PORTLAND, Maine, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Â Northeast Bank (the "Bank") (NASDAQ:NBN) announced today that since June 30, 2024, the Bank has purchased primarily commercial real estate loans in the amount of unpaid principal balance of $805 million. Because the purchases closed primarily late in the quarter, there will be minimal impact on earnings for the first fiscal quarter of 2025. The Bank has funded and intends to fund the purchase of these loans primarily relying on brokered deposits and Federal Home Loan Bank advances.
Discussing the purchases, Rick Wayne, Chief Executive Officer said, "We are very pleased with this quarter's purchased loan activity, which represents the second largest quarterly loan purchase volume in the Bank's history. We have developed a reputation in the loan purchase market as a strong and reliable counterparty. Our experienced, professional, and dedicated team allows us to take advantage of the opportunities that have been and are available to the Bank."
About Northeast BankNortheast Bank (NASDAQ:NBN) is a full-service bank headquartered in Portland, Maine. We offer personal and business banking services to the Maine market via seven branches. Our National Lending Division purchases and originates commercial loans on a nationwide basis. ableBanking, a division of Northeast Bank, offers online savings products to consumers nationwide. Information regarding Northeast Bank can be found at www.northeastbank.com.
Forward-Looking Statements
