For
the quarterly period ended
|
December 31,
2009
|
Commission
File Number
|
1-14588
|
Maine
|
01-0425066
|
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
|
500
Canal Street, Lewiston, Maine
|
04240
|
|
(Address
of Principal executive offices)
|
(Zip
Code)
|
Part
I.
|
Financial
Information
|
|
Item
1.
|
||
December
31, 2009 (Unaudited) and June 30, 2009
|
||
Three
Months Ended December 31, 2009 and 2008
|
||
Six
Months Ended December 31, 2009 and 2008
|
||
Six
Months Ended December 31, 2009 and 2008
|
||
Six
Months Ended December 31, 2009 and 2008
|
||
Item
2.
|
||
Item
3.
|
||
Item
4.
|
||
Part
II.
|
||
Item
1.
|
||
Item
1.a.
|
||
Item
2.
|
||
Item
3.
|
||
Item
4.
|
||
Item
5.
|
||
Item
6.
|
PART
1 - FINANCIAL INFORMATION
|
|||||||
Item
1. Financial Statements
|
|||||||
NORTHEAST
BANCORP AND SUBSIDIARY
|
|||||||
December
31,
|
June
30,
|
||||||
2009
|
2009
|
||||||
(Unaudited)
|
(Audited)
|
||||||
Assets
|
|||||||
Cash
and due from banks
|
$ | 6,404,534 | $ | 9,356,233 | |||
Interest-bearing
deposits
|
2,933,617 | 3,666,409 | |||||
Total
cash and cash equivalents
|
9,338,151 | 13,022,642 | |||||
Available-for-sale
securities, at fair value
|
168,979,459 | 148,410,140 | |||||
Loans
held-for-sale
|
1,555,087 | 2,436,595 | |||||
Loans
receivable
|
390,954,386 | 393,650,762 | |||||
Less
allowance for loan losses
|
5,872,000 | 5,764,000 | |||||
Net
loans
|
385,082,386 | 387,886,762 | |||||
Premises
and equipment, net
|
8,687,725 | 8,744,170 | |||||
Acquired
assets, net
|
874,325 | 672,669 | |||||
Accrued
interest receivable
|
2,241,846 | 2,200,142 | |||||
Federal
Home Loan Bank stock, at cost
|
4,889,400 | 4,889,400 | |||||
Federal
Reserve Bank stock, at cost
|
596,750 | 596,750 | |||||
Goodwill
|
4,490,500 | 4,490,500 | |||||
Intangible
assets, net of accumulated amortization of $2,916,125 at 12/31/09 and
$2,390,087 at 6/30/09
|
7,785,439 | 8,311,477 | |||||
Bank
owned life insurance
|
13,034,536 | 12,783,525 | |||||
Other
assets
|
5,120,977 | 3,703,358 | |||||
Total
assets
|
$ | 612,676,581 | $ | 598,148,130 | |||
|
|||||||
Liabilities
and Stockholders' Equity
|
|||||||
Liabilities:
|
|||||||
Deposits
|
|||||||
Demand
|
$ | 33,508,735 | $ | 32,228,276 | |||
NOW
|
49,293,468 | 44,465,265 | |||||
Money
market
|
42,336,213 | 39,049,403 | |||||
Regular
savings
|
30,950,670 | 19,079,009 | |||||
Brokered
time deposits
|
4,976,378 | 10,906,378 | |||||
Certificates
of deposit
|
213,368,170 | 239,657,655 | |||||
Total
deposits
|
374,433,634 | 385,385,986 | |||||
Federal
Home Loan Bank advances
|
53,960,000 | 40,815,000 | |||||
Structured
repurchase agreements
|
65,000,000 | 65,000,000 | |||||
Short-term
borrowings
|
45,960,429 | 34,435,309 | |||||
Junior
subordinated debentures issued to affiliated trusts
|
16,496,000 | 16,496,000 | |||||
Capital
lease obligation
|
2,306,136 | 2,378,827 | |||||
Other
borrowings
|
2,629,660 | 3,263,817 | |||||
Other
liabilities
|
2,439,814 | 3,056,311 | |||||
Total
liabilities
|
563,225,673 | 550,831,250 | |||||
Commitments
and contingent liabilities
|
|||||||
Stockholders'
equity
|
|||||||
Preferred
stock, $1.00 par value, 1,000,000 shares authorized; 4,227 shares issued
and outstanding
|
|||||||
at
December 31, 2009 and June 30, 2009; liquidation preference of $1,000 per
share
|
4,227 | 4,227 | |||||
Common
stock, at stated value, 15,000,000 shares authorized; 2,322,332 and
2,321,332 shares
|
|||||||
issued
and outstanding at December 31, 2009 and June 30, 2009,
respectively
|
2,322,332 | 2,321,332 | |||||
Warrants
|
133,468 | 133,468 | |||||
Additional
paid-in capital
|
6,731,827 | 6,708,997 | |||||
Retained
earnings
|
37,303,350 | 36,697,712 | |||||
Accumulated
other comprehensive income
|
2,955,704 | 1,451,144 | |||||
Total
stockholders' equity
|
49,450,908 | 47,316,880 | |||||
Total
liabilities and stockholders' equity
|
$ | 612,676,581 | $ | 598,148,130 |
NORTHEAST
BANCORP AND SUBSIDIARY
|
||||||||
(Unaudited)
|
||||||||
Three
Months Ended
|
||||||||
December
31,
|
||||||||
2009
|
2008
|
|||||||
Interest
and dividend income:
|
||||||||
Interest
on loans
|
$ | 6,030,062 | $ | 6,615,786 | ||||
Interest
on Federal Home Loan Bank overnight deposits
|
- | 244 | ||||||
Taxable
interest on available-for-sale securities
|
1,724,484 | 1,833,533 | ||||||
Tax-exempt
interest on available-for-sale securities
|
119,430 | 112,601 | ||||||
Dividends
on available-for-sale securities
|
19,801 | 23,538 | ||||||
Dividends
on Federal Home Loan Bank and Federal Reserve Bank
stock
|
8,949 | 37,806 | ||||||
Other
interest and dividend income
|
2,373 | 29,408 | ||||||
Total
interest and dividend income
|
7,905,099 | 8,652,916 | ||||||
Interest
expense:
|
||||||||
Deposits
|
1,770,788 | 2,376,157 | ||||||
Federal
Home Loan Bank advances
|
475,681 | 659,223 | ||||||
Structured
repurchase agreements
|
707,633 | 763,737 | ||||||
Short-term
borrowings
|
178,369 | 223,973 | ||||||
Junior
subordinated debentures issued to affiliated trusts
|
200,229 | 257,656 | ||||||
FRB
Borrower-in-Custody
|
- | 49,897 | ||||||
Obligation
under capital lease agreements
|
29,489 | 39,511 | ||||||
Other
borrowings
|
56,587 | 56,117 | ||||||
Total
interest expense
|
3,418,776 | 4,426,271 | ||||||
Net
interest and dividend income before provision for loan
losses
|
4,486,323 | 4,226,645 | ||||||
Provision
for loan losses
|
527,649 | 503,561 | ||||||
Net
interest and dividend income after provision for loan
losses
|
3,958,674 | 3,723,084 | ||||||
Noninterest
income:
|
||||||||
Fees
for other services to customers
|
400,980 | 278,042 | ||||||
Net
securities gains
|
14,972 | 26,060 | ||||||
Gain
on sales of loans
|
353,240 | 51,533 | ||||||
Investment
commissions
|
534,976 | 607,628 | ||||||
Insurance
commissions
|
1,379,280 | 1,430,767 | ||||||
BOLI
