Northeast Bancorp (“Northeast” or the “Company”) (NASDAQ: NBN),
a Maine-based full-service financial services company and parent of
Northeast Bank (the “Bank”), today reported net income of $205
thousand for the quarter ended June 30, 2013, compared to $1.0
million for the quarter ended June 30, 2012. Net income for the
year ended June 30, 2013 was $4.4 million, compared to $2.2 million
for the year ended June 30, 2012. Net income for the year ended
June 30, 2012 included $1.1 million from discontinued
operations.
The current quarter included $1.4 million of expenses related to
severance and the settlement of a previously disclosed lawsuit,
based on a claim arising from events occurring in 2005 and 2006.
Excluding these items, which the Company considers to be non-core,
net operating earnings were $1.1 million or $0.11 per diluted
common share. Reported net income and net operating earnings for
the quarters and years ended June 30, 2013 and 2012, respectively,
are set forth below:
Reconciliation of Net Income Available to Common
Shareholders (GAAP) to Net Operating Earnings (non-GAAP)1 Three
Months Ended June 30, Year Ended June 30, 2013 2012
2013 2012 (Dollars in thousands, except share and per share
data) Net income available to common shareholders (GAAP) $ 205 $
950 $ 4,065 $ 1,771 Items excluded from operating earnings, net of
tax: Net income from discontinued operations - (10) - (1,147)
Severance 255 - 255 - Legal settlement and related professional
fees 671 - 671 - Total after-tax items
926 (10) 926 (1,147) Net operating
earnings (non-GAAP) $ 1,131 $ 940 $ 4,991 $ 624 Weighted
average common shares outstanding - basic 10,446,643 6,605,465
10,409,588 4,277,777 Reported basic earnings per share
(GAAP) $ 0.02 $ 0.14 $ 0.39 $ 0.41 Items excluded from operating
earnings 0.09 - 0.09 (0.26) Net
operating earnings per share (non-GAAP) $ 0.11 $ 0.14 $ 0.48 $ 0.15
1 Management believes operating earnings, which exclude non-core
items, provide a more meaningful representation of the Company's
performance.
The Board of Directors has declared a cash dividend of $0.09 per
share, payable on August 23, 2013 to shareholders of record as of
August 9, 2013.
“The growing value of our business strategy is reflected in this
year’s results, in which we achieved over 22% growth in our loan
portfolio, and 15% deposit growth,” said Richard Wayne, Chief
Executive Officer. “Loan originations and acquisitions for the
quarter totaled $117 million, of which $67 million was generated by
our loan purchasing group, and $48 million through our residential
lending division. The success of our lending efforts helped drive
our net interest margin to 5.32% for the quarter,” continued
Wayne.
At June 30, 2013, total assets were $670.6 million, an increase
of $1.4 million, or 0.2%, compared to June 30, 2012 and a decrease
of $28.9 million, or 4.1%, compared to March 31, 2013. The
principal components of the year-over-year and quarterly changes in
the balance sheet follow:
1. The loan portfolio grew by $79.1 million, or 22.2%, compared
to June 30, 2012, principally due to net growth of $116.1 million
in commercial loans purchased or originated by the Bank’s Loan
Acquisition and Servicing Group (“LASG”), offset by net
amortization and payoffs of $37.0 million in the Community Banking
Division loan portfolio.
Compared to the quarter ended March 31, 2013, the Bank’s LASG
loan portfolio increased $57.3 million, reflecting purchases and
originations of $45.8 million and $21.6 million, respectively,
offset by loan payoffs and asset sales totaling $9.9 million. LASG
originations during the quarter included $12.0 million secured by
marketable securities and $9.6 million of loans secured by real
estate. Loan payoffs and asset sales during the quarter ended June
30, 2013 resulted in $2.8 million of transactional income, compared
to $4.1 million in the quarter ended March 31, 2013 and $2.5
million in the quarter ended June 30, 2012.
