{"product_id":"nbn-vrio-analysis","title":"Northeast Bank (NBN): VRIO Analysis [Mar-2026 Updated]","description":"\u003cbr\u003e\u003cp\u003eDiscover the true engine behind Northeast Bank (NBN)'s market position with this sharp VRIO Analysis. We dissect its core assets against the crucial tests of Value, Rarity, Inimitability, and Organization to reveal precisely where its sustainable competitive advantage lies - or where critical gaps exist. Dive in now to see the distilled summary of what truly makes this business formidable and what it must address next.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eNortheast Bank (NBN) - VRIO Analysis: National Lending Division’s Scalable Commercial Loan Model\n\u003c\/h2\u003e\n\u003cp\u003eYou’re looking at Northeast Bank (NBN)'s National Lending Division and wondering if its rapid expansion is a sustainable edge. Honestly, the numbers from Q4 2025 suggest it’s a powerful engine right now. That division drove significant balance sheet growth, with purchased loans up 39.0% and originated loans up 27.5% year-over-year for the quarter ending June 30, 2025. To be clear, the division generated $258.3 million in loans that quarter, made up of $41.7 million in purchased loans and $216.6 million in originated loans. That’s real momentum.\u003c\/p\u003e\n\n\u003cp\u003eHere is the quick math on how this model stacks up using the VRIO framework:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eVRIO Dimension\u003c\/th\u003e\n\u003cth\u003eAssessment\u003c\/th\u003e\n\u003cth\u003eKey Metric\/Data Point (2025 FY)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eValue (V)\u003c\/td\u003e\n\u003ctd\u003eYes\u003c\/td\u003e\n\u003ctd\u003ePurchased Loans Y\/Y Growth: \u003cstrong\u003e39.0%\u003c\/strong\u003e; Originated Loans Y\/Y Growth: \u003cstrong\u003e27.5%\u003c\/strong\u003e (Q4 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRarity (R)\u003c\/td\u003e\n\u003ctd\u003eModerately Rare\u003c\/td\u003e\n\u003ctd\u003eStruggles for many regional banks to scale commercial lending nationally with this efficiency.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInimitability (I)\u003c\/td\u003e\n\u003ctd\u003eDifficult\u003c\/td\u003e\n\u003ctd\u003eRequires years to build national sourcing networks and deep underwriting expertise.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOrganization (O)\u003c\/td\u003e\n\u003ctd\u003eHigh\u003c\/td\u003e\n\u003ctd\u003eTotal Asset Base: \u003cstrong\u003e$4.28 billion\u003c\/strong\u003e as of June 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCompetitive Advantage\u003c\/td\u003e\n\u003ctd\u003eTemporary\u003c\/td\u003e\n\u003ctd\u003eScale is growing quickly, but larger competitors could eventually match the sourcing reach.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity: Moderately Rare\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eWhile Northeast Bank is executing well, this capability isn't entirely unique, but it is uncommon among its direct regional peers. Many smaller banks simply lack the infrastructure to source and manage commercial loans across the entire country effectively. Still, you see this level of national reach only in a select few. What this estimate hides is the specific quality of the loan pipeline, which is harder to gauge externally.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eMany regional banks stick to local\/state markets.\u003c\/li\u003e\n\u003cli\u003eNational scale requires significant upfront capital deployment.\u003c\/li\u003e\n\u003cli\u003eEfficiency in this scale is what makes it moderately rare.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability: Difficult\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThis is where the moat starts to form, though it’s not impenetrable. Replicating this division defintely takes time. You can’t just buy the technology; you have to hire the people who know how to use it and build the relationships that feed the machine. It requires established national sourcing networks and underwriting expertise that takes years, maybe even a decade, to build up to the level Northeast Bank currently operates at. That time lag is a real barrier to entry for a competitor looking to catch up next quarter.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization: High\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe division is clearly the engine driving the bank’s overall size and performance. The organizational structure appears well-aligned to support this national focus, evidenced by the bank’s total asset base hitting \u003cstrong\u003e$4.28 billion\u003c\/strong\u003e as of June 30, 2025. High organization means the bank has the necessary processes, reporting, and management systems in place to fully exploit the value of the lending model. The 20.7% Return on Average Equity (ROE) for Q4 2025 shows they are effectively capitalizing on this structure.