Katahdin Bankshares reports 2010 record earnings

    Katahdin Bankshares Corp, parent company of Katahdin Trust Company has announced earnings for 2010 of $4,749,000.
    “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,” said Jon Prescott, Katahdin Trust Company president and CEO.
    Prescott stated the earnings were a record for the company.
    Total assets at Dec. 31 reached a record high of $509,812,000. Total loans at $407,429,000 represented an increase of $16,685,000 or 4.3 percent over the prior year. Deposits grew by 3.7 percent to $402,974,000, resulting from growth in the checking and savings categories.
    Prescott added that theses type 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 fourth 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.