Lewiston-based Northeast Bancorp said Tuesday that it had profits of $168,000 in the third quarter, up from $156,000 from the same period a year ago.
During the quarter, the bank’s insurance agency division were acquired by local agencies in two separate transactions. Also, in the last nine months, the bank purchased loans totaling $59.8 million, and purchased an additional $14.6 million in loans in April.
“We are very pleased with the progress of our loan purchasing business,” said Richard Wayne, president and CEO, in the earnings release. “While transactional income, which includes accelerated accretion recognized on loan payoffs and gains on sales of purchased loans, may vary significantly from quarter to quarter, we are encouraged by the results in the 10 months since we launched this new business line.”
The bank trades on the NASDAQ under the “NBN” symbol. It has 10 bank offices across the state.