Katahdin Bankshares sees earnings dip in Q2

By Matt Wickenheiser, BDN Staff
Posted July 20, 2012, at 11:06 a.m.

Katahdin Bankshares Corp. said Friday it had second-quarter earnings of $2.1 million, down slightly from the same period a year ago.

“Although this was down 1.7 percent from the same period in 2011, we are pleased with the results,” said Katahdin Bankshares President and CEO Jon J. Prescott in a release.

Katahdin Bankshares, the parent company of Katahdin Trust Co., said its total assets grew to nearly $570 million, an increase of 8.6 percent over the prior year. Deposits increased to $471 million, up 13 percent over the second quarter of 2011.

“Despite a continued sluggish economy and the near-zero interest rate environment conferred upon us by the Federal Reserve, we have been able to keep earnings at a good level and productively expand our banking operation,” said Prescott.

He noted that the bank opened its 17th branch location and third in the greater Bangor area in May, and in June was designated as a Preferred Lender by the U.S. Small Business Association.

Katahdin Bankshares Corp. trades on the OTC Markets quote board OTCQB under the symbol KTHN. The company has 17 offices and 191 employees statewide.

http://bangordailynews.com/2012/07/20/business/katahdin-bankshares-sees-earnings-dip-in-q2/ printed on October 23, 2014