Northeast Bancorp (NBN) Misses Q2 EPS by 15c

Northeast Bancorp (NASDAQ: NBN) reported Q2 EPS of $0.56, $0.15 worse than the analyst estimate of $0.71.

“We continued fiscal 2019 with another strong quarter,” said Richard Wayne, President and Chief Executive Officer. “For the quarter, we earned $0.56 per diluted common share through solid loan volume, purchased loan transactional income, and gain on the sale of SBA loans. Our Loan Acquisition and Servicing Group produced $113.5 million of loans, including originations of $64.1 million and purchases with a recorded investment of $49.4 million during the quarter. This represents quarterly net growth in the LASG portfolio of $58.1 million, or 8.2%. This quarterly activity helped drive our return on average equity to 13.9%, our return on average assets to 1.7%, and our efficiency ratio to 57.6%.”

For earnings history and earnings-related data on Northeast Bancorp (NBN) click here.

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