Northeast Bancorp (NBN) Declares $0.01 Quarterly Dividend; 0.1% Yield

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Go back to Northeast Bancorp (NBN) Declares $0.01 Quarterly Dividend; 0.1% Yield

Northeast Bank Reports First Quarter Results and Declares Dividend

October 31, 2022 8:15 AM EDT

PORTLAND, Maine, Oct. 31, 2022 (GLOBE NEWSWIRE) -- Northeast Bank (the Bank) (NASDAQ: NBN), a Maine-based full-service bank, today reported net income of $8.3 million, or $1.12 per diluted common share, for the quarter ended September 30, 2022, compared to net income of $9.9 million, or $1.20 per diluted common share, for the quarter ended September 30, 2021. Compared to the quarter ended September 30, 2021, earnings declined primarily due to a decrease of $6.4 million in correspondent fee income and an increase of $1.1 million in the provision for loan losses, partially offset by an increase of $4.8 million in net interest and dividend income.

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