Northeast Bancorp (“Northeast” or the “Company”) (NASDAQ: NBN),
a Maine-based full-service financial services company and parent of
Northeast Bank (the “Bank”), today reported net income available to
common shareholders of $1.6 million, or $0.16 per diluted common
share, for the quarter ended September 30, 2014, compared to net
income available to common shareholders of $320 thousand, or $0.03
per diluted common share, for the quarter ended September 30,
2013.
The Board of Directors has declared a cash dividend of $0.01 per
share, payable on November 20, 2014 to shareholders of record as of
November 6, 2014.
“We are very pleased with the results for this quarter,” said
Richard Wayne, President and Chief Executive Officer. “We have
continued to leverage our capital and increase our core earnings
through a combination of higher net interest income and leveraging
our existing operating platform and personnel. We achieved a net
interest margin of 5.2% on the strength of $2.0 million of
transactional income on purchased loans.”
At September 30, 2014, total assets were $782.3 million, an
increase of $20.4 million, or 2.7%, compared to June 30, 2014. The
principal components of the change in the Company’s balance sheet
are as follows:
1. The loan portfolio – excluding loans held
for sale – grew by $25.4 million, or 4.9%, compared to June 30,
2014, principally due to net growth of $33.4 million in commercial
loans purchased or originated by the Bank’s Loan Acquisition and
Servicing Group (“LASG”), offset by an $8.0 million decrease in the
Bank’s Community Banking Division loan portfolio.
New loans generated by the LASG aggregated
$53.5 million for the quarter, consisting of $13.2 million in
purchases, at an average price of 81.7%, and $40.3 million of
originations, the latter total including $36.0 million of loans to
broker dealers secured by marketable securities. Residential and
consumer loan production sold in the secondary market totaled $30.8
million for the quarter.
As has been discussed in the Company’s prior
SEC filings, the Company made certain commitments to the Board of
Governors of the Federal Reserve System in connection with the
merger of FHB Formation LLC with and into the Company in December
2010. The Company’s loan purchase and commercial real estate loan
availability under these conditions follow.
Basis forRegulatory Condition
Condition
Availability at September 30,2014
(Dollars in millions) Total Loans Purchased loans may not exceed
40% of total loans $ 24.0 Regulatory Capital Commercial real estate
loans may not exceed 300% of total risk-based capital $ 162.5
An overview of the LASG portfolio
follows.
Three Months Ended September 30, 2014
2013
Purchased
Originated Total LASG Purchased
Originated Total LASG (Dollars in thousands)
Loans purchased or originated during the period: Unpaid principal
balance $ 16,117 $ 40,358 $ 56,475 $ 18,331 $ 26,426 $ 44,757 Net
investment basis 13,167 40,353 53,520 16,348 26,426 42,774
Total loans as of period end: Unpaid principal balance $ 244,910 $
108,534 $ 353,444 $ 214,159 $ 63,588 $ 277,747 Net investment basis
205,928 108,497 314,425 177,412 63,618 241,030 Loan returns
during the period: Yield 12.76% 6.45% 10.93% 10.16% 5.71% 9.21%
Total Return (1) 12.75% 6.88% 11.05% 10.62% 5.71% 9.57%
(1) The total return on purchased loans represents scheduled
accretion, accelerated accretion, gains on asset sales, and other
noninterest income recorded during the period divided by the
average invested balance, on an annualized basis.
2. Deposits increased by $19.5 million, or
3.4%, for the quarter, attributable primarily to growth in
non-maturity accounts, which increased by $20.2 million, or 8.7%,
for the three months ended September 30, 2014. This growth was
centered mainly in money market accounts attracted through the
Bank’s online-only ableBanking division.
3. Stockholders’ equity increased by $1.2
million from June 30, 2014, due principally to earnings of $1.6
million, offset in part by a $368 thousand decrease in AOCI and
$134 thousand in share repurchases (representing 14,400
shares).
Net income from continuing operations increased by $1.3 million
to $1.6 million for the quarter ended September 30, 2014, compared
to the quarter ended September 30, 2013. Earnings for the current
quarter included the following items of significance:
1. Net interest income before provision for
loan losses increased by $2.4 million, or 33.3%, for the quarter
ended September 30, 2014 compared to the quarter ended September
30, 2013, due primarily to higher transactional interest income
from purchased loan payoffs and the positive effect of balance
sheet growth. Average earning assets increased by $60.0 million,
and average loans by $63.3 million, when compared to the first
quarter of FY 2014.