income
|
126,011 | 122,456 | ||||||
Other income
|
293,186 | 174,763 | ||||||
Total
noninterest income
|
3,102,645 | 2,691,249 | ||||||
Noninterest
expense:
|
||||||||
Salaries
and employee benefits
|
3,518,374 | 3,539,580 | ||||||
Occupancy
expense
|
458,299 | 451,373 | ||||||
Equipment
expense
|
410,570 | 422,391 | ||||||
Intangible
assets amortization
|
186,117 | 188,639 | ||||||
Other
|
1,665,806 | 1,479,660 | ||||||
Total
noninterest expense
|
6,239,166 | 6,081,643 | ||||||
Income
before income tax expense
|
822,153 | 332,690 | ||||||
Income
tax expense
|
172,840 | 39,115 | ||||||
Net
income
|
$ | 649,313 | $ | 293,575 | ||||
|
||||||||
Net
income available to common stockholders
|
$ | 588,519 | $ | 280,637 | ||||
Earnings
per common share:
|
||||||||
Basic
|
$ | 0.25 | $ | 0.12 | ||||
Diluted
|
$ | 0.25 | $ | 0.12 | ||||
Net
interest margin (tax equivalent basis)
|
3.14 | % | 2.99 | % | ||||
Net
interest spread (tax equivalent basis)
|
2.98 | % | 2.82 | % | ||||
Return
on average assets (annualized)
|
0.42 | % | 0.19 | % | ||||
Return
on average equity (annualized)
|
5.18 | % | 2.75 | % | ||||
Efficiency
ratio
|
82 | % | 88 | % |
NORTHEAST
BANCORP AND SUBSIDIARY
|
||||||||
(Unaudited)
|
||||||||
Six
Months Ended
|
||||||||
December
31,
|
||||||||
2009
|
2008
|
|||||||
Interest
and dividend income:
|
||||||||
Interest
on loans
|
$ | 12,069,399 | $ | 13,417,034 | ||||
Interest
on Federal Home Loan Bank overnight deposits
|
- | 244 | ||||||
Taxable
interest on available-for-sale securities
|
3,437,564 | 3,453,458 | ||||||
Tax-exempt
interest on available-for-sale securities
|
234,895 | 227,126 | ||||||
Dividends
on available-for-sale securities
|
27,187 | 35,248 | ||||||
Dividends
on Federal Home Loan Bank and Federal Reserve Bank stock
|
17,903 | 81,949 | ||||||
Other
interest and dividend income
|
7,982 | 32,604 | ||||||
Total
interest and dividend income
|
15,794,930 | 17,247,663 | ||||||
Interest
expense:
|
||||||||
Deposits
|
3,825,084 | 4,913,693 | ||||||
Federal
Home Loan Bank advances
|
879,741 | 1,428,946 | ||||||
Structured
repurchase agreements
|
1,479,388 | 1,421,771 | ||||||
Short-term
borrowings
|
320,605 | 441,431 | ||||||
Junior
subordinated debentures issued to affiliated trusts
|
405,391 | 510,915 | ||||||
FRB
Borrower-in-Custody
|
- | 61,992 | ||||||
Obligation
under capital lease agreements
|
59,440 | 79,461 | ||||||
Other
borrowings
|
113,364 | 121,603 | ||||||
Total
interest expense
|
7,083,013 | 8,979,812 | ||||||
Net
interest and dividend income before provision for loan
losses
|
8,711,917 | 8,267,851 | ||||||
Provision
for loan losses
|
1,082,543 | 1,024,285 | ||||||
Net
interest and dividend income after provision for loan
losses
|
7,629,374 | 7,243,566 | ||||||
Noninterest
income:
|
||||||||
Fees
for other services to customers
|
766,063 | 589,313 | ||||||
Net
securities (losses) gains
|
42,679 | (82,067 | ) | |||||
Gain
on sales of loans
|
566,518 | 111,695 | ||||||
Investment
commissions
|
987,772 | 1,028,330 | ||||||
Insurance
commissions
|
2,963,772 | 2,948,214 | ||||||
BOLI
income
|
251,011 | 245,657 | ||||||
Other income
|
429,903 | 359,592 | ||||||
Total
noninterest income
|
6,007,718 | 5,200,734 | ||||||
Noninterest
expense:
|
||||||||
Salaries
and employee benefits
|
6,922,739 | 6,932,335 | ||||||
Occupancy
expense
|
892,764 | 891,837 | ||||||
Equipment
expense
|
766,030 | 832,910 | ||||||
Intangible
assets amortization
|
372,235 | 383,271 | ||||||
Other
|
3,213,249 | 3,078,970 | ||||||
Total
noninterest expense
|
12,167,017 | 12,119,323 | ||||||
Income
before income tax expense
|
1,470,075 | 324,977 | ||||||
Income
tax expense (benefit)
|
325,093 | (37,713 | ) | |||||
Net
income
|
$ | 1,144,982 | $ | 362,690 | ||||
|
||||||||
Net
income available to common stockholders
|
$ | 1,023,404 | $ | 349,752 | ||||
Earnings
per common share:
|
||||||||
Basic
|
$ | 0.44 | $ | 0.15 | ||||
Diluted
|
$ | 0.44 | $ | 0.15 | ||||
Net
interest margin (tax equivalent basis)
|
3.08 | % | 2.95 | % | ||||
Net
interest spread (tax equivalent basis)
|
2.90 | % | 2.76 | % | ||||
Return
on average assets (annualized)
|
0.37 | % | 0.12 | % | ||||
Return
on average equity (annualized)
|
4.65 | % | 1.74 | % | ||||
Efficiency
ratio
|
83 | % | 90 | % |
NORTHEAST
BANCORP AND SUBSIDIARY
|
|||||||||||||||||||||||
Six
Months Ended December 31, 2009 and 2008
|
|||||||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||||||
Preferred
Stock |
Common
Stock |
Warrants
|
Additional
Paid-in Capital |
Retained
Earnings |
Accumulated
Other Comprehensive (Loss) Income |
Total
|
|||||||||||||||||
Balance
at June 30, 2008
|
$ | - | $ | 2,315,182 | $ | - | $ | 2,582,270 | $ | 36,679,932 | $ | (1,304,072 | ) | $ | 40,273,312 | ||||||||
Net
income for six months ended
12/31/08 |
- | - | - | - | 362,690 | - | 362,690 | ||||||||||||||||
Other
comprehensive income net of tax:
|
|||||||||||||||||||||||
Net
unrealized gain on investments
|
|||||||||||||||||||||||
available
for sale, net of
reclassification adjustment |
- | - | - | - | - | 3,423,119 | 3,423,119 | ||||||||||||||||
Total
comprehensive income
|
3,785,809 | ||||||||||||||||||||||
Dividends
on common stock at $0.18 per
share |
(416,467 | ) | - | (416,467 | ) | ||||||||||||||||||
Net
proceeds from Capital Purchase
Program |
4,227 | - | 133,468 | 4,081,166 | - | - | 4,218,861 | ||||||||||||||||
Stock
options exercised
|
- | 6,000 | - | 44,500 | - | - | 50,500 | ||||||||||||||||
Stock
grant
|
- | 150 | - | 1,578 | - | - | 1,728 | ||||||||||||||||
Accretion
of preferred stock
|
- | - | - | 1,439 | (1,439 | ) | - | - | |||||||||||||||
Amortization
of issuance cost of
preferred stock |
- | - | - | 136 | (136 | ) | - | - | |||||||||||||||
Balance
at December 31, 2008
|
