HOULTON, Maine – Katahdin Bankshares Corp., parent company of Katahdin Trust Company, as announced first-quarter earnings of $1.8 million, or $0.54 per common share.
Although net income was down 25.4 percent, or $603,000, from first quarter 2021, much of the drop was anticipated. Results were driven by a reduction in Paycheck Protection Program loans, back-to-back swaps and secondary market loan sales, coupled with higher non-interest expenses in salary and occupancy costs, said bank officials.
“PPP loans and related fee income has drawn to a close, reducing our interest and fee income by $590,000 alone,” saidJon J. Prescott, Katahdin Trust Company president and chief executive officer.
The bank’s total assets reached $963.0 million, an increase of $21.6 million, while total deposits increased by $34.1 million over the first quarter of 2021.
“We end the first quarter of 2022 optimistically, and proudly continue to assist our customers with their personal and business financial goals, now and into the future,” added Prescott.
For more information and to view a copy of their most recent quarterly financial report, visit KatahdinTrust.com/Shareholder-Relations.