As has been discussed in more detail in the Company’s SEC
filings, in connection with the merger of FHB Formation LLC with
and into the Company, the Company made certain commitments to the
Board of Governors of the Federal Reserve System (the “Federal
Reserve”), including a commitment to hold commercial real estate
loans (including owner-occupied commercial real estate) to within
300% of total risk-based capital. On June 28, 2013, the Federal
Reserve approved the amendment of that commitment to exclude
owner-occupied commercial real estate loans. All other commitments
made to the Federal Reserve in connection with the merger remain
unchanged. The Company’s loan purchasing capacity under these
conditions follows:
Basis for Regulatory Condition Condition
Remaining Purchased LoanCapacity at June
30, 2013
(Dollars in millions) Total Loans Purchased loans may not exceed
40% of total loans $ 18.0 Regulatory Capital Commercial real estate
loans may not exceed 300%
of total risk-based capital
$
172.3
To increase its capacity under the “Total Loans” regulatory
condition, the Company will continue to hold in its portfolio, as
necessary and on a duration–matched basis, residential fixed and
adjustable rate loans that would otherwise be sold in the secondary
market.
An overview of the LASG portfolio follows:
LASG Portfolio Overview Three Months Ended June 30, 2013
Year Ended June 30, 2013 Purchased Originated
Total LASG Purchased Originated Total LASG (Dollars
in thousands) Purchased or originated during the period: Unpaid
principal balance $ 51,677 $ 21,556 $ 73,233 $ 155,216 $ 37,181 $
192,397 Net investment basis 45,783 21,556 67,339 121,336 37,208
158,544 Totals as of period end: Unpaid principal balance $
204,276 $ 38,846 $ 243,122 Net investment basis 166,786 38,879
205,665 Returns during the period: Yield 17.30% 8.92% 16.21%
16.04% 9.34% 15.28% Total Return (1) 17.53% 8.92% 16.41% 18.33%
9.34% 17.32%
(1) The total return on purchased loans represents scheduled
accretion, accelerated accretion, gains on asset sales, and other
noninterest income recorded during the period divided by the
average invested balance, on an annualized basis.
2. Deposits increased by $62.4 million, or 14.8%, compared to
June 30, 2012 primarily due to a $69.0 million increase in deposits
raised through ableBanking, the Bank’s online affinity deposit
platform. During the quarter ended June 30, 2013, the Bank allowed
$23.5 million of maturing time deposits to run-off, in a plan to
reduce excess short-term balance sheet liquidity.
3. Total borrowings decreased by $6.9 million and $56.8 million,
for the quarter and year ended June 30, 2013, respectively, as the
Bank did not replace maturing structured repurchase agreements and
FHLB advances.
4. Stockholders’ equity decreased by $5.3 million, or 4.5%,
compared to June 30, 2013, primarily due to the redemption of TARP
preferred stock and warrants totaling $4.3 million in the quarter
ended December 31, 2012. Stockholders’ equity decreased by $1.9
million, or 1.7%, compared to March 31, 2013, primarily due to
unrealized losses on available-for-sale securities.
Net income decreased by $843 thousand to $205 thousand for the
quarter ended June 30, 2013, compared to $1.0 million for the
quarter ended June 30, 2012. Income for the quarter ended June 30,
2013 included $926 thousand of nonrecurring expenses, net of tax,
relating to the settlement of a lawsuit, and compensation expense
associated with the Bank’s decision to exit the investment
brokerage business and the resignation of a senior manager.
Operating results for the quarter included the following items of
significance:
1. Net interest income increased by $1.8 million, or 26.5%, to
$8.5 million for the quarter compared to the quarter ended June 30,
2012, primarily due to growth in the purchased loan portfolio. This
result is evident in the net interest margin, which increased to
5.32% for the quarter ended June 30, 2013, compared to 4.63% for
the quarter ended June 30, 2012, and 5.07% for the quarter ended
March 31, 2013.
2. The following table summarizes interest income and related
yields recognized on the loan portfolios:
Interest Income and Yield on Loans Three Months Ended June
30, 2013 2012 Average Interest Average
Interest Balance Income Yield Balance Income Yield (Dollars
in thousands) Community Banking Division $ 235,455 $ 3,376 5.75% $
280,079 $ 4,299 6.17% LASG: Originated 20,723 461 8.92% 5,215 114
8.79% Purchased 138,445 5,971 17.30% 68,352
3,440 20.24% Total LASG 159,168 6,432 16.21%
73,567 3,554 19.43% Total $ 394,623 $ 9,808 9.97% $
353,646 $ 7,853 8.93% Year Ended June 30, 2013 2012 Average
Interest Average Interest Balance Income Yield Balance Income Yield
(Dollars in thousands) Community Banking Division $ 252,199 $
14,824 5.88% $ 297,348 $ 18,047 6.07% LASG: Originated 14,906 1,392
9.34% 3,278 308 9.40% Purchased 117,205 18,801 16.04%
39,022 6,379 16.35% Total LASG 132,111
20,193 15.28% 42,300 6,687 15.81% Total $ 384,310 $
35,017 9.11% $ 339,648 $ 24,734 7.28%
The yield on purchased loans was increased by unscheduled loan
payoffs, which resulted in immediate recognition of the prepaid
loans’ discount in interest income. The following table details the
“total return” on purchased loans, which includes transactional
income of $2.8 million for the quarter and $10.6 million for the
year ended June 30, 2013.