$ | 4,227 | $ | 2,321,332 | $ | 133,468 | $ | 6,711,089 | $ | 36,624,580 | $ | 2,119,047 | $ | 47,913,743 | |||||||||
Balance
at June 30, 2009
|
$ | 4,227 | $ | 2,321,332 | $ | 133,468 | $ | 6,708,997 | $ | 36,697,712 | $ | 1,451,144 | $ | 47,316,880 | |||||||||
Net
income for six months ended
12/31/09 |
- | - | - | - | 1,144,982 | - | 1,144,982 | ||||||||||||||||
Other
comprehensive income net of tax:
|
|||||||||||||||||||||||
Net
unrealized loss on purchased rate
caps |
- | - | - | - | - | (13,347 | ) | (13,347 | ) | ||||||||||||||
Net
unrealized gain on investments
|
|||||||||||||||||||||||
available for sale, net of
reclassification adjustment |
- | - | - | - | - | 1,517,907 | 1,517,907 | ||||||||||||||||
Total
comprehensive income
|
2,649,542 | ||||||||||||||||||||||
Dividends
on preferred stock
|
- | - | - | - | (105,675 | ) | - | (105,675 | ) | ||||||||||||||
Dividends
on common stock at $0.18 per
share |
- | - | - | - | (417,839 | ) | - | (417,839 | ) | ||||||||||||||
Stock
options exercised
|
- | 1,000 | - | 7,000 | - | - | 8,000 | ||||||||||||||||
Accretion
of preferred stock
|
- | - | - | 12,229 | (12,229 | ) | - | - | |||||||||||||||
Amortization
of issuance cost of
preferred stock |
- | - | - | 2,601 | (2,601 | ) | - | - | |||||||||||||||
Balance
at December 31, 2009
|
$ | 4,227 | $ | 2,322,332 | $ | 133,468 | $ | 6,730,827 | $ | 37,304,350 | $ | 2,955,704 | $ | 49,450,908 |
NORTHEAST
BANCORP AND SUBSIDIARY
|
||||||||
(Unaudited)
|
||||||||
Six
Months Ended
|
||||||||
December
31,
|
||||||||
2009
|
2008
|
|||||||
Cash
provided (used) by operating activities:
|
$ | 725,501 | $ | (268,896 | ) | |||
Cash
flows from investing activities:
|
||||||||
Available-for-sale
securities purchased
|
(44,124,089 | ) | (33,208,346 | ) | ||||
Available-for-sale
securities matured
|
24,737,082 | 7,109,660 | ||||||
Available-for-sale
securities sold
|
1,123,849 | 2,703,046 | ||||||
Net
change in loans
|
1,615,685 | 205,382 | ||||||
Net
capital expenditures
|
(521,074 | ) | (1,001,958 | ) | ||||
Proceeds
from sale of acquired assets
|
318,575 | 290,017 | ||||||
Proceeds
from sale of business
|
269,575 | - | ||||||
Net
cash used in investing activities
|
(16,580,397 | ) | (23,902,199 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Net
change in deposits
|
(10,952,352 | ) | 1,616,997 | |||||
Net
change in short-term borrowings
|
11,525,120 | 6,923,967 | ||||||
Dividends
paid
|
(523,515 | ) | (416,467 | ) | ||||
Net
proceeds from Capital Purchase Program
|
- | 4,191,861 | ||||||
Proceeds
from stock options exercised
|
8,000 | 50,500 | ||||||
Advances
from the Federal Home Loan Bank
|
12,500,000 | 5,000,000 | ||||||
Repayment
of advances from the Federal Home Loan Bank
|
(2,000,000 | ) | (10,000,000 | ) | ||||
Net
(payments) advances on Federal Home Loan Bank overnight
advances
|
2,645,000 | (19,680,000 | ) | |||||
Structured
repurchase agreements
|
- | 20,000,000 | ||||||
FRB
borrower-in-custody
|
- | 15,000,000 | ||||||
Purchase
of interest rate caps
|
(325,000 | ) | - | |||||
Repayment
on debt from insurance agencies acquisitions
|
(634,157 | ) | (595,453 | ) | ||||
Repayment
on capital lease obligation
|
(72,691 | ) | (72,110 | ) | ||||
Net
cash provided by financing activities
|
12,170,405 | 22,019,295 | ||||||
Net
decrease cash and cash equivalents
|
(3,684,491 | ) | (2,151,800 | ) | ||||
Cash
and cash equivalents, beginning of period
|
13,022,642 | 12,543,981 | ||||||
Cash
and cash equivalents, end of period
|
$ | 9,338,151 | $ | 10,392,181 | ||||
Cash
and cash equivalents include cash on hand, amounts due from banks, and
interest-bearing deposits.
|
||||||||
Supplemental
schedule of noncash activities:
|
||||||||
Transfer
from loans to acquired assets and other real estate owned
|
$ | 686,759 | $ | 508,839 | ||||
Net
change in valuation for unrealized gains/losses, net of income
tax,
|
||||||||
on
available-for-sale securities and purchased interest rate
caps
|
$ | 1,504,560 | $ | 3,423,119 | ||||
Supplemental
disclosures of cash paid during the period for:
|
||||||||
Income
taxes paid, net of refunds
|
$ | 205,000 | $ | 195,000 | ||||
Interest
paid
|
7,175,970 | 9,034,367 | ||||||
Insurance
Agency acquisitions - see Note 10
|
Affiliated
Trusts
|
Trust
Preferred
Securities
|
Common
Securities
|
Junior
Subordinated
Debentures
|
Interest
Rate
|
Maturity Date |
||||||||||||
BN Capital
Trust II
|
$
|
3,000,000
|
$
|
93,000
|
$
|
3,093,000
|
3.05
|
%
|
March
30, 2034
|
||||||||
NBN Capital
Trust III
|
3,000,000
|
93,000
|
3,093,000
|
3.05
|
%
|
March
30, 2034
|
|||||||||||
NBN Capital
Trust IV
|
10,000,000
|
310,000
|
10,310,000
|
5.88
|
%
|
February
23, 2035
|
|||||||||||
Total
|
$
|
16,000,000
|
$
|
496,000
|
$
|
16,496,000
|
4.82
|
%
|
December
31, 2009
|
June
30, 2009
|
|||||||
Residential
real estate
|
$
|
144,995,437
|
$
|
138,789,985
|
||||
Commercial
real estate
|
127,265,252
|
120,889,910
|
||||||
Construction
|
4,413,439
|
6,383,948
|
||||||
Commercial
|
27,879,183
|
29,137,318
|
||||||
Consumer
& Other
|
84,810,373
|
96,464,967
|
||||||
Total
|
389,363,684
|
391,666,128
|
||||||
Net
Deferred Costs
|
1,590,702
|
1,984,634
|
||||||
Total
Loans
|
$
|
390,954,386
|
$
|
393,650,762
|
Six
months Ended
December
31,
|
||||||||
2009
|
2008
|
|||||||
Balance
at beginning of period
|
$
|
5,764,000
|
$
|
5,656,000
|
||||
Add
provision charged to operations
|
1,082,543
|
1,024,285
|
||||||
Recoveries
on loans previously charged off
|
102,059
|
105,896
|
||||||
6,948,602
|
6,786,181
|
|||||||
Less
loans charged off
|
1,076,602
|
1,065,181
|
||||||
Balance
at end of period
|
$
|
5,872,000
|
$
|
5,721,000
|
December
31, 2009
|
June
30, 2009
|
|||||||||||||||
Amortized
Cost
|
Fair
Value
|
Amortized
Cost
|
Fair
Value
|
|||||||||||||
Debt
securities issued by U. S.
