Northeast Bank : Q2 2023 Investor Presentation Deck

FY23 Q2

Investor Call

January 26, 2023

Forward-Looking Statement

Statements in this presentation that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although the Bank believes that these forward-looking statements are based on reasonable estimates and assumptions, they are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors. You should not place undue reliance on our forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some cases, beyond the Bank's control. The Bank's actual results could differ materially from those projected in the forward-looking statements as a result of, among other factors, changes in general business and economic conditions on a national basis and in the local markets in which the Bank operates, including changes which adversely affect borrowers' ability to service and repay our loans; changes in customer behavior due to political, business and economic conditions, including inflation; turbulence in the capital and debt markets; reductions in net interest income resulting from interest rate volatility as well as changes in the balances and mix of loans and deposits; changes in interest rates and real estate values; changes in loan collectability, increases in defaults and charge-off rates; decreases in the value of securities and other assets, adequacy of loan loss reserves, or deposit levels necessitating increased borrowing to fund loans and investments; changing government regulation; competitive pressures from other financial institutions; changes in legislation or regulation and accounting principles, policies and guidelines; cybersecurity incidents, fraud, natural disasters, the ongoing COVID-19 pandemic and future pandemics; the risk that the Bank may not be successful in the implementation of its business strategy; the risk that intangibles recorded in the Bank's financial statements will become impaired; reputational risk relating to our participation in the Paycheck Protection Program and other pandemic-related legislative and regulatory initiatives and programs; changes in assumptions used in making such forward-looking statements; and the other risks and uncertainties detailed in the Bank's Annual Report on Form 10-K and updated by our Quarterly Reports on Form 10-Q and other filings submitted to the Federal Deposit Insurance Corporation. These statements speak only as of the date of this release and the Bank does not undertake any obligation to update or revise any of these forward-looking statements to reflect events or circumstances occurring after the date of this communication or to reflect the occurrence of unanticipated events.

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Financial Highlights

	Q2 FY23
Total Loan Volume	$1.18 billion
National Lending:

YTD FY23

$1.44 billion

Purchased Loans	$998.5 million invested on $1.15 billion of UPB(1)	$1.08 billion invested on $1.24 billion of UPB(1)
(86.6% purchase price)	(87.0% purchase price)
Originated Loans(2)	$174.0 million	$355.7 million
Weighted Average Rate as of	8.72%	8.66%
12/31/2022(3)
Net Interest Margin	5.82%	5.88%
Purchased Loan Return(4)	8.69%	8.07%
Share Issuances(5)	33,505 at $42.67	33,505 at $42.67
Net Income	$11.3 million	$19.6 million
EPS (Diluted)	$1.54	$2.65
Return on Equity	17.48%	15.30%
Return on Assets	2.13%	2.08%
Tangible Book Value per Share	$35.07	$35.07

1. Unpaid principal balance.
2. National Lending originations during Q2 and YTD FY23 were 100% variable rate, of which 77% and 83% were Prime-rate based, respectively.
3. Q2 and YTD FY23 National Lending originations had a weighted average floor rate of 7.32% and 6.91%, respectively.
4. Purchased loan return for Q2 and YTD FY23 included $3.7 million and $4.8 million of transactional income, respectively.
5. During Q2 FY23, the Bank approved an At-the-Market Offering for up to $50.0 million of voting common stock.

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Q2 FY 23 Loan Purchases By Collateral Type

Collateral Type	#	UPB(1)	LTV(2)
	Dollars in thousands
Multi-family	331	$320,466	35.5%
Retail	135	312,513	30.7%
Mobile Home Park	96	130,289	25.4%
Office	40	105,960	34.0%
Retail/Residential	13	94,723	65.1%
Warehouse/Industrial	46	121,417	26.9%
All others	23	25,206	32.2%
All business assets	2,023	27,006	N/A
Total	2,707	$1,137,579	33.5%

1. The Bank purchased loans during Q2 FY 23 at an overall purchase price of 86.6%.
2. Reflects the Bank's basis against the appraised value at origination.

Data above is as of December 31, 2022 rather than purchase date. Excludes loans that paid off prior to December 31, 2022.

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Q2 FY 23 Loan Purchases By State

Collateral State	#		UPB(1)	LTV(2)
	Dollars in thousands
CA	526		$570,603	25.5%
NY	32		216,527	61.9%
WA	53		89,147	27.0%
NJ	13		58,447	62.3%
OR	33		47,024	26.1%
TX	2		27,750	65.9%
PA	4		21,405	62.7%
CT	2		18,193	38.9%
SC	1		18,000	65.5%
All others	15		42,640	54.4%
Non-RE Loans	2,026		27,842	N/A
Total	2,707		$1,137,579	33.5%

1. The Bank purchased loans during Q2 FY 23 at an overall purchase price of 86.6%.
2. Reflects the Bank's basis against the appraised value at origination.

Data above is as of December 31, 2022 rather than purchase date. Excludes loans that paid off prior to December 31, 2022.

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