With additional loans on the books, Northeast Bank said its assets as of Dec. 31, 2022 totaled $2.81 billion, an increase of $1.23 billion, or 77.5%, from June 30, 2022. Â
The bank closed on its largest single loan pool purchase in its history, which helped generate $175.9 million in new volume. Northeast's assets declined slightly to $1.23 billion.
Northeast Bank, with nine branch offices in western and southern Maine, reported that income was up sharply in the recent quarter, helped by fees from reselling PPP loans and a low rate of non-performing loans.
The sale of Paycheck Protection Program loans helped the Portland-based bank turn from a quarterly loss last year to an $11 million profit in Q4 of this one. Year-end results increased dramatically as well.
Past-due loans affected Northeast Bank's net income for the quarter ending March 31, while First Bancorp reported a moderate increase in earnings for the most recent three months.
Banks doing business in Maine in 1994 could be divided much the way they are now — the banks based in Maine and out-of-state banks with a large presence here. Many of the Maine-based banks are still around, if bigger, now. There have been some mergers here and there. But it’s with the national banks that Maine has seen some of the biggest changes.