Government-sponsored enterprises
|
$
|
4,992,905
|
$
|
4,965,652
|
$
|
8,995,182
|
$
|
9,029,001
|
||||||||
Mortgage-backed
securities
|
136,347,417
|
141,495,516
|
121,724,975
|
124,904,616
|
||||||||||||
Municipal
bonds
|
12,223,287
|
12,297,443
|
11,762,533
|
11,529,915
|
||||||||||||
Collateralized
Mortgage Obligation
|
7,999,389
|
7,774,864
|
-
|
-
|
||||||||||||
Corporate
bonds
|
989,326
|
1,043,377
|
1,484,571
|
1,491,918
|
||||||||||||
Equity
securities
|
1,272,716
|
994,615
|
1,567,069
|
1,043,078
|
||||||||||||
Trust
preferred securities
|
655,855
|
407,992
|
677,105
|
411,612
|
||||||||||||
$
|
164,480,895
|
$
|
168,979,459
|
$
|
146,211,435
|
$
|
148,410,140
|
December 31, 2009
|
June 30, 2009
|
|||||||||||||||
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
|||||||||||||
Debt
securities issued by U. S. Government-sponsored
enterprises
|
$ | 4,840 | $ | 32,093 | $ | 78,443 | $ | 44,624 | ||||||||
Mortgage-backed
securities
|
5,301,127 | 153,028 | 3,576,997 | 397,356 | ||||||||||||
Municipal
bonds
|
169,560 | 95,404 | 46,083 | 278,701 | ||||||||||||
Corporate
bonds
|
54,051 | - | 18,615 | 11,268 | ||||||||||||
Collateralized
Mortgage Obligation
|
- | 224,525 | - | - | ||||||||||||
Trust
preferred securities
|
- | 247,863 | - | 265,493 | ||||||||||||
Equity
securities
|
20,054 | 298,155 | 26,344 | 550,335 | ||||||||||||
$ | 5,549,632 | $ | 1,051,068 | $ | 3,746,482 | $ | 1,547,777 |
Less than 12 Months
|
More than 12 Months
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|||||||||||||||||||
December
31, 2009:
|
||||||||||||||||||||||||
U.S.
Government-
sponsored enterprises |
$ | 960,770 | $ | 32,093 | $ | - | $ | - | $ | 960,770 | $ | 32,093 | ||||||||||||
Mortgage-backed securities
|
14,702,287 | 153,028 | - | - | 14,702,287 | 153,028 | ||||||||||||||||||
Municipal
bonds
|
2,329,400 | 50,024 | 558,299 | 45,380 | 2,887,699 | 95,404 | ||||||||||||||||||
Corporate
bonds
|
- | - | - | - | - | - | ||||||||||||||||||
Collateralized
Mortgage Obligation
|
7,774,864 | 224,525 | - | - | 7,774,864 | 224,525 | ||||||||||||||||||
Trust
preferred securities
|
80,051 | 1,624 | 327,941 | 246,239 | 407,992 | 247,863 | ||||||||||||||||||
Equity
securities
|
27,621 | 3,708 | 676,397 | 294,447 | 704,018 | 298,155 | ||||||||||||||||||
$ | 25,874,993 | $ | 465,002 | $ | 1,562,637 | $ | 586,066 | $ | 27,437,630 | $ | 1,051,068 |
Less than 12 Months
|
More than 12 Months
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|||||||||||||||||||
June
30, 2009:
|
||||||||||||||||||||||||
U.S.
Government-
sponsored enterprises |
$ | 948,022 | $ | 44,624 | $ | - | $ | - | $ | 948,022 | $ | 44,624 | ||||||||||||
Mortgage-backed securities
|
19,948,839 | 393,117 | 224,084 | 4,239 | 20,172,923 | 397,356 | ||||||||||||||||||
Municipal
bonds
|
6,278,545 | 200,516 | 829,002 | 78,185 | 7,107,547 | 278,701 | ||||||||||||||||||
Corporate
bonds
|
- | - | 488,731 | 11,268 | 488,731 | 11,268 | ||||||||||||||||||
Equity
securities
|
210,607 | 77,388 | 675,083 | 472,947 | 885,690 | 550,335 | ||||||||||||||||||
Trust
preferred securities
|
- | - | 411,612 | 265,493 | 411,612 | 265,493 | ||||||||||||||||||
$ | 27,386,013 | $ | 715,645 | $ | 2,628,512 | $ | 832,132 | $ | 30,014,525 | $ | 1,547,777 |
Equity
Securities
|
Trust
Preferred
Securities
|
Total
|
||||||||||
Total
other-than-temporary impairment losses
|
$ | 65,090 | $ | - | $ | 65,090 | ||||||
Less:
unrealized other-than-temporary losses recognized
in other comprehensive loss (1)
|
- | - | - | |||||||||
Net
impairment losses recognized in earnings (2)
|
$ | 65,090 | $ | - | $ | 65,090 |
December
31, 2009
|
June
30, 2009
|
|||||||||||||
Amortized
Cost
|
Fair
Value
|
Amortized
Cost
|
Fair
Value
|
|||||||||||
Due
in one year or less
|
$
|
-
|
$
|
-
|
$
|
500,000
|
$
|
488,731
|
||||||
Due
after one year through five years
|
4,989,368
|
5,048,258
|
8,987,106
|
9,084,165
|
||||||||||
Due
after ten years
|
21,871,394
|
21,441,070
|
13,432,285
|
12,889,550
|
||||||||||
Mortgage-backed
securities (including securities
with interest rates ranging from 3.5% to
6.4% maturing February 2013
to September2038) |
136,347,417
|
141,495,516
|
121,724,975
|
124,904,616
|
||||||||||
$
|
163,208,179
|
$
|
167,984,844
|
$
|
144,644,366
|
$
|
147,367,062
|
December 31, 2009
|
||||||||||
Principal
Amounts
|
Interest
Rates
|
Maturity
Dates For Periods Ending
December
31,
|
||||||||
$ | 3,460,000 | 0.20% | 2010 | |||||||
8,000,000 | 3.99 - 4.99 | 2011 | ||||||||
15,000,000 | 2.55 - 3.99 | 2013 | ||||||||
12,500,000 | 2.91 - 3.08 | 2014 | ||||||||
10,000,000 | 4.26 | 2016 | ||||||||
5,000,000 | 4.29 | 2017 | ||||||||
$ | 53,960,000 |
June 30, 2009
|
||||||||||
Principal
Amounts
|
Interest
Rates
|
Maturity
Dates For Periods Ending
June
30,
|
||||||||
$ | 2,815,000 | 0.28% - 4.31% | 2010 | |||||||
3,000,000 | 4.99 | 2011 | ||||||||
5,000,000 | 3.99 | 2012 | ||||||||
15,000,000 | 2.55 - 3.99 | 2013 | ||||||||
10,000,000 | 4.26 | 2017 | ||||||||
5,000,000 | 4.29 | 2018 | ||||||||
$ | 40,815,000 |
December 31, 2009
|
|||||
Amount
|
Interest Rate
|
Cap/Floor
|
Amount of Cap/Floor
|
Strike Rate
|
Maturity
|
$20,000,000
|
4.68%
|
Purchased
Caps
|
$40,000,000
|
Expired
|
August
28, 2012
|
$10,000,000
|
3.98%
|
Sold
Floors
|
$20,000,000
|
Expired
|
August
28, 2012
|
$10,000,000
|
4.18%
|
Purchased
Caps
|
$10,000,000
|
Expired
|
December
13, 2012
|
$10,000,000
|
4.30%
|
Purchased
Caps
|
$10,000,000
|
3.79%
|
July
3, 2013
|
$10,000,000
|
4.44%
|
Purchased
Caps
|
$10,000,000
|
3.81%
|
September
23, 2015
|
$ 5,000,000
|
2.86%
|
None
|
March
25, 2014
|
||
$65,000,000
|
June 30, 2009
|
|||||
Amount
|
Interest Rate
|
Cap/Floor
|
Amount of Cap/Floor
|
