Katahdin Trust issues earnings

    Katahdin Bankshares Corp., parent company of Katahdin Trust Company, today announced earnings for the third quarter of $1,014,000.  Katahdin Trust Company President & CEO Jon J. Prescott also stated that for the first nine months, the Company reported net income of $2,792,000. “Our earnings are a reflection of our solid loan growth and a widening of our net interest margin, both of which are positive factors for the Company,” said Prescott.
    Total assets at Sept. 30 reached a record high of $492,414,000. Total loans at $385,357,000 represented an increase of $28,247,000 or 7.9% over the prior year. Deposits grew by 5.8 percent to $381,857,000.
    “The current economy in which we operate continues to drag on our performance to a certain extent,” said Prescott, “however our strong operating earnings have enabled us to achieve a respectable profit year to date and we continue to maintain sound management practices as we weather this current recession.”
    The company issued a third quarter cash dividend of $.082 per share, which was paid on Sept. 28, 2009.