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Northeast Bank provides various banking services to individual and corporate customers in Maine. The company's deposit products include demand deposit, NOW, money market, savings, certificate of deposit, and checking accounts. Its loan portfolio comprises residential mortgage loans; multi-family and other commercial real estate loans; commercial and industrial loans, such as term loans, lines of credit and equipment, and receivables financing; and consumer loans, including mobile home and overdraft, and deposit-secured loans. The company also provides telephone banking, online banking and bill payment, mobile banking, and remote deposit capture services, as well as debit and credit card, ATM, electronic transfer, and check services. Northeast Bank was founded in 1872 and is headquartered in Portland, Maine.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $204M | - | $83M | $53M | 16.9% | 35.1% | 43.3% |
| 2024 | $151M | - | $58M | $0M | 15.5% | 24.5% | 31.8% |
| 2023 | $121M | - | $44M | $58M | 14.9% | 16.0% | 4.8% |
| 2022 | $105M | - | $42M | $29M | 17.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 104.67 | 121.44 | 151.20 | 204.27 |
| Pretax Income | 61.55 | 65.22 | 88.12 | 125.70 |
| Tax Provision | 19.39 | 21.03 | 29.89 | 42.25 |
| Net Income | 42.16 | 44.19 | 58.23 | 83.44 |
| Net Income Common Stockholders | 42.16 | 44.19 | 58.23 | 83.44 |
| Interest Expense | 5.11 | 58.38 | 109.31 | 138.17 |
| Interest Income | 88.54 | 177.17 | 257.89 | 325.54 |
| Selling General And Administration | 32.27 | 37.87 | 43.88 | 50.77 |
| Normalized Income | 42.27 | 44.24 | 58.25 | 83.44 |
| Basic EPS | 5.40 | 6.02 | 7.69 | 10.31 |
| Diluted EPS | 5.34 | 5.96 | 7.58 | 10.08 |
| Tax Effect Of Unusual Items | -0.05 | -0.02 | -0.01 | 0 |
| Tax Rate For Calcs | 0.32 | 0.32 | 0.34 | 0.34 |
| Total Unusual Items | -0.15 | -0.07 | -0.03 | 0 |
| Total Unusual Items Excluding Goodwill | -0.15 | -0.07 | -0.03 | 0 |
| Net Income From Continuing Operation Net Minority Interest | 42.16 | 44.19 | 58.23 | 83.44 |
| Reconciled Depreciation | 2.60 | 3.21 | 3.06 | 3.15 |
| Net Interest Income | 83.42 | 118.80 | 148.57 | 187.37 |
| Net Income From Continuing And Discontinued Operation | 42.16 | 44.19 | 58.23 | 83.44 |
| Diluted Average Shares | 7.90 | 7.41 | 7.68 | 8.28 |
| Basic Average Shares | 7.81 | 7.35 | 7.57 | 8.09 |
| Diluted NI Availto Com Stockholders | 42.16 | 44.19 | 58.23 | 83.44 |
| Net Income Including Noncontrolling Interests | 42.16 | 44.19 | 58.23 | 83.44 |
| Net Income Continuous Operations | 42.16 | 44.19 | 58.23 | 83.44 |
| Gain On Sale Of Security | -0.51 | -0.21 | 0 | 0.12 |
| Depreciation Amortization Depletion Income Statement | 0 | 0 | 0 | 0 |
| Depreciation And Amortization In Income Statement | 0 | 0 | 0 | 0 |
| Amortization | 0 | 0 | 0 | 0 |
| Amortization Of Intangibles Income Statement | 0 | 0 | 0 | 0 |
| Selling And Marketing Expense | 0.73 | 0.92 | 1 | 0.42 |
| General And Administrative Expense | 31.53 | 36.95 | 42.88 | 50.35 |
| Other Gand A | 4.54 | 0 | 0 | 0 |
| Insurance And Claims | 0.40 | 1.22 | 1.26 | 2.37 |
| Salaries And Wages | 31.14 | 35.72 | 41.61 | 47.98 |
| Operating Revenue | 104.67 | 121.44 | 151.20 | 204.27 |
| Occupancy And Equipment | 3.56 | 4.21 | 4.27 | 4.55 |
| Professional Expense And Contract Services Expense | 1.89 | 2.55 | 2.37 | 2.59 |
| Other Non Interest Expense | 7.87 | 9.39 | 10.80 | 11.91 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Northeast Bankthis co. | NBN | $1.1B | 11.96 | 1.87 | 16.9% | - |
| Metropolitan Bank Holding Corp. | MCB | $1.1B | 10.96 | 1.20 | 9.6% | - |
| Universal Insurance Holdings, Inc. | UVE | $1.1B | 5.80 | 1.99 | 33.2% | 2.18 |
| OceanFirst Financial Corp. | OCFC | $1.1B | 16.00 | 0.65 | 4.3% | - |
| Old Second Bancorp, Inc. | OSBC | $1.1B | 12.28 |
| 1.20 |
| 9.0% |
| - |
| Burford Capital Limited | BUR | $1.1B | 17.32 | 0.43 | 2.0% | - |
| Strive Asset Management, LLC | ASST | $1.0B | - | 1.11 | -92.5% | -4.30 |
| Univest Financial Corporation | UVSP | $1.0B | 11.34 | 1.12 | 9.6% | - |
| HBT Financial, Inc. | HBT | $1.0B | 12.83 | 1.43 | 12.5% | - |
| Peer Median | - | 12.28 | 1.16 | 9.3% | -1.06 | |