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage: Temporary\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eFor now, Northeast Bank enjoys a competitive advantage because its scale is growing faster than its rivals can react. However, this advantage is temporary. If the returns remain this high, larger, well-capitalized national banks will inevitably dedicate more resources to building out similar national commercial lending platforms. The key action here is to use this temporary window to deepen relationships and perhaps acquire smaller, specialized regional lenders to increase the cost for a larger player to match your footprint.\u003c\/p\u003e\n\u003cp\u003eFinance: draft 13-week cash view by Friday\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eNortheast Bank (NBN) - VRIO Analysis: Specialized SBA Loan Monetization Expertise\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eSpecialized SBA Loan Monetization Expertise\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003e\n\u003ch\u003eValue\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eGenerates high-margin noninterest income through efficient loan sales. The bank booked a $6.8 million gain on the sale of $107.6 million in SBA loans for the quarter ended June 30, 2025. This activity contributed to a Return on Average Equity (ROE) of 20.7% for the quarter ended June 30, 2025. Total assets reached $4.28 billion as of June 30, 2025.\u003c\/p\u003e\n\u003cp\u003e\n\u003ch\u003eRarity\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eThis level of consistent, high-volume gain-on-sale activity in SBA loans is uncommon for a bank of this size. SBA loan sales for the quarter ended June 30, 2025, were $107.6 million, compared to $26.8 million in the same quarter of the prior year. The SBA National portfolio surged 199.5% to $145 million as of June 30, 2025.\u003c\/p\u003e\n\u003cp\u003e\n\u003ch\u003eImitability\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eDifficult; it relies on deep relationships with secondary market buyers and specialized servicing knowledge.\u003c\/p\u003e\n\u003cp\u003e\n\u003ch\u003eOrganization\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eHigh; the bank clearly structures its operations to capture these gains, a key part of its high-ROE story. Net income for the quarter ended June 30, 2025, was $25.2 million. The Tier 1 leverage capital ratio was 11.6% as of June 30, 2025.\u003c\/p\u003e\n\u003cp\u003e\n\u003ch\u003eCompetitive Advantage\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eSustained; this specialized skill set acts as a consistent earnings stabilizer and differentiator. Total loan originations and purchases for the year ending June 30, 2025, were $2.08 billion. Nonperforming assets stood at 0.8% of total assets as of September 30, 2025.\u003c\/p\u003e\n\u003cp\u003eKey Financial Metrics for SBA Monetization Context:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003ePeriod\/Date\u003c\/th\u003e\n\u003cth\u003eCitation\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eSBA Loan Gain on Sale\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$6.8 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQuarter Ended June 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSBA Loans Sold\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$107.6 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQuarter Ended June 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSBA Loan Originations (Quarterly)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$107.3 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQuarter Ended June 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSBA Loan Originations (Quarterly)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$107.3 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQuarter Ended September 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSBA Loan Gain on Sales (Quarterly)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$8.2 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQuarter Ended June 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSBA Portfolio Size\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$145 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of June 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSBA Portfolio Growth\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e199.5%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of June 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Income\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$25.2 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQuarter Ended June 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eROE\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e20.7%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQuarter Ended June 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eOperational Highlights Related to SBA Activity:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eTotal Assets as of June 30, 2025: \u003cstrong\u003e$4.28 billion\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eTotal Loan Originations and Purchases for the Year Ended June 30, 2025: \u003cstrong\u003e$2.08 billion\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eNoninterest Income Increase due to SBA Gain on Sale (YoY): \u003cstrong\u003e$6.7 million\u003c\/strong\u003e for Q2 FY2025.