Katahdin Bankshares Reports Nine Month Earnings
20 Octobre 2010 - 10:31PM
Katahdin Bankshares Corp. (OTCBB:KTHN) parent company of Katahdin
Trust Company, today announced earnings through September 30th of
$3,596,000 before preferred stock dividends, an increase of 28.8%
over the same period last year. "We are pleased with our nine month
performance and anticipate our finish to the year to be a solid
one," said Jon J. Prescott President & CEO of Katahdin Trust
Company. Third quarter net income of $1,133,000, before stock
dividends, was up 11.7% over 2009's. Prescott attributed a large
part of the Bank's increased earnings to strong operating
performance which was the result of both loan growth and an
increase in net interest spread.
Total loans at $399,584,000 represented an increase
of $14.2 million over the third quarter of 2009. Deposits at
$386,028,000 were up slightly over the prior
year.
Total assets for the end of the quarter were
$498,243,000, an increase of $5.8 million over the prior
year.
Prescott also stated that the Bank had opened its
15th branch location at 609 Broadway, Bangor in August and
construction would begin for a branch office on Western Avenue,
Hampden in late October with a targeted completion date of
mid-2011.
The Company issued a second quarter cash dividend
of $.082 per share which was paid on September 27,
2010.
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 www.otcbb.com. Katahdin Bankshares Corp. recently
received recognition by U.S. Banker magazine, for the 4th
consecutive year, as one of the top 200 community banks in the
country.
Established in 1918, Katahdin Trust Company
provides banking services to individuals and businesses from 15
offices in central and northern Maine, online at
www.katahdintrust.com, and operates commercial loan offices in
Bangor and Scarborough.
The Katahdin Bankshares Corp. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7340
CONTACT: Katahdin Trust Company
Vicki Smith, Senior Vice President
(207) 521-0455, Ext. 135
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