Lewiston, Bar Harbor banks see growth
Northeast Bancorp in Lewiston has reported a 29% increase in net income for its second fiscal quarter, while Bar Harbor Bankshares saw a 27.4% increase in its net income for the same time period.
Northeast Bancorp, parent to Northeast Bank, reported a net income for the quarter ended Dec. 31, 2010, of $823,000, compared with $649,000 for the same period the previous fiscal year, according to a press release. The company attributed the rise to a 19% increase in non-interest income from sales of residential mortgage loans and the sale of a small insurance agency in Jackman. Total assets for the quarter were $644.8 million, a 3.6% increase over the same period the previous year, and its capital ratios also increased as a result of its merger with investor group FHB Formation, which pumped $16.2 million of new capital into the company.
Meanwhile, Bar Harbor Bankshares announced net income of $2 million for the quarter ended Dec. 31, that bank's fourth fiscal quarter, and an annual net income of $10 million, a 7.4% rise over 2009's net income of $9.3 million, according to a press release. The company, parent to Bar Harbor Bank & Trust, also reported solid 2010 loan growth, with an 8% rise in its commercial loan portfolio, as well as a retail deposit growth of $58 million, or 10%, compared with the previous year.
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