Northeast Bank Reports Fourth Quarter Results and Declares Dividend

Northeast Bank (the “Bank”) (NASDAQ: NBN), a Maine-based bank, today reported net income of $34.3 million, or $4.05 per diluted common share, for the quarter ended June 30, 2026, compared to net income of $25.2 million, or $3.00 per diluted common share, for the quarter ended June 30, 2025. Net income for the year ended June 30, 2026 was $107.5 million, or $12.74 per diluted common share, compared to $83.4 million, or $10.08 per diluted common share, for the year ended June 30, 2025. The Board of Directors declared a cash dividend of $0.01 per share, payable on August 24, 2026, to shareholders of record as of August 10, 2026. "We finished the fiscal year with exceptional results, delivering record annual earnings and a third straight quarter of record loan origination volume,” said Rick Wayne, Chief Executive Officer. “Fourth-quarter net income increased 36.2% over the prior-year period to $34.3 million contributing to record annual earnings of $107.5 million. Quarterly loan volume totaled $389.8 million, which included a record $257.3 million of National Lending originated loans. The balance sheet grew 22.2% year over year to $5.23 billion, with total loans, including loans held for sale, at June 30, 2026 of $4.59 billion, representing an increase of $801.8 million, or 21.2%, over June 30, 2025. These results reflect the strength of our business model, disciplined credit culture, and ability to generate attractive shareholder returns while continuing to scale the franchise." As of June 30, 2026, total assets were $5.23 billion, an increase of $948.7 million, or 22.2%, from total assets of $4.28 billion as of June 30, 2025, due to the following: The following table highlights the changes in the loan portfolio, including loans held for sale, for the year ended June 30, 2026: Loan Portfolio Changes June 30, 2026 June 30, 2025 Change ($) Change (%) (Dollars in thousands) National Lending Purchased $ 2,756,583 $ 2,375,157 $ 381,426 16.06 % National Lending Originated 1,586,523 $ 1,251,768 $ 334,755 26.74 % Small Business 234,761 144,974 89,787 61.93 % Community Banking 14,125 18,258 (4,133 ) (22.64 %) Total $ 4,591,992 $ 3,790,157 $ 801,835 21.16 % Loans generated during the quarter ended June 30, 2026 totaled $389.8 million, which consisted of $94.4 million of National Lending purchased loans at an average price of 92.3% of unpaid principal balance, $257.3 million of National Lending originated loans, $33.5 million of Small Business Administration ("SBA") 7(a) loans, and $4.5 million of insured small balance business loans. An overview of the Bank’s National Lending Division portfolio follows: National Lending Portfolio Three Months Ended June 30, 2026 2025 Purchased Originated Total Purchased Originated Total (Dollars in thousands) Loans purchased or originated during the period: Unpaid principal balance $ 102,287 $ 257,297 $ 359,584 $ 44,419 $ 216,631 $ 261,050 Initial net investment basis (1) 94,446 257,297 351,743 41,680 216,631 258,311 Loan returns during the period: Yield 8.64 % 7.68 % 8.30 % 8.52 % 9.95 % 8.99 % Total Return on Purchased Loans (2) 9.33 % N/A 9.33 % 8.76 % N/A 8.76 % Year Ended June 30, 2026 2025 Purchased Originated Total Purchased Originated Total (Dollars in thousands) Loans purchased or originated during the period: Unpaid principal balance $ 856,410 $ 897,358 $ 1,753,768 $ 946,112 $ 807,923 $ 1,754,035 Initial net investment basis (1) 797,268 897,358 1,694,626 863,165 807,923 1,671,088 Loan returns during the period: Yield 8.59 % 7.99 % 8.38 % 8.62 % 9.27 % 8.90 % Total Return on Purchased Loans (2) 8.86 % N/A 8.86 % 8.71 % N/A 8.71 % Total loans as of period end: Unpaid principal balance $ 2,897,286 $ 1,586,523 $ 4,483,809 $ 2,554,266 ...