Northeast Bancorp saw its net income drop 49% for the quarter ended Dec. 31, its second fiscal quarter. The company reported a net income of $418,000 for the quarter, compared with a net income of $823,000 for the same quarter the previous year.
For the six months ended Dec. 31, the company earned a net income of $947,000, according to a press release. Total assets fell $1.8 million, or 0.3%, to $594.6 million compared with June 30. Its net interest margin grew 3.5% due to growth in its purchased loan portfolio, which increased to $51.5 million. Results for the six months ended Dec. 31 include net income from discontinued operations of $1.1 million, which included the gain earned on the sale of the company's insurance agency assets. The sale yielded a pre-tax gain of $1.5 million.
"We continue to make progress in positioning Northeast for growth and success," said President and CEO Richard Wayne.