Northeast Bancorp reports income drop
Northeast Bancorp reported a 45% drop in its net income at the end of the September compared with the same period last year.
The Lewiston-based parent company of Northeast Bank reported a net income of $529,000 for the first quarter of 2012, compared with $961,000 in the same quarter last year, according to a press release. The company's total assets declined by $9.2 million, or 1.5%, due in part to a $7 million decrease in a portion of the bank's loan portfolio, and repayments of Northeast Bank Insurance Group's debt in connection with its sale of the division. Commercial loans, meanwhile, grew by $7.7 million, or 2.5%. Last month, Northeast sold its insurance division to two agencies in separate transactions for a total of $9.7 million, which yielded a gain of $1 million and increased Northeast's tangible capital by $8.4 million, according to the release.
President and CEO Richard Wayne said the company is "pleased with the progress being made in executing our business strategy."
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