Total Return on Purchased Loans Three Months Ended June 30,
2013 2012 Income Return (1) Income Return (1)
(Dollars in thousands) Regularly scheduled interest and accretion $
3,237 9.38% $ 1,580 9.30% Transactional income: Gains on loan sales
80 0.23% 649 3.82% Gain on sale of real estate owned - 0.00% -
0.00% Other noninterest income - 0.00% - 0.00% Accelerated
accretion and loan fees 2,734 7.92% 1,860 10.94%
Total transactional income 2,814 8.15% 2,509 14.76%
Total $ 6,051 17.53% $ 4,089 24.06% Year Ended June 30, 2013
2012 Income Return (1) Income Return (1) (Dollars in thousands)
Regularly scheduled interest and accretion $ 11,038 9.35% $ 3,762
9.64% Transactional income: Gains on loan sales 2,115 1.79% 868
2.22% Gain on sale of real estate owned 684 0.58% - 0.00% Other
noninterest income 36 0.03% - 0.00% Accelerated accretion and loan
fees 7,763 6.58% 2,617 6.71% Total transactional
income 10,598 8.98% 3,485 8.93% Total $ 21,636 18.33%
$ 7,247 18.57%
(1) The total return on purchased loans represents scheduled
accretion, accelerated accretion, gains on asset sales, and other
noninterest income recorded during the period divided by the
average invested balance, on an annualized basis.
3. Noninterest income decreased by $334 thousand for the current
quarter, compared to the quarter ended June 30, 2012, principally
due to lower net gains on the sale of portfolio loans, which
decreased by $564 thousand due to lower LASG loan sales in the
quarter ended June 30, 2013. Gains on sales of residential
mortgages increased to $714 thousand, up slightly compared to the
June 30, 2012 quarter and an increase of 14.2% when compared to the
March 31, 2013 quarter.
The Bank announced on July 2nd its intention to exit the
investment brokerage business, over a transition period estimated
at 60 to 90 days. For the year ended June 30, 2013, investment
brokerage revenue totaled $2.9 million and contributed $267
thousand to the Company’s pre-tax income, net of direct
expenses.
4. Noninterest expense increased by $2.7 million for the current
quarter, compared to the quarter ended June 30, 2012, principally
due to the following:
- An increase of $1.4 million in employee
compensation, due mainly to higher incentive compensation,
severance, and increases in staffing levels. Non-recurring
compensation expense, associated with the departure of a senior
manager and the Bank’s decision to exit the investment brokerage
business, totaled $388 thousand for the quarter. Full-time
equivalent employees increased by 16 over the past twelve months,
as the Company has added staff to several operational areas and the
LASG.
- An increase of $1.0 million related to
the settlement of a lawsuit. The summons and complaint was filed in
August of 2011, in connection with a dispute regarding certain
deposit account activity occurring in 2005 and 2006.
- An increase of $192 thousand in
occupancy and equipment expense, principally due to increased rent
associated with the relocation of the Company’s office in Boston,
MA, and depreciation of investments in new technology, principally
those associated with ableBanking.
- An increase of $173 thousand in loan
acquisition and collection expenses, principally due to an increase
in the size of the LASG portfolio, which has grown to $205.7
million from $89.6 million at June 30, 2012.
- An increase of $157 thousand in
marketing expense, principally due to ableBanking and residential
mortgage advertising.
At June 30, 2013, nonperforming assets were $7.0 million, or
1.0% of total assets, an increase of $42 thousand from June 30,
2012 and a decrease of $441 thousand from March 31, 2013.
At June 30, 2013, the Company’s Tier 1 leverage ratio was 17.8%,
a decrease from 19.9% at June 30, 2012 and an increase from 17.4%
at March 31, 2013. At June 30, 2013, the Company’s total risk-based
capital ratio was 27.5%, a decrease from 33.3% and 30.7% at June
30, 2012 and March 31, 2013, respectively.
