Northeast Bank (NASDAQ:NBN) Q2 2024 Earnings Conference Call January 31, 2024 10:00 AM ET

Company Participants

Rick Wayne – President and Chief Executive Officer

Pat Dignan – Executive Vice President and Chief Operating Officer

JP Lapointe – Chief Financial Officer

Conference Call Participants

Alex Twerdahl – Piper Sandler

Operator

Welcome to the Northeast Bank Second Quarter Fiscal Year 2024 Earnings Call. My name is Daniel, 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 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 obligations 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 very much. Good morning to those of you listening to the call. This morning, I want to go over a few of the interesting and important results during the quarter, and I'm not going to go over line by line what's already in the earnings release because I'm sure that you have read that or that you will read that. But I just want to spend a little bit on Page 3 of the slides.

First, talking about the loan volume in the quarter. The purchased loans activity of $186.1 million invested on $208 million of UPB or 89.5% purchase price is our second strongest purchase quarter only behind the approximate $1 billion of loans purchased one year ago, so very, very strong. And on that topic, on the purchase loan market, we’re seeing a fair amount of good, very good supply in the marketplace and so we're looking at a lot. I would caution you that they are binary, you bid and you win or you don't win, but there seems to be a fair amount of supply in the marketplace.