Northeast Bank (NASDAQ:NBN) Q3 2023 Earnings Conference Call April 25, 2023 10:00 AM ET

Company Participants

Rick Wayne - President & Chief Executive Officer

Patrick Dignan - Chief Operating Officer

JP Lapointe - Senior Vice President & Chief Financial Officer

Conference Call Participants

Alex Twerdahl - Piper Sandler

Operator

Welcome to the Northeast Bank Third Quarter Fiscal Year 2023 Earnings Conference Call. My name is Olivia and I'll be your operator for today's call. This call is being recorded. With us today from the bank is Rick Wayne, President and Chief Executive Officer; JP Lapointe, Chief Financial Officer; and Pat Dignan, Executive Vice President and Chief Operating Officer.

Yesterday, an investor presentation was uploaded to the bank's website which we will reference in this morning's call. The presentation can be accessed at the Investor Relations section of the northeastbank.com under Events and Presentations. You may find it helpful to download this investor presentation and follow along during the call. Also, this call will be available for replay purpose on the website for future use. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded. Please note that this presentation contains forward-looking statements about Northeast Bank. Forward-looking statements are based upon the current expectations of Northeast Bank's management and are subject to risks and uncertainties. Actual results may differ materially from those discussed in the forward-looking statements. Northeast Bank does not understand any obligation to update any forward-looking statements.

I will now turn the call over to Rick Wayne. Mr. Wayne, you may begin.

Rick Wayne

Thank you, Olivia. Good morning to all of you on the call. Before we talk about the specifics of our results for the quarter that just ended, I wanted to just make a few comments in light of the recent failures of Silicon Valley Bank and Signature Bank as kind of the main points that are out there. One, I want to talk about our deposits first. We have $2.13 billion [ph] of deposits at March 31 and this is important of which 92% are insured and 3% of our deposits relating to hold back accounts are in restricted accounts. So we only have 5% of our deposits that are uninsured and at risk, not that anything is going on with that but we're just uninsured and not in restricted accounts.