Katahdin Bankshares Corp. Reports First Quarter 2023 Results
Katahdin Bankshares Corp. (OTCQX: KTHN) reported its first-quarter earnings for 2023, posting a net income of $2.5 million, which translates to $0.77 per common share, marking a significant year-over-year increase of $744,000 or 42%.
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Rhea-AI Summary
Katahdin Bankshares Corp. (OTCQX: KTHN) reported its first-quarter earnings for 2023, posting a net income of $2.5 million, which translates to $0.77 per common share, marking a significant year-over-year increase of $744,000 or 42%. Total assets rose to $982.1 million, reflecting a $19.1 million increase compared to the same period last year. Deposit balances remained stable, totaling $855.9 million, with a slight decrease of $1.7 million from the previous quarter but an increase of $5.99 million year-over-year.
CEO Jon J. Prescott emphasized the bank's strong capital position and commitment to serving its customers and communities.
Positive
- First-quarter net income increased by $744,000, or 42%, compared to the previous year.
- Total assets reached $982.1 million, up $19.1 million year-over-year.
- Deposit balances of $855.9 million remained steady, up by $5.99 million compared to the same period last year.
Negative
- Total deposits decreased by $1.7 million from the previous quarter.
Details
News Market Reaction – KTHN
The recorded move for KTHN in the trading session of this news was -0.15%.
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AI-generated analysis. How Rhea-AI works. Not financial advice.
"As depicted in our financial results, we remain well-capitalized, diversified, and positioned to continue to serve our customers and communities for generations to come," stated
Total assets reached
Deposit balances remained steady over the last quarter and year, ending at
For more information and to view a copy of the Bank's most recent quarterly financial report, visit KatahdinTrust.com/Shareholder-Relations.
About
Katahdin Bankshares Corp. is the bank holding company of Katahdin
View original content:https://www.prnewswire.com/news-releases/katahdin-bankshares-corp-reports-first-quarter-2023-results-301803561.html
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