Strike Rate
|
Maturity
|
$20,000,000
|
4.68%
|
Purchased
Caps
|
$40,000,000
|
5.50%
|
August
28, 2012
|
$10,000,000
|
3.98%
|
Sold
Floors
|
$20,000,000
|
4.86%
|
August
28, 2012
|
$10,000,000
|
4.18%
|
Purchased
Caps
|
$10,000,000
|
4.88%
|
December
13, 2012
|
$10,000,000
|
4.30%
|
Purchased
Caps
|
$10,000,000
|
3.79%
|
July
3, 2013
|
$10,000,000
|
4.44%
|
Purchased
Caps
|
$10,000,000
|
3.81%
|
September
23, 2015
|
$ 5,000,000
|
2.86%
|
None
|
March
25, 2014
|
||
$65,000,000
|
Purchase
price
|
2009 Acquisition
|
2008 Acquisitions
|
2007 Acquisitions
|
|||||||||
Cash
paid
|
$ | 715,000 | $ | 3,701,250 | $ | 2,450,000 | ||||||
Debt
incurred
|
- | 2,823,936 | 2,317,000 | |||||||||
Acquisition
costs
|
2,710 | 36,354 | 21,002 | |||||||||
Total
|
$ | 717,710 | $ | 6,561,540 | $ | 4,788,002 | ||||||
Allocation
of purchase price:
|
||||||||||||
Goodwill
|
$ | 100,160 | $ | 1,545,110 | $ | 2,472,906 | ||||||
Customer
list intangible
|
480,000 | 3,905,000 | 1,970,000 | |||||||||
Non-compete
intangible
|
135,000 | 1,100,000 | 535,000 | |||||||||
Fixed
and other assets
|
2,550 | 11,430 | 14,096 | |||||||||
Deferred
income taxes
|
- | - | (204,000 | ) | ||||||||
Total
|
$ | 717,710 | $ | 6,561,540 | $ | 4,788,002 |
Sale
price
|
$ | 269,575 | ||
Allocated
customer intangible net of amortization
|
153,803 | |||
Gain
recognized
|
$ | 115,772 |
Fair Value Measurements at Reporting Date
Using:
|
||||||||||||||||
December 31, 2009
|
Quoted
Prices in
Active
Markets for
Identical
Assets
Level 1
|
Significant
Other
Observable
Inputs
Level 2
|
Significant
Unobservable
Inputs
Level 3
|
|||||||||||||
Securities
available-for-sale
|
$ | 168,979,459 | 1,402,607 | 167,576,852 | - | |||||||||||
Other
assets – purchased interest rate caps
|
304,777 | - | - | 304,777 |
2009
|
||||
Beginning
balance
|
$ | - | ||
Transferred
in
|
304,777 | |||
Ending
balance at December 31
|
$ | 304,777 |
Fair Value Measurements at Reporting Date
Using:
|
||||||||||||||||
December 31, 2009
|
Quoted
Prices in
Active
Markets for
Identical
Assets
Level 1
|
Significant
Other
Observable
Inputs
Level 2
|
Significant
Unobservable
Inputs
Level 3
|
|||||||||||||
Impaired
Loans
|
$ | 1,833,727 | - | 372,868 | 1,460,859 | |||||||||||
Acquired
assets
|
874,325 | - | 553,534 | 320,791 |
2009
|
2008
|
|||||||
Beginning
balance
|
$ | 1,195,685 | $ | 971,405 | ||||
Loans
transferred in
|
1,241,672 | 1,637,051 | ||||||
Loans
transferred out
|
976,498 | 784,250 | ||||||
Ending
balance at December 31
|
$ | 1,460,859 | $ | 1,824,206 |
2009
|
2008
|
|||||||
Beginning
balance
|
$ | 672,669 | $ | 678,349 | ||||
Loans
transferred in
|
177,795 | 516,659 | ||||||
Loans
transferred out
|
529,673 | 452,834 | ||||||
Ending
balance at December 31
|
$ | 320,791 | $ | 742,174 |
December 31, 2009
|
June 30, 2009
|
|||||||||||||||
Carrying
Value
|
Estimated
Fair Value
|
Carrying
Value
|
Estimated
Fair Value
|
|||||||||||||
(Dollars
in Thousands)
|
||||||||||||||||
Financial
assets:
|
||||||||||||||||
Cash
and cash equivalents
|
$ | 9,338 | $ | 9,338 | $ | 13,023 | $ | 13,023 | ||||||||
Available-for-sale
securities
|
168,979 | 168,979 | 148,410 | 148,410 | ||||||||||||
Regulatory
stock (FHLB and FRB)
|
5,486 | 5,486 | 5,486 | 5,486 | ||||||||||||
Loans
held-for-sale
|
1,555 | 1,559 | 2,437 | 2,444 | ||||||||||||
Loans,
net
|
385,082 | 393,169 | 387,887 | 396,113 | ||||||||||||
Accrued
interest receivable
|
2,242 | 2,242 | 2,200 | 2,200 | ||||||||||||
Other
assets – purchased interest rate caps
|
325 | 305 | - | - | ||||||||||||
Financial
liabilities:
|
||||||||||||||||
Deposits
(with no stated maturity)
|
156,089 | 156,089 | 134,822 | 134,822 | ||||||||||||
Time
deposits
|
218,345 | 221,467 | 250,564 | 254,134 | ||||||||||||
Federal
Home Loan Bank advances
|
53,960 | 56,669 | 40,815 | 43,151 | ||||||||||||
Structured
repurchase agreements
|
65,000 | 70,121 | 65,000 | 70,121 | ||||||||||||
Other
borrowings
|
2,630 | 2,630 | 3,264 | 3,264 | ||||||||||||
Short-term
borrowings
|
45,960 | 45,960 | 34,435 | 34,435 | ||||||||||||
Capital
lease obligation
|
2,306 | 2,440 | 2,379 | 2,517 | ||||||||||||
Junior
subordinated debentures issued to affiliated trusts
|
16,496 | 10,158 | 16,496 | 10,158 |
Asset Derivatives
|
||||||
December 31, 2009
|
Balance
Sheet Location
|
Fair Value
|
||||
Derivatives
designated as hedging instruments under ASC 815:
|
||||||
Interest
rate contracts
|
Other
assets
|
$ | 304,777 |
Difference
Due to
|
||||||||||||
Volume
|
Rate
|
Total
|
||||||||||
Investments
|
$
|
191,126
|
$
|
(323,197
|
)
|
$
|
(132,071
|
)
|
||||
Loans,
net
|
(212,506
|
)
|
(373,218
|
)
|
(585,724
|
)
|
||||||
FHLB
& Other Deposits
|
11,666
|
(38,945
|
)
|
(27,279
|
)
|
|||||||
Total
Interest-earnings Assets
|
(9,714
|
)
|
(735,360
|
)
|
(745,074
|
)
|
||||||
Deposits
|
97,340
|
(702,709
|
)
|
(605,369
|
)
|
|||||||
Securities
sold under Repurchase Agreements
|
28,373
|
(
73,977
|
)
|
(
45,604
|
)
|
|||||||
Borrowings
|
(260,559
|
)
|
(95,963
|
)
|
(356,522
|
)
|
||||||
Total
Interest-bearing Liabilities
|
(134,846
|
)
|
(
872,649
|
)
|
(1,007,495
|
)
|
||||||
Net
Interest and Dividend Income
|
$
|
125,132
|
$
|
137,289
|
$
|
262,421
|
||||||
Rate/volume
amounts which are partly attributable to rate and volume are spread
proportionately between volume and rate based on the direct change
attributable to rate and volume. Borrowings in the table include junior
subordinated notes, FHLB borrowings, structured repurchase agreements,
capital lease obligation and other borrowings. The adjustment to interest
income and yield on a fully tax equivalent basis was $53,163 and $50,420
for the three months ended December 31, 2009 and 2008,
respectively.
