During the corresponding time, Northeast Bancorp recorded a revenue increase by 30.13 % year on year, sequentially revenue grew by 3.51 %. While revenue at the Northeast Bancorp's corporate clients
Northeast Bancorp's Comment on Sales, Marketing and Customers
Northeast Bancorp is the holding company for Northeast Bank, a full-service
bank headquartered in Lewiston, Maine. We offer traditional banking services
through the Community Banking Division, which operates ten full-service branches
that serve customers located in western and central Maine. From our Maine and
Boston locations, we also lend throughout the New England area. The LASG purchases
and originates commercial loans on a nationwide basis. SBA National originates
SBA loans on a nationwide basis for the Bank's portfolio, and sells the guaranteed
portion on certain loans originated. ableBanking, a division of Northeast Bank,
offers savings products to consumers online.
The Community Banking Division's market area covers the six New England states,
with the majority of its activities centered in the western and central regions
of the State of Maine. We encounter significant competition in the Community
Banking Division market area in originating loans, attracting deposits, and
selling other customer products and services. Our competitors include savings
banks, commercial banks, credit unions, mutual funds, insurance companies, brokerage
and investment banking companies, finance companies, and other financial intermediaries.
Many of our primary competitors there have substantially greater resources,
larger established customer bases, higher lending limits, extensive branch networks,
numerous ATMs and greater advertising and marketing budgets. They may also offer
services that we do not currently provide.
