Local bank announces record earnings for 2006
Katahdin Bankshares Corp., the parent company of Katahdin Trust Company, has reported 2006 earnings of over $4 million, the highest earnings in the company’s history. Net income for the fourth quarter at $1,122,000, represented an increase of $216,000.
“We are extremely pleased with our 2006 performance,” said Jon J. Prescott, president and CEO of Katahdin Trust Company. “Our net income of $4,117,000 represented an increase of 18.6 percent over the prior year. Strong loan growth and local deposit growth coupled with solid expense control resulted in excellent earnings during challenging economic times. Our 145 employees were the essential reason for our successful year and I thank them for their commitment and dedication to the company.”
Prescott also stated that earnings per share at year-end 2006 were $13.70, representing an
increase of 19.2 percent over the prior year.
The company ended 2006 with total assets at $393,360,000, an increase of $23.4 million or 6.3 percent. Deposits grew by $32,220,000, up 11.4 percent from the prior year, reaching $314,866,000. Net loans outstanding at year-end reached $289,687,000, an 8.8 percent increase over the prior year.
The Company’s fourth-quarter dividend of $.55 per share represented a 19.6 percent annualized increase over 2006.
In commenting on 2007 Prescott said, “Maintaining earnings at levels of the past few years will continue to be a challenge as interest margins continue to shrink.”
He also stated that the bank would be evaluating new products for retail and business customers.
Katahdin Bankshares Corp. stock is quoted on the NASDAQ Over-the-Counter Bulletin Board
(OTCBB) under the symbol KTHN. Current stock information can be found on the OTCBB Web site at www.otcbb.com.
Katahdin Bankshares Corp. announces 23.6 percent dividend increase
PATTEN, Maine – Katahdin Bankshares Corp., parent company of Katahdin Trust Company, today announced that it has declared a cash dividend of $.68 per share for the first quarter of 2007. In making the announcement Jon J. Prescott, Katahdin Trust Company president and CEO, stated this represented an increase of 23.6 percent over last year’s first-quarter dividend. The dividend will be payable on March 30 to all shareholders of record as of March 16.
Katahdin Bankshares Corp. stock is quoted on the NASDAQ Over-the-Counter Bulletin Board (OTCBB) under the symbol KTHN. Current stock information can be found on the OTCBB Web site at www.otcbb.com.
Katahdin Trust Company provides banking services to individuals and businesses throughout the northern Maine area from 14 offices located in Ashland, Caribou, Eagle Lake, Easton, Fort Fairfield, Houlton, Island Falls, Limestone, Mars Hill, Oakfield, Patten, Presque Isle, Van Buren and Washburn, online at www.katahdintrust.com and through a loan production office, Maine Financial Group, in Scarborough.