The various components of transactional
income are set forth in the table below entitled “Total Return on
Purchased Loans.” When compared to the quarter ended September 30,
2013, transactional interest income increased by $1.3 million,
boosting the net interest margin, which increased to 5.18% from
4.24%. The following table summarizes interest income and related
yields recognized on the loan portfolios.
Interest Income and Yield on Loans Three
Months Ended September 30, 2014 2013
AverageBalance InterestIncome
Yield AverageBalance
InterestIncome Yield (Dollars in
thousands) Community Banking Division $ 241,165 $ 3,062 5.04% $
242,700 $ 3,342 5.46% LASG: Originated 82,335 1,338 6.45% 47,208
680 5.71% Purchased 202,856 6,522 12.76%
173,167 4,435 10.16% Total LASG 285,191 7,860
10.93% 220,375 5,115 9.21% Total $ 526,356 $ 10,922
8.23% $ 463,075 $ 8,457 7.25%
The yield on purchased loans in each period
shown was increased by unscheduled loan payoffs, which resulted in
immediate recognition of the prepaid loans’ discount in interest
income. The following table details the “total return” on purchased
loans, which includes total transactional income of $2.0 million
for the quarter ended September 30, 2014, an increase of $1.1
million from the quarter ended September 30, 2013. The following
table summarizes the total return recognized on the purchased loan
portfolio:
Total Return on Purchased Loans Three Months
Ended September 30, 2014 2013 Income
Return (1) Income Return (1)
(Dollars in thousands) Regularly scheduled interest and accretion $
4,497 8.80% $ 3,739 8.54% Transactional income: (Loss) gain on loan
sales (4) -0.01% 216 0.49% Gain on sale of real estate owned -
0.00% - 0.00% Other noninterest income - 0.00% - 0.00% Accelerated
accretion and loan fees 2,025 3.96% 696 1.59% Total
transactional income 2,021 3.95% 912 2.08% Total $
6,518 12.75% $ 4,651 10.62%
2. Quarterly noninterest income of $1.2
million was $134 thousand lower than the quarter ended September
30, 2013, primarily due to a $136 thousand reduction in gains
realized on sales of purchased loans.
3. Noninterest expense decreased by $115
thousand for the quarter, measured against the quarter ended
September 30, 2013. Comparing the two quarters, variances of
significance are:
- Salaries and employee benefits
decreased by $79 thousand, principally due to reductions in
severance and overall employee head count, offset in part by higher
incentive compensation expense;
- Occupancy and equipment costs declined
by $125 thousand, the result of a reduction in software maintenance
and depreciation expense following the conversion of the Bank’s
core systems platform to an outsourced model in May 2014. The
decrease in equipment expense was offset in part by higher
conversion-related data processing fees, which increased by $88
thousand;
- Professional fees, which tend to
fluctuate from quarter to quarter, were lower by $68 thousand;
- Loan expense decreased by $199
thousand, mainly due to lower loan acquisition and work-out
expenses as well as a $78 thousand recovery of work-out expenses
previously incurred;
- A $250 thousand insurance recovery was
recognized in the quarter ended September 30, 2013.
4. The Company’s effective tax rate for the
quarter ended September 30, 2014 was 36.0%, compared to 33.5% for
the quarter ended September 30, 2013. The increase in the quarter
was primarily the result of a change in estimated state tax
apportionment.
At September 30, 2014, nonperforming assets totaled $9.4
million, or 1.2% of total assets, compared to $9.3 million, or 1.2%
of total assets at June 30, 2014 and $8.9 million, or 1.2% of total
assets, at September 30, 2013.
At September 30, 2014, the Company’s Tier 1 leverage ratio was
15.9%, unchanged from June 30, 2014, and a decrease from 17.2% at
September 30, 2013. The total risk-based capital ratio was 23.0% at
September 30, 2014, a decrease from 23.7% at June 30, 2014 and
25.6% at September 30, 2013.
Investor Call
Information
Richard Wayne, Chief Executive Officer of Northeast Bancorp, and
Claire Bean, Chief Financial Officer of Northeast Bancorp, will
host a conference call to discuss first quarter earnings and
business outlook at 10:00 a.m. Eastern Time on Monday, October 27,
2014. Investors can access the call by dialing 877.878.2762 and
entering the following passcode: 24713113. The call will be
available via live webcast, which can be viewed by accessing the
Company’s website at www.northeastbank.com and clicking on the
About Us - Investor Relations section. To listen to the webcast,
attendees are encouraged to visit the website at least fifteen
minutes early to register, download and install any necessary audio
software. Please note there will also be a slide presentation that
will accompany the webcast. For those who cannot listen to the live
broadcast, a replay will be available online for one year at
www.northeastbank.com.
