Northeast Bank (NASDAQ:NBN) Q1 2024 Earnings Conference Call October 24, 2023 10:00 AM ET
Company Participants
Rick Wayne - President and Chief Executive Officer
JP Lapointe - Chief Financial Officer
Pat Dignan - Executive Vice President and Chief Operating Officer
Conference Call Participants
Alex Twerdahl - Piper Sandler
Operator
Welcome to the Northeast Bank First Quarter Fiscal Year 2024 Earnings Call. My name is Victor, and I will 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 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 on 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 undertake 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, and good morning, everyone. Here with me are Pat Dignan, our Chief Operating Officer; and JP Lapointe, our Chief Financial Officer. I want to go over this morning some of the financial highlights, as well as talk about our loan activity and our asset quality. JP will then talk about the impact of CECL on the bank, which was adopted on July 1. And then all three of us are available, look forward to answering any of your questions.
First, let me start by saying that the quarter was really an excellent one in so many ways. We earned $15 million or $2.01 earnings per share diluted with a return on equity of 19.73%, a return on assets of 2.12% and getting very close to $40 per share of tangible book value at $39.96.