Mainebiz

W W W. M A I N E B I Z . B I Z 11 M AY 5 , 2 0 2 0 Handcrafting and managing sustainable investment portfolios which reflect the values of Maine families and nonprofits for over 25 years. Call us to start a conversation… 207•873•2200 www.goldenpondwealth.com Brian Bernatchez, CFP® has won the Forbes Best-In-State Wealth Advisor ranking, developed by SHOOK Research, is based on in-pers und ngs Q1 bank earnings showing effect of past-due loans N ortheast Bank (Nasdaq: NBN) reported a 60% year-over-year drop in quarterly earnings, resulting mainly from provisions for loan losses. The Portland-based bank reported net income of $1.9 million, or 21 cents per diluted common share, for the quarter ended March 31, compared to $4.8 million, or 52 cents per share, for the same quarter in 2019. Earnings for the nine months ended March 31 were $11.5 million, or $1.25 per diluted common share, compared to $14.5 million, or $1.58 per share, for the same period last year. Northeast increased its provision for the loan losses by $3.1 million during the quarter, according to its filing with the Securities and Exchange Commission. For the nine months ending March 31, past due loans totaled $36.4 million, or 3.52% of total loans, com- pared to past due loans of $14.6 million, or 1.50% of total loans, for the previous nine months. The increase was primarily due to a total of 27 loans becoming past due during the most recent nine months, the bank said. Northeast also originated 194 loans totaling $37.2 million through the recently enacted Paycheck Protection Program, CEO Rick Wayne said. "While we did not envision that the market event would be this global pandemic, our long-standing credit discipline has generated a strong loan portfolio with a weighted average loan-to-value of approximately 53%," Wayne said. The bank reported total assets of $1.23 billion, an increase of $77.6 million, or 6.7%, from the total of $1.15 billion on June 30, 2019. In other banking results, First Bancorp (Nasdaq: FNLC), the Damariscotta-based parent company of First National Bank, reported its quarterly net income increased 5.5% over the same quarter last year. Earning for the quarter ended March 31 were $6.5 million, up $339,000 from the $6.2 million reported March 31, 2019. Earnings per common share on a fully diluted basis were up 3 cents to 60 cents per share, an increase of 5.3% from the prior year. Total assets on March 31, 2020, were $2.14 bil- lion, up $67.6 million in the first quarter and up $145 million from a year ago. "Against a backdrop of unprecedented challenges brought about by the outbreak of COVID-19, I'm pleased to share that First Bancorp posted strong operating results in the first quarter," said President and CEO Tony C. McKim in a press release. "Earning asset growth was again a driving factor in our per- formance, as was growth in non-interest income." B I Z M O N E Y Northeast increased its provision for the loan losses by $3.1 million during the quarter. S O U R C E : Securities and Exchange Commission Nine months ending 3/31/19 NORTHEAST BANK EARNINGS Nine months ending 3/31/20 NORTHEAST BANK PAST DUE LOANS Nine months ending 3/31/20 Nine months ending 3/31/19 $36.4 million 3.52% of total loans $14.6 million 1.50% of total loans $14.5 million $1.58 per share $11.5 million $1.25 per share

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