About Northeast Bancorp
Northeast Bancorp (NASDAQ: NBN) is the holding company for
Northeast Bank, a full-service bank headquartered in Lewiston,
Maine. Northeast Bank offers traditional banking services through
its Community Banking Division, which operates ten full-service
branches and two loan production offices that serve individuals and
businesses located in western and south-central Maine and southern
New Hampshire. Northeast Bank’s Loan Acquisition and Servicing
Group purchases and originates commercial loans for the Bank’s
portfolio. ableBanking, a division of Northeast Bank, offers
savings products to consumers online. Information regarding
Northeast Bank can be found on its website at
www.northeastbank.com.
Non-GAAP Financial Measure
In addition to results presented in accordance with generally
accepted accounting principles (“GAAP”), this press release
contains certain non-GAAP financial measures, including tangible
common stockholders’ equity, tangible book value per share, and net
operating earnings. Northeast’s management believes that the
supplemental non-GAAP information is utilized by regulators and
market analysts to evaluate a company’s financial condition and
therefore, such information is useful to investors. These
disclosures should not be viewed as a substitute for financial
results determined in accordance with GAAP, nor are they
necessarily comparable to non-GAAP performance measures that may be
presented by other companies. Because non-GAAP financial measures
are not standardized, it may not be possible to compare these
financial measures with other companies’ non-GAAP financial
measures having the same or similar names.
Statements in this press release that are not historical facts
are forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and are intended to be
covered by the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Although Northeast believes that
these forward-looking statements are based on reasonable estimates
and assumptions, they are not guarantees of future performance and
are subject to known and unknown risks, uncertainties, and other
factors. You should not place undue reliance on our forward-looking
statements. You should exercise caution in interpreting and relying
on forward-looking statements because they are subject to
significant risks, uncertainties and other factors which are, in
some cases, beyond the Company’s control. The Company’s actual
results could differ materially from those projected in the
forward-looking statements as a result of, among other factors,
changes in interest rates and real estate values; competitive
pressures from other financial institutions; the effects of
continuing weakness in general economic conditions on a national
basis or in the local markets in which the Company operates,
including changes that adversely affect borrowers’ ability to
service and repay loans; changes in loan defaults and charge-off
rates; changes in the value of securities and other assets,
adequacy of loan loss reserves, or deposit levels necessitating
increased borrowing to fund loans and investments; increasing
government regulation; the risk that the Company may not be
successful in the implementation of its business strategy; the risk
of compromises or breaches to our security systems; the risk that
intangibles recorded in the Company’s financial statements will
become impaired; changes in assumptions used in making such
forward-looking statements; and the other risks and uncertainties
detailed in the Company’s Annual Report on Form 10-K and updated by
the Company’s Quarterly Reports on Form 10-Q and other filings
submitted to the Securities and Exchange Commission. These
statements speak only as of the date of this release and the
Company does not undertake any obligation to update or revise any
of these forward-looking statements to reflect events or
circumstances occurring after the date of this communication or to
reflect the occurrence of unanticipated events.