\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eSBA Loan Yield (Q3 2025): \u003cstrong\u003e9.93%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eNonperforming Assets (Q3 2025): \u003cstrong\u003e0.8%\u003c\/strong\u003e of total assets.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eNortheast Bank (NBN) - VRIO Analysis: High Return on Equity (ROE) Generation Model\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eDelivers superior shareholder returns, hitting \u003cstrong\u003e20.7%\u003c\/strong\u003e ROE in Q4 2025, well above the regional median. The Return on Average Assets (ROA) for the same period was \u003cstrong\u003e2.4%\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eRare; this performance separates Northeast Bank from the median regional bank ROE of \u003cstrong\u003e8.7%\u003c\/strong\u003e. Northeast Bank's Trailing Twelve Months (TTM) ROE as of November 2025 was \u003cstrong\u003e19.77%\u003c\/strong\u003e, compared to an average of \u003cstrong\u003e3.54%\u003c\/strong\u003e for the preceding four quarters.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eDifficult; it’s a result of combining high-margin lending with low-cost funding and efficient asset sales. The bank reported a \u003cstrong\u003e$6.8 million\u003c\/strong\u003e gain on the sale of \u003cstrong\u003e$107.6 million\u003c\/strong\u003e in SBA loans during the quarter ended June 30, 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eHigh; management consistently focuses on capital efficiency, as shown by the \u003cstrong\u003e$83.4 million\u003c\/strong\u003e net income for the fiscal year ending June 30, 2025. The diluted Earnings Per Share (EPS) for that fiscal year was \u003cstrong\u003e$10.08\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eSustained; if they maintain this operational discipline, the premium valuation should stick.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eKey Financial Metrics (FYE June 30, 2025, and Q4 2025)\u003c\/strong\u003e\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eQ4 2025 Amount\u003c\/th\u003e\n\u003cth\u003eFY 2025 Amount (Year Ended)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Income\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$25.2 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$83.4 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDiluted EPS\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.00\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$10.08\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eReturn on Average Equity (ROE)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e20.7%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Assets\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$4.28 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Loan Originations\/Purchases\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$365.6 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.08 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eOperational Highlights\u003c\/strong\u003e\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNet income for the quarter ended June 30, 2025, represented a \u003cstrong\u003e66.9%\u003c\/strong\u003e year-over-year increase.\u003c\/li\u003e\n\u003cli\u003eTotal assets grew by \u003cstrong\u003e36.6%\u003c\/strong\u003e year-over-year to \u003cstrong\u003e$4.28 billion\u003c\/strong\u003e as of June 30, 2025.\u003c\/li\u003e\n\u003cli\u003eDeposit growth for the year was \u003cstrong\u003e44.3%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe SBA National portfolio surged \u003cstrong\u003e199.5%\u003c\/strong\u003e year-over-year to \u003cstrong\u003e$145 million\u003c\/strong\u003e as of Q4 2025.\u003c\/li\u003e\n\u003cli\u003eThe Bank declared a cash dividend of \u003cstrong\u003e$0.01\u003c\/strong\u003e per share, payable on October 9, 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eNortheast Bank (NBN) - VRIO Analysis: Nationwide Digital Deposit Gathering (ableBanking)\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eNationwide Digital Deposit Gathering (ableBanking)\u003c\/strong\u003e\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eProvides a low-cost, scalable funding source, evidenced by deposit growth of \u003cstrong\u003e44.3%\u003c\/strong\u003e from June 30, 2024, to June 30, 2025, totaling an increase of \u003cstrong\u003e$1.04 billion\u003c\/strong\u003e, supporting loan expansion.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003ePeriod Ending June 30, 2025\u003c\/td\u003e\n\u003ctd\u003eChange from June 30, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Deposits Growth\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e44.3%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eIncrease in Total Deposits\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.04 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eIncrease in Time Deposits\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$937.4 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eIncrease in Brokered Time Deposits\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$752.7 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eModerately rare; many regional banks lack a successful, fully digital national deposit platform.