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Northeast BANK Northeast Bank Reports Second Quarter Results and Declares Dividend January 27 , 2021 PORTLAND , Maine , Jan. 27 , 2021 ( GLOBE NEWSWIRE ) -- Northeast Bank ( the " Bank ” ) ( NASDAQ : NBN ) , a Maine - based full - service bank , today reported net income of $ 8.2 million , or $ 0.98 per diluted common share , for the quarter ended December 31 , 2020 , compared to net income of $ 4.9 million , or $ 0.53 per diluted common share , for the quarter ended December 31 , 2019. Net income for the six months ended December 31 , 2020 was $ 16.0 million , or $ 1.92 per diluted common share , compared to $ 9.6 million , or $ 1.05 per diluted common share , for the six months ended December 31 , 2019 . The Board of Directors declared a cash dividend of $ 0.01 per share , payable on February 24 , 2021 , to shareholders of record as of February 10 , 2021 . " We reported strong results in our second fiscal quarter , " said Rick Wayne , Chief Executive Officer . " We closed on our largest single loan pool purchase in the Bank's history , which contributed to our National Lending team generating $ 175.9 million of new volume , consisting of $ 91.3 million of purchased loans and $ 84.6 million of originations . " Mr. Wayne continued , “ For the quarter , we recognized $ 6.1 million of correspondent fee income under the arrangement with The Loan Source , Inc. ( " Loan Source " ) and ACAP SME , LLC , who purchased an additional $ 1.3 billion of Paycheck Protection Program loans during the quarter . As a result , we earned $ 0.98 per diluted common share , a return on average equity of 18.4 % , a return on average assets of 2.7 % , and a net interest margin of 5.2 % . " As of December 31 , 2020 , total assets were $ 1.23 billion , a decrease of $ 23.5 million , or 1.9 % , from total assets of $ 1.26 billion as of June 30 , 2020 . 1. The following table highlights the changes in the loan portfolio for the three and six months ended December 31 , 2020 : National Lending Purchased National Lending Originated SBA National Community Banking Total December 31 , 2020 Balance Loan Portfolio Changes Three Months Ended December 31 , 2020 September 30 , 2020 Balance ( Dollars in thousands ) Change ( $ ) Change ( % ) $ 418,584 $ 358,203 $ 60,381 16.86 % 478,423 462,974 15,449 3.34 % 48,797 48,775 22 0.05 % 55,773 62,158 ( 6,385 ) ( 10.27 % ) $ 1,001,577 $ 932,110 $ 69,467 7.45 % National Lending Purchased National Lending Originated SBA National Community Banking Total Six Months Ended December 31 , 2020 December 31 , 2020 Balance June 30 , 2020 Balance Change ( $ ) Change ( % ) ( Dollars in thousands ) $ 418,584 $ 386,624 $ 31,960 8.27 % 478,423 467,612 10,811 2.31 % 48,797 47,095 1,702 3.61 % 55,773 70,271 ( 14,498 ) ( 20.63 % ) $ 1,001,577 $ 971,602 $ 29,975 3.09 % Loans generated by the Bank's National Lending Division for the quarter ended December 31 , 2020 totaled $ 175.9 million , which consisted of $ 91.3 million of purchased loans , at an average price of 93.4 % of unpaid principal balance , and $ 84.6 million of originated loans . An overview of the Bank's National Lending portfolio follows : National Lending Portfolio Three Months Ended December 31 , Purchased 2020 Originated Total Purchased 2019 Originated Total Loans purchased or originated during the period : Unpaid principal balance $ Net investment basis 97,759 $ 84,607 91,284 84,607 Loan returns during the period : ( Dollars in thousands ) $ 182,366 $ 66,784 $ 98,563 175,891 64,840 98,563 $ 165,347 163,403