Investor Call
Information
Richard Wayne, Chief Executive Officer of Northeast Bancorp, and
Claire Bean, Chief Financial Officer of Northeast Bancorp, will
host a conference call to discuss fourth quarter earnings and
business outlook at 11:00 a.m. Eastern Time on Tuesday, July 30,
2013. Investors can access the call by dialing 877.878.2762 and
entering the following passcode: 22872642. The call will be
available via live webcast, which can be viewed by accessing the
Company’s website at www.northeastbank.com and clicking on the
About Us - Investor Relations section. To listen to the webcast,
attendees are encouraged to visit the website at least fifteen
minutes early to register, download and install any necessary audio
software. Please note there will also be a slide presentation that
will accompany the webcast. For those who cannot listen to the live
broadcast, a replay will be available online for one year at
www.northeastbank.com.
About Northeast Bancorp
Northeast Bancorp (NASDAQ: NBN) is the holding company for
Northeast Bank, a full-service bank headquartered in Lewiston,
Maine. Northeast Bank offers traditional banking services through
its Community Banking Division, which operates ten full-service
branches and six loan production offices that serve individuals and
businesses located in western and south-central Maine, southern New
Hampshire and southeastern Massachusetts. Northeast Bank’s Loan
Acquisition and Servicing Group purchases and originates commercial
loans for the Bank’s portfolio. ableBanking, a division of
Northeast Bank, offers savings products to consumers online.
Information regarding Northeast Bank can be found on its website at
www.northeastbank.com.
Non-GAAP Financial Measure
In addition to results presented in accordance with generally
accepted accounting principles (“GAAP”), this press release
contains certain non-GAAP financial measures, including tangible
common stockholders’ equity, tangible book value per share, and net
operating earnings. Northeast’s management believes that the
supplemental non-GAAP information is utilized by regulators and
market analysts to evaluate a company’s financial condition and
therefore, such information is useful to investors. These
disclosures should not be viewed as a substitute for financial
results determined in accordance with GAAP, nor are they
necessarily comparable to non-GAAP performance measures that may be
presented by other companies. Because non-GAAP financial measures
are not standardized, it may not be possible to compare these
financial measures with other companies’ non-GAAP financial
measures having the same or similar names.
Statements in this press release that are not historical facts
are forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and are intended to be
covered by the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Although Northeast believes that
these forward-looking statements are based on reasonable estimates
and assumptions, they are not guarantees of future performance and
are subject to known and unknown risks, uncertainties, and other
factors. You should not place undue reliance on our forward-looking
statements. You should exercise caution in interpreting and relying
on forward-looking statements because they are subject to
significant risks, uncertainties and other factors which are, in
some cases, beyond the Company’s control. The Company’s actual
results could differ materially from those projected in the
forward-looking statements as a result of, among other factors,
changes in interest rates and real estate values; competitive
pressures from other financial institutions; the effects of
continuing weakness in general economic conditions on a national
basis or in the local markets in which the Company operates,
including changes which adversely affect borrowers’ ability to
service and repay our loans; changes in loan defaults and
charge-off rates; changes in the value of securities and other
assets, adequacy of loan loss reserves, or deposit levels
necessitating increased borrowing to fund loans and investments;
increasing government regulation; the risk that the Company may not
be successful in the implementation of its business strategy; the
risk that intangibles recorded in the Company’s financial
statements will become impaired; changes in assumptions used in
making such forward-looking statements; and the other risks and
uncertainties detailed in the Company’s Annual Report on Form 10-K
and updated by the Company’s Quarterly Reports on Form 10-Q and
other filings submitted to the Securities and Exchange Commission.
These statements speak only as of the date of this release and the
Company does not undertake any obligation to update or revise any
of these forward-looking statements to reflect events or
circumstances occurring after the date of this communication or to
reflect the occurrence of unanticipated events.
IMPORTANT NOTE: Securities and Advisory Services offered
through Commonwealth Financial Network, Member FINRA, SIPC, and a
Registered Investment Adviser. Securities are not FDIC insured, not
bank obligations or otherwise bank guaranteed and may lose value.
Northeast Financial is located at 77 Middle Street, Portland, ME
04101.
