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January 21, 2008

Northeast Bancorp's earnings dip

During the three months through December, Northeast Bancorp, the Lewiston-based parent of Northeast Bank, posted net income of $402,428, a four-percent drop from the same quarter last year.

The company said the second-quarter decline in net income was a result of its shrinking net interest income and the company's continued expansion of its insurance division, according to a press release. The company's expanded insurance division boosted its non-interest income for the quarter to nearly $2.4 million, a record 27% increase over the same quarter last year.

The company also reported total assets for the quarter were $588 million, up from $559 million for the same period last year.

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