Northeast Bancorp announced unaudited earnings results for the first quarter ended September 30, 2009. The company recorded $435,000 in net income for the quarter ended September 30, 2009, an increase of 530% compared to the $69,000 in net income available to common stockholders earned during the same period a year earlier. Growth in net interest margin, gains on the sale of loans and increased revenue within both the insurance and investment brokerage divisions contributed to the growth of net income available to common stockholders to $0.19 per diluted share for the first quarter of 2009, compared to $0.03 per diluted share during the same period in 2008. Adjusted net income available to common shareholders was $556,000 compared to $196,000 for the same period last year. Excluding amortization of customer lists and intangible expenses, net income available to common stockholders per diluted share was $0.24 for the quarter ended September 30, 2009 compared to $0.08 diluted per share for the same period last year. The company reported operating income before income tax of $648,000 and net interest income of $4,226,000 compared to operating loss before income tax of $8,000 and net interest income of $4,041,000 for the same period last year. The company reported book value per common share of $19.36 compared to $17.80 for the same period last year. The company reported return on average assets of 0.33% and return on equity of 4.10% compared to return on average assets of 0.05% and return on equity of 0.68% for the same period last year. In September, the company announced plans to open a technologically advanced branch in Poland, Maine, which could serve as a model for the company. It will have an advanced ATM machine that scans cash and checks to facilitate 24-hour banking. The branch also will use a 'dialogue banking' format designed to increase interaction and relationships between customers and the Bank. The company also announced plans in October to close branches at 882 Lisbon St. in Lewiston and 26 Pleasant St. in Mechanic Falls early next year. The company declared payment of its regularly quarterly dividend of $0.09 per share, payable on November 20, 2009 to shareholders of record as of October 30, 2009.

Northeast Bancorp, Annual General Meeting, Nov 10, 2009, at 11:00 US Eastern Time. Location: The Hilton Garden Inn, Auburn River Watch, 14 Great Falls Plaza, Auburn, ME 04210, United States. Agenda: To elect eleven directors as members of the Board of Directors of the company for a one year term; to consider and approve an advisory (non-binding) proposal concerning the company's executive compensation program; and to transact such other business as may properly come before the annual meeting or any adjournment thereof.

Northeast Bancorp reported unaudited earnings results for the fourth quarter and full year ended June 30, 2009. For the period, the company reported net income available to common stockholder was $148,000 or $0.06 diluted earnings per common share compared to net income available to common stockholder of $426,000 or $0.18 diluted earnings per common share for the same period a year ago. Operating income before income tax was $199,000 and book value per share was $18.57 compared to operating income before income tax of $493,000 and book value per share of $17.40 for the same period a year ago. Adjusted net income available to common shareholders was $269,000 or $0.12 adjusted diluted earnings per common share compared to $542,000 or $0.23 per share for the same period a year ago. Return on average assets was 0.14% and return in equity was 1.72% compared to return on average assets of 0.29% and return in equity of 4.01% for the same period a year ago. For the year, the company reported net income available to common stockholder was $825,000 or $0.36 diluted earnings per common share compared to net income available to common stockholder of $1,931,000 or $0.82 diluted earnings per common share for the same period a year ago. Operating income before income tax was $998,000 compared to $2,459,000 for the same period a year ago. Overall revenues net of interest expense were $28,318,726, an increase of 13% over revenues for the same period in 2008. The increase in net Revenue was attributable to the company's growth in non-interest income, particularly insurance brokerage commissions and gains on loan sales, and an improved net interest margin, resulting from a more favorable deposit pricing mix. Adjusted net income available to common shareholders was $1,314,000 or $0.57 adjusted diluted earnings per common share compared to $2,330,000 or $0.98 per share for the same period a year ago. Return on average assets was 0.16% and return in equity was 2.14% compared to return on average assets of 0.33% and return in equity of 4.63% for the same period a year ago.