Northeast Bancorp
Oct 29, 2013

Northeast Bancorp Reports First Quarter Results, Declares Dividend

LEWISTON, Maine--(BUSINESS WIRE)-- Northeast Bancorp ("Northeast" or the "Company") (NASDAQ: NBN), a Maine-based full-service financial services company and parent of Northeast Bank (the "Bank"), today reported net income available to common shareholders of $320 thousand, or $0.03 per diluted common share, for the quarter ended September 30, 2013, compared to net income available to common shareholders of $936 thousand, or $0.09 per diluted common share, for the quarter ended September 30, 2012.

The current quarter included $554 thousand of expenses related to severance and an insurance recovery of $250 thousand related to a lawsuit settled in the previous quarter. Excluding these items, which the Company considers to be non-core, net operating earnings were $521 thousand or $0.05 per diluted common share.

The Board of Directors has declared a cash dividend of $0.09 per share, payable on November 26, 2013 to shareholders of record as of November 12, 2013.

"Our results this quarter reflect the variability inherent in our loan purchasing activities, and specifically the timing of transactional income on our purchased loan portfolio, which for the quarter was $912 thousand as compared to $2.8 million for the quarter ended June 30, 2013," said Richard Wayne, Chief Executive Officer. "Such fluctuations in loan purchasing activity and associated revenue will continue to affect our results, causing fluctuations in earnings per share, until moderated by the positive effect of growth in our balance sheet and the full leveraging of our capital. To that end, we achieved $48 million of net loan growth this quarter and produced a net interest margin of 4.24%."

At September 30, 2013, total assets were $725.0 million, an increase of $54.3 million, or 8.1%, compared to June 30, 2013. The principal components of the quarterly changes in the balance sheet follow:

1. The loan portfolio grew by $48.1 million, or 11.1%, compared to June 30, 2013, principally due to net growth of $35.4 million in commercial loans purchased or originated by the Bank's Loan Acquisition and Servicing Group ("LASG") and $12.7 million of net growth in loans originated by the Bank's Community Banking Division. Growth in the Community Banking Division during the quarter was principally due to $27.7 million of residential loan originations held in portfolio to increase the Bank's loan purchasing capacity under regulatory conditions. As has been discussed in the Company's prior SEC filings, the Company made certain commitments to the Board of Governors of the Federal Reserve System in connection with the merger of FHB Formation LLC with and into the Company in December 2010. The Company's loan purchase capacity under these conditions follows.

       
Basis for

Regulatory Condition

Condition

Purchased Loan Capacity at
September 30, 2013

(Dollars in millions)
Total Loans Purchased loans may not exceed 40% of total loans $ 30.2
Regulatory Capital Commercial real estate loans may not exceed 300% of total risk-based capital $ 157.3
 

An overview of the LASG portfolio follows.

     
Three Months Ended September 30,
2013       2012
Purchased     Originated     Total LASG Purchased     Originated     Total LASG
(Dollars in thousands)
Purchased or originated during the period:
Unpaid principal balance $ 18,331 $ 26,426 $ 44,757 $ 42,273 $ 8,799 $ 51,072
Net investment basis 16,348 26,426 42,774 31,349 8,799 40,148
 
Totals as of period end:
Unpaid principal balance $ 214,159 $ 63,588 $ 277,747 $ 133,510 $ 12,594 $ 146,104
Net investment basis 177,412 63,618 241,030 107,440 12,594 120,034
 
Returns during the period:
Yield 10.16% 5.71% 9.21% 15.13% 9.54% 14.58%
Total Return (1) 10.62% 5.71% 9.57% 17.41% 9.54% 16.63%

(1) The total return on purchased loans represents scheduled accretion, accelerated accretion, gains on asset sales, and other noninterest income recorded during the period divided by the average invested balance, on an annualized basis.

2. Deposits and borrowings increased by $47.4 million and $6.2 million, respectively, from June 30, 2013. Growth in each was tied to the Company's strategy for funding its loan growth, and in particular to mitigate the interest rate risk associated with the increase in its residential loan portfolio. To date, the Company has duration-matched such growth with a mix of term funding raised through deposit listing services and Federal Home Loan Bank advances, the latter in conjunction with interest rate swaps.

