Northeast Bank announced that since September 30, 2022, the Bank has purchased or entered into agreements to purchase primarily commercial real estate loans in the amount of unpaid principal balance of up to $1.16 billion. The Bank’s commercial real estate loans totaled $996.8 million at September 30, 2022. The Bank has funded and intends to fund the purchase of these loans primarily relying on Federal Home Loan Bank advances, brokered deposits and non-brokered deposits acquired through listing services.

“We are very pleased to announce this purchased loan activity,” said Rick Wayne, Chief Executive Officer. “The current interest rate and liquidity environment has presented this opportunity to us and the strength of our balance sheet and operations, including our strong capital position, has allowed us to be successful in seizing the opportunities that have arisen recently.”