It's essentially the **Bank of America for Maine**.

Think of it as **KeyBank, but solely operating within Maine**.

• Deposit Accounts: Northeast Bank offers various deposit products including checking, savings, money market, NOW, certificates of deposit, and individual retirement accounts.
• Loan Services: The bank provides a comprehensive loan portfolio, which includes residential mortgages, multi-family and commercial real estate loans, commercial and industrial loans, consumer loans, and Small Business Administration (SBA) loans.
• Digital Banking & Payment Services: Customers can access modern banking conveniences such as telephone banking, online and mobile banking with bill payment, cash management, remote deposit capture, and debit and credit card services.

Northeast Bank (NBN) sells primarily to individuals and other companies within its service area in Maine. Based on the company description, its major customer categories are:

• Individuals/Consumers: This category includes individuals seeking personal banking services such as demand deposit, NOW, money market, savings, certificate of deposit, individual retirement, and checking accounts. They also utilize residential mortgage loans, consumer loans (e.g., mobile home, overdraft, deposit-secured loans), and various electronic banking services.
• Businesses (Small to Medium-Sized): This category encompasses various commercial enterprises in need of business banking services. These customers utilize business deposit products, commercial and industrial loans (e.g., term loans, lines of credit, equipment and receivables financing), and Small Business Administration (SBA) loans. They also benefit from services like cash management and remote deposit capture.
• Commercial Real Estate Investors/Developers: A specific segment of business customers focused on property. These clients utilize multi-family and other commercial real estate loans for their investment and development projects.

Richard Wayne, President, Chief Executive Officer and Director

Richard Wayne was appointed CEO in December 2010. He co-founded Capital Crossing Bank in Boston, Massachusetts, serving as its President and Co-Chief Executive Officer from 1991 until its sale in February 2007. Capital Crossing Bank was a national leader in the acquisition and management of commercial loans. Prior to that, he was a Partner at Wayne, Lazares & Chappell from 1980 to 1991 and an Associate at Coopers & Lybrand beginning in 1977. In 2010, a group of investors led by Mr. Wayne took over Northeast Bank and transformed its operating model by acquiring small-balance commercial loans in the secondary market. He holds a J.D. from Suffolk University Law School, an LL.M. in Taxation from Boston University School of Law, and a B.S. in Accounting from Syracuse University. He is also the bank's largest shareholder.

Santino Delmolino, Chief Financial Officer and Corporate Controller

Santino Delmolino assumed the role of Chief Financial Officer effective October 31, 2025, succeeding Richard Cohen. He previously served as the Corporate Controller of Northeast Bank. Before joining Northeast Bank in 2024, he held positions as Director and Senior Manager in the accounting department at Fidelity Investments. Prior to that, he was a Senior Manager in KPMG's audit practice. Mr. Delmolino holds a Bachelor of Science degree in Business Administration and a Master of Science degree in Accounting from Western New England University and is a certified public accountant licensed in Massachusetts.

Patrick Dignan, Executive Vice President and Chief Operating Officer

Patrick Dignan has worked alongside CEO Rick Wayne for several decades, both at Northeast Bank and previously at Capital Crossing Bank. They were part of the investor group that took over Northeast Bank in 2010 and implemented a strategy focused on acquiring small-balance commercial loans.

Robert Banaski, Senior Vice President and Chief Retail Banking Officer

Robert Banaski serves as the Senior Vice President and Chief Retail Banking Officer.

Julie A. Jenkins, Senior Vice President and Chief Information Officer

Julie A. Jenkins holds the position of Senior Vice President and Chief Information Officer.

1. Credit Risk, particularly Commercial Real Estate (CRE) Exposure and Economic Downturns: A significant portion of Northeast Bank's assets is comprised of loans, including residential mortgage, multi-family, and other commercial real estate loans. An economic downturn, especially within its operating region of Maine, or a decline in specific sectors such as commercial real estate, could lead to increased loan defaults and negatively impact the bank's asset quality and profitability. High interest rates are making it difficult for investors to refinance CRE loans, and alongside lower property values and reduced demand for office spaces, this could result in more defaults. Regional banks, including Northeast Bank, often have substantial concentrations in CRE debt, increasing their vulnerability. Northeast Bank's forward-looking statements also explicitly mention the risk of higher future credit losses due to changes in economic assumptions or adverse economic developments.

