Northeast Bancorp of Lewiston reported a slight increase in net income in its second fiscal quarter, which ended Dec. 31, compared with a year earlier.
The parent company of Northeast Bank said Monday that it generated quarterly net income of $3.3 million, or 36 cents per share, up 6.5 percent from $3.1 million, or 35 cents per share, in the second fiscal quarter of 2016.
The company’s board of directors on Friday declared a cash dividend of 1 cent per share, payable to investors Feb. 27.
“I am pleased to report another strong quarter,” Northeast President and CEO Richard Wayne said in a news release. “Our Loan Acquisition and Servicing Group produced $79.1 million of loans, including originations of $44.3 million and purchases with a recorded investment of $34.8 million, for net growth in the (group’s) portfolio of $20.3 million, or 3.6 percent, over the linked quarter. With transactional income of $1.9 million, we achieved a total return on our purchased loan portfolio of 11 percent and a net interest margin of 4.9 percent for the quarter.”
As of Dec. 31, the bank’s total assets were $1.03 billion, a decrease of $42.4 million, or 3.9 percent, from total assets of $1.08 billion as of June 30.
Copy the Story LinkSend questions/comments to the editors.
Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page.
Enter your email and password to access comments.
Hi, to comment on stories you must . This profile is in addition to your subscription and website login.
Already have a commenting profile? .
Invalid username/password.
Please check your email to confirm and complete your registration.
Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.