NBN-F
NORTHEAST BANCORP AND SUBSIDIARY CONSOLIDATED
BALANCE SHEETS (Unaudited) (Dollars in thousands, except share
and per share data) June 30, 2013 2012 Assets Cash
and due from banks $ 3,238 $ 2,538 Short-term investments
62,696 125,736 Total cash and cash equivalents 65,934
128,274 Available-for-sale securities, at fair value 121,597
133,264 Loans held for sale 8,594 9,882 Loans Commercial
real estate 264,448 180,735 Residential real estate 127,829 137,571
Construction 42 1,187 Commercial and industrial 29,720 19,612
Consumer 13,337 17,149 Total loans 435,376 356,254
Less: Allowance for loan losses 1,143 824 Loans, net
434,233 355,430 Premises and equipment, net 10,075 9,205
Real estate owned and other repossessed collateral, net 2,134 834
Federal Home Loan Bank and Federal Reserve Bank stock, at cost
5,721 5,473 Intangible assets, net 3,544 4,487 Bank owned life
insurance 14,385 14,295 Other assets 4,422 8,052
Total assets $ 670,639 $ 669,196 Liabilities and
Stockholders' Equity Liabilities Deposits Demand $ 46,425 $ 45,323
Savings and interest checking 90,970 90,204 Money market 84,416
45,024 Time 262,812 241,637 Total deposits 484,623
422,188 Federal Home Loan Bank advances 28,040 43,450
Structured repurchase agreements 25,397 66,183 Short-term
borrowings 625 1,209 Junior subordinated debentures issued to
affiliated trusts 8,268 8,106 Capital lease obligation 1,739 1,911
Other liabilities 8,145 7,010 Total liabilities
556,837 550,057 Commitments and contingencies
- - Stockholders' equity Preferred stock, $1.00 par value,
1,000,000 shares authorized; no shares issued and outstanding at
June 30, 2013; 4,227 shares issued and outstanding at June 30,
2012; liquidation preference of $1,000 per share - 4 Voting common
stock, $1.00 par value, 25,000,000 and 13,500,000 shares authorized
at June 30, 2013 and 2012, respectively; 9,565,680 and 9,307,127
issued and outstanding at June 30, 2013 and 2012, respectively
9,566 9,307 Non-voting common stock, $1.00 par value, 3,000,000 and
1,500,000 shares authorized at June 30, 2013 and 2012,
respectively; 880,963 and 1,076,314 issued and outstanding at June
30, 2013 and 2012, respectively 881 1,076 Additional paid-in
capital 92,745 96,359 Retained earnings 12,524 12,235 Accumulated
other comprehensive (loss) income (1,914) 158 Total
stockholders' equity 113,802 119,139 Total
liabilities and stockholders' equity $ 670,639 $ 669,196
NORTHEAST BANCORP AND SUBSIDIARY CONSOLIDATED
STATEMENTS OF INCOME (Unaudited) (Dollars in thousands, except
share and per share data) Three Months Ended June 30,
Year Ended June 30, 2013 2012 2013 2012 Interest and
dividend income: Interest on loans $ 9,808 $ 7,853 $ 35,017 $
24,734 Interest on available-for-sale securities 209 417 1,138
2,019 Other interest and dividend income 105 85
388 261 Total interest and dividend income
10,122 8,355 36,543 27,014
Interest expense: Deposits 1,008 878 4,098 3,426 Federal Home Loan
Bank advances 217 256 967 1028 Structured repurchase agreements 136
247 651 991 Short-term borrowings 4 6 19 21 Junior subordinated
debentures issued to affiliated trusts 195 195 769 751 Obligation
under capital lease agreements 23 24 92
100 Total interest expense 1,583 1,606 6,596
6,317 Net interest and dividend income before
provision for loan losses 8,539 6,749 29,947 20,697 Provision for
loan losses 301 312 1,122 946 Net
interest and dividend income after provision for loan losses
8,238 6,437 28,825 19,751 Noninterest
income: Fees for other services to customers 446 347 1,648 1,383
Net securities gains - - 792 1,111 Gain on sales of loans held for
sale 714 701 3,009 2,761 Gain on sales of portfolio loans 85 649
2,311 1,071 Gain (loss) recognized on real estate owned and other
repossessed collateral, net 65 (25) 746 (5) Investment commissions
687 671 2,919 2,782 Bank-owned life insurance income 119 123 718