2. Interest Rate Risk and Net Interest Margin (NIM) Compression: Northeast Bank's profitability is fundamentally tied to the spread between the interest it earns on loans and investments and the interest it pays on deposits. Significant and rapid fluctuations in interest rates, particularly rising funding costs for deposits, can compress this net interest margin, directly impacting the bank's earnings. The need to offer competitive interest rates to retain customers, against a backdrop of higher yields on U.S. Treasuries, poses a notable challenge for regional banks. The bank's own disclosures identify "changes in interest rates" as a factor affecting its performance.

3. Liquidity Risk and Deposit Competition: The ability to attract and retain stable, low-cost deposits is critical for Northeast Bank to fund its lending activities and meet its obligations. Increased competition for deposits from other financial institutions and alternative investment options, coupled with shifts in customer behavior (e.g., seeking higher-yielding accounts), can lead to higher funding costs or deposit outflows. This dynamic can place significant liquidity pressure on the bank, potentially necessitating increased borrowing to support its loan growth and operations. Concerns about liquidity and changes in deposit levels are among the risks Northeast Bank highlights in its forward-looking statements.

The clear emerging threat for Northeast Bank is the rise of digital-only banks (neobanks) and specialized FinTech platforms. These entities operate without the overhead of physical branches, allowing them to offer more competitive rates on deposits and loans (such as consumer and small business loans), alongside seamless digital user experiences. This model directly challenges Northeast Bank's traditional branch-based operations and its ability to attract and retain customers who increasingly prioritize digital convenience and competitive pricing over a physical branch presence.

Here are the addressable market sizes for Northeast Bank's main products and services in Maine, United States:

• Total Banking Deposits: The total banking deposits in Maine were $44.2 billion in 2024.
• Residential Mortgage Loans: New home loans booked in Maine amounted to $3.4 billion in 2024.
• Small Business Loans: The market for small business loans in Maine was $3.1 billion in 2024.
• Commercial Banking (including Commercial Real Estate and Commercial & Industrial Loans): The commercial banking industry in Maine, which includes receiving deposits and issuing consumer, commercial, and industrial loans, is projected to have a market size of $3.5 billion in 2026.

For consumer loans (comprising mobile home, overdraft, and deposit-secured loans) and digital banking services (including telephone banking, online banking, bill payment, mobile banking, cash management, remote deposit capture, debit and credit card, ATM, electronic transfer, and check services), specific addressable market sizes for Maine were not available.

1. Loan Volume Growth: Northeast Bank anticipates continued robust loan activity, particularly in purchased and originated loans, which is expected to provide a strong tailwind for net interest income in future quarters. The bank reported significant loan volume growth in the second fiscal quarter of 2026, totaling $895.7 million, including a record $252.4 million of National Lending originated loans and $532.9 million of purchased loans.
2. SBA Loan Originations and Sales: The bank expects an increase in SBA loan originations and sales, which management projects will lead to higher net interest income. Despite temporary impacts from regulatory changes or government shutdowns, the SBA lending business, as part of its National Lending Division, has demonstrated substantial year-over-year growth in originations and sales.
3. Commercial Real Estate (CRE) Originations: Originated commercial real estate loans represent a significant portion of Northeast Bank's loan portfolio, accounting for approximately 25% of its total loan book. The bank has reported significant commercial real estate origination activity, contributing to its overall loan growth.
4. Expansion of National Lending Division: The National Lending Division is a key growth driver, enabling the bank to achieve growth that significantly exceeds its peers through a high-margin, niche strategy. This division actively purchases and originates commercial loans across the nation, expanding the bank's reach beyond its traditional Maine branch network.
5. Strategic Technology Investments: Northeast Bank plans significant investments in technology, which, while not a direct revenue driver, are expected to enhance operational efficiency, improve customer service, and potentially enable new products or services, thereby indirectly supporting future revenue growth.

Share Repurchases

• Northeast Bank authorized a new share repurchase program on April 21, 2022, allowing for the repurchase of 1,000,000 shares of common stock, or up to $40.0 million. This program was set to expire on April 13, 2023.
• Multiple repurchase programs have been initiated since 2023, including a 2024 authorization to repurchase up to 10 percent of outstanding common stock.
• These executed repurchase programs have resulted in a reduction of the company's float by an estimated 6-9 percent.

Share Issuance

• On December 9, 2024, Northeast Bank commenced an at-the-market offering of voting common stock with an aggregate offering price of up to $75,000,000.00.
• The net proceeds from this offering are intended for general corporate purposes, including supporting additional growth.
• The number of shares outstanding for Northeast Bank increased from 7.25 million in 2022 to 8.27 million in 2025, suggesting net share issuance or dilution during this period.

Capital Expenditures

• Over the past twelve months, Northeast Bank reported capital expenditures of $269,000.00.