|
Difference
Due to
|
||||||||||||
Volume
|
Rate
|
Total
|
||||||||||
Investments
|
$
|
413,475
|
$
|
(491,056
|
)
|
$
|
(77,581
|
)
|
||||
Loans,
net
|
(454,000
|
)
|
(893,635
|
)
|
(1,347,635
|
)
|
||||||
FHLB
& Other Deposits
|
14,682
|
(39,548
|
)
|
(24,866
|
)
|
|||||||
Total
Interest-earnings Assets
|
(25,843
|
)
|
(1,424,239
|
)
|
(1,450,082
|
)
|
||||||
Deposits
|
284,148
|
(1,372,757
|
)
|
(1,088,609
|
)
|
|||||||
Securities
sold under Repurchase Agreements
|
42,068
|
(
162,894
|
)
|
(
120,826
|
)
|
|||||||
Borrowings
|
(532,812
|
)
|
(154,552
|
)
|
(687,364
|
)
|
||||||
Total
Interest-bearing Liabilities
|
(206,596
|
)
|
(
1,690,203
|
)
|
(1,896,799
|
)
|
||||||
Net
Interest and Dividend Income
|
$
|
180,753
|
$
|
265,964
|
$
|
446,717
|
||||||
Rate/volume
amounts which are partly attributable to rate and volume are spread
proportionately between volume and rate based on the direct change
attributable to rate and volume. Borrowings in the table include junior
subordinated notes, FHLB borrowings, structured repurchase agreements,
capital lease obligation and other borrowings. The adjustment to interest
income and yield on a fully tax equivalent basis was $104,653 and $102,002
for the six months ended December 31, 2009 and 2008,
respectively.
|
Consumer
Loans as of
|
||||||||||||||||
December
31, 2009
|
June
30, 2009
|
|||||||||||||||
Indirect
Auto
|
$
|
19,746,419
|
23
|
%
|
$
|
25,862,715
|
27
|
%
|
||||||||
Indirect
RV
|
41,093,555
|
49
|
%
|
46,002,568
|
48
|
%
|
||||||||||
Indirect
Mobile Home
|
17,749,264
|
21
|
%
|
18,874,678
|
19
|
%
|
||||||||||
Subtotal Indirect
|
78,589,238
|
93
|
%
|
90,739,961
|
94
|
%
|
||||||||||
Other
|
6,221,135
|
7
|
%
|
5,725,006
|
6
|
%
|
||||||||||
Total
|
$
|
84,810,373
|
100
|
%
|
$
|
96,464,967
|
100
|
%
|
Description
|
December
31, 2009
|
June
30, 2009
|
|||||
Residential
Real Estate
|
$
|
2,988,000
|
$
|
1,620,000
|
|||
Commercial
Real Estate
|
5,686,000
|
4,373,000
|
|||||
Commercial
Loans
|
2,798,000
|
3,327,000
|
|||||
Consumer
and Other
|
805,000
|
574,000
|
|||||
Total non-performing
|
$
|
12,277,000
|
$
|
9,894,000
|
12/31/09
|
9/30/09
|
6/30/09
|
3/31/09
|
12/31/08
|
||||
5.65%
|
4.46%
|
4.27%
|
5.10%
|
4.35%
|
Brokered
time deposit
|
$ | 147,483,000 |
Subject
to policy limitation of 25% of total assets
|
||
Federal
Home Loan Bank of Boston
|
22,503 ,000 |
Unused
advance capacity subject to eligible
and
qualified collateral |
|||
Federal
Reserve Bank Discount
Window Borrower-
in-Custody |
21,692,000 |
Unused
credit line subject to the pledge of indirect auto
loans and municipal bonds |
|||
Total
Unused Borrowing Capacity
|
$ | 191,678 ,000 |
Affiliated
Trusts
|
Outstanding
Balance
|
Rate
|
First
Call Date
|
||||||
NBN
Capital Trust II
|
$ | 3,093,000 | 3.05 | % |
March
30, 2009
|
||||
NBN
Capital Trust III
|
3,093,000 | 3.05 | % |
March
30, 2009
|
|||||
NBN
Capital Trust IV
|
10,310,000 | 5.88 | % |
February
23, 2010
|
|||||
Total
|
$ | 16,496,000 | 4.82 | % |
Northeast
Bancorp
|
Actual
|
Required
For Capital Adequacy Purposes
|
Required
To Be "Well Capitalized" Under Prompt Corrective Action
Provisions
|
|||||||||||||||||||||
(Dollars
in Thousands)
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
As
of December 31, 2009:
|
||||||||||||||||||||||||
Total
capital to risk weighted assets
|
$
|
55,593
|
13.51
|
%
|
$
|
32,929
|
8.00
|
%
|
$
|
41,161
|
10.00
|
%
|
||||||||||||
Tier
1 capital to risk weighted assets
|
$
|
49,472
|
12.02
|
%
|
$
|
16,464
|
4.00
|
%
|
$
|
24,697
|
6.00
|
%
|
||||||||||||
Tier
1 capital to total average assets
|
$
|
49,472
|
8.28
|
%
|
$
|
23,904
|
4.00
|
%
|
$
|
29,880
|
5.00
|
%
|
Northeast
Bank
|
Actual
|
Required
For Capital Adequacy Purposes
|
Required
To Be "Well Capitalized" Under Prompt Corrective Action
Provisions
|
|||||||||||||||||||||
(Dollars
in Thousands)
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
As
of December 31, 2009:
|
||||||||||||||||||||||||
Total
capital to risk weighted assets
|
$
|
52,555
|
12.85
|
%
|
$
|
32,718
|
8.00
|
%
|
$
|
40,898
|
10.00
|
%
|
||||||||||||
Tier
1 capital to risk weighted assets
|
$
|
47,432
|
11.60
|
%
|
$
|
16,359
|
4.00
|
%
|
$
|
24,539
|
6.00
|
%
|
||||||||||||
Tier
1 capital to total average assets
|
$
|
47,432
|
7.97
|
%
|
$
|
23,798
|
4.00
|
%
|
$
|
29,747
|
5.00
|
%
|
Payments
Due by Period
|
||||||||||||||||||||
Less
Than
|
After
5
|
|||||||||||||||||||
Contractual Obligations
|
Total
|
1
Year
|
1-3
Years
|
4-5
Years
|
Years
|
|||||||||||||||
FHLB
advances
|
$
|
53,960,000
|
$
|
3,460,000
|
$
|
8,000,000
|
$
|
27,500,000
|
$
|
15,000,000
|
||||||||||
Structured repurchase
agreements
|
65,000,000
|
-
|
40,000,000
|
15,000,000
|
10,000,000
|
|||||||||||||||
Junior
subordinated notes
|
16,496,000
|
16,496,000
|
-
|
-
|
||||||||||||||||
