Northeast Bancorp Reports Q1 Profit Increase, Falls Short of Expectations
Earnings Performance: Northeast Bancorp reported first-quarter earnings of $22.54 million, or $2.67 per share, an increase from $17.10 million, or $2.11 per share, in the previous year.
Analyst Expectations: The earnings per share slightly missed analysts' expectations of $2.68, which typically exclude special items.
Revenue Growth: The company's revenue rose by 23.6% to $48.19 million, up from $39.00 million in the same quarter last year.
GAAP Summary: Key financial figures for Northeast Bancorp include earnings of $22.54 million, EPS of $2.67, and revenue of $48.19 million compared to last year's figures.
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Northeast Bank Declares Quarterly Dividend
- Quarterly Dividend Declaration: Northeast Bank has declared a quarterly dividend of $0.01 per share, consistent with previous distributions, indicating a commitment to stable dividend policies despite earnings falling short of expectations.
- Earnings Performance: The bank reported a GAAP EPS of $2.67 for Q1 2026, missing estimates by $0.01, suggesting that the company faces pressure on profitability, which may impact investor confidence.
- Revenue Situation: Northeast Bank's revenue for Q1 was $52.87 million, missing the expected $57.43 million by $4.56 million, reflecting potential volatility in loan purchase volumes that could negatively affect overall revenue.
- Dividend Payment Schedule: The dividend is payable on February 25, with a record date of February 11 and an ex-dividend date also on February 11, ensuring that existing shareholders receive a stable cash return.
Northeast Bank announces substantial loan acquisition activity
Loan Purchases: Northeast Bank (NBN) has acquired or agreed to purchase commercial real estate loans totaling approximately $525 million in unpaid principal balance.
Earnings Impact: The bank expects minimal impact on earnings for the second fiscal quarter of 2026, as the majority of these purchases will close late in the quarter.
Volume Ranking: CEO Rick Wayne noted that this quarter's loan purchases represent the third-highest volume since the bank began purchasing loans.
Earnings Performance: In the Q1 2026 earnings call, NBN reported a GAAP EPS of $2.67, which missed expectations by $0.01, and revenue of $52.87 million, falling short by $4.56 million.