Net income decreased by $714 thousand to $320 thousand for the quarter ended September 30, 2013, compared to $936 thousand for the quarter ended September 30, 2012. Pre-tax income for the quarter ended September 30, 2013 included $554 thousand of expenses related to severance and an insurance recovery of $250 thousand related to a lawsuit settled in the previous quarter. Operating results for the quarter included the following additional items of significance:

1. Net interest income increased by $1.0 million, or 16.5%, to $7.1 million for the quarter compared to the quarter ended September 30, 2012, primarily due to growth in the purchased loan portfolio. This result is evident in the net interest margin, which increased to 4.24% for the quarter ended September 30, 2013, compared to 3.80% for the quarter ended September 30, 2012. The following table summarizes interest income and related yields recognized on the loan portfolios.

     
Interest Income and Yield on Loans
Three Months Ended September 30,
2013       2012
Average     Interest     Average     Interest    
Balance Income Yield Balance Income Yield
(Dollars in thousands)
Community Banking Division $ 242,700 $ 3,342 5.46% $ 270,758 $ 3,936 5.77%
LASG:
Originated 47,208 680 5.71% 9,193 221 9.54%
Purchased   173,167   4,435 10.16%   83,475   3,184 15.13%
Total LASG   220,375   5,115 9.21%   92,668   3,405 14.58%
Total $ 463,075 $ 8,457 7.25% $ 363,426 $ 7,341 8.01%
 

The yield on purchased loans was increased by unscheduled loan payoffs, which resulted in immediate recognition of the prepaid loans' discount in interest income. The following table details the "total return" on purchased loans, which includes transactional income of $912 thousand for the quarter ended September 30, 2013, a decrease of $870 thousand from the quarter ended September 30, 2012 and a decrease of $1.7 million from average transactional income for the four prior quarters.

     
Total Return on Purchased Loans
Three Months Ended September 30,
2013       2012
Income     Return (1) Income     Return (1)
(Dollars in thousands)
Regularly scheduled interest and accretion $ 3,739 8.54% $ 1,911 9.01%
Transactional income:
Gains on loan sales 216 0.49% - 0.00%
Gain on sale of real estate owned - 0.00% 473 2.23%
Other noninterest income - 0.00% 36 0.17%
Accelerated accretion and loan fees   696 1.59%   1,273 6.00%
Total transactional income   912 2.08%   1,782 8.40%
Total $ 4,651 10.62% $ 3,693 17.41%

 

(1) The total return on purchased loans represents scheduled accretion, accelerated accretion, gains on asset sales, and other noninterest income recorded during the period divided by the average invested balance, on an annualized basis.

2. Noninterest income decreased by $1.2 million for the current quarter, compared to the quarter ended September 30, 2012, principally due to the following:

3. Noninterest expense increased by $1.0 million for the current quarter, compared to the quarter ended September 30, 2012, principally due to the following:

At September 30, 2013, nonperforming assets totaled $8.9 million, or 1.2% of total assets, as compared to $7.0 million, or 1.1% of total assets at June 30, 2013. The increase in nonperforming assets during the quarter was principally due to two purchased loan relationships.

At September 30, 2013, the Company's Tier 1 leverage ratio was 17.2%, a decrease from 17.8% at June 30, 2013, and the total risk-based capital ratio was 25.6%, a decrease from 27.5% at June 30, 2013.

Investor Call Information

Richard Wayne, Chief Executive Officer of Northeast Bancorp, and Claire Bean, Chief Financial Officer of Northeast Bancorp, will host a conference call to discuss first quarter earnings and business outlook at 11:00 a.m. Eastern Time on Wednesday, October 30, 2013. Investors can access the call by dialing 877.878.2762 and entering the following passcode: 93619559. The call will be available via live webcast, which can be viewed by accessing the Company's website at www.northeastbank.com and clicking on the About Us - Investor Relations section. To listen to the webcast, attendees are encouraged to visit the website at least fifteen minutes early to register, download and install any necessary audio software. Please note there will also be a slide presentation that will accompany the webcast. For those who cannot listen to the live broadcast, a replay will be available online for one year at www.northeastbank.com.

