On February 17, 2026, PMC FIG Opportunities disclosed a new position in Northeast Bank (NBN +1.88%), acquiring 32,745 shares worth $3.40 million at quarter-end.
What happened
According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, PMC FIG Opportunities initiated a new position in Northeast Bank, acquiring 32,745 shares. The quarter-end value of the position stood at $3.40 million.
What else to know
- This was a new position for the fund, accounting for 5.35% of 13F reportable assets under management as of December 31, 2025.
- Top five holdings following the filing:
- NASDAQ:CCB: $4.95 million (7.8% of AUM)
- NASDAQ:TBBK: $4.78 million (7.5% of AUM)
- NYSE:SF: $3.94 million (6.2% of AUM)
- NASDAQ:NBN: $3.40 million (5.3% of AUM)
- NYSE:BAC: $3.24 million (5.1% of AUM)
- As of February 17, 2026, shares of Northeast Bank were priced at $120.52, up 15% over the past year.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close 2/17/26) | $120.52 |
| Market capitalization | $961.47 million |
| Revenue (TTM) | $208.71 million |
| Net income (TTM) | $87.18 million |
Company snapshot
- Northeast Bank offers a range of deposit products, residential and commercial real estate loans, commercial and industrial loans, consumer loans, and small business administration loans, as well as digital and in-person banking services.
- The firm serves individual and corporate customers, with a focus on communities in Western, Central, and Southern Maine through a network of nine branches.
Northeast Bank is a regional financial institution that differentiates itself through a diversified loan portfolio and a blend of traditional branch banking and digital services. Its strategy centers on serving local businesses and individuals, leveraging longstanding community relationships and a focused regional footprint.
What this transaction means for investors
Northeast Bank isn’t a traditional sleepy community lender. It’s a scaled national loan buyer with local deposits, and that makes this move particularly interesting.
In January, the bank reported $20.7 million in quarterly net income, or $2.47 per diluted share. For the six months ended December 31, net income reached $43.3 million, up from $39.5 million a year earlier. Total loans climbed to $4.35 billion, up 15.8% from June 30, fueled by nearly $896 million in quarterly loan volume. Net interest margin, meanwhile, came in at 4.49% for the quarter.
Within a portfolio already concentrated in regional and specialty banks like CCB and TBBK, allocating 5.35% of assets to NBN suggests a preference for high-yielding national lending platforms over branch-heavy models. Shares are up 15% over the past year, but book value per share has risen to $62.65 from $52.29, giving investors tangible growth alongside earnings.
For long-term investors, the thesis hinges on disciplined loan purchasing and credit control. If returns on purchased loans remain near recent levels and capital ratios stay strong, this is a compounding machine hiding inside a small-cap bank.
