HOULTON, Maine, July 20, 2012 (GLOBE NEWSWIRE) -- Katahdin Bankshares Corp. (OTCQB:KTHN), parent company of Katahdin Trust Company, today announced 2nd quarter earnings of $2.1 million. "Although this was down 1.7% from the same period in 2011, we are pleased with the results," stated President & CEO, Jon J Prescott.
In commenting on the 2nd quarter's performance Prescott stated that total assets, loans, deposits and equity all achieved record levels. Total assets grew to nearly $570 million, an increase of 8.6% over the prior year, which Prescott attributed to very strong loan growth of just under $50 million, an increase of 11.6% over the same period last year. Deposits increased to $471,478,000, up 13.0% over the 2nd quarter in 2011 and shareholders' equity grew 5.6% to $56,736,000.
"Despite a continued sluggish economy and the near-zero interest rate environment conferred upon us by the Federal Reserve, we have been able to keep earnings at a good level and productively expand our banking operation," said Prescott. The Bank opened its 17th branch location and 3rd in the greater Bangor area this past May. Prescott also commented on other significant achievements attained in the 2nd quarter. In May the Company was recognized as one of the Top 200 Community Banks in the country by American Banker magazine for the 6th consecutive year. In June the Bank was designated as a Preferred Lender by the U.S. Small Business Association (SBA) in its SBA Loan Programs. "This status is reserved for SBA's most experienced and trusted lenders with a proven record of lending performance and excellence," said Prescott, "and, it will enable our commercial service officers to process and close SBA loans more quickly."
The Company issued a second quarter cash dividend on June 25th of $.09 per share which was 9.8% above the second quarter of 2012.
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.
The Katahdin Bankshares Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7340
Katahdin Trust Company, established in 1918, provides banking services to individuals and businesses from 17 offices in northern and central Maine, online at www.katahdintrust.com, and operates a commercial loan office in Scarborough.