Northeast Bancorp Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2018
January 29, 2019 at 03:26 am IST
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Northeast Bancorp announced unaudited consolidated earnings results for the second quarter and six months ended December 31, 2018. For the quarter, the company announced net income of $5,125,000 compared to $3,304,000 a year ago. Basic earnings per common share was $0.57 compared to $0.37 a year ago. Diluted earnings per common share was $0.56 compared to $0.36 a year ago.
For the six months, the company announced net income of $9,659,000 compared to $7,890,000 a year ago. Basic earnings per common share was $1.07 compared to $0.89 a year ago. Diluted earnings per common share was $1.05 compared to $0.86 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.
NORTHEAST BANK 
