Northeast Bank Reports Earnings Results for the Third Quarter and Nine Months Ended March 31, 2023
April 23, 2023
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Northeast Bank reported earnings results for the third quarter and nine months ended March 31, 2023. For the third quarter, the company reported net interest income was USD 32.24 million compared to USD 20.95 million a year ago. Net income was USD 12.52 million compared to USD 10.59 million a year ago. Basic earnings per share from continuing operations was USD 1.7 compared to USD 1.38 a year ago. Diluted earnings per share from continuing operations was USD 1.69 compared to USD 1.36 a year ago.
For the nine months, net interest income was USD 84.64 million compared to USD 59.81 million a year ago. Net income was USD 32.1 million compared to USD 31.87 million a year ago. Basic earnings per share from continuing operations was USD 4.39 compared to USD 4.03 a year ago. Diluted earnings per share from continuing operations was USD 4.35 compared to USD 3.98 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 
