earnings for Q4 2020.
Northeast Bank (Nasdaq: NBN), which is based in Portland and has nine branches, on Wednesday reported that net income during the fourth quarter last year nearly doubled from earnings for the same period in 2019.
For Q4 2020, net income was $8.2 million, or 98 cents a share, compared with $4.9 million, or 53 cents a share, for the quarter ended Dec. 31, 2019.
Net income for the six months ended Dec. 31, 2020, was $16 million, or $1.92 per share, compared to $9.6 million, or $1.05 per share, for the same period in 2019.
The bank's board of directors declared a cash dividend of a penny per share, payable on Feb. 24, to shareholders of record as of Feb. 10.
“We reported strong results in our second fiscal quarter,” CEO Rick Wayne said in a news release. “We closed on our largest single loan pool purchase in the bank’s history, which contributed to our national lending team generating $175.9 million of new volume, consisting of $91.3 million of purchased loans and $84.6 million of originations.”
For Q4 last year, the bank recognized $6.1 million of fee income under an arrangement with Loan Source Inc. and ACAP SME LLC, which overall purchased $1.3 billion of Paycheck Protection Program loans during the quarter.
As of Dec. 31, total assets were $1.23 billion, a decrease of $23.5 million, or 1.9%, from total assets of $1.26 billion as of June 30, 2020.
Deposits decreased by $28.4 million, or 2.8%, from June 30, 2020. The decrease was attributable to a decrease in time deposits of $116.6 million, or 24.4%. The decrease was partially offset by increases in demand deposits of $33.2 million, or 35%, savings and interest checking accounts of $47.6 million, or 34.6%, and money market deposits of $7.3 million, or 2.4%.
Northeast Bank has branches in Auburn, Augusta, Bethel, Brunswick, Buckfield, Harrison, Poland, Portland and South Paris.
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