Capital
lease obligation
|
2,306,136
|
151,988
|
327,516
|
362,314
|
1,464,318
|
|||||||||||||||
Other
borrowings
|
2,629,660
|
496,028
|
1,090,878
|
1,042,754
|
-
|
|||||||||||||||
Total
long-term debt
|
140,391,796
|
20,604,016
|
49,418,394
|
43,905,068
|
26,464,318
|
|||||||||||||||
Operating
lease obligations (1)
|
1,887,326
|
454,071
|
772,152
|
283,767
|
377,336
|
|||||||||||||||
Total
contractual obligations
|
$
|
142,279,122
|
$
|
21,058,087
|
$
|
50,190,546
|
$
|
44,188,835
|
$
|
26,841,654
|
Amount
of Commitment Expiration - Per Period
|
||||||||||||||||||||
Less
Than
|
After
5
|
|||||||||||||||||||
Commitments with off-balance sheet
risk
|
Total
|
1
Year
|
1-3
Years
|
4-5
Years
|
Years
|
|||||||||||||||
Commitments
to extend credit (2)(4)
|
$
|
19,811,250
|
$
|
19,811,250
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||
Commitments
related to loans held for sale(3)
|
3,030,273
|
3,030,273
|
-
|
-
|
-
|
|||||||||||||||
Unused
lines of credit (4)(5)
|
48,959,451
|
25,754,339
|
1,775,938
|
4,974,274
|
16,454,900
|
|||||||||||||||
Standby
letters of credit (6)
|
982,015
|
980,615
|
1,400
|
-
|
-
|
|||||||||||||||
$
|
72,782,989
|
$
|
49,576,477
|
$
|
1,777,338
|
$
|
4,974,274
|
$
|
16,454,900
|
(1)
|
Represents
an off-balance sheet obligation.
|
(2)
|
Represents
commitments outstanding for residential real estate, commercial real
estate, and commercial loans.
|
(3)
|
Commitments
of residential real estate loans that will be held for
sale.
|
(4)
|
Loan
commitments and unused lines of credit for commercial and construction
loans expire or are subject to renewal in twelve months or
less.
|
(5)
|
Represents
unused lines of credit from commercial, construction, and home equity
loans.
|
(6)
|
Standby
letters of credit generally expire in twelve
months.
|
Item
1.
|
None.
|
|||||||
Item
1. a.
|
None.
|
|||||||
Item
2.(c)
|
The
following table provides information on the purchases made by or on behalf
of the Company of shares of Northeast Bancorp common stock during the
indicated periods.
|
|||||||
Period (1)
|
Total
Number
Of
Shares
Purchased (2)
|
Average
Price
Paid per Share
|
Total
Number of
Shares
Purchased
as
Part of Publicly
Announced Program
|
Maximum
Number of
Shares
that May Yet be
Purchased
Under
The Program (3)
|
||||
Oct.
1 – Oct. 31
|
-
|
-
|
-
|
58,400
|
||||
Nov
1 – Nov. 30
|
-
|
-
|
-
|
58,400
|
||||
Dec.
1 – Dec. 31
|
-
|
-
|
-
|
58,400
|
||||
(1)
|
Based
on trade date, not settlement date.
|
|||||||
(2)
|
Represents
shares purchased in open-market transactions pursuant to the Company's
2006 Stock Repurchase Plan.
|
|||||||
(3)
|
On
December 15, 2006, the Company announced that the Board of Directors of
the Company approved the 2006 Stock Repurchase Plan pursuant to which the
Company is authorized to repurchase in open-market transactions up to
200,000 shares from time to time until the plan expires on December 31,
2010, unless extended. Under the terms of Capital Purchase Program, the
Company is not allowed to repurchase stock except for a limited exception
related to benefit plans.
|
|||||||
Item
3.
|
None
|
|||||||
Item
4.
|
At
the Annual Meeting of Shareholders held in Auburn, Maine on November 10,
2009, the following matters were submitted to a vote of, and approved by,
the Company's shareholders, each such proposal receiving the vote of the
Company's outstanding common shares, as follows:
Proposal
1 - Election of Directors:
|
|||||||
Votes For
|
Votes Withheld
|
|||||||
Conrad
L. Ayotte
|
1,686,793
|
230,925
|
||||||
James
P. Day
|
1,686,293
|
231,425
|
||||||
James
D. Delamater
|
1,686,793
|
230,925
|
||||||
Ronald
J. Goguen
|
1,685,393
|
232,325
|
||||||
Philip
C. Jackson
|
1,686,293
|
231,425
|
||||||
Judith
W. Kelley
|
1,686,793
|
230,925
|
||||||
Pender
J. Lazenby
|
1,686,293
|
231,425
|
||||||
John
C. Orestis
|
1,686,793
|
230,925
|
||||||
John
Rosmarin
|
1,685,393
|
232,325
|
||||||
John
H. Schiav
|
1,684,893
|
232,825
|
||||||
Stephen
W. Wight
|
1,683,668
|
234,050
|
||||||
Proposal
2 – Advisory Vote on Executive Compensation
|
||||||||
Vote For
|
Against
|
Abstain
|
||||||
1,548,999
|
319,254
|
49,465
|
||||||
Item
5.
|
None.
|
|||||||
Item
6.
|
||||||||
List
of Exhibits:
|
||||||||
Exhibits No.
|
Description
|
|||||||
3.1
|
Articles
(incorporated by reference to the Company’s June 30, 2007 10K filed on
September 27, 2007)
|
|||||||
3.2
|
Bylaws
(incorporated by reference to the Company’s June 30, 2007 10K filed on
September 27, 2007)
|
|||||||
11
|
Statement
Regarding Computation of Per Share Earnings.
|
|||||||
31.1
|
Certification
of the Chief Executive Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002 (Rule 13a-14(a)).
|
|||||||
31.2
|
Certification
of the Chief Financial Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002 (Rule 13a-14(a)).
