Katahdin Bankshares Reports 2nd Quarter Earnings and Record Growth
20 Juli 2012 - 4:30PM
Katahdin Bankshares Corp. (OTCQB:KTHN), parent company of Katahdin
Trust Company, today announced 2nd quarter earnings of $2.1
million. "Although this was down 1.7% from the same period in
2011, we are pleased with the results," stated President & CEO,
Jon J Prescott.
In commenting on the 2nd quarter's performance
Prescott stated that total assets, loans, deposits and equity all
achieved record levels. Total assets grew to nearly $570
million, an increase of 8.6% over the prior year, which Prescott
attributed to very strong loan growth of just under $50 million, an
increase of 11.6% over the same period last year. Deposits
increased to $471,478,000, up 13.0% over the 2nd quarter in 2011
and shareholders' equity grew 5.6% to $56,736,000.
"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. The Bank opened its 17th branch location and 3rd in
the greater Bangor area this past May. Prescott also commented
on other significant achievements attained in the 2nd
quarter. In May the Company was recognized as one of the Top
200 Community Banks in the country by American Banker magazine for
the 6th consecutive year. In June the Bank was designated as a
Preferred Lender by the U.S. Small Business Association (SBA) in
its SBA Loan Programs. "This status is reserved for SBA's most
experienced and trusted lenders with a proven record of lending
performance and excellence," said Prescott, "and, it will enable
our commercial service officers to process and close SBA loans more
quickly."
The Company issued a second quarter cash dividend
on June 25th of $.09 per share which was 9.8% above the second
quarter of 2012.
Katahdin Bankshares Corp. stock is quoted on the
OTC Markets quote board OTCQB under the symbol KTHN. Current stock
information can be found at otcmarkets.com/home.
The Katahdin Bankshares Corp. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7340
Katahdin Trust Company, established in 1918, provides banking
services to individuals and businesses from 17 offices in northern
and central Maine, online at www.katahdintrust.com, and operates a
commercial loan office in Scarborough.
CONTACT: Vicki Smith
Senior Vice President, Marketing & Communications
Katahdin Trust Company
(207) 521-0455, Ext. 135
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