Northeast Bank (NASDAQ:NBN) Q1 2023 Earnings Conference Call November 1, 2022 10:00 AM ET

Company Participants

Rick Wayne - President & CEO

Jean-Pierre Lapointe - CFO

Pat Dignan - EVP & Chief Credit Officer

Conference Call Participants

Alexander Twerdahl - Piper Sandler

Operator

Welcome to the Northeast Bank First Quarter Fiscal Year 2023 Earnings Call. My name is Shannon, and I will be your operator for today's call. This call is being recorded. With us today from the bank is Mr. Rick Wayne, President and Chief Executive Officer, JP Lapointe, Chief Financial Officer, and Pat Dignan, Executive Vice President and Chief Credit 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 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 rebroadcast 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, the 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 undertake any obligation to update any forward-looking statements.

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

Rick Wayne

Good morning and thank you all for joining us today. With me are JP Lapointe, our Chief Financial Officer and Pat Dignan, our Chief Operating Officer and Chief Credit Officer. After my comments, JP, Pat and I will be happy to answer your questions. During my comments, I'm going to refer to the -- in some cases of the slide deck that is on our website. And I'm only going to focus on some meaningful highlights to try and provide some more detail into what has already been.

First, I want to just mention some financial highlights for the quarter, which are -- and I'll refer to Slide number 3. For the quarter, net income was $8.3 million; EPS was $1.12 diluted; ROE was 13.07%; ROA was 2.03%; Tangible book value was $33.57; and during the quarter we repurchased 108,000 shares at an average price of $37.88.