Northeast Bank Announces Share Repurchase Program
22 July 2020 - 9:08AM
Northeast Bank (the “Bank”) (NASDAQ: NBN) announced today that its
Board of Directors has approved a share repurchase program to
purchase up to $10.2 million of common stock, or up to 600,000
shares of its common stock, representing approximately 7.3% of the
Bank’s outstanding common stock.
Repurchases under this program may be made in open market
transactions. The timing and actual number of shares
repurchased will depend on a variety of factors including price,
corporate and regulatory requirements, market conditions, and other
corporate liquidity requirements and priorities. The repurchase
program does not obligate the Bank to purchase any particular
number of shares.
The repurchase program may be suspended or terminated at any
time without prior notice, and it will expire July 21, 2021.
As of July 21, 2020, the Bank had 46,902 shares available to
repurchase under its previously announced share repurchase plan,
which will expire on October 21, 2020. The previously announced
share repurchase plan allowed for the Bank to repurchase up to
900,000 shares of its voting common stock.
About Northeast Bank
Northeast Bank (NASDAQ: NBN) is a full-service bank
headquartered in Portland, Maine. We offer personal and business
banking services to the Maine market via nine branches. Our Loan
Acquisition and Servicing Group 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
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 the Bank 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 Bank’s control. The Bank’s actual results
could differ materially from those projected in the forward-looking
statements as a result of, among other factors, the negative
impacts and disruptions of the COVID-19 pandemic and measures taken
to contain its spread on our employees, customers, business
operations, credit quality, financial position, liquidity and
results of operations; the length and extent of the economic
contraction resulting from the COVID-19 pandemic; continued
deterioration in employment levels, general business and economic
conditions on a national basis and in the local markets in which
the Bank operates, including changes which adversely affect
borrowers’ ability to service and repay our loans; changes in
customer behavior due to changing political, business and economic
conditions or legislative or regulatory initiatives; turbulence in
the capital and debt markets; changes in interest rates and real
estate values; increases in loan defaults and charge-off rates;
decreases in the value of securities and other assets, adequacy of
loan loss reserves, or deposit levels necessitating increased
borrowing to fund loans and investments; changing government
regulation; competitive pressures from other financial
institutions; operational risks including, but not limited to,
cybersecurity incidents, fraud, natural disasters and future
pandemics; the risk that the Bank may not be successful in the
implementation of its business strategy; the risk that intangibles
recorded in the Bank’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
Bank’s Annual Report on Form 10-K and updated by our Quarterly
Reports on Form 10-Q and other filings submitted to the Federal
Deposit Insurance Corporation. These statements speak only as of
the date of this release and the Bank 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.
For More Information:
Jean-Pierre Lapointe, Chief Financial OfficerNortheast Bank, 27
Pearl Street, Portland, ME 04101 207.786.3245 ext.
3220www.northeastbank.com
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