 PORTLAND, Maine, March 04, 2021 GLOBE NEWSWIRE -- Northeast Bank the Bank NASDAQ: NBN, a Maine-based full-service bank, announced today that it has entered into a Loan Purchase and Sale Agreement the Loan Sale Agreement with The Loan Source, Inc. Loan Source to sell to Loan Source all loans originated by the Bank under the current round of the Small Business Administrations SBA Paycheck Protection Program PPP. From January 11, 2021 through February 26, 2021, the Bank had received SBA approval for 1.84 billion of PPP loans, of which 1.65 billion have been funded. After amortizing previously unamortized PPP loan origination fees and other costs, the Bank expects to realize a pre-tax gain of approximately 26.0 million, or an after-tax gain of approximately 18.2 million, in the current fiscal quarter on the sale of the 1.65 billion of funded PPP loans. 