NBN-F
NORTHEAST BANCORP AND SUBSIDIARY CONSOLIDATED
BALANCE SHEETS (Unaudited) (Dollars in thousands, except share
and per share data) September 30, 2014
June 30, 2014 Assets Cash and
due from banks $ 2,313 $ 3,372 Short-term investments 81,217
78,887
Total cash and cash equivalents
83,530 82,259 Available-for-sale securities, at fair value 110,347
113,881 Loans held for sale 9,069 11,945 Loans Commercial real
estate 311,632 316,098 Residential real estate 143,960 148,634
Commercial and industrial 76,940 41,800 Consumer 9,267
9,884 Total loans 541,799 516,416 Less: Allowance for loan
losses 1,539 1,367 Loans, net 540,260 515,049
Premises and equipment, net 8,780 9,135 Real estate owned and other
possessed collateral, net 2,115 1,991 Regulatory stock, at cost
4,102 4,102 Intangible assets, net 2,632 2,798 Bank owned life
insurance 14,945 14,836 Other assets 6,511 5,935
Total assets $ 782,291 $ 761,931
Liabilities and Stockholders' Equity
Deposits Demand $ 52,698 $ 50,140 Savings and interest checking
96,814 98,340 Money market 103,054 83,901 Time 341,229
341,948 Total deposits 593,795 574,329 Federal Home Loan
Bank advances 42,773 42,824 Wholesale repurchase agreements 10,158
10,199 Short-term borrowings 3,804 2,984 Junior subordinated
debentures issued to affiliated trusts 8,485 8,440 Capital lease
obligation 1,511 1,558 Other liabilities 8,523 9,531
Total liabilities 669,049 649,865 Commitments and
contingencies - - Stockholders' equity
Preferred stock, $1.00 par value,
1,000,000 shares authorized; no sharesissued and outstanding at
September 30, 2014 and June 30, 2014
- -
Voting common stock, $1.00 par value,
25,000,000 shares authorized;9,367,071 and 9,260,331 shares issued
and outstanding atSeptember 30, 2014 and June 30, 2014,
respectively
9,367 9,260
Non-voting common stock, $1.00 par value,
3,000,000 shares authorized;880,963 shares issued and outstanding
at September 30, 2014 and June 30, 2014
881 881 Additional paid-in capital 90,809 90,914 Retained earnings
13,836 12,294 Accumulated other comprehensive loss (1,651)
(1,283) Total stockholders' equity 113,242
112,066 Total liabilities and stockholders' equity $ 782,291 $
761,931
NORTHEAST BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Dollars in
thousands, except share and per share data)
Three Months Ended September 30, 2014
2013 Interest and dividend income: Interest on loans
$ 10,922 $ 8,457 Interest on available-for-sale securities 244 282
Other interest and dividend income 66 52 Total
interest and dividend income 11,232 8,791 Interest
expense: Deposits 1,130 1,047 Federal Home Loan Bank advances 323
323 Wholesale repurchase agreements 73 95 Short-term borrowings 9 5
Junior subordinated debentures issued to affiliated trusts 206 192
Obligation under capital lease agreements 20 22 Total
interest expense 1,761 1,684 Net interest and
dividend income before provision for loan losses 9,471 7,107
Provision for loan losses 320 77 Net interest and
dividend income after provision for loan losses 9,151
7,030 Noninterest income: Fees for other services to customers 394
439 Gain on sales of loans held for sale 584 539 Gain on sales of
portfolio loans 80 216 Gain recognized on real estate owned and
other repossessed collateral, net (23) (38) Bank-owned life
insurance income 109 118 Other noninterest income 10
14 Total noninterest income 1,154 1,288 Noninterest
expense: Salaries and employee benefits 4,533 4,612 Occupancy and
equipment expense 1,202
1,327
Professional fees 308
376
Data processing fees 345
277
Marketing expense 69 36 Loan acquisition and collection expense 274
473 FDIC insurance premiums 124 110 Intangible asset amortization
166 210 Legal settlement expense (recovery) - (250) Other
noninterest expense 716
681
Total noninterest expense 7,737 7,852 Income from
continuing operations before income tax expense 2,568 466 Income
tax expense 924 156 Net Income from continuing operations
1,644 310 Income from discontinued operations before income
tax expense - 15 Income tax expense - 5 Net income
from discontinued operations - 10 Net income $ 1,644
$ 320 Net income available to common stockholders $ 1,644 $ 320