501 Other noninterest income 14 (2) 82
72 Total noninterest income 2,130 2,464 12,225
9,676 Noninterest expense: Salaries and employee
benefits 5,486 4,095 19,218 15,634 Occupancy and equipment expense
1,283 1,091 4,766 3,826 Professional fees 424 477 1,634 1,708 Data
processing fees 283 265 1,141 1,088 Marketing expense 361 204 1,049
691 Loan acquisition and collection expense 481 308 1,766 1,106
FDIC insurance premiums 90 118 454 482 Intangible asset
amortization 208 262 943 1,198 Legal settlement expense 980 - 980 -
Other noninterest expense 622 653 2,734
2,497 Total noninterest expense 10,218 7,473
34,685 28,230 Income from continuing operations
before income tax (benefit) expense 150 1,428 6,365 1,197 Income
tax (benefit) expense (55) 390 1,945
181 Net income from continuing operations $ 205 $ 1,038 $ 4,420 $
1,016 Discontinued operations: Income from discontinued
operations $ - $ - $ - $ 186 Gain on sale of discontinued
operations - 15 - 1,566 Income tax expense - 5
- 605 Net income from discontinued operations $ - $ 10 $ - $
1,147 Net income $ 205 $ 1,048 $ 4,420 $ 2,163 Net
income available to common stockholders $ 205 $ 950 $ 4,065 $ 1,771
Weighted-average shares outstanding: Basic 10,446,643
6,605,465 10,409,588 4,277,777 Diluted 10,446,643 6,607,171
10,409,588 4,291,352 Earnings per common share: Basic: Income from
continuing operations $ 0.02 $ 0.14 $ 0.39 $ 0.15 Income from
discontinued operations 0.00 0.00 0.00
0.26 Net income $ 0.02 $ 0.14 $ 0.39 $ 0.41 Diluted: Income from
continuing operations $ 0.02 $ 0.14 $ 0.39 $ 0.15 Income from
discontinued operations 0.00 0.00 0.00
0.26 Net income $ 0.02 $ 0.14 $ 0.39 $ 0.41 Cash dividends declared
per common share $ 0.09 $ 0.09 $ 0.36 $ 0.36
NORTHEAST BANCORP AND SUBSIDIARY CONSOLIDATED AVERAGE
BALANCE SHEETS AND ANNUALIZED YIELDS (Unaudited) (Dollars in
thousands) Three Months Ended June 30, 2013 2012
Interest Average Interest Average
Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate
Balance Expense Rate (Dollars in thousands) Assets:
Interest-earning assets: Investment securities (1) $ 126,272 $ 209
0.66% $ 135,306 $ 417 1.24% Loans (2) (3) 394,623 9,808 9.97%
353,646 7,853 8.93% Regulatory stock 5,253 33 2.52% 5,473 24 1.76%
Short-term investments (4) 118,113 72 0.24%
91,249 61 0.27% Total interest-earning assets 644,261
10,122 6.30% 585,674 8,355 5.74% Cash and due
from banks 2,978 2,858 Other non-interest earning assets
35,982 35,449 Total assets $ 683,221 $ 623,981
Liabilities & Stockholders' Equity: Interest-bearing
liabilities: NOW accounts $ 56,650 $ 38 0.27% $ 55,638 $ 43 0.31%
Money market accounts 85,585 117 0.55% 44,928 45 0.40% Savings
accounts 32,868 11 0.13% 32,472 11 0.14% Time deposits
270,342 842 1.25% 231,805 779 1.35% Total
interest-bearing deposits 445,445 1,008 0.91% 364,843 878 0.97%
Short-term borrowings 1,697 4 0.95% 1,210 6 1.99% Borrowed funds
58,923 376 2.56% 111,857 527 1.89% Junior subordinated debentures
8,245 195 9.49% 8,085 195 9.70% Total
interest-bearing liabilities 514,310 1,583 1.23%
485,995 1,606 1.33% Non-interest bearing
liabilities: Demand deposits and escrow accounts 46,784 46,415
Other liabilities 6,900 2,605 Total liabilities
567,984 535,015 Stockholders' equity 115,227 88,966
Total liabilities and stockholders' equity $ 683,221 $ 623,981
Net interest income $ 8,539 $ 6,749 Interest rate
spread 5.07% 4.41%
Net interest margin (5)
5.32% 4.63%
(1) Interest income and yield are stated on a fully
tax-equivalent basis using a 34% tax rate.(2) Includes loans held
for sale.(3) Nonaccrual loans are included in the computation of
average, but unpaid interest has not been included for purposes of
determining interest income.(4) Short term investments include FHLB
overnight deposits and other interest-bearing deposits.(5) Net
interest margin is calculated as net interest income divided by
total interest-earning assets.
