Northeast Bancorp, parent company of Lewiston-based Northeast Bank, reported year-end net income of $7.1 million compared with $2.7 million over 2014.
“We closed the year with our strongest quarter to date,” said Richard Wayne, president and CEO, in a release. “Our new SBA division originated loans totaling $22 million, generating $1.9 million in gains on the sale of $15 million of loans in the secondary market. Overall our loan portfolio increased 6 percent and strong transactional income of $2.4 million helped drive our net interest margin of 4.7% for the quarter.”
As of June 30, total assets were $850.8 million, an increase of $88.9 million, or 11.7 percent compared to June 30, 2014. The increase was attributable to gains in the bank’s loan portfolio, especially in its loan acquisition and servicing group, which posted net growth of $99.9 million compared with last year and helped offset a $4.2 million decrease in its community banking loan division.
Deposits were also up 17.5 percent, spurred by the bank’s online-only ableBanking division.
The bank’s board of directors has declared a cash dividend of $0.01 per share, payable on Aug. 25 to shareholders of record as of Aug. 11.
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