About Northeast Bancorp

Northeast Bancorp (NASDAQ: NBN) is the holding company for Northeast Bank, a full-service bank headquartered in Lewiston, Maine. Northeast Bank offers traditional banking services through its Community Banking Division, which operates ten full-service branches and six loan production offices that serve individuals and businesses located in western and south-central Maine, southern New Hampshire and southeastern Massachusetts. Northeast Bank's Loan Acquisition and Servicing Group purchases and originates commercial loans for the Bank's portfolio. ableBanking, a division of Northeast Bank, offers savings products to consumers online. Information regarding Northeast Bank can be found on its website at www.northeastbank.com.

Non-GAAP Financial Measure

In addition to results presented in accordance with generally accepted accounting principles ("GAAP"), this press release contains certain non-GAAP financial measures, including tangible common stockholders' equity, tangible book value per share, and net operating earnings. Northeast's management believes that the supplemental non-GAAP information is utilized by regulators and market analysts to evaluate a company's financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.

Statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although Northeast believes that these forward-looking statements are based on reasonable estimates and assumptions, they are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors. You should not place undue reliance on our forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some cases, beyond the Company's control. The Company's actual results could differ materially from those projected in the forward-looking statements as a result of, among other factors, changes in interest rates and real estate values; competitive pressures from other financial institutions; the effects of continuing weakness in general economic conditions on a national basis or in the local markets in which the Company operates, including changes which adversely affect borrowers' ability to service and repay our loans; changes in loan defaults and charge-off rates; changes in the value of securities and other assets, adequacy of loan loss reserves, or deposit levels necessitating increased borrowing to fund loans and investments; increasing government regulation; the risk that the Company may not be successful in the implementation of its business strategy; the risk that intangibles recorded in the Company's financial statements will become impaired; changes in assumptions used in making such forward-looking statements; and the other risks and uncertainties detailed in the Company's Annual Report on Form 10-K and updated by the Company's Quarterly Reports on Form 10-Q and other filings submitted to the Securities and Exchange Commission. These statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any of these forward-looking statements to reflect events or circumstances occurring after the date of this communication or to reflect the occurrence of unanticipated events.

IMPORTANT NOTE: Securities and Advisory Services offered through Commonwealth Financial Network, Member FINRA, SIPC, and a Registered Investment Adviser. Securities are not FDIC insured, not bank obligations or otherwise bank guaranteed and may lose value. Northeast Financial is located at 77 Middle Street, Portland, ME 04101.

NBN-F

 
NORTHEAST BANCORP AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands, except share and per share data)
      September 30, 2013     June 30, 2013
Assets
Cash and due from banks $ 2,849 $ 3,238
Short-term investments   74,502   62,696
Total cash and cash equivalents 77,351 65,934
 
Available-for-sale securities, at fair value 118,207 121,597
Loans held for sale 5,418 8,594
 
Loans
Commercial real estate 284,072 264,448
Residential real estate 146,620 127,829
Construction 42 42
Commercial and industrial 40,241 29,720
Consumer   12,511   13,337
Total loans 483,486 435,376
Less: Allowance for loan losses   1,224   1,143
Loans, net 482,262 434,233
 
Premises and equipment, net 9,827 10,075
Real estate owned and other possessed collateral, net 3,413 2,134
Federal Home Loan Bank and Federal Reserve Bank stock, at cost 5,721 5,721
Intangible assets, net 3,334 3,544
Bank owned life insurance 14,502 14,385
Other assets   4,920   4,422
Total assets $ 724,955 $ 670,639
 
Liabilities and Stockholders' Equity
Liabilities
Deposits
Demand $ 50,392 $ 46,425
Savings and interest checking 91,330 90,970
Money market 85,855 84,416
Time   304,521   262,812
Total deposits 532,098 484,623
 
