Northeast Bancorp Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2017
January 29, 2018 at 04:24 pm EST
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Northeast Bancorp reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2017. For the quarter, total interest and dividend income was $15,260,000 against $14,332,000 a year ago. Income before income tax expense was $4,685,000 against $4,939,000 a year ago. Net income was $3,304,000 against $3,100,000 a year ago. Earnings per diluted common share were $0.36 against $0.35 a year ago. Net interest income was $12,457,000 against $11,851,000 a year ago. Return on average assets was 1.26% against 1.24% a year ago. Return on average equity was 10.20% against 10.92% a year ago. Book value per common as at December 31, 2017 was $14.54 against $13.02 a year ago. Tangible book value per common as at December 31, 2017 was $14.09 against $12.58 a year ago.
For six months, total interest and dividend income was $31,438,000 against $26,589,000 a year ago. Income before income tax expense was $10,885,000 against $7,703,000 a year ago. Net income was $25,778,000 against $21,643,000 a year ago. Earnings per diluted common share were $0.86 against $0.54 a year ago.
Northeast Bank (the Bank) is a full-service financial institution. The Bank gathers retail deposits through its seven full-service branches in Maine and through its online deposit program, ableBanking; purchase and originate commercial loans, typically secured by real estate, on a nationwide basis through its National Lending Division, and originate loans through the Community Banking Division and Small Business Administration (SBA) National Division. The National Lending Division purchases primarily performing commercial real estate loans, on a nationwide basis, typically at a discount from their unpaid principal balances. The National Lending Division also originates commercial real estate and commercial and industrial loans on a nationwide basis. The SBA National Division originates loans to small businesses to help provide funding opportunities nationally. The Community Banking Division originates loans directly to businesses located in its market area.