Northeast Bancorp's earnings drop 50%
Lewiston's Northeast Bancorp today reported a 50% decrease in net income for its 2009 fiscal year, despite a 13% increase in revenues during the same period.
The company, parent of Northeast Bank, reported net income of nearly $959,000 for its 2009 fiscal year, which ended June 30, a 50% decrease from the $1.9 million in net income it reported the year before, according to the company's financial report. The company attributed the reduction in net income to a variety of factors, including a $3.3 million increase in noninterest expense, a $1.3 million increase in provisions for loan losses, a $634,000 decrease in investment brokerage income, a one-time investment securities impairment expense of $330,000 and the one-time FDIC assessment of $275,000. These items were partially offset by a $2.4 million increase in net interest income and in gains on sales of loans of $904,000. The company's revenue for the year was $28.3 million, a 13% increase from the year before.
The company's total assets at the end of its fiscal year 2009 were $598.1 million, relatively unchanged from $598.3 million in 2008.
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