Northeast Bancorp in Lewiston, Maine, said Monday that earnings in its fiscal fourth quarter, which ended June 30, slipped about 1.4% from a year earlier, to just over $1 million.
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For its fiscal year, net income was flat, at $4 million.
The $563 million-asset company attributed the slight drop in quarterly earnings to costs associated with the construction of a new headquarters and operations center, a lower net interest margin, and reduced loan volume.
Noninterest expenses rose 11%, to $4.7 million, and interest expenses jumped 23%, to $4.6 million. Net interest income fell 11%, to $4.3 million.
