October 23, 2007
Northeast Bank sees earnings slip
Northeast Bancorp, the parent company of Northeast Bank in Lewiston, yesterday announced a drop in quarterly earnings, which it said was a result of its acquisitions of five insurance agencies since November 2006.
For the quarter ended Sept. 30, the company posted earnings of $430,565, a 5.3% decrease from the $454,667 in earnings posted the same period last year. However, the company's noninterest income increased 36% to just shy of $2 million for the quarter, with insurance revenue increasing by 102%.
The company also announced this quarter that it had transferred the listing of its common stock from the American Stock Exchange to the NASDAQ, a move it said would enhance the company's liquidity.
For the quarter ended Sept. 30, the company posted earnings of $430,565, a 5.3% decrease from the $454,667 in earnings posted the same period last year. However, the company's noninterest income increased 36% to just shy of $2 million for the quarter, with insurance revenue increasing by 102%.
The company also announced this quarter that it had transferred the listing of its common stock from the American Stock Exchange to the NASDAQ, a move it said would enhance the company's liquidity.
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