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eModerate; digital platforms are imitable, but building the trust and scale takes time and marketing spend.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eModerate; the platform is clearly successful in attracting deposits to fund the National Lending Division, as evidenced by concurrent asset and loan growth.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eTotal Assets as of June 30, 2025: \u003cstrong\u003e$4.28 billion\u003c\/strong\u003e, an increase of \u003cstrong\u003e36.6%\u003c\/strong\u003e from June 30, 2024.\u003c\/li\u003e\n\u003cli\u003eTotal Loans as of June 30, 2025: \u003cstrong\u003e$3.79 billion\u003c\/strong\u003e, an increase of \u003cstrong\u003e37.3%\u003c\/strong\u003e over June 30, 2024.\u003c\/li\u003e\n\u003cli\u003eReturn on Average Equity for Q2 2025: \u003cstrong\u003e20.7%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eTemporary; it’s a strong current advantage, but fintech competition is always pressing.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eNortheast Bank (NBN) - VRIO Analysis: Strong, Concentrated Maine Retail\/Commercial Franchise\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Provides a stable, relationship-based core deposit base and local commercial lending opportunities in its home market.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Not rare in itself, but the density in the Northeast corridor offers natural economies of scale.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Difficult; physical branch locations and deep local relationships are hard to replicate quickly.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High; the seven branches serve as a stable anchor while national efforts expand the balance sheet.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained; local trust and physical presence remain sticky in community banking.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eMaine Community Banking Footprint Data:\u003c\/strong\u003e\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNumber of full-service banking centers in Maine: \u003cstrong\u003e7\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eMaine Community Banking Division time deposits increased by \u003cstrong\u003e$105.3 million\u003c\/strong\u003e compared to June 30, 2024.\u003c\/li\u003e\n\u003cli\u003eSpecific Banking Center Locations include: Auburn, Augusta, Bethel, Brunswick, Poland, Portland, and South Paris.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eFinancial Performance Metrics Related to Franchise Strength:\u003c\/strong\u003e\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003ePeriod Ending March 31, 2025\u003c\/th\u003e\n\u003cth\u003ePeriod Ending March 31, 2024\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Income\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$18.7 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$13.9 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eReturn on Average Assets (ROAA)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1.9%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1.9%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eReturn on Average Equity (ROAE)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e16.5%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e16.4%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Assets\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$4.23 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.00 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eSBA 7(a) Program Growth (Illustrating Local\/Regional Business Focus):\u003c\/strong\u003e\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eQuarterly originations for the SBA 7(a) program as of March 31, 2025: \u003cstrong\u003e$121.3 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eQuarterly originations for the SBA 7(a) program as of December 31, 2024: \u003cstrong\u003e$100.3 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eQuarterly originations for the SBA 7(a) program as of March 31, 2024: \u003cstrong\u003e$29.0 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eNortheast Bank (NBN) - VRIO Analysis: Robust Capital Ratios\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Provides a significant buffer against unexpected credit losses and allows for continued balance sheet growth. Net income for the quarter ended September 30, 2025, was \u003cstrong\u003e$22.5 million\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Not rare, but their ratios are strong for a growth-focused bank; Tier 1 leverage was \u003cstrong\u003e12.2%\u003c\/strong\u003e as of September 30, 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Easy; capital can be raised, but maintaining it while growing assets is the challenge. Quarterly originations and purchases totaled \u003cstrong\u003e$278.4 million\u003c\/strong\u003e for the quarter ended September 30, 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High; the bank actively manages capital, with risk-based ratios at \u003cstrong\u003e15.1%\u003c\/strong\u003e on September 30, 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary; capital levels are a function of retained earnings and market conditions. Capital ratios increased primarily due to increased retained earnings.