Houlton Region

Katahdin Bankshares Corp. reports second quarter results

HOULTON, Maine — Katahdin Bankshares Corp., parent company of Katahdin Trust Company, announced second-quarter earnings of $2.18 million, or $0.56 per common share, exceeding last year’s second quarter by $314,000 (17.4 percent).

Earnings for the first six months of the year totaled $3.97 million, up by $526,000 or 15.3 percent over the same period last year.  Loans grew by $34.4 million in the second quarter, bringing total assets to $838.2 million as of quarter end. 

“Earnings for the second quarter represented the best quarter in our history,” said Jon J. Prescott, Katahdin Trust president and chief executive officer. “We were also pleased to announce the issuance of $14.5 million in seven-year fixed rate senior notes at 5.375 percent and the subsequent retirement of the $10 million in Preferred Stock Series D shares.”

 The company paid a quarterly dividend of $0.1125 per share in the second quarter 2019, representing a 4.65 percent increase over last year’s second quarter dividend. Additionally, the company recently announced a new stock buyback program during the quarter. Shareholders interested in the buyback program should feel free to contact the company for more details. 

Katahdin Trust is a community bank founded in 1918 serving northern Maine and the greater Bangor and Portland regions. For more information and to view a copy of our most recent quarterly financial report, visit www.KatahdinTrust.com/Shareholder-Relations.

Get the Rest of the Story

Thank you for reading your 4 free articles this month. To continue reading, and support local, rural journalism, please subscribe.