Northeast Bank (NASDAQ:NBN) Q3 2024 Earnings Call Transcript

So let me just trying to put some numbers to make sense of all that for you. So normally, if you take out $1 million, the non-interest expenses is $15.4 million. All right? So that’s the number that we had, I think in the preceding two quarters, more or less, same number. That’s kind of our run rate currently before we put in more money for incentive comp. We don’t know really how much we need until we move further along the year. I’m looking in the , it’s $15.7 million in the last quarter and $15.4 million this quarter, and it was $15.4 million in our first fiscal quarter. So I would think about that as a number and then we’ll see what the fourth quarter looks like, but we just thought it made sense to true-ups a meaningful portion of it in the third quarter.

Alex Twerdahl: Yeah. Okay. That makes sense. And then just final question for me. The SBA business seems like it’s got the engine starting to rev up again in a nice growth rate in originations and sales volume there. Can you just talk a little bit more about expectations and outlook and thoughts around that segment?

Richard Wayne: But you’re right, that it’s revved up. We did about $30 million of originations in the March 31, quarter. And as you know, of course, this has been a very slow build. We started this about 2.5 years ago. And at that time, I said which I will repeat, I don’t want to set expectations high on this, but it is building and we would expect it will continue to build. But I don’t want to really put — set any –. I’m sorry to do this to you Alex. I know you’d like a better numbers than this. It’s probably reasonable to assume that the path that we’re on now will continue and how much more it will be, we’ll see. Sorry about that unclear answer .

Alex Twerdahl: No, I appreciate. It been online, it’s been all over the place over the last 5 or 10 years, so I’m not going to hold you to anything, but we will include in our model. That’s all my questions for now. Appreciate the time, and I’ll get back in the queue.

Richard Wayne: Thank you, Alex.

Operator: Thank you. [Operator Instructions]. We have no further questions at this time. Now I will turn the call over to Rick Wayne for closing remarks.

Richard Wayne: Thank you. Thank all of you on the call and thank all of you will listen to the call after this, which you can find this on our website and we will talk again in July. Thank you all.

Operator: Thank you, ladies and gentlemen. This concludes today’s conference. Thank you for participating. You may now disconnect.