Northeast Bank Reports Record Third Quarter Results and Declares Dividend
PORTLAND, Maine, April 21, 2021 (GLOBE NEWSWIRE) Northeast Bank (the “Bank”) (NASDAQ: NBN), a Maine-based full-service bank, today reported record net income of $34.2 million, or $4.06 per diluted common share, for the quarter ended March 31, 2021, compared to net income of $1.9 million, or $0.21 per diluted common share, for the quarter ended March 31, 2020. Net income for the nine months ended March 31, 2021 was $50.1 million, or $6.01 per diluted common share, compared to $11.5 million, or $1.25 per diluted common share, for the nine months ended March 31, 2020. Net income for the three and nine months ended March 31, 2021 included $33.0 million of net gains on the sale of Paycheck Protection Program (“PPP”) loans originated and sold during the quarter ended March 31, 2021 under the current round of PPP, which had an after-tax earnings per diluted common share impact of $2.75 and $2.80, respective
Federal Activities:
On March 12, the U.S. Department of the Treasury announced that American Rescue Plan Economic Impact Payments will begin rolling out to millions of Americans in the coming weeks. For more information, click
On March 11, President Joe Biden signed the $1.9 trillion American Rescue Plan Act into law, which will send aid to millions of Americans impacted by the COVID-19 pandemic. The American Rescue Plan provides $1,400 direct payments to individuals making up to $75,000 annually, $350 billion in aid to state and local governments, and $14 billion for vaccine distribution. The bill also provides $130 billion to elementary, middle, and high schools to assist with safe reopening. For more information, click
Biden s American Rescue Plan: Here s What s In It And What Isn t zerohedge.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zerohedge.com Daily Mail and Mail on Sunday newspapers.
[co-author: Stephen Kim]
REGULATORY DEVELOPMENTS
Treasury to Invest $9 Billion in Community Development Financial Institutions and Minority Depository Institutions Through Emergency Capital Investment Program
On March 4, the U.S. Department of the Treasury (Treasury) announced that it was opening the application process for the Emergency Capital Investment Program (ECIP) – a Congressionally authorized new program designed to provide long-term, low-cost equity and subordinated debt financing for participating institutions in order to support low-and-moderate income historically disadvantaged communities impacted by COVID-19. The program will invest $9 billion in capital directly to Community Development Financial Institutions (CDFIs) and minority depository institutions to support the provision of loans, grants, and forbearance for small and minority businesses and consumers in low income communities. This $9 billion investment will complement the $3 billion of grants being provi
<p><span>The Federal Reserve Board on Monday announced it will extend its Paycheck Protection Program Liquidity Facility, or PPPLF, by three months to June 30, 2021. The extension will provide continued support for the flow of credit to small businesses through the Paycheck Protection Program, or PPP.</span></p>