Katahdin Trust reports earnings for first quarter

    Katahdin Bankshares Corp., parent company of Katahdin Trust Company, announced first-quarter earnings of $1,018,000, representing an 8.9 percent increase over the same period in 2007. Regarding the company’s first-quarter results, Katahdin Trust Company President and CEO Jon J. Prescott noted the performance “clearly reflects our commitment to sound banking principles, solid decisions and the opportunity to serve good markets.”     “Total assets reached a record high at $446,129,000, which is in large part attributable to our excellent loan growth of $39,124,000 or 13.1 percent over the first quarter of 2007,” said Prescott.
    Prescott further noted that much of the bank’s loan growth could be attributed to the bank’s expansion into the Bangor and Greater Portland market areas with commercial lending services as well as the acquisition of Maine Financial Group, a loan production office located in Scarborough, late in the first quarter of 2007.
    “Our brand of banking has been well-received in areas where we have never had a presence before,” he said.
    Total deposits at $338,399,000 represented a 9.7 percent increase over the same period in 2007.
    The company’s first-quarter dividend of $.082 per share represented a 20.6 percent increase over 2007. Katahdin Bankshares Corp. stock is quoted on the NASDAQ Over-the-Counter Bulletin Board (OTCBB) under the symbol KTHN. Current stock information can be found on the OTCBB Web site at www.otcbb.com.
    Katahdin Trust Company, established in 1918, provides banking services to individuals and businesses from 14 offices in northern Maine, online at www.katahdintrust.com and operates loan production offices in Bangor and Scarborough.