May 1, 2012 | last updated May 1, 2012 11:01 am

Northeast Bancorp reports net income

Lewiston-based Northeast Bancorp, parent of Northeast Bank, has reported a net income of $168,000 for the quarter ended March 31. The company earned a net income of $1.1 million for the nine-month period that ended March 31.

The results include net income from discontinued operations of $14,000 for the quarter and $1.1 million for the nine-month period. Last September, Northeast sold its insurance agency division to two local agencies in separate transactions, which yielded a pre-tax gain of $1.6 million and increased the company's tangible capital by $8.4 million.

Total assets declined by $1.4 million, or 0.2%, to $595.0 million. Nonperforming assets decreased by 22.8% to $6.1 million, or 1.% of total assets.

"Since our merger with FHB Formation at the end of 2010, we have made substantial investments in building our purchased loan capacity, and in enhancing the operational capacity of the bank overall," said Richard Wayne, president and CEO. Wayne said the bank is pleased with the growth of its loan purchasing business, which during the nine-month period purchased loans totaling $59.8 million.


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