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PORTLAND, Maine - Northeast Bank (NASDAQ:NBN), a regional bank with an $868 million market capitalization, announced Tuesday that Chief Financial Officer Richard Cohen will step down to pursue other opportunities, effective October 31, 2025. According to InvestingPro data, the bank currently trades near its Fair Value, with strong financial metrics including a P/E ratio of 10.1.
Santino Delmolino, the bank’s current Corporate Controller, will assume the CFO position upon Cohen’s departure.
"Richard has been a remarkable leader throughout his tenure at Northeast, helping to position our bank for the future," said Rick Wayne, President and Chief Executive Officer of the bank in a press release statement. Under Cohen’s leadership, the bank has maintained impressive financial performance, with InvestingPro analysis showing a 33.7% revenue growth and strong returns on equity of 19% in the last twelve months.
Cohen will continue in his role through the end of October to ensure a smooth transition. He joined Northeast as part of its leadership team and has overseen the bank’s finance operations during his tenure.
"I am exceptionally privileged to have been part of the Northeast leadership team, and my decision to pursue other opportunities was not easy," Cohen said.
Delmolino, who will take over as CFO, joined Northeast in 2024. His prior experience includes serving as Director and Senior Manager in the accounting department at Fidelity Investments and as Senior Manager in KPMG’s audit practice. He holds a Bachelor of Science degree in Business Administration and a Master of Science degree in Accounting from Western New England University, and is a certified public accountant licensed in Massachusetts.
Northeast Bank, headquartered in Portland, Maine, offers personal and business banking services through seven branches in Maine. The bank’s National Lending Division purchases and originates commercial loans nationwide. The bank maintains a "GOOD" Financial Health score according to InvestingPro, which offers comprehensive analysis of over 1,400 US stocks through its Pro Research Reports, helping investors make informed decisions with expert insights and detailed metrics.
In other recent news, Northeast Bancorp reported strong financial results for the fourth quarter of 2025, surpassing analysts’ expectations. The company achieved an earnings per share of $3.00, which exceeded the forecasted $2.57 by 16.73%. Revenue reached $62.69 million, also beating the forecast of $56.5 million by 10.96%. These results reflect positively on the company’s financial performance. In addition to its earnings report, Northeast Bancorp’s recent developments include analyst reviews, though specific upgrades or downgrades were not detailed in the past articles. The company’s performance has drawn attention from investment firms, and the results are indicative of a robust financial standing. These updates are part of the recent developments surrounding Northeast Bancorp.
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