Northeast Bank (NASDAQ:NBN) Q3 2024 Earnings Conference Call May 1, 2024 10:00 AM ET

Company Participants

Richard Wayne - President, CEO & Director
Richard Cohen - CFO
Patrick Dignan - COO & EVP

Conference Call Participants

Alex Twerdahl - Piper Sandler & Co.

Operator

Welcome to the Northeast Bank third quarter fiscal year 2024 earnings call. My name is Gigi, 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; Richard Cohen, Chief Financial Officer; 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.

[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 North East 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.

Richard Wayne

Thank you. Good morning and thank you for joining our investor call. With me are Pat Dignan, our Chief Operating Officer, and Richard Cohen, our Chief Financial Officer. This morning, after I have my comments, Richard will discuss income and expense items as well as our at-the-market offering, and Pat will discuss in more detail our purchased and originated loan activity. After we have all presented, we would be happy to answer any questions.

I'd like to first now turn to page 3 in the investor deck and highlight a few items. First of all, big picture, we thought was a very strong quarter. We had net income of $13.9 million or $1.83 of earnings per share. Our ROE was 16.45%, our ROA was 1.87%, and our NIM. was 5.01%. Finally, the tangible book value was at the end of the quarter, $44.11.

First, I want to talk about loans. And as I said, when I'm finished, Pat will fill in a lot more details, but I want to provide an overview. For the quarter, we originated $153 million of loans and there were no purchased loans in the quarter. But with respect to the purchased loans, of course, there is a story behind this, which Pat will explain. It's not bad news, it's good news, but Pat will talk about that.