Media Mentions

Media Mention

More banks opt to sell PPP loans as heavy lifting nears

More and more banks are eager to unload their Paycheck Protection Program loans — and some nonbanks are more than happy to take them off their hands.

The Loan Source, a nonbank small-business lender in New York, said it has acquired more than 20,000 PPP loans, with more than $2.9 billion in outstanding balances, in recent weeks. The company, which has finalized deals with 14 lenders, has more in the works.

Media Mention

Credit unions capitalize on PPP loan sell-off trend

A Nevada credit union has joined the ranks of Paycheck Protection Program lenders who have opted to sell their portfolios.

Greater Nevada Credit Union in Carson City has sold “substantially all” of its $556 million PPP portfolio to Fountainhead Commercial Capital in Lake Mary, Fla., Fountainhead CEO Chris Hurn said Monday in an interview. The $1.1 billion-asset Greater Nevada did not disclose sale terms.

Media Mention

As PPP enters forgiveness phase, some banks see outsourcing as best move

As the period for originating Paycheck Protection Program loans draws to a close, lenders are now looking for the best way to handle the process for loan forgiveness.

With guidance from the Small Business Administration still scarce, several banks have decided to either seek outside help to navigate PPP’s complexities or to simply sell their loans to other companies.

Media Mention

Need A Loan Now That The Paycheck Protection Program Is Running Again? Try These Nonbank Lenders

The first round of $349 billion in funding for the Paycheck Protection Program ran out in less than two weeks. Now that the new Paycheck Protection Program and Health Care Enhancement Act has been signed into law, an additional $310 billion has been designated to help small businesses keep employees on the payroll. The U.S. Small Business Administration says it will start accepting applications from approved PPP lenders again on Monday.

Media Mention

Maine Bank Sells $457.6M PPP Portfolio

Northeast Bank, based in Portland, Maine, agreed to sell to Loan Source $457.6 million of loans originated in connection with the Small Business Administration’s Paycheck Protection Program.

Media Mention

Northeast Bank Reports Record Fourth Quarter Results and Declares Dividend

Northeast Bank (the “Bank”) (NASDAQ: NBN), a Maine-based full-service bank, today reported net income of $11.2 million, or $1.33 per diluted common share, for the quarter ended June 30, 2020, compared to a net loss of $603 thousand, or ($0.07) per diluted common share, for the quarter ended June 30, 2019. Net income for the year ended June 30, 2020 was $22.7 million, or $2.53 per diluted common share, compared to $13.9 million, or $1.52 per diluted common share, for the year ended June 30, 2019. Earnings were positively impacted in the quarter ended June 30, 2020 by the sale of $457.6 million in Paycheck Protection Program (“PPP”) loans to The Loan Source, Inc. (“Loan Source”) which resulted in a pre-tax net gain of $9.7 million, or approximately $6.7 million net of tax.

Media Mention

US banks stack millions in PPP loan fees, but risks abound

A government-backed emergency loan program for small businesses struggling to survive the COVID-19 pandemic was supposed to be a surefire payday for banks.

Indeed, many banks will earn millions from the Paycheck Protection Program: More than 30 banks could earn as much from emergency small-business loans as they reported in net revenue for all of 2019.