Katahdin Bankshares reports earnings

    HOULTON — Katahdin Bankshares Corp., parent company of Katahdin Trust Company, announced Thursday earnings through Sept. 30 of $3,596,000 before preferred stock dividends. The earnings are an increase of 28.8 percent 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 and CEO of Katahdin Trust Company.
    Third quarter net income of $1,133,000, before stock dividends, was up 11.7 percent 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 Sept. 27, 2010.