Jacob Steinberg
Long only, deep value, growth at reasonable price, carmakers

Can Northeast Bancorp Double?

Northeast Bancorp (NASDAQ:NBN) owns Northeast Bank, which is a community bank headquartered in Maine. The bank has two income sources: traditional banking services and loan acquisition and servicing. Apart from the 10 bank branches (in Maine, New Hampshire and Massachusetts) and 5 loan production offices, the company also operates an online savings division called ableBanking. Even though the bank's share price is 50% lower than what it was in 2008, its market cap is 4 times higher what it was in 2008. Currently the company enjoys a market value of $101 million.

NBN Market Cap data by YCharts

Last year, the company offered 6.8 million new shares in addition to its existing 3.5 million shares at the time....

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