|
|||||||
32.1
|
Certificate
of the Chief Executive Officer Pursuant to 18 U.S.C. Section
1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 (Rule 13a-14(b)).
|
|||||||
32.2
|
Certificate
of the Chief Financial Officer Pursuant to 18 U.S.C. Section
1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 (Rule 13a-14(b)).
|
Date: February
12, 2010
|
NORTHEAST
BANCORP
|
|
By:
|
/s/
James D. Delamater
|
|
James D. Delamater
|
||
President and CEO
|
||
By:
|
/s/
Robert S. Johnson
|
|
Robert S. Johnson
|
||
Chief Financial Officer
|
||
Exhibit
No.
|
Description
|
3.1
|
Articles
(incorporated by reference to the Company’s June 30, 2007 10K filed on
September 27, 2007)
|
3.2
|
Bylaws
(incorporated by reference to the Company’s June 30, 2007 10K filed on
September 27, 2007)
|
11
|
Statement
Regarding Computation of Per Share Earnings
|
31.1
|
Certification
of the Chief Executive Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002 (Rule 13a-14(a)).
|
31.2
|
Certification
of the Chief Financial Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002 (Rule 13a-14(a)).
|
32.1
|
Certificate
of the Chief Executive Pursuant to 18 U.S.C. Section 1350, as
Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Rule
13a-14(b)).
|
32.2
|
Certificate
of the Chief Financial Officer Pursuant to 18 U.S.C. Section
1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 (Rule 13a-14(b)).
|
NORTHEAST
BANCORP
|
||||||||
Exhibit
11. Statement Regarding Computation of Per Share Earnings
|
||||||||
Three
Months Ended
|
Three
Months Ended
|
|||||||
December
31, 2009
|
December
31, 2008
|
|||||||
EQUIVALENT
SHARES:
|
||||||||
Weighted
Average Shares Outstanding
|
2,321,528 | 2,321,264 | ||||||
Total
Diluted Shares
|
2,323,073 | 2,321,480 | ||||||
Net
Income
|
$ | 649,313 | $ | 293,575 | ||||
Less:
|
||||||||
Preferred
Stock Dividend
|
52,837 | 11,363 | ||||||
Accretion
of Preferred Stock
|
6,657 | 1,439 | ||||||
Amortization
of issuance costs
|
1,300 | 136 | ||||||
Net
income available to common stockholders
|
$ | 588,519 | $ | 280,637 | ||||
Basic
Earnings Per Share
|
$ | 0.25 | $ | 0.12 | ||||
Diluted
Earnings Per Share
|
$ | 0.25 | $ | 0.12 | ||||
Six
Months Ended
|
Six
Months Ended
|
|||||||
December
31, 2009
|
December
31, 2008
|
|||||||
EQUIVALENT
SHARES:
|
||||||||
Weighted
Average Shares Outstanding
|
2,321,430 | 2,318,353 | ||||||
Total
Diluted Shares
|
2,326,204 | 2,332,132 | ||||||
Net
Income
|
$ | 1,144,982 | $ | 362,690 | ||||
Less:
|
||||||||
Preferred
Stock Dividend
|
105,675 | 11,363 | ||||||
Accretion
of Preferred Stock
|
13,303 | 1,439 | ||||||
Amortization
of issuance costs
|
2,600 | 136 | ||||||
Net
income available to common stockholders
|
$ | 1,023,404 | $ | 349,752 | ||||
Basic
Earnings Per Share
|
$ | 0.44 | $ | 0.15 | ||||
Diluted
Earnings Per Share
|
$ | 0.44 | $ | 0.15 |
I,
James D. Delamater, certify that:
|
|
1.
|
I
have reviewed this quarterly report on Form 10-Q of Northeast
Bancorp;
|
2.
|
Based
on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
|
3.
|
Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this
report;
|
4.
|
The
registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant
and have
|
(a) Designed
such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being
prepared;
|
|
(b) Evaluated
the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures, as of the end of the period
covered by this report based on such evaluation; and
|
|
(c) Disclosed
in this report any change in the registrant's internal control over
financial reporting that occurred during the registrant's most recent
fiscal quarter (the registrant's fourth quarter in the case of an annual
report) that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial
reporting; and
|
|
5.
|
The
registrant's other certifying officer and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to
the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent
functions):
|
(a) All
significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to record,
process, summarize and report financial information;
and
|
|
(b) Any
fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control
over financial reporting.
|
February
12, 2010
|
/s/ James D. Delamater
|
James
D. Delamater
|
|
Chief
Executive Officer
|
I,
Robert S. Johnson, certify that:
|
|
1.
|
I
have reviewed this quarterly report on Form 10-Q of Northeast
Bancorp;
|
2.
|
Based
on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
|
3.
|
Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this
report;
|
4.
|
The
registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant
and have:
|
(a) Designed
such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being
prepared;
|
|
(b) Evaluated
the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures, as of the end of the period
covered by this report based on such evaluation; and
|
|
(c) Disclosed
in this report any change in the registrant's internal control over
financial reporting that occurred during the registrant's most recent
fiscal quarter (the registrant's fourth quarter in the case of an annual
report) that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial
reporting; and
|
|
5.
|
The
registrant's other certifying officer and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to
the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent
functions):
|
(a) All
significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to record,
process, summarize and report financial information;
and
|
|
(b) Any
fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control
over financial reporting.
|
February
12, 2010
|
/s/ Robert S. Johnson
|
Robert
S. Johnson
|
|
Chief
Financial Officer
|
In
connection with the Quarterly Report of Northeast Bancorp. (the "Company")
on Form 10-Q for the quarterly period ending December 31, 2009 as filed
with the Securities and Exchange Commission on the date hereof (the
"Report"), I, James D. Delamater, as Chief Executive Officer of the
Company, hereby certify pursuant to 18 U.S.C. 1350, as adopted pursuant to
906 of the Sarbanes-Oxley Act of 2002, that:
|
|
(1) The
Report fully complies with the requirements of Section 13(a) of the
Securities Exchange Act of 1934; and
|
|
(2) The
information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company
for the dates and the periods covered by the Report.
|
|
A
signed original of this written statement has been provided to Northeast
Bancorp and will be retained by Northeast Bancorp and furnished to the
Securities and Exchange Commission or its staff upon
request.
|
February
12, 2010
|
/s/ James D. Delamater
|
James
D. Delamater
|
|
Chief
Executive Officer
|
In
connection with the Quarterly Report of Northeast Bancorp. (the "Company")
on Form 10-Q for the quarterly period ending December 31, 2009 as filed
with the Securities and Exchange Commission on the date hereof (the
"Report"), I, Robert S. Johnson, as Chief Financial Officer of the
Company, hereby certify pursuant to 18 U.S.C. 1350, as adopted pursuant to
906 of the Sarbanes-Oxley Act of 2002, that:
|
|
(1) The
Report fully complies with the requirements of Section 13(a) of the
Securities Exchange Act of 1934; and
|
|
(2) The
information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company
for the dates and the periods covered by the Report.
|
|
A
signed original of this written statement has been provided to Northeast
Bancorp and will be retained by Northeast Bancorp and furnished to the
Securities and Exchange Commission or its staff upon
request.
|
February
12, 2010
|
/s/ Robert S. Johnson
|
Robert
S. Johnson
|
|
Chief
Financial Officer
|