Katahdin Bankshares Reports 2010 Record Earnings of $4.7 Million
26 Janvier 2011 - 10:32PM
Katahdin Bankshares Corp. (OTCBB:KTHN), parent company of Katahdin
Trust Company, today announced earnings for 2010 of $4,749,000.
Katahdin Trust Company, President & CEO, Jon Prescott said, "We
are very pleased with our 2010 results which can be attributed in
large part to our continued strong operating earnings with good
loan growth and ongoing improvement in our asset
quality," Prescott stated the earnings were a record for the
Company.
Total assets at December 31st reached a record high
of $509,812,000. Total loans at $407,429,000 represented an
increase of $16,685,000 or 4.3% over the prior year. Deposits
grew by 3.7% to $402,974,000, resulting from growth in the checking
and savings categories.
Prescott further stated that these types of results
could not have been achieved without the efforts and commitment of
the Bank's 178 employees who work diligently day after day to carry
out the Bank's strategic initiatives. In 2010 the Bank was
recognized for the 4th consecutive year by U.S. Banker Magazine as
one of the Top 200 Community Banks in the United States with
respect to Average Return on Equity over a three-year
period.
In commenting on 2011 Prescott stated that it would
indeed be a challenging year with the current economy and the
additional regulatory burdens that banks will be
facing. However, Prescott stated this will not hinder the
Bank's growth plans as we will continue with our expansion efforts
in the greater Bangor area with the opening of our 16th branch
location at 57 Western Avenue, Hampden in
mid-2011.
The Company issued a fourth quarter cash dividend
of $.082 per share which was paid on December 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.
Established in 1918, Katahdin Trust Company provides banking
services to individuals and businesses from 15 offices in northern
and central Maine, online at www.katahdintrust.com and operates
commercial loan offices in Bangor and Scarborough.
The Katahdin Bankshares Corp. logo is available
athttp://www.globenewswire.com/newsroom/prs/?pkgid=7340
CONTACT: Vicki Smith, Senior Vice President
Katahdin Trust Company
(207) 521-0455, Ext. 135
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