Northeast Bank Reports Strong Q1 Earnings Growth
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Northeast Bank reported strong Q1 earnings with a net income of $22.5 million, up from $17.1 million year-over-year. The bank declared a cash dividend of $0.01 per share. Key financial highlights include a $9.2 million increase in net interest and dividend income, totaling $48.2 million, despite a 2.5% decrease in total assets to $4.17 billion. The bank's return on average equity was 17.6%, and shareholders’ equity grew by 3.9% to $513.6 million. Management is optimistic about future growth opportunities.
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