Northeast Bancorp sees income jump
Northeast Bancorp announced yesterday that its net income for the fiscal year that ended June 30, 2010, jumped 79% over 2009.
The Lewiston-based parent company of Northeast Bank reported a net income of $1.7 million, compared with $959,000 earned for the year that ended June 30, 2009, according to a press release. However, fourth-quarter earnings of $43,058 fell 79% from the same quarter in 2009. Total assets for the fiscal year were $622 million, a 4% or $24 million increase compared with the 2009 fiscal year. The fourth quarter results include a non-cash goodwill impairment charge of $407,897. A goodwill impairment charge results when a company writes down the value of an assset on its balance sheet that has dropped to less than the carrying or book value.
The quarter and annual results include one-time expenses of $386,000 and $540,514, respectively, related to the pending merger with FHB Formation LLC. In April, the bank holding company announced plans to sell $16.2 million in new shares to several investors through FHB, an entity created for the investment. The investors will also purchase 40% of Northeast's outstanding common shares, and will collectively own approximately 60% of the company's common stock.
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