October 19, 2009
Northeast Bank income rises
By Mainebiz News Staff
Northeast Bank reported increased vitality in its first quarterly report of the year.
The Lewiston-based bank reported $496,000 in net income for the quarter ended Sept. 30, an increase of 619% compared to the $69,000 in net income earned during the same period a year earlier. Net income to common stockholders rose to 19 cents per diluted share compared with 3 cents per diluted share for the same period in 2008.
Income gains were reported in noninterest income, brokerage and insurance services income. Nonperforming loans ticked up slightly, from 1.38% of total loans in the first quarter of 2008 to 1.48% this quarter.
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