HARTFORD, Conn. -- Northeast Federal Corp. posted a loss of 21 cents per share, fully diluted, for the quarter that ended June 30.

The company said it earned $158,000 in the quarter, the first of its fiscal year. The per-share loss was after dividends on preferred stock.

In the comparable quarter last year, the parent of Northeast Savings earned $3.6 million, or 24 cents a share, including $1 million attributable to its adoption of a new accounting treatment for income taxes under Financial Accounting Standard 109.

The $3.4 million decline in net income was expected, said chairman George P. Rutland, who noted that the thrift has been operating in the black for nine straight quarters. Average interest-earning assets fell to $3.9 billion from $4.4 billion as Northeast moved to raise its capital ratios. Net interest income fell by $2.9 million.

Total assets were about even with the $4 billion reported on June 30, 1991.

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