Northeast Bank

What Northeast Bank does

Northeast Bank (Northeast Bancorp, NASDAQ: NBN), founded in 1872 and headquartered in Maine, operates as an FDIC-insured, full-service bank with a dual business model combining a national commercial real estate and government-backed lending platform with a regional community banking franchise. As of Q3 FY2026 the bank held $5.03 billion in total assets, a 17.6% year-over-year increase, supported by 101-250 employees, 7 full-service banking centers across Maine, a Boston regional headquarters, and a New York CRE lending representative office. The bank serves customers in 44 states through its National Lending division alongside consumer, small business, government, nonprofit, property-management, and law-firm clients in Maine.

The National Lending division offers four core products: commercial real estate loans up to $55 million with 70% loan-to-value and three-year terms; loan acquisitions of performing, sub-performing, and pooled CRE portfolios up to $1 billion; lender finance (loan-on-loan) facilities up to $100 million; and SBA 7(a) and USDA loans up to $5 million and $10 million, respectively. The bank holds SBA Preferred Lender status, has in-house CRE, legal, underwriting, and credit teams, and originated or purchased $2.1 billion in loans during FY2025. Community banking operations include the PROPEL consumer deposit suite (Premier, Rewards, and Free Checking; Preferred Savings at 2.75% APY; High-Yield Savings, CDs, IRAs, HSAs), business checking and money market accounts, business and consumer credit cards issued through Elan Financial Services, merchant services via Heartland Secure, government and municipal banking with extended FDIC insurance via ICS and CDARS, and specialized verticals such as property managers and law firms supported by the proprietary Escrow Manager sub-accounting platform.

Revenue is generated primarily through net interest income (record $63.1 million in Q3 FY2026), supplemented by loan origination and acquisition fees, with FY2025 gross revenue of $351 million and net income of $83.44 million. Distribution combines a sales-led go-to-market using relationship bankers and national lending professionals with digital channels including online and mobile banking (iOS/Android), a ProfitStars-powered Loan Payment Portal, and a business online banking platform with QuickBooks and Quicken integrations. The bank has been recognized as the #1 Best-Performing U.S. Bank with $3-10 billion in assets by S&P Global Market Intelligence (2025), the #7 Best-Performing U.S. Bank with $2-10 billion in assets by American Banker (2024), and has appeared on the KBW Bank Honor Roll for three consecutive years.

Name

Northeast Bank

Legal name

Northeast Bancorp

Website

https://northeastbank.com

Company type

Public

Founded year

1872

Operating status

Operating

Headcount range

101–250 employees

Short description

Northeast Bank (NASDAQ: NBN) is an FDIC-insured Maine-based bank operating a national commercial real estate and SBA lending platform across 44 states, complemented by a community banking franchise serving consumers, small businesses, government entities, nonprofits, and law firms.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

National Commercial Banks (6021), State Commercial Banks (6022)

akta.pro primary industry

Real Estate (Commercial Property, REITs) (FSABACAH)

akta.pro secondary industries

Middle-Market Lending (FSANADAI), Government Wholesale Lending (FHA/VA/USDA) (FSALACAE)

Keywords

• Community banking
• Commercial real estate lending
• SBA lending
• Business banking
• Deposit accounts

Headquarters

HQ city

Lewiston

HQ country

United States

HQ region

North America

Offices10 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Net Interest Income: Primary revenue driver from the spread between interest earned on loans and interest paid on deposits. Bank achieved record net interest income of $63.1 million in Q3 2026.
2. Loan Origination and Acquisition Fees: Fees generated from originating and acquiring commercial real estate loans, SBA loans, and loan portfolios. National lending team originated and purchased $2.1 billion in FY 2025.
3. SBA and USDA Lending: Government-backed lending programs generating revenue through interest income and origination fees on SBA 7(a) loans up to $5 million and USDA loans up to $10 million.
4. Lender Finance: Loan-on-loan financing to real estate lenders, providing leverage on single transactions and portfolios with advance rates up to 80% against loan basis.
5. Deposit Services and Fees: Fees from deposit accounts including checking, savings, money market, and CD accounts, along with cash management services for business customers.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels5 records

Core offering

Northeast Bank is a full-service FDIC-insured community bank headquartered in Maine that operates a national commercial real estate and SBA lending division alongside a regional consumer and business banking franchise. The bank originates and purchases CRE loans, loan acquisitions, lender finance, and SBA/USDA loans across 44 states, while providing personal checking, savings, CDs, IRAs, business banking, cash management, and government/municipal banking through 7 Maine branches and digital channels. The holding company Northeast Bancorp trades on NASDAQ under ticker NBN with over $5.03 billion in total assets.