\u003c\/p\u003e\n\u003cp\u003eKey Financial Metrics:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue as of September 30, 2025\u003c\/th\u003e\n\u003cth\u003eComparison Date Value\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTier 1 Leverage Capital Ratio\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e12.2%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e11.6% (June 30, 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Risk-Based Capital Ratio\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e15.1%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e14.7% (June 30, 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Assets\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$4.17 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e$4.28 billion (June 30, 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eReturn on Average Equity (Quarterly)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e17.6%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eCapital Management Context:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eNet income for the quarter ended September 30, 2025: \u003cstrong\u003e$22.5 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eReturn on average assets for the quarter ended September 30, 2025: \u003cstrong\u003e2.1%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eShareholders' equity increased by \u003cstrong\u003e3.9%\u003c\/strong\u003e from June 30, 2025.\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eNonperforming assets as of September 30, 2025: \u003cstrong\u003e$35.1 million\u003c\/strong\u003e, or \u003cstrong\u003e0.8%\u003c\/strong\u003e of total assets.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eNortheast Bank (NBN) - VRIO Analysis: Low Nonperforming Asset (NPA) Ratio \/ Asset Quality Control\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Protects earnings and minimizes the need for large provisions, supporting the high ROE. NPA was only \u003cstrong\u003e0.8%\u003c\/strong\u003e of total assets in Q4 2025.\u003c\/p\u003e\n\u003cp\u003eThe low NPA ratio directly supports profitability metrics:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eReturn on Average Equity (ROE) for Q4 2025 was \u003cstrong\u003e20.7%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eReturn on Average Assets (ROA) for Q4 2025 was \u003cstrong\u003e2.4%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eNet income for Q4 2025 reached \u003cstrong\u003e$25.2 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eThe following table provides context for the asset quality and associated performance metrics as of recent reporting periods:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eAs of June 30, 2025 (Q4 2025)\u003c\/th\u003e\n\u003cth\u003eAs of March 31, 2025 (Q3 2025)\u003c\/th\u003e\n\u003cth\u003eAs of June 30, 2024 (Q4 2024)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNonperforming Assets (% of Total Assets)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.8%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.79%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.90%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Assets (in Billions)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$4.28 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$4.23 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.13 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eReturn on Average Equity (ROE)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e20.7%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e16.5%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTier 1 Leverage Capital Ratio\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e11.6%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e11.5%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e12.3%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Rare in a period of rapid loan growth; many peers struggle to keep asset quality this high.\u003c\/p\u003e\n\u003cp\u003eThe maintenance of low NPA ratios occurred alongside significant balance sheet expansion:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eTotal assets grew \u003cstrong\u003e36.6%\u003c\/strong\u003e year-over-year as of June 30, 2025.\u003c\/li\u003e\n\u003cli\u003eThe loan portfolio expanded by \u003cstrong\u003e37.3%\u003c\/strong\u003e year-over-year as of June 30, 2025.\u003c\/li\u003e\n\u003cli\u003eLoan originations and purchases for the year ending June 30, 2025, totaled \u003cstrong\u003e$2.08 billion\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Difficult; it speaks to disciplined underwriting across both the Maine and National divisions.