Northeast Bancorp reports strong quarter
Northeast Bancorp saw a net income of $561,000 in the quarter ended June 30, a massive jump over the same period last year.
Last quarter's income greatly outpaced June 30, 2010's net income of $43,058, which included one-time expenses associated with its merger with investor group FHB Formation, according to a press release. For the six-month period ended June 30, Northeast earned $12.6 million, results that included a $15.4 million bargain purchase gain and $3.2 million of transaction costs related to the December merger. Total assets as of June 20 were $596.4 million, a 4.2% drop over the same period last year. This drop was attributed to a 21% reduction in outstanding loans and a reduction in allowance for loan losses.
Northeast, parent of Northeast Bank in Lewiston, saw a $17 million, or 4%, rise in deposits, and its capital ratios increase as a result of the merger, which brought $16.2 million in new capital to the company.
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