Federal Home Loan Bank advances 42,985 28,040
Wholesale repurchase agreements 15,343 25,397
Short-term borrowings 1,970 625
Junior subordinated debentures issued to affiliated trusts 8,310 8,268
Capital lease obligation 1,695 1,739
Other liabilities   8,708   8,145
Total liabilities   611,109   556,837
 
Commitments and contingencies - -
 
Stockholders' equity
Preferred stock, $1.00 par value, 1,000,000 shares authorized; no shares
issued and outstanding at September 30, 2013 and June 30, 2013 - -
Voting common stock, $1.00 par value, 25,000,000 shares authorized;
9,552,587 and 9,565,680 shares issued and outstanding at 9,553 9,566
September 30, 2013 and June 30, 2013, respectively
Non-voting common stock, $1.00 par value, 3,000,000 shares authorized;
880,963 shares issued and outstanding at September 30, 2013 and June 30, 2013 881 881
Additional paid-in capital 93,081 92,745
Retained earnings 11,904 12,524
Accumulated other comprehensive loss   (1,573)   (1,914)
Total stockholders' equity   113,846   113,802
Total liabilities and stockholders' equity $ 724,955 $ 670,639
 
 
NORTHEAST BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except share and per share data)
      Three Months Ended September 30,
2013     2012
Interest and dividend income:
Interest on loans $ 8,457 $ 7,341
Interest on available-for-sale securities 282 347
Other interest and dividend income   52   89
Total interest and dividend income   8,791   7,777
 
Interest expense:
Deposits 1,047 978
Federal Home Loan Bank advances 323 259
Wholesale repurchase agreements 95 219
Short-term borrowings 5 6
Junior subordinated debentures issued to affiliated trusts 192 193
Obligation under capital lease agreements   22   24
Total interest expense   1,684   1,679
 
Net interest and dividend income before provision for loan losses 7,107 6,098
Provision for loan losses   77   228
Net interest and dividend income after provision for loan losses   7,030   5,870
 
Noninterest income:
Fees for other services to customers 439 310
Net securities gains - 792
Gain on sales of loans held for sale 539 756
Gain on sales of portfolio loans 217 -
(Loss) gain recognized on real estate owned and other repossessed collateral, net (38) 451
Investment commissions 675 675
Bank-owned life insurance income 118 123
Other noninterest income   14   43
Total noninterest income   1,963   3,150
 
Noninterest expense:
Salaries and employee benefits 5,144 4,057
Occupancy and equipment expense 1,355 1,078
Professional fees 426 423
Data processing fees 314 268
Marketing expense 44 187
Loan acquisition and collection expense 473 454
FDIC insurance premiums 110 117
Intangible asset amortization 210 265
Legal settlement (recovery) expense (250) -
Other noninterest expense   686   653
Total noninterest expense   8,512   7,502
 
Income before income tax expense 481 1,518
Income tax expense   161   484
Net income $ 320 $ 1,034
 
Net income available to common stockholders $ 320 $ 936
 
Weighted-average shares outstanding:
Basic 10,440,513 10,383,441
Diluted 10,440,513 10,383,441
Earnings per common share:
Basic $ 0.03 $ 0.09
Diluted $ 0.03 $ 0.09
Cash dividends declared per common share $ 0.09 $ 0.09
 
 
CONSOLIDATED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(Unaudited)
(Dollars in thousands)
      Three Months Ended September 30,
2013       2012
    Interest     Average     Interest     Average
Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate
(Dollars in thousands)
Assets:  
Interest-earning assets:
Investment securities (1) $ 119,298 $ 282 0.94% $ 131,796 $ 347 1.04%
Loans (2) (3) 463,075 8,457 7.25% 363,426 7,341 8.01%
Regulatory stock 5,721 4 0.28% 5,473 6 0.43%
Short-term investments (4)   77,408   48 0.25%   136,143   83 0.24%
Total interest-earning assets   665,502   8,791 5.24%   636,838   7,777 4.84%
Cash and due from banks 3,037 3,177
Other non-interest earning assets   34,012   37,695
Total assets $ 702,551 $ 677,710
 
