Katahdin Trust company announces dividends – 2010

Katahdin Bankshares Corp. parent company of Katahdin Trust Company, has announced earnings of $1,124,000 for the first quarter of 2010.
“We are very pleased with our first quarter results which represented a 46.4 percent increase over the same period last year and a 22.7 percent increase over the fourth quarter of 2009,” said Jon J. Prescott President and CEO of Katahdin Trust Company.
Prescott attributed a large part of the Bank’s increased earnings to loan growth and continued strong operating performance. Total loans at $393,169,000 represented an increase of $36,963,000 or 10.4 percent while deposits increased by $42,576,000 over the same period in 2009. Total assets reached a record high of $498,993,000.
Prescott also stated that expansion plans were on target for a new office on Broadway in Bangor by late summer and in Hampden by late 2010. The Company issued a fourth quarter cash dividend of $.082 per share which was paid on March 29. Katahdin Bankshares Corp. stock is quoted on the Over-the-Counter Bulletin Board (OTCBB) under the symbol KTHN.  Current stock information can be found on the OTCBB website at otcbb.com.