Product overview

Northeast Bank operates as a dual-purpose financial institution combining national commercial real estate lending with full-service community banking. The National Lending division (CRE Loans, Loan Acquisitions, Lender Finance, SBA & USDA Loans) provides $2.1 billion in annual loan volume nationwide, while the banking operations offer personal products (PROPEL checking/savings suite, CDs, IRAs, HSAs), business banking (checking, money market, credit cards), cash management services, government banking, and merchant services. Key digital platforms include Business Online Banking, Mobile Banking with mobile deposit, Loan Payment Portal, and Escrow Manager for sub-accounting. The bank is headquartered in Maine with operations across 44 states and trades on NASDAQ as NBN.

Differentiator

Problem solved

Functional benefit

Products and services

• National Lending National commercial real estate and SBA lending division offering loan acquisitions, CRE loans, lender finance, and SBA/USDA financing across the United States, backed by $5+ billion FDIC-insured bank with $2.1 billion in loans originated and purchased in FY 2025.
• Loan Acquisitions
• CRE Loans Commercial real estate loans up to $55 million with loan-to-value up to 70%, terms up to 3 years, and interest-only and non-recourse options, focusing on transactions requiring creativity and urgency nationwide.
• Lender Finance Loan-on-loan financing up to $55 million and guidance lines up to $100 million for real estate lenders and loan investors, with leverage against loan basis up to 80% and collateral value up to 70%, terms up to 3 years.
• SBA & USDA Loans SBA 7(a) loans up to $5 million and USDA loans up to $10 million for hotels, gas stations, self-storage, owner-occupied commercial real estate, and assisted living, delivered through SBA Preferred Lender status with simplified application process.
• PROPEL Premier Checking Premium personal checking account that unlocks the highest savings rate on PROPEL Preferred Savings when active, featuring paycheck up to 2 days early, free nationwide ATM use with automatic surcharge refunds, and no monthly service fee.
• PROPEL Rewards Checking Personal rewards checking account that earns 10 cents back on every debit card purchase, refunds for streaming services for the first year, free ATM use, and no monthly service fee when requirements are met.
• PROPEL Free Checking Free personal checking account with no monthly service fee, paycheck up to 2 days early, and free ATM use with automatic surcharge refunds.
• Teen Freedom Checking Free personal checking account for teens aged 16-18 with parent/guardian as joint owner, featuring unlimited ATM surcharge rebates and security features.
• PROPEL Preferred Savings High-yield personal savings account earning 2.75% APY when linked to an active PROPEL Premier Checking account, requiring a $50 minimum deposit and 50% new money.
• High-Yield Savings Personal savings account earning 2.25% APY on balances $0.01-$249,999.99 and 2.75% APY on balances $250,000+, requiring a $2,500 minimum opening deposit and 50% new money.
• Health Savings Account (HSA) Tax-advantaged personal savings account for medical expenses earning 2.00% APY on all balances with no monthly fees, debit card access, and 24/7 online/mobile banking, requiring a qualified High Deductible Health Plan.
• Value Money Market Personal money market account earning 0.40% APY on all balances with no monthly service charge when a $2,500+ average daily balance is maintained and free first order of checks.
• Certificates of Deposit (CDs) Fixed-term personal savings products with 6-month CD at 3.95% APY, 1-year CD at 3.85% APY, and 2-year CD at 3.25% APY, requiring a $5,000 minimum deposit and new money.
• IRA Accounts Individual Retirement Accounts including Traditional IRA, Roth IRA, and SEP IRA with tax advantages for retirement savings (2026 contribution limits: Under 50 $7,500; Over 50 $8,600).
• Business Express Checking Business checking account designed for small businesses with lower transaction volumes, featuring limited transaction costs and no minimum balance requirement to avoid service charges.
• Business Now Interest Checking Interest-bearing business checking account for sole proprietors and nonprofit organizations with a competitive pricing structure.
• Business Solutions Checking Business checking account for moderate-to-high volume businesses and corporations with pricing structured on transaction volumes and earnings credit to offset service charges.
• Business Value Money Market Business money market account with a competitive rate on all balances and no monthly service charge when a $2,500+ average daily balance is maintained.
• Consumer Credit Cards Personal credit cards offered through Elan Financial Services with low rate, cash back, and rewards options, including zero fraud liability and mobile purchasing capability.
• Business Credit Cards Business credit cards offered through Elan Financial Services with low rate, cash back, or flexible rewards options, including free online expense reporting, no fee for additional employee cards, and zero fraud liability.
• Business Online Banking Comprehensive online banking platform for businesses enabling account review, ACH and wire payments, payroll processing, bill pay, transfers, and data export to QuickBooks and Quicken.
• Cash Management Suite of business cash management solutions including payables (ACH, wires, bill pay, positive pay), receivables (merchant services, ACH, remote deposit, lockbox, armored car), and online/mobile banking access.
• Government Banking Banking services for government entities including municipalities, schools, and nonprofits with indexed interest rates, extended FDIC insurance (ICS/CDARS), and dedicated relationship managers.
• Government Lending Financing solutions for government entities including Tax Anticipation Notes (TANs), Bond Anticipation Notes (BANs), Revenue Anticipation Notes (RANs), and General Obligation Bonds.
• Merchant Services Business payment processing solutions including integrated payments, mobile pay, ecommerce, specialized bill payment, and secure transactions through Heartland Secure with EMV, encryption, and tokenization.
• Commercial Truck Finance Financing for light duty, heavy duty, and specialized commercial vehicles with competitive rates, terms up to 72 months, easy application process, and no effect on personal credit.
• Small Business Loans Business loans including SBA 7(a) working capital up to $350,000, commercial real estate loans, lines of credit, SBA/USDA loans, and equipment loans for various business needs.
• Law Firm Banking Solutions Specialized banking for self-employed attorneys and larger legal practices, including business checking and Escrow Manager platform for IOLTA fund accounting.
• Nonprofit Banking Solutions Banking products exclusively designed for 501(c)(3) nonprofit organizations including nonprofit checking, savings, and credit cards.
• Property Manager Banking Solutions Banking for property management companies and landlords including operating accounts, the Escrow Manager platform for sub-accounting of landlord/tenant accounts, cash management, extended FDIC insurance, and remote deposit capture.

