Northeast Bank Q4 Net Income Jumps 36% on Record Loan Origination
NBN sits 58% above its 52-week low of $80.745.
Summary
Northeast Bank reported fiscal Q4 net income of $34.3M, up 36% year-over-year, with diluted EPS of $4.05 versus $3.00 a year ago. The results were driven by record loan origination volume, particularly in National Lending, which boosted interest income, and a lower provision for credit losses. These gains were partly offset by a decline in noninterest income from lower gains on sale of SBA loans. The company did not provide specific forward guidance. With a market cap around $1B, the earnings beat and strong loan growth are material positives that could drive the stock toward the analyst median price target of $136.50, about 5.6% above the recent close.
At the time of this announcement, NBN was trading at $127.81 on NASDAQ in the Finance sector, with a market capitalization of approximately $1B. The 52-week trading range was $80.75 to $142.31. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.