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Northeast Bank

NBN

Northeast Bank • NASDAQ
$88.88 ▲ 0.78% (+0.69)
Market Cap $727.98 M
52w High $113.01
52w Low $78.17
Dividend Yield 0.04%
P/E 8.35
Volume 30.09K
Outstanding Shares 8.19M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $84.541M ▼ $18.541M ▼ $22.541M ▼ 26.663% ▲ $2.72 ▼ $32.207M ▼
Q4-2025 $98.461M ▲ $21.495M ▲ $25.216M ▲ 25.61% ▲ $3.06 ▲ $38.522M ▲
Q3-2025 $85.175M ▼ $17.873M ▲ $18.681M ▼ 21.932% ▼ $2.27 ▼ $30.305M ▼
Q2-2025 $89.052M ▲ $17.003M ▲ $22.44M ▲ 25.199% ▲ $2.79 ▲ $34.216M ▲
Q1-2025 $72.68M $16.392M $17.106M 23.536% $2.17 $25.8M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $428.927M ▲ $4.279B ▲ $3.785B ▲ $494.286M ▲
Q3-2025 $361.512M ▼ $4.229B ▲ $3.761B ▲ $467.516M ▲
Q2-2025 $388.453M ▲ $4.083B ▲ $3.639B ▲ $444.101M ▲
Q1-2025 $354.123M ▲ $3.94B ▲ $3.547B ▲ $392.557M ▲
Q4-2024 $291.136M $3.132B $2.756B $376.634M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $25.217M ▲ $49.19M ▲ $-598K ▲ $20.951M ▼ $69.543M ▲ $49.038M ▲
Q3-2025 $18.68M ▼ $-6.923M ▼ $-132.156M ▼ $118.285M ▼ $-20.794M ▼ $-7.308M ▼
Q2-2025 $22.44M ▲ $9.187M ▲ $-83.854M ▲ $122.25M ▼ $47.583M ▼ $9.113M ▲
Q1-2025 $17.106M ▲ $2.673M ▲ $-703.239M ▼ $775.695M ▲ $75.129M ▲ $2.577M ▲
Q4-2024 $15.14M $-1.119M $-76.23M $114.355M $37.006M $-1.336M

Five-Year Company Overview

Income Statement

Income Statement Northeast Bank’s earnings profile has strengthened meaningfully over the past few years. Revenue has grown very quickly, especially in the most recent years, showing that its niche lending and loan acquisition strategy is scaling. Profitability has also improved, with operating and net income generally rising alongside that growth. There is some volatility in per‑share earnings from year to year, which is common for a bank that leans into opportunistic loan purchases rather than plain‑vanilla lending. Even so, earnings per share have moved to clearly higher levels than earlier in the period, suggesting the core economic engine is stronger, helped by both growth and disciplined cost control.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, with total assets growing as the bank leans into its national lending and loan acquisition strategy. Shareholders’ equity has risen steadily, a positive signal for capital strength and loss‑absorbing capacity. Debt usage has increased compared with earlier years, reflecting greater funding needs to support a larger balance sheet. However, leverage does not appear extreme, and recent years show a slight pullback in borrowings, which suggests management is attentive to funding mix. Cash levels are healthy, though no longer at the unusually high levels seen earlier in the period. Overall, the bank looks better capitalized and more scaled, but also more complex and reliant on wholesale funding than in the past.

Cash Flow

Cash Flow Cash generation from operations has generally been positive over the five‑year span, but it has been uneven from year to year. That pattern likely reflects swings in loan growth and portfolio purchases, which can temporarily absorb cash even when they are economically attractive. Free cash flow closely tracks operating cash flow, because the bank’s business model is capital‑light in terms of physical investment needs. The absence of heavy spending on property or equipment means more flexibility to direct cash toward loan growth, capital build, or shareholder returns. The trade‑off is that cash flows can be lumpy, so it is important to view them over several years rather than focusing on a single period.

Competitive Edge

Competitive Edge Northeast Bank occupies a distinctive niche compared with typical regional banks. Its edge comes from a specialized national lending and loan acquisition platform focused on commercial real estate and more complex or non‑standard loans. This specialization gives it experience in situations that many banks avoid, allowing it to price risk more precisely and find value in complicated portfolios. The bank’s reputation for speed and certainty of execution is a key competitive asset. Being able to analyze and close large loan pools quickly makes it an attractive counterparty for sellers and can secure better deal flow. A lean, centralized team that handles underwriting, legal, and servicing in‑house reinforces this advantage. That said, the strategy concentrates the bank in commercial real estate and non‑traditional credits, which can be more sensitive to economic and interest‑rate cycles. Compared with larger diversified banks, Northeast Bank carries higher exposure to a specific niche but balances that with deep expertise and a relatively efficient operating model.

Innovation and R&D

Innovation and R&D For a smaller regional institution, Northeast Bank is notably active on the innovation front. On the community banking side, its partnership with a modern digital banking provider has transformed account opening into a fast, fully online experience, which helps it compete with digital‑first banks and appeal to younger, tech‑comfortable customers. Its online brand, ableBanking, adds a charitable giving element that differentiates it in a crowded savings and deposits market. Behind the scenes, the bank’s real innovation lies in its internal platforms for evaluating and acquiring commercial real estate loans. The ability to review, value, and underwrite large loan portfolios in very short time frames implies sophisticated internal tools and well‑honed processes. This creates a form of “process technology” advantage, even if it is not branded software. Looking ahead, there is clear room to deepen digital capabilities, expand data analytics and potentially use more advanced modeling or AI to refine underwriting. The bank’s data‑rich, niche business naturally lends itself to that evolution, though execution quality will determine how much of a moat this innovation really creates over time.

Summary

Northeast Bank has evolved from a traditional community bank into a specialized, higher‑growth niche lender with a national reach. Its income statement shows a meaningful step‑up in revenue and per‑share earnings, albeit with some natural volatility tied to opportunistic loan acquisitions. The balance sheet has scaled up, with stronger equity and manageable, though higher, leverage supporting a larger and more complex loan book. Cash flows are positive over time but lumpy, reflecting the timing of loan purchases and growth rather than structural weakness. Competitively, the bank’s strength lies in its expertise in non‑standard commercial real estate loans, its reputation for speed and certainty, and an efficient, centralized operating model. These advantages are balanced by concentration risks in a cyclical asset class and reliance on specialized skills that must be maintained. On the innovation side, Northeast Bank is ahead of many peers in digital account opening and has built an internally strong, technology‑enabled underwriting and servicing platform. Future opportunities likely center on further digitization, data analytics, and selective expansion of its national lending franchise. Overall, the story is of a focused, scalable niche player that has traded simplicity for higher growth and higher complexity, with both added opportunity and added risk as a result.

NEWS

October 28, 2025 · 4:40 PM UTC

Northeast Bank Reports First Quarter Results and Declares Dividend

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September 30, 2025 · 9:25 AM UTC

Northeast Bank Announces CFO Transition; Richard Cohen Stepping Down to Pursue New Opportunities, Effective October 31, 2025; Santino Delmolino Appointed CFO, Effective October 31, 2025

Read more