\u003c\/p\u003e\n\u003cp\u003eEvidence of disciplined underwriting is seen in the performance of key lending segments:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eSBA National lending portfolio grew \u003cstrong\u003e199.5%\u003c\/strong\u003e year-over-year (as of Q4 2025).\u003c\/li\u003e\n\u003cli\u003eNational Lending Division purchased loans in Q3 2025 at an average price of \u003cstrong\u003e94.2%\u003c\/strong\u003e of unpaid principal balance.\u003c\/li\u003e\n\u003cli\u003eThe loan portfolio maintained a conservative weighted average loan-to-value ratio of \u003cstrong\u003e50%\u003c\/strong\u003e as of March 31, 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High; the low \u003cstrong\u003e0.8%\u003c\/strong\u003e NPA ratio as of September 30, 2025, shows effective risk management systems.\u003c\/p\u003e\n\u003cp\u003eEffective organization is demonstrated by capital strength despite growth:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eTier 1 Leverage Capital Ratio was \u003cstrong\u003e12.2%\u003c\/strong\u003e as of September 30, 2025.\u003c\/li\u003e\n\u003cli\u003eTotal Risk-Based Capital Ratio was \u003cstrong\u003e15.1%\u003c\/strong\u003e as of September 30, 2025.\u003c\/li\u003e\n\u003cli\u003eThe allowance for credit losses stood at \u003cstrong\u003e1.23%\u003c\/strong\u003e of gross loans as of March 31, 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained; strong underwriting culture is tough to copy overnight.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eNortheast Bank (NBN) - VRIO Analysis: Efficient Balance Sheet Management (Deposit Growth Funding)\n\u003c\/h2\u003e\n\n\u003cp\u003e\nValue: Allows the bank to fund its $\u003cstrong\u003e1.03 billion\u003c\/strong\u003e loan portfolio increase (Y\/Y June 30, 2025) with low-cost funding, boosting Net Interest Income. Net income for the year ended June 30, 2025, was $\u003cstrong\u003e83.4 million\u003c\/strong\u003e, compared to $\u003cstrong\u003e58.2 million\u003c\/strong\u003e for the year ended June 30, 2024.\n\u003c\/p\u003e\n\n\u003cp\u003e\nRarity: Moderately rare; many banks rely on more expensive wholesale funding when growing this fast. Brokered deposits increased by $\u003cstrong\u003e660.5 million\u003c\/strong\u003e compared to June 30, 2024, for the quarter ended December 31, 2024.\n\u003c\/p\u003e\n\n\u003cp\u003e\nImitability: Difficult; requires the successful integration of the national digital deposits with traditional lending needs. The cost of deposits was reduced to \u003cstrong\u003e3.92%\u003c\/strong\u003e in Q3 FY25, down from \u003cstrong\u003e4.31%\u003c\/strong\u003e a year ago.\n\u003c\/p\u003e\n\n\u003cp\u003e\nOrganization: High; the growth in assets and deposits is clearly synchronized to support lending activity. Total assets increased by \u003cstrong\u003e36.6%\u003c\/strong\u003e to $\u003cstrong\u003e4.28 billion\u003c\/strong\u003e as of June 30, 2025, with deposits growing by \u003cstrong\u003e44.3%\u003c\/strong\u003e year-over-year for Q4 2025.\n\u003c\/p\u003e\n\n\u003cp\u003e\nCompetitive Advantage: Temporary; depends on the prevailing interest rate environment and deposit competition. Net interest income for Q4 2025 was $\u003cstrong\u003e50.5 million\u003c\/strong\u003e, up from $\u003cstrong\u003e37.4 million\u003c\/strong\u003e the previous year.\n\u003c\/p\u003e\n\n\u003cp\u003e\nThe following table highlights key balance sheet and funding metrics surrounding the loan growth period:\n\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eJune 30, 2024\u003c\/td\u003e\n\u003ctd\u003eJune 30, 2025\u003c\/td\u003e\n\u003ctd\u003eChange\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Assets\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.13 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$4.28 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e36.6%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLoan Portfolio (incl. held for sale)\u003c\/td\u003e\n\u003ctd\u003e$\\sim\u003cstrong\u003e\\$2.76 billion\u003c\/strong\u003e$ (Calculated)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.79 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$1.03 billion\u003c\/strong\u003e \/ \u003cstrong\u003e37.3%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Income (Year Ended)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$58.2 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$83.4 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e43.3%\u003c\/strong\u003e (Calculated)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCost of Deposits (Q3 FY25 vs Year Ago)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e4.31%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.92%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e-23 basis points\u003c\/strong\u003e (Calculated)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\nKey funding and asset quality statistics supporting the balance sheet management:\n\u003c\/p\u003e\n\n\u003cul\u003e\n\u003cli\u003e\nTotal deposits reached $\u003cstrong\u003e3.30 billion\u003c\/strong\u003e as of March 31, 2025, representing a \u003cstrong\u003e48%\u003c\/strong\u003e increase from $\u003cstrong\u003e2.23 billion\u003c\/strong\u003e a year earlier.