HARTFORD, Conn. - Northeast Federal Corp., the parent of Northeast Savings, narrowed its loss in the third quarter to $1.9 million from $59.8 million a year earlier.
The company, which has $3.9 billion of assets, said the latest loss resulted from a decrease in net interest income and an increase in expenses from foreclosed real estate. The company said the results reflected the sluggish economies in New England and California, where it primarily operates.
For the first nine months this year, the company lost $11.2 million, versus a $59.4 million loss in the same period last year.
The third-quarter loss last year included a $56.6 million valuation adjustment to supervisory goodwill.
