Katahdin Trust Company reports 2011 financial results

by Staff Pioneer Times
14 years ago

    HOULTON — Katahdin Bankshares Corp., parent company of Katahdin Trust Company, has announced 2011 financial results. The 2011 earnings were $4,561,000, a decrease of 4 percent from the prior year.
    “Although earnings are down slightly, we are very pleased with our continued strong performance in a struggling economy,” said Jon J. Prescott, president and CEO for the bank. “Our results can be attributed in large part to continued strong operating earnings with good loan growth and ongoing improvement in our asset quality.”
    Total assets at Dec. 31 reached a record high of $527,897,000, up 3.6 percent from the prior year. Total loans at $437,796,000 represented an increase of $30,367,000 or 7.5 percent over the prior year. Deposits grew by 5.4 percent over the prior year to $424,643,000 with core deposit growth representing a majority of the increase.
    Prescott further stated that these type of results could not have been achieved without the efforts and commitment of the Bank’s 187 employees who work diligently day after day to carry out the Bank’s strategic initiatives. In 2011 the Bank was recognized for the 5th consecutive year by U.S. Banker Magazine as one of the Top 200 Community Banks in the United States.
    In commenting on 2012 Prescott stated that it would indeed be a challenging year for banks but also said that this will not hinder Katahdin Trust Company’s growth plans as expansion efforts continue in the greater Bangor area with the opening of an office on Springer Drive in the Christmas Tree Shops Plaza. This will mark the Bank’s 17th branch location and its third location in the greater Bangor area.
    The company issued a fourth quarter cash dividend on Dec. 26 of $.09 per share which represented an increase of 9.8 percent over the prior period.
    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.
    Katahdin Trust Company, established in 1918, provides banking services to individuals and businesses from 16 offices in northern and central Maine, online at www.katahdintrust.com, and operates commercial loan offices in Bangor and Scarborough.