NBN

Analyst Rating: Mark Fitzgibbon from Piper Sandler has maintained a Buy rating on Northeast Bancorp (NBN) with a price target of $117.00, while the current share price is $99.05.

Market Consensus: The analyst consensus for Northeast Bancorp is a Moderate Buy, with a price target average of $109.50, and the company has shown significant earnings performance over the past year.

Analyst Upgrade: Keefe Bruyette analyst Damon DelMonte increased Northeast Bank's price target from $102 to $115 while maintaining a Market Perform rating due to strong quarterly results.

Investment Insights: TipRanks offers tools like Smart Score to help investors track stock performance and compare with Wall Street analysts' recommendations.

Record Financial Performance: Northeast Bank reported a record net income of $22.4 million in Q2 2025, driven by significant growth in SBA loan originations, which increased from $82 million in Q1 to $100.3 million in Q2, alongside a rise in tangible book value per share.

Positive Outlook and Analyst Sentiment: Management expressed optimism about sustaining SBA lending growth and leveraging liquidity for future opportunities, while analysts showed cautious interest regarding expense management and potential risks associated with rising FDIC costs.

Earnings Report: Northeast Bancorp reported a second-quarter earnings increase to $22.44 million, or $2.74 per share, compared to $14.05 million, or $1.85 per share, from the previous year.

Analyst Expectations: The company's earnings surpassed analyst expectations, which had predicted earnings of $2.57 per share.

Earnings Release Announcement: Northeast Bank will release its fiscal 2025 second quarter earnings results on February 6, 2025, followed by a conference call on February 7, 2025, at 10:00 a.m. ET.

Accessing the Conference Call: The conference call can be accessed via phone registration or live webcast on the bank's website, with a replay available for one year after the event.

Equity Distribution Agreement: Northeast Bank has entered into an equity distribution agreement to offer and sell shares of its voting common stock, with a total offering price of up to $75 million, aimed at supporting general corporate purposes and growth.

Forward-Looking Statements: The bank's press release includes forward-looking statements regarding its financial condition and future performance, highlighting inherent risks and uncertainties that could affect actual results.

Upcoming Ex-Dividend Dates: On November 12, 2024, Ryan Specialty Holdings Inc (RYAN), Northeast Bank (NBN), and Reinsurance Group of America, Inc. (RGA) will trade ex-dividend, with respective dividends of $0.11, $0.01, and $0.89 payable on November 26, 2024.

Market Impact and Dividend Yields: Following the ex-dividend date, RYAN is expected to open 0.15% lower, NBN 0.01% lower, and RGA 0.40% lower; estimated annual yields are 0.62% for RYAN, 0.04% for NBN, and 1.61% for RGA, reflecting their historical dividend stability.

Earnings Call Overview: Northeast Bank held its Q1 2025 earnings conference call on October 30, 2024, featuring key executives including CEO Rick Wayne and CFO Richard Cohen, discussing the bank's financial performance and future outlook.

Investor Presentation Availability: An investor presentation was made available on the bank's website prior to the call, which participants were encouraged to download for reference during the discussion.

Financial Performance: Northeast Bank reported a net income of $17.1 million for Q3 2024, an increase from $15.2 million in the same quarter last year, with significant growth in loan generation and total assets reaching $3.94 billion.

Dividends and Shareholder Information: The Board declared a cash dividend of $0.01 per share, payable on November 26, 2024, and will host a conference call on October 30, 2024, to discuss earnings and business outlook.

Earnings Release Announcement: Northeast Bank will release its fiscal 2025 first quarter earnings on October 29, 2024, followed by a conference call on October 30, 2024, at 10:00 a.m. ET.

Accessing the Conference Call: The conference call can be accessed via phone registration or live webcast on the bank's website, with a replay available for one year after the event.

Loan Purchases Announcement: Northeast Bank has purchased $805 million in commercial real estate loans since June 30, 2024, marking the second largest quarterly loan purchase volume in its history, with minimal impact on earnings for the first fiscal quarter of 2025.

Forward-Looking Statements Caution: The bank cautions that forward-looking statements regarding future performance are subject to various risks and uncertainties, which could lead to actual results differing materially from projections.

Northeast Bank's Loan Purchases: Since June 30, Northeast Bank has acquired commercial real estate loans totaling an unpaid principal balance of $805 million.

Impact on Financial Reporting: The bank noted that these purchases were primarily completed late in the quarter, indicating minimal impact on their financial results for that period.

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Earnings Report: Northeast Bank reported Q4 2024 earnings per share of $1.91, exceeding the analyst estimate of $1.79, and revenue of $40.03 million, which was also above the expected $39.65 million.

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Earnings Release Announcement: Northeast Bank will release its fiscal 2024 fourth quarter earnings results on July 29, 2024, followed by a conference call on August 1, 2024, at 10:00 a.m. ET.

Accessing the Conference Call: The conference call can be accessed via phone or live webcast, with a replay available online for one year after the event.