Banks see boost in quarterly earnings
Three banks doing business in Maine reported gains in earnings for the recent quarter.
Lewiston-based Northeast Bank, which has 10 branch offices, reported net income of $4.8 million, or 52 cents a share, for the fiscal first quarter ended Sept. 30, up from $4.5 million, or 49 cents, a year earlier.
“We started fiscal 2020 with a solid first quarter,” CEO Richard Wayne said in a news release on Monday.
The board declared a cash dividend of a penny per share, payable on Nov. 22 to shareholders of record as of Nov. 8.
Northeast Bank (Nasdaq: NBN) has assets of $1.1 billion.
Earnings surge at Katahdin Bankshares
Houlton-based Katahdin Bankshares Corp. (OTCQX: KTHN), parent company of Katahdin Trust, reported third-quarter earnings of $2.25 million, or 68 cents a share, up from $1.65 million, or 50 cents, in the comparable quarter last year.
“We continue to experience excellent results,” said president and CEO Jon J. Prescott. “As we look forward to the rest of 2019 and into 2020, building relationships through deposit product offerings remain an essential growth strategy for the Bank.”
The bank has assets of $845.2 million and 16 branches.
Net income up 8.6% at NBT Bancorp
Elsewhere, Norwich, N.Y.-based NBT Bancorp Inc., which has an office on Commercial Street in Portland, reported net income of $32.4 million, or 73 cents, in the third quarter, up 8.6% from $29.8 million, or 69 cents, a year earlier.
Third-quarter income included a $4 million gain on the sale of its Visa Class B shares, which it used to offset one-time costs related to branch “optimization” and employee initiatives, the bank said.
The board approved a cash dividend of 27 cents a share to be paid on Dec. 13 to shareholders of record as of Nov. 29.
NBT (Nasdaq: NBTB) has assets of $9.7 billion and a total of 149 branches in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire and Maine.
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