\n\u003c\/li\u003e\n\u003cli\u003e\nFor the quarter ended December 31, 2024, Community Banking Division time deposits increased by $\u003cstrong\u003e90.5 million\u003c\/strong\u003e compared to June 30, 2024.\n\u003c\/li\u003e\n\u003cli\u003e\nThe loan portfolio maintained a conservative weighted average loan-to-value ratio of \u003cstrong\u003e50%\u003c\/strong\u003e as of March 31, 2025.\n\u003c\/li\u003e\n\u003cli\u003e\nNonperforming assets were \u003cstrong\u003e0.8%\u003c\/strong\u003e of total assets as of June 30, 2025.\n\u003c\/li\u003e\n\u003cli\u003e\nThe allowance for credit losses stood at \u003cstrong\u003e1.23%\u003c\/strong\u003e of gross loans as of March 31, 2025.\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eNortheast Bank (NBN) - VRIO Analysis: Valuation Premium Reflecting Growth Narrative\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValuation Premium Reflecting Growth Narrative\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e: Allows the bank to trade at a higher multiple (historically 1.5x–2.0x P\/B) than peers, making equity issuance cheaper if needed.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e: Rare; only banks with a clear, successful growth story command this premium over the 0.89x median for undifferentiated peers.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e: Difficult; market perception is built on sustained, verifiable performance, not just stated strategy.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e: Moderate; investor relations effectively communicates the dual-strategy success story.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e: Sustained; as long as the growth narrative holds, the premium valuation acts as a buffer.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eFinance: Latest Available Metrics\u003c\/strong\u003e\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003eReference Period\/Date\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eP\/B Ratio (Latest Reported)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1.54\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDecember 05, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eP\/B Ratio (13-Year Median)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1.22\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eHistorical\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTangible Book Value per Share\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$59.98\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSeptember 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTier 1 Leverage Capital Ratio\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e12.2%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Assets\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$4.17 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQ3 FY25 YoY Deposit Growth\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e48%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of March 31, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQ3 FY25 Total Deposits\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.30 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of March 31, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQ1 FY26 Net Income\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$22.5 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQuarter ended September 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eGrowth Narrative Supporting Data\u003c\/strong\u003e\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNortheast Bank's 5-year average annual earnings growth: \u003cstrong\u003e10%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eBanks industry 5-year average earnings growth: \u003cstrong\u003e3.4%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eNortheast Bank earnings growth past year: \u003cstrong\u003e47.7%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eQ3 FY25 Cost of Deposits: \u003cstrong\u003e3.92%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eQ1 FY26 Return on Average Equity (ROAE): \u003cstrong\u003e17.6%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization and Communication Elements\u003c\/strong\u003e\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eExecutive participation in earnings calls includes CEO Rick Wayne, CFO Richard Cohen, and COO Pat Dignan.\u003c\/li\u003e\n\u003cli\u003eInvestor Relations provides live webcasts and slide presentations.\u003c\/li\u003e\n\u003cli\u003eReplay of the conference call available online for \u003cstrong\u003eone year\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eQ4 2025 earnings call rescheduled to July 29 to align closer to the July 28 release date.\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":45516214010005,"sku":"nbn-vrio-analysis","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/nbn-vrio-analysis.png?v=1740199955","url":"https:\/\/dcf-model.com\/products\/nbn-vrio-analysis","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}