Weighted-average shares outstanding: Basic 10,180,038 10,440,513
Diluted 10,180,038 10,440,513 Earnings per common share: Basic:
Income from continuing operations $ 0.16 $ 0.03 Income from
discontinued operations 0.00 0.00 Net Income $ 0.16 $ 0.03
Diluted: Income from continuing operations $ 0.16 $ 0.03 Income
from discontinued operations 0.00 0.00 Net Income $
0.16 $ 0.03 Cash dividends declared per common share $ 0.01 $ 0.09
NORTHEAST BANCORP AND SUBSIDIARY
CONSOLIDATED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(Unaudited) (Dollars in thousands)
Three Months Ended September 30, 2014
2013
AverageBalance
InterestIncome/Expense
AverageYield/Rate
AverageBalance
InterestIncome/Expense
AverageYield/Rate
(Dollars in thousands)
Assets: Interest-earning assets: Investment securities $ 112,250 $
244 0.86% $ 119,298 $ 282 0.94% Loans (1) (2) 526,356 10,922 8.23%
463,075 8,457 7.25% Regulatory stock 4,102 15 1.45% 5,721 4 0.28%
Short-term investments (3) 82,762 51 0.24%
77,408 48 0.25% Total interest-earning assets 725,470
11,232 6.14% 665,502 8,791 5.24% Cash and due
from banks 2,712 3,037 Other non-interest earning assets
34,736 34,012 Total assets $ 762,918 $ 702,551
Liabilities & Stockholders' Equity: Interest-bearing
liabilities: NOW accounts $ 63,608 $ 41 0.26% $ 59,124 $ 40 0.27%
Money market accounts 86,294 110 0.51% 85,688 112 0.52% Savings
accounts 34,361 11 0.13% 33,926 12 0.14% Time deposits
340,368 968 1.13% 284,390 883 1.23% Total
interest-bearing deposits 524,631 1,130 0.85% 463,128 1,047 0.90%
Short-term borrowings 3,320 9 1.08% 2,278 5 0.87% Borrowed funds
52,979 416 3.12% 59,986 440 2.91% Junior subordinated debentures
8,461 206 9.66% 8,288 192 9.19% Total
interest-bearing liabilities 589,391 1,761 1.19%
533,680 1,684 1.25% Non-interest bearing
liabilities: Demand deposits and escrow accounts 53,245 50,391
Other liabilities 7,891 5,561 Total liabilities
650,527 589,632 Stockholders' equity 112,391 112,919
Total liabilities and stockholders' equity $ 762,918 $ 702,551
Net interest income $ 9,471 $ 7,107 Interest rate
spread 4.95% 3.99% Net interest margin (4) 5.18% 4.24%
(1) Includes loans held for sale.(2) Nonaccrual loans are
included in the computation of average, but unpaid interest has not
been included for purposes of determining interest income.(3) Short
term investments include FHLB overnight deposits and other
interest-bearing deposits.(4) Net interest margin is calculated as
net interest income divided by total interest-earning assets.
(Dollars in thousands, except share and per share
data) Three Months Ended:
September 30, 2014
June 30, 2014
March 31, 2014 December 31, 2013
September 30, 2013
June 30, 2013
Net interest income
$
9,471
$ 8,484 $ 7,112 $ 9,017 $ 7,107 $ 8,539 Provision for loan losses
320
124 180 151 77 301 Noninterest income
1,154
1,437 1,308 835 1,288 1,443 Noninterest expense
7,737
8,795 7,516 7,614 7,852 9,467 Net income from continuing operations
1,644
542 437 1,411 310 247 Net income
1,644
542 437 1,393 320 205 Weighted average common shares outstanding:
Basic
10,180,038
10,314,197 10,432,494 10,432,833 10,440,513 10,446,643 Diluted
10,180,038
10,314,197 10,432,494 10,432,833 10,440,513 10,446,643 Earnings per
common share:
Basic
$
0.16
$ 0.05 $ 0.04 $ 0.13 $ 0.03 $ 0.02 Diluted
$
0.16
$ 0.05 $ 0.04 0.13 0.03 0.02 Dividends per common share
0.01
0.01 0.09 0.09 0.09 0.09 Return on average assets
0.85
%
0.29 % 0.24 % 0.76 % 0.18 % 0.12 % Return on average equity
5.80
%
1.98 % 1.55 % 4.86 % 1.12 % 0.71 % Net interest rate spread (1)
4.96
%
4.53 % 3.87 % 4.94 % 3.99 % 5.07 % Net interest margin (2)
5.18
%
4.75 % 4.08 % 5.16 % 4.24 % 5.32 % Efficiency ratio (3)
72.82
%
88.65 % 89.26 % 77.28 % 93.53 % 94.84 % Noninterest expense to
average total assets
4.02
%
4.69 % 4.08 % 4.13 % 4.43 % 5.56 %
Average interest-earning assets to
averageinterest-bearing liabilities
123.09
%
121.92 % 122.17 % 123.85 % 124.70 % 125.27 % As of:
September 30, 2014
June 30, 2014 March 31, 2014 December 31, 2013 September 30, 2013
June 30, 2013 Nonperforming loans: Originated portfolio:
Residential real estate
$
2,110
