Northeast, The First report earnings
Lewiston-based Northeast Bancorp's net income rose during its most recent quarter, while Damariscotta-based The First Bancorp suffered a drop.
Northeast Bancorp, parent of Northeast Bank, reported net income of $530,632 for the quarter ending March 31, a 37% increase compared with $387,370 for the same quarter in 2009, according to a press release. Net income since last June was $1.67 million, a 123% increase from the same nine-month period last year. The company attributed the increases to growth of noninterest income and net interest margin, resulting from a jump in lower-cost core deposits. Northeast Bancorp earlier this month announced a merger with an investor entity through the sale of more than $29 million in common stock.
In related news, The First Bancorp, parent of The First, announced net income of $2.7 million for the quarter ending March 31, a $1 million decrease from the same quarter last year. President and CEO Daniel Daigneault attributed the drop to risk mitigation actions the bank holding company took during the second half of 2009, including lowering the level of interest-earning assets to reduce liquidity and rollover risk.
Most Recent
Most Recent
Comments