Liabilities & Stockholders' Equity:
Interest-bearing liabilities:
NOW accounts $ 59,124 $ 40 0.27% $ 56,595 $ 42 0.29%
Money market accounts 85,688 112 0.52% 47,349 53 0.44%
Savings accounts 33,926 12 0.14% 31,347 11 0.14%
Time deposits   284,390   883 1.23%   257,976   872 1.34%
Total interest-bearing deposits 463,128 1,047 0.90% 393,267 978 0.99%
Short-term borrowings 2,278 5 0.87% 1,251 6 1.90%
Borrowed funds 59,986 440 2.91% 100,186 502 1.99%
Junior subordinated debentures   8,288   192 9.19%   8,124   193 9.43%
Total interest-bearing liabilities   533,680   1,684 1.25%   502,828   1,679 1.32%
 
Non-interest bearing liabilities:
Demand deposits and escrow accounts 50,391 49,815
Other liabilities   5,561   6,223
Total liabilities 589,632 558,866
Stockholders' equity   112,919   118,844
Total liabilities and stockholders' equity $ 702,551 $ 677,710
 
Net interest income $ 7,107 $ 6,098
 
Interest rate spread 3.99% 3.52%
Net interest margin (5) 4.24% 3.80%

 

(1) Interest income and yield are stated on a fully tax-equivalent basis using a 34% tax rate.
(2) Includes loans held for sale.
(3) Nonaccrual loans are included in the computation of average, but unpaid interest has not been included for purposes of determining interest income.
(4) Short term investments include FHLB overnight deposits and other interest-bearing deposits.
(5) Net interest margin is calculated as net interest income divided by total interest-earning assets.

 
NORTHEAST BANCORP AND SUBSIDIARY
SELECTED CONSOLIDATED FINANCIAL HIGHLIGHTS AND OTHER DATA
(Unaudited)
(Dollars in thousands, except share and per share data)
      Three Months Ended:
September 30, 2013     June 30, 2013     March 31, 2013     December 31, 2012     September 30, 2012
Net interest income $ 7,107 $ 8,539 $ 8,253 $ 7,057 $ 6,098
Provision for loan losses 77 301 346 247 228
Noninterest income 1,963 2,130 3,401 3,544 3,150
Noninterest expense 8,512 10,218 8,831 8,132 7,502
Net income 320 205 1,666 1,517 1,034
 
Weighted average common shares outstanding:
Basic 10,440,513 10,446,643 10,425,576 10,383,441 10,383,441
Diluted 10,440,513 10,446,643 10,425,576 10,383,441 10,383,441
Earnings per common share:
Basic $ 0.03 $ 0.02 $ 0.16 $ 0.12 $ 0.09
Diluted 0.03 0.02 0.16 0.12 0.09
Dividends per common share 0.09 0.09 0.09 0.09 0.09
 
Return on average assets 0.18 % 0.12 % 0.97 % 0.87 % 0.61 %
Return on average equity 1.12 % 0.71 % 5.85 % 5.15 % 3.45 %
Net interest rate spread (1) 3.99 % 5.07 % 4.82 % 4.02 % 3.52 %
Net interest margin (2) 4.24 % 5.32 % 5.07 % 4.28 % 3.80 %
Efficiency ratio (3) 93.85 % 95.77 % 75.78 % 76.71 % 81.12 %
Noninterest expense to average total assets 4.81 % 6.00 % 5.12 % 4.64 % 4.39 %
Average interest-earning assets to average
interest-bearing liabilities
124.70 % 125.27 % 124.53 % 125.48 % 126.65 %
 
As of:
September 30, 2013 June 30, 2013 March 31, 2013 December 31, 2012 September 30, 2012
Nonperforming loans:
Originated portfolio:
Residential real estate $ 1,945 $ 2,346 $ 2,296 $ 3,512 $ 3,184
Commercial real estate 471 473 631 624 626
Home equity 229 334 405 620 289
Commercial and industrial 62 110 103 123 133
Consumer   259     136     258     166     181  
Total originated portfolio 2,966 3,399 3,693 5,045 4,413
Total purchased portfolio   2,553     1,457     1,700     2,144     667  
Total nonperforming loans 5,519 4,856 5,393 7,189 5,080
Real estate owned and other repossessed collateral, net   3,413     2,134     2,038     2,633     2,645  
Total nonperforming assets $ 8,932   $ 6,990   $ 7,431   $ 9,822   $ 7,725  
 
