Northeast Bank Q1 net income rises on loan growth; EPS increases
NBN•Northeast Bank’s fiscal first-quarter net income rose to $29.0 million, while diluted EPS increased to $3.42 from $2.67 a year earlier. The bank attributed the growth to higher loan production and interest income.
1. Income and loan growth
Northeast Bank reported fiscal first-quarter net income of $29.0 million. Diluted EPS rose to $3.42 from $2.67 a year earlier, as higher loan production contributed to growth.
2. Other result drivers
The bank said increased interest income from higher average loan balances helped, partially offset by lower yields. Total return on purchased loans rose to 9.1% from 8.2%, driven by higher transactional income and regularly scheduled interest and accretion. Its National Lending Division recorded originated loan volume and reported strong asset quality metrics.