NORTHEAST BANCORP AND SUBSIDIARY CONSOLIDATED
AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS (Unaudited)
(Dollars in thousands) Year Ended June 30, 2013 2012
Interest Average Interest Average
Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate
Balance Expense Rate (Dollars in thousands) Assets:
Interest-earning assets: Investment securities (1) $ 131,199 $
1,138 0.87% $ 138,708 $ 2,019 1.46% Loans (2) (3) 384,310 35,017
9.11% 339,648 24,734 7.28% Regulatory stock 5,398 75 1.39% 5,673 72
1.27% Short-term investments (4) 127,781 313 0.24%
76,217 189 0.25% Total interest-earning assets
648,688 36,543 5.63% 560,246 27,014 4.82% Cash
and due from banks 3,065 2,910 Other non-interest earning assets
37,206 36,803 Total assets $ 688,959 $ 599,959
Liabilities & Stockholders' Equity: Interest-bearing
liabilities: NOW accounts $ 55,763 $ 153 0.27% $ 55,218 $ 213 0.39%
Money market accounts 63,931 337 0.53% 44,692 175 0.39% Savings
accounts 31,939 44 0.14% 32,799 67 0.20% Time deposits
280,059 3,564 1.27% 223,782 2,971 1.33% Total
interest-bearing deposits 431,692 4,098 0.95% 356,491 3,426 0.96%
Short-term borrowings 1,472 19 1.29% 1,075 21 1.95% Borrowed funds
75,633 1,710 2.26% 112,812 2,119 1.87% Junior subordinated
debentures 8,185 769 9.40% 8,028 751
9.35% Total interest-bearing liabilities 516,982
6,596 1.28% 478,406 6,317 1.32%
Interest-bearing liabilities of discontinued operations (5) - 271
Non-interest bearing liabilities: Demand deposits and escrow
accounts 49,343 45,933 Other liabilities 5,982 3,932
Total liabilities 572,307 528,542 Stockholders' equity
116,652 71,417 Total liabilities and stockholders' equity $
688,959 $ 599,959 Net interest income $ 29,947 $ 20,697
Interest rate spread 4.36% 3.50% Net interest margin (6)
4.62% 3.69%
(1) Interest income and yield are stated on a fully
tax-equivalent basis using a 34% tax rate.(2) Includes loans held
for sale.(3) Nonaccrual loans are included in the computation of
average, but unpaid interest has not been included for purposes of
determining interest income.(4) Short term investments include FHLB
overnight deposits and other interest-bearing deposits.(5) The
average balance of borrowings associated with discontinued
operations has been excluded from interest expense, interest rate
spread, and net interest margin.(6) Net interest margin is
calculated as net interest income divided by total interest-earning
assets.
