Northeast Bank (NASDAQ:NBN) Q2 2022 Earnings Conference Call April 26, 2022 10:00 AM ET
Company Participants
Rick Wayne – President and Chief Executive Officer
Patrick Dignan – Executive Vice President and Chief Credit Officer
Jean Pierre Lapointe – Chief Financial Officer
Conference Call Participants
Alex Twerdahl – Piper Sandler
Operator
Welcome to the Northeast Bank Third Quarter Fiscal Year 2022 Earnings call. My name is Richard and I'll 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. Last night, 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. During the 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
Thank you. Good morning and thank all of you for joining the call today. I am Rick Wayne, the Chief Executive Officer of Northeast Bank. And with me on the call are JP Lapointe, our Chief Financial Officer, and Pat Dignan, our Chief Credit Officer and Executive Vice President. After my comments, JP, Pat, and I will be happy to answer any of your questions. I'd like to start out with a few highlights on Page three of the slide deck. For the quarter that ended, we had net income of $10.6 million, earnings per share of $1.36 diluted, return on equity of 17.6%, return on assets of 2.8%. Our cost of funds for the quarter were 30 basis points. I also want to comment on our share repurchase program.