PORTLAND, Maine - Northeast Bank (NASDAQ: NBN), a Maine-based full-service bank, announced increased net income and significant asset growth in its latest quarterly report. The bank reported a net income of $13.9 million, or $1.83 per diluted common share, for the quarter ending March 31, 2024. This figure is up from $12.5 million, or $1.69 per diluted common share, for the same period in the previous year.
The bank's net income for the nine months ended March 31, 2024, reached $43.1 million, or $5.67 per diluted common share, compared to $32.1 million, or $4.35 per diluted common share, for the nine months ended March 31, 2023. These results reflect a robust performance, with the bank surpassing $3 billion in assets as of March 31, 2024, up from $2.87 billion as of June 30, 2023.
Rick Wayne, Chief Executive Officer of Northeast Bank, highlighted the growth of the bank's National Lending Division portfolio, which saw an increase of $39.3 million, or 1.5%, for the quarter. The portfolio's growth over the nine-month period amounted to $128.3 million, or 5.2%, driven by originations and purchases.
The bank also reported issuing 180 thousand shares of common stock at an average net proceeds per share of $52.34 during the quarter.
The bank's total assets grew by $131.1 million, or 4.6%, from June 30, 2023. This growth is partly attributed to a $289.5 million increase in deposits, primarily in time deposits and savings and interest checking deposits. The bank's shareholders’ equity also saw an increase of $55.3 million, or 18.6%, primarily due to net income and the issuance of common stock.
The bank declared a cash dividend of $0.01 per share, payable on May 27, 2024, to shareholders of record as of May 13, 2024. This announcement is based on a press release statement from Northeast Bank.
InvestingPro Insights
Northeast Bank's recent financial results have caught the attention of investors and market analysts alike, with the bank demonstrating a strong performance. According to InvestingPro data, the company's market capitalization stands at a solid $403.29 million, and it boasts an attractive P/E ratio of 7.14, suggesting that the stock is trading at a low price relative to near-term earnings growth. This is particularly relevant for investors seeking value investment opportunities.
One of the InvestingPro Tips highlights that Northeast Bank has maintained dividend payments for an impressive 37 consecutive years, showcasing its commitment to returning value to shareholders. This consistency is a testament to the bank's financial stability and prudent management. Moreover, the bank's revenue growth over the last twelve months has been remarkable, clocking in at 30.82%, indicative of its ability to expand its business and increase its market share.
Investors looking for more in-depth analysis will find a wealth of additional tips on the bank's performance using InvestingPro's platform. In fact, there are 5 more InvestingPro Tips available, which can be accessed at https://www.investing.com/pro/NBN. For those interested, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further insights into Northeast Bank's financial health and future prospects.
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