NORTHEAST BANCORP AND SUBSIDIARY SELECTED CONSOLIDATED
FINANCIAL HIGHLIGHTS AND OTHER DATA (Unaudited) (Dollars in
thousands, except share and per share data) Three Months
Ended
June 30, 2013 March 31, 2013 December
31, 2012 September 30, 2012 June 30, 2012 Net
interest income
$ 8,539 $ 8,253 $ 7,057 $ 6,098 $
6,749 Provision for loan losses
301 346 247 228 312
Noninterest income
2,130 3,401 3,544 3,150 2,464 Noninterest
expense
10,218 8,831 8,132 7,502 7,473 Net income from
discontinued operations
- - - - 10 Net income
205
1,666 1,517 1,034 1,048 Weighted average common shares
outstanding: Basic
10,446,643 10,425,576 10,383,441
10,383,441 6,605,465 Diluted
10,446,643 10,425,576
10,383,441 10,383,441 6,607,171 Earnings per common share: Basic
$ 0.02 $ 0.16 $ 0.12 $ 0.09 $ 0.14 Diluted
0.02 0.16 0.12 0.09 0.14 Dividends per common share
0.09 0.09 0.09 0.09 0.09 Return on average assets
0.12% 0.97% 0.87% 0.61% 0.68% Return on average equity
0.71% 5.85% 5.15% 3.45% 4.74% Net interest rate spread (1)
5.07% 4.82% 4.02% 3.52% 4.41% Net interest margin (2)
5.32% 5.07% 4.28% 3.80% 4.63% Efficiency ratio (3)
95.77% 75.78% 76.71% 81.12% 81.11% Noninterest expense to
average total assets
6.00% 5.12% 4.64% 4.39% 4.82% Average
interest-earning assets to average
interest-bearing liabilities
125.27% 124.53% 125.48% 126.65% 120.51% As of
Nonperforming loans: June 30, 2013 March 31, 2013 December 31, 2012
September 30, 2012 June 30, 2012 Originated portfolio: Residential
real estate
$ 2,346 $ 2,296 $ 3,512 $ 3,184 $ 3,090
Commercial real estate
473 631 624 626 417 Construction
- - - - - Home equity
334 405 620 289 220 Commercial
and industrial
110 103 123 133 1,008 Consumer
136 258 166 181 324
3,399
3,693 5,045 4,413 5,059 Purchased portfolio: Residential real
estate
- - - - - Commercial real estate
1,457 1,700
2,144 667 1,055 Commercial and industrial
- -
- - -
1,457 1,700
2,144 667 1,055 Total nonperforming loans
4,856 5,393 7,189 5,080 6,114 Real estate owned and other
repossessed collateral
2,134 2,038
2,633 2,645 834 Total nonperforming assets
$
6,990 $ 7,431 $ 9,822 $ 7,725 $ 6,948 Past due loans
to total loans
1.68% 2.00% 2.52% 1.65% 1.95% Nonperforming
loans to total loans
1.12% 1.42% 1.83% 1.35% 1.72%
Nonperforming assets to total assets
1.04% 1.06% 1.39% 1.15%
1.04% Allowance for loan losses to total loans
0.26% 0.27%
0.22% 0.18% 0.23% Allowance for loan losses to nonperforming loans
23.54% 19.15% 12.17% 13.15% 13.48% Commercial real
estate loans to risk-based capital (4)
159.07% 184.40%
193.74% 167.62% 148.28% Net loans to core deposits (5)
92.94% 77.72% 81.01% 86.69% 88.29% Purchased loans to total
loans, including held for sale
37.57% 33.63% 33.36% 27.68%
23.07% Equity to total assets
16.97% 16.54% 16.31% 17.72%
17.83% Tier 1 leverage capital ratio
17.78% 17.41% 17.44%
18.37% 19.91% Total risk-based capital ratio
27.54% 30.71%
29.35% 31.32% 33.34% Total stockholders' equity
$
113,802 $ 115,737 $ 114,931 $ 118,857 $ 119,139 Less:
Preferred stock
- - - (4,227)
(4,227) Common stockholders' equity
$ 113,802
$ 115,737 114,931 114,630 114,912 Less: Intangible assets
(3,544) (3,751) (3,957) (4,222)
(4,487) Tangible common stockholders' equity (non-GAAP)
$
110,258 $ 111,986 $ 110,974 $ 110,408 $ 110,425
Common shares outstanding
10,446,643 10,446,643 10,383,441
10,383,441 10,383,441 Book value per common share
$
10.89 $ 11.08 $ 11.07 $ 11.04 $ 11.07 Tangible book value
per share (non-GAAP) (6)
$ 10.55 $ 10.72 $ 10.69 $
10.63 $ 10.63
(1) The net interest rate spread represents the difference
between the weighted-average yield on interest-earning assets and
the weighted-average cost of interest-bearing liabilities for the
period.(2) The net interest margin represents net interest income
as a percent of average interest-earning assets for the period.(3)
The efficiency ratio represents non-interest expense divided by the
sum of net interest income (before the loan loss provision) plus
non-interest income.(4) For purposes of calculating this ratio,
commercial real estate includes all those loans defined as such by
regulatory guidance, including all land development and
construction loans. As of June 30, 2013, commercial real estate
excludes loans secured by owner-occupied properties.(5) Core
deposits includes all non-maturity deposits and maturity deposits
less than $250 thousand. Net loans includes loans held-for-sale.(6)
Tangible book value per share represents total stockholders' equity
less the sum of preferred stock and intangible assets divided by
common shares outstanding.
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