Katahdin Bankshares Corp. reports second quarter results
HOULTON, Maine — Katahdin Bankshares Corp. (OTCQX: KTHN), parent company of Katahdin Trust Company, a community bank founded in 1918 serving northern Maine and the greater Bangor and Portland regions, announced second-quarter earnings of $2.46 million, or $0.74 per common share.
Total assets reached $981.7 million as of June 30, 2020. This was an increase of $78 million over the end of the first quarter and $143.6 million over the second quarter of 2019.
The company paid a quarterly dividend of $0.1185 per share, an increase of 5.33 percent over the second quarter dividends of 2019. Tangible book value per share at period end stood at $19.79, an increase of $1.84 per share representing growth over last year of 10.3 percent.
“The bank originated approximately $72.7 million of 100 percent SBA guaranteed PPP (Paycheck Protection Program) loans for customers during the second quarter,” said Jon. J. Prescott, Katahdin Trust president and chief executive officer. “We were pleased to help our customers and communities access the PPP funding during these times.”
The Paycheck Protection Program was designed to help small businesses keep their workforce employed during the COVID-19 crisis.