Northeast Bancorp’s Earnings Grow By 9 Percent in Quarter

By From staff reports

Northeast Bancorp of Lewiston saw its earnings grow by 9 percent for the first quarter to $1 million or 41 cents per diluted share, compared to the same period last year, Northeast announced Thursday. The company also declared a dividend of 9 cents per share, payable Nov. 23 to shareholders of record as of the close of business Nov. 2.

The company reported total assets of $580 million, an increase of 4 percent over this same period last year. It experienced a 3 percent increase in net loan balances to $460 million and a 2 percent increase in deposit balances to $400 million.

Northeast Bancorp is the holding company for the Maine-based Northeast Bank, which operates 21 retail outlets – 12 retail banking branches, eight insurance offices and one financial center.