Northeast Bank Reports Earnings Results for the Second Quarter Ended December 31, 2019
January 27, 2020
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Northeast Bank announced earnings results for the second quarter ended December 31, 2019. For the second quarter, the company announced net interest income was USD 15.545 million compared to USD 15.643 million a year ago. Net income was USD 4.867 million compared to USD 5.125 million a year ago. Basic earnings per share was USD 0.54 compared to USD 0.57 a year ago. Diluted earnings per share was USD 0.53 compared to USD 0.56 a year ago. For the half year, net interest income was USD 31.280 million compared to USD 30.001 million a year ago. Net income was USD 9.642 million compared to USD 9.659 million a year ago. Basic earnings per share was USD 1.07 compared to USD 1.07 a year ago. Diluted earnings per share was USD 1.05 compared to USD 1.05 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 
