Northeast Bancorp (NASDAQ:NBN) Q4 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 10:00 am ET


Northeast Bancorp (NASDAQ:NBN) Q4 2020 Earnings Conference Call - Final Transcript


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Good day, everyone, and welcome to the Northeast Bank Fiscal Year 2020 Fourth Quarter Earnings Results Conference Call. This call is being recorded.

With us today from the bank is Rick Wayne, President and Chief Executive Officer; JP Lapointe, Chief Financial Officer; and Pat Dignan, Executive Vice President and Chief Credit Officer.

Last night, an investor presentation was uploaded to the bank's website, which we will reference in this morning's call. The presentation can be accessed at the Investor Relations section of under Events and Presentation. You may find it helpful to download this investor presentation and follow along during the call.

Also, this call will be available for rebroadcast on the website for future use. The question-and-answer session for this call will be conducted electronically, following the presentation.

Please note that this presentation contains forward-looking statements about Northeast Bank. Forward-looking statements are based upon the current expectations of Northeast Bank's management and are subject to risks and uncertainties. Actual results may differ materially from those discussed in these forward-looking statements. Northeast Bank does not undertake any obligations to update any forward-looking statements.

At this time, I would like to turn the call over to Rick Wayne. Please go ahead, sir.

Richard Wayne

Thank you very much. Good morning and thank you all for joining us today. I am Rick Wayne, the Chief Executive Officer of Northeast Bank. And with me on the call are JP Lapointe, our Chief Financial Officer; and Pat Dignan, our Chief Credit Officer and Executive Vice President.

After our comments, we would be happy to answer your questions.

Before I start, let me say our thoughts continue to be with the individuals, families, communities, health care workers and first responders affected by COVID-19. It's unimaginable, the toll the pandemic is continuing to take around the world. We are doing our best to help those affected by COVID-19, including donating masks to local hospitals, contributing to local food pantries, homeless shelters and youth programs.

We have been providing accommodations to borrowers through payment forbearance and meeting the needs of our employees who face new challenges while working at home. As we'll discuss, we've been actively participating in the payroll Paycheck Protection Program as well.

Friends, investors and other constituents of the bank often kindly and genuinely ask how we're doing, and we continue to do well. To protect our employees and customers, we always service deposit customers in those branches that have drive-through windows.

Other than employees and customers -- other than employees working in those branches, almost all other employees are working at home. Thanks to an exceptional IT and operations group and a dedicated team of other professionals, we've been able to conduct business virtually the same as before the COVID-19. It is certainly a different environment, but our professional, hard-working, adaptive and dedicated team has risen to the occasion.

On this call, I'd like to focus on the Paycheck Protection Program or PPP, which has been quite meaningful to our bank, our correspondent banking income,