HOULTON — Katahdin Bankshares Corp. parent company of Katahdin Trust Company, today announced earnings of $1,134,000 for the first quarter of 2011. “We are very pleased with our first quarter results which represented a slight increase over the same period last year,” said Jon J. Prescott President & CEO of Katahdin Trust Company. Prescott attributed the Bank’s consistent earnings to continued loan growth and the improving quality of the Bank’s loan portfolio.
Total loans at $414,776,000 represented an increase of $21,607,000 over the same period last year while deposits increased by $17,145,000 to $403,105,000.
Total assets reached a record high of $511,567,000.
Prescott also stated that expansion plans were on target for the June opening of a new branch office in Hampden. The Company issued a fourth quarter cash dividend of $.082 per share which was paid on March 28.
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