Northeast Bancorp Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2011; Declares Dividend Payable on February 24, 2012
January 27, 2012
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Northeast Bancorp reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2011. For the quarter, the company reported net income from continuing operations of $418,000 or $0.09 per diluted common share and net income available to common stockholders of $320,000 or $0.09 per diluted common share on total interest and dividend income of $6,472,000. Net interest and dividend income after provision for loan losses was $4,782,000. Income from continuing operations before income tax expense (benefit) was $597,000. Return on average assets was 0.28% and return on average equity was 2.52%.
For the six months, the company reported net loss from continuing operations of $176,000 or $0.11 per diluted common share and net income available to common stockholders of $751,000 or $0.21 per diluted common share on total interest and dividend income of $12,307,000. Net interest and dividend income after provision for loan losses was $8,660,000. Loss from continuing operations before income tax expense (benefit) was $400,000. Results for the six months ended December 31, 2011 include net income from discontinued operations of $1.1 million, which included the gain earned on the sale of the company's insurance agency business. Return on average assets was 0.32% and return on average equity was 2.86%. At December 31, 2011, the Company's tangible book value per share was $16.15, compared to $13.58 at June 30, 2011. Book value per share at December 31, 2011 was $17.58.
The Board of Directors has declared a cash dividend of $0.09 per share, payable on February 24, 2012 to shareholders of record as of February 10, 2012.
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 Bancorp Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2011; Declares Dividend Payable on February 24, 2012