Quantifiable outcome

• Net interest margin expanded to 5.15% from 4.62% year-over-year
• +5 more outcomes

Named customers3 records

Segments7 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

Feature3 records

Partnerships

Six partnerships are on record, tiered core and supporting.

• NewitycoreGTM or Marketing PartnerNewity serves as a lender service provider for SBA 7(a) working capital loans up to $350,000. The partnership offers some of the lowest interest rates with no additional fees for small business working capital needs.
• Insured Cash Sweep (ICS)supportingTechnology or IntegrationExtended FDIC insurance coverage partner providing multi-million dollar FDIC insurance on checking accounts, money market accounts, and CDs through ICS sweeps.
• Certificate of Deposit Account Registry (CDARS)supportingTechnology or IntegrationExtended FDIC insurance coverage partner for timed deposits, enabling full FDIC insurance coverage beyond standard $250,000 limits.
• Elan Financial ServicescoreTechnology or IntegrationCredit card issuing partner providing personal and business credit cards with Visa and Mastercard products, including competitive rates, rewards programs, and zero fraud liability.
• Heartland Payment SystemssupportingTechnology or IntegrationPayment processing security partner offering Heartland Secure card processing solution with EMV, end-to-end encryption, and tokenization for merchant services.
• ZellesupportingTechnology or IntegrationPerson-to-person payment integration within online banking and mobile app enabling fast, safe, easy money transfers to friends and family.

Scale indicators17 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Tompkins Financial: Mid-sized community bank holding company with similar asset size and mix of commercial/community banking. Comparable scale and operating profile.
• ConnectOne Bancorp: New Jersey/New York metro community bank with similar commercial banking and CRE lending focus. Comparable size and growth-oriented profile.
• Berkshire Hills Bancorp: Northeast-focused community bank holding company with similar asset base and commercial banking operations across the region.
• Brookline Bancorp: Multi-bank holding company with similar mix of community banking and specialty commercial real estate / loan acquisition strategies. Highly comparable business model with national specialty lending combined with community banking.
• Camden National Bank: Maine-headquartered community bank ($5B+ assets) with similar geographic focus. Most directly comparable in retail/commercial banking footprint and customer base in Maine.
• Dime Community Bancshares: New York-area community bank with similar asset size and CRE lending focus. Comparable operating profile and target market segments.
• S&T Bancorp: Pennsylvania-based community bank holding company with comparable asset base ($7-8B) and diversified commercial banking, SBA, and CRE lending operations.
• BayCom Corp: West Coast community bank with comparable asset size and SBA lending programs. Direct comparable for SBA Preferred Lender operations at similar scale.

Emerging players

• Live Oak Bancshares: Bank holding company specializing in SBA and small business lending nationally. Highly comparable SBA lending focus and Preferred Lender status, though with different geographic base.

Broad incumbents

• Walker & Dunlop: Large-scale CRE lender and servicer. Comparable as a commercial real estate lender but operates at much larger scale; representative of competitive intensity in national CRE.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/northeast_bank
• Facebookfacebook.com/mynortheastbank
• LinkedInlinkedin.com/company/northeast-bank

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Northeast Bank