$ 1,743 $ 1,678 $ 1,895 $ 1,945 $ 2,346 Commercial real
estate
716
1,162 798 487 471 473 Home equity
28
160 214 204 229 334 Commercial business
-
5 - 61 62 110 Consumer
145
139 152 259
259 136 Total originated portfolio
2,999
3,209 2,842 2,906 2,966 3,399 Total purchased portfolio
4,287
4,116 4,582 3,245
2,553 1,457 Total nonperforming loans
7,286
7,325 7,424 6,151 5,519 4,856 Real estate owned and other possessed
collateral, net
2,115
1,991 2,000 3,211
3,413 2,134 Total nonperforming assets
$
9,401
$ 9,316 $ 9,424 $ 9,362 $ 8,932
$ 6,990 Past due loans to total loans
1.40
%
1.14 % 1.44 % 1.57 % 1.38 % 1.68 % Nonperforming loans to total
loans
1.34
%
1.42 % 1.44 % 1.23 % 1.14 % 1.12 % Nonperforming assets to total
assets
1.20
%
1.22 % 1.26 % 1.28 % 1.23 % 1.04 % Allowance for loan losses to
total loans
0.28
%
0.26 % 0.26 % 0.27 % 0.25 % 0.26 % Allowance for loan losses to
nonperforming loans
21.12
%
18.66 % 18.12 % 21.95 % 22.18 % 23.54 % Commercial real estate
loans to risk-based capital (4)
167.57
%
176.98 % 175.10 % 170.69 % 171.30 % 159.07 % Net loans to core
deposits (5)
92.80
%
92.13 % 93.18 % 95.10 % 93.04 % 92.94 % Purchased loans to total
loans, including held for sale
37.38
%
38.51 % 35.29 % 34.89 % 36.29 % 37.57 % Equity to total assets
14.48
%
14.71 % 15.18 % 15.61 % 15.70 % 16.97 % Tier 1 leverage capital
ratio
15.89
%
15.90 % 16.28 % 16.66 % 17.23 % 17.78 % Total risk-based capital
ratio
22.97
%
23.69 % 24.21 % 24.61 % 25.63 % 27.54 % Total stockholders' equity
$
113,242
$ 112,066 $ 114,008 $ 114,383 $ 113,846 $ 113,802 Less: Preferred
stock
-
- - - -
- Common stockholders' equity
113,242
112,066 114,008 114,383 113,846 113,802 Less: Intangible assets
(2,632
)
(2,798 ) (2,962 ) (3,124 ) (3,334 )
(3,544 ) Tangible common stockholders' equity (non-GAAP)
$
110,610
$ 109,268 $ 111,046 $ 111,259 $ 110,512
$ 110,258 Common shares outstanding
10,248,034
10,141,294 10,432,494 10,432,494 10,433,550 10,446,643 Book value
per common share
$
11.05
$ 11.05 $ 10.93 $ 10.96 $ 10.91 $ 10.89 Tangible book value per
share (non-GAAP) (6)
10.79
10.77 10.64 10.66 10.59 10.55 Reconciliation of Net Income
Available to Common Shareholders (GAAP) to Net Operating Earnings
(non-GAAP) (7) Three Months Ended:
September 30, 2014
June 30, 2014 March 31, 2014 December 31, 2013 September 30, 2013
June 30, 2013 Net income available to common shareholders (GAAP)
$
1,644
$ 542 $ 437 $ 1,393 $ 320 $ 205 Items excluded from operating
earnings, net of tax: Discontinued operations
-
- - 18 (10 ) 41 Severance expense
52
407 35 - 366 203 Software conversion expenses
-
148 84 59 - - Legal settlement expense and related professional
fees
-
- - - (165
) 672 Total after-tax items
52
555 119 77
191 916 Net operating earnings (non-GAAP)
$
1,696
$ 1,097 $ 556 $ 1,470 $ 511 $
1,121 Net operating earnings per share - basic (non-GAAP)
$
0.17
$ 0.11 $ 0.05 $ 0.14 $ 0.05 $ 0.11
(1) The net interest rate spread represents the difference
between the weighted-average yield on interest-earning assets and
the weighted-average cost of interest-bearing liabilities for the
period.(2) The net interest margin represents net interest income
as a percent of average interest-earning assets for the period.(3)
The efficiency ratio represents non-interest expense divided by the
sum of net interest income (before the loan loss provision) plus
non-interest income.(4) For purposes of calculating this ratio,
commercial real estate includes all those loans defined as such by
regulatory guidance, including all land development and
construction loans.(5) Core deposits include all non-maturity
deposits and maturity deposits less than $250 thousand. Loans
include loans held-for-sale.(6) Tangible book value per share
represents total stockholders' equity less the sum of preferred
stock and intangible assets divided by common shares
outstanding.(7) Management believes operating earnings, which
exclude non-core items, provide a more meaningful representation of
the Company's performance.
Northeast BankClaire S. Bean, 207-786-3245 ext. 3202CFO &
COOwww.northeastbank.com
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