Northeast Bank sees income spike
Northeast Bancorp saw its net income jump 94% for the quarter ending Sept. 30 compared to the same period last year.
The parent company of Lewiston-based Northeast Bank reported a quarterly net income of $960,691, compared with $495,669 for the same quarter in the previous fiscal year, according to a press release. The company attributed the jump to growth in noninterest income, specifically gains in loan sales and investment fee income, and growth in lower cost core deposits. Income from its investment brokerage services rose 21%, while income from its insurance agency fell 9% in the quarter compared to the previous year. Total assets were $628 million, a 4% increase from last year.
In related news, the state Bureau of Financial Institutions on Monday granted investment group FHB Formation LLC a second extension on its application to merge with Northeast, valid until Dec. 17. FHB announced in April plans to purchase nearly $30 million in new and outstanding shares of Northeast Bancorp, owning approximately 60% of Northeast's common stock. The extension, which follows another granted in August, gives the Federal Reserve more time to review the transaction. The bank's shareholders approved the merger in July.
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