Northeast Bancorp quarterly earnings climb 37%

Northeast Bancorp, the parent company of Northeast Bank, announced net income of $530,632, or 20 cents per share, for its third quarter ended March 31, an increase of 37 percent compared to income of $387,370, or 14 cents per share, in the same quarter a year ago.For the nine months ended March 31, net income was nearly $1.7 million, or 64 cents per share – a rise of 123 percent compared to the same timeframe a year ago when net income was $750,060, or 29 cents per share.Jim Delamater, president and CEO of Northeast Bancorp said, “Our earnings continued to improve primarily as a result of our improved net interest margin and our diversified business model. We are pleased to see improvement in the marketplace, as evidenced by the continued growth in mortgage activity and in core deposits.”Noninterest income for the third fiscal quarter of 2010 was about $3 million and, was some $9 million for the nine-month period, representing increases of 13 percent and 15 percent respectively, over previous year. Northeast Bancorp also announced a regularly quarterly dividend of 9 cents per share, payable on May 21 to shareholders of record as of April 30.Northeast Bancorp, headquartered in Lewiston, Maine, had more than $611 million in assets as of March 31, and has over 250 employees in Maine and New Hampshire. – CINDY KIBBE/NEW HAMPSHIRE BUSINESS REVIEW

Categories: News