Past due loans to total loans 1.38 % 1.68 % 2.00 % 2.52 % 1.65 %
Nonperforming loans to total loans 1.14 % 1.12 % 1.42 % 1.83 % 1.35 %
Nonperforming assets to total assets 1.23 % 1.04 % 1.06 % 1.39 % 1.15 %
Allowance for loan losses to total loans 0.25 % 0.26 % 0.27 % 0.22 % 0.18 %
Allowance for loan losses to nonperforming loans 22.18 % 23.54 % 19.15 % 12.17 % 13.15 %
 
Commercial real estate loans to risk-based capital (4) 171.30 % 159.07 % 184.40 % 193.74 % 167.62 %
Net loans to core deposits (5) 93.04 % 92.94 % 77.72 % 81.01 % 86.69 %
Purchased loans to total loans, including held for sale 36.29 % 37.57 % 33.63 % 33.36 % 27.68 %
Equity to total assets 15.70 % 16.97 % 16.54 % 16.31 % 17.72 %
Tier 1 leverage capital ratio 17.23 % 17.78 % 17.41 % 17.44 % 18.37 %
Total risk-based capital ratio 25.63 % 27.54 % 30.71 % 29.35 % 31.32 %
 
Total stockholders' equity $ 113,846 $ 113,802 $ 115,737 $ 114,931 $ 118,857
Less: Preferred stock   -     -     -     -     (4,227 )
Common stockholders' equity 113,846 113,802 115,737 114,931 114,630
Less: Intangible assets   (3,334 )   (3,544 )   (3,751 )   (3,957 )   (4,222 )
Tangible common stockholders' equity (non-GAAP) $ 110,512   $ 110,258   $ 111,986   $ 110,974   $ 110,408  
 
Common shares outstanding 10,433,550 10,446,643 10,446,643 10,383,441 10,383,441
Book value per common share $ 10.91 $ 10.89 $ 11.08 $ 11.07 $ 11.04
Tangible book value per share (non-GAAP) (6) 10.59 10.55 10.72 10.69 10.63
 
Reconciliation of Net Income Available to Common Shareholders (GAAP) to Net Operating Earnings (non-GAAP) (7)
Three Months Ended:
September 30, 2013 June 30, 2013 March 31, 2013 December 31, 2012 September 30, 2012
Net income available to common shareholders (GAAP) $ 320 $ 205 $ 1,666 $ 1,259 $ 936
Items excluded from operating earnings, net of tax:
Income from life insurance death benefits - - - (265 )
Severance expense 366 255 - - -
Legal settlement expense and related professional fees   (165 )   671     -     -     -  
Total after-tax items   201     926     -     -     -  
Net operating earnings (non-GAAP) $ 521   $ 1,131   $ 1,666   $ 994   $ 936  
Net operating earnings per share - basic (non-GAAP) $ 0.05 $ 0.11 $ 0.16 $ 0.10 $ 0.09

 

(1) The net interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the period.
(2) The net interest margin represents net interest income as a percent of average interest-earning assets for the period.
(3) The efficiency ratio represents non-interest expense divided by the sum of net interest income (before the loan loss provision) plus non-interest income.
(4) For purposes of calculating this ratio, commercial real estate includes all those loans defined as such by regulatory guidance, including all land development and construction loans. As of September 30, 2013 and June 30, 2013, commercial real estate excludes loans secured by owner-occupied properties.
(5) Core deposits includes all non-maturity deposits and maturity deposits less than $250 thousand. Net loans includes loans held-for-sale.
(6) Tangible book value per share represents total stockholders' equity less the sum of preferred stock and intangible assets divided by common shares outstanding.
(7) Management believes operating earnings, which exclude non-core items, provide a more meaningful representation of the Company's performance.

Northeast Bank
Claire S. Bean, 207-786-3245 ext. 3202
CFO & COO
www.northeastbank.com

Source: Northeast Bancorp

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