LEWISTON – Northeast Bancorp, which has 10 full-service branches serving customers, posted higher first-quarter earnings amid an increase in deposits and residential loans.

Northeast reported net income of $1.0 million, or 9 cents a share, compared with net income of $529,000, or 12 cents a share a year ago. Average shares outstanding increased to 10.4 million in the current quarter from 3.5 million a year ago due to the company’s offering of common stock in May.

“We are pleased to report even further growth in our key business lines this quarter,” said Northeast Chief Executive Richard Wayne.

Deposits increased by 8 percent and the residential lending group saw a year-over-year increase in loan sale gains of 15 percent.

“These results demonstrate real progress in the execution of our business strategy, and position us well for future success,” Wayne said.

Total assets increased by $1.7 million, or 0.3 percent, to $670.9 million on Sept. 30, compared to June 30, 2012.

The parent of Northeast Bank declared a cash dividenof 9 cents a share, payable on Nov. 19 to shareholders of record as of Nov. 5.