Katahdin Bankshares Corp. Reports First Quarter Results

Rhea-AI Summary

Katahdin Bankshares Corp. (OTCQX: KTHN) announced first-quarter earnings of $2.37 million, translating to $0.72 per share. Total assets reached $941.4 million as of March 31, 2021, marking an increase of $4.4 million since year-end and $37.7 million year-over-year. The bank facilitated $21.2 million in Paycheck Protection Program loans, underscoring its commitment to supporting local customers. Celebrating over a century of service, Katahdin Trust continues to impact the northern Maine community positively.

Positive

• First-quarter earnings of $2.37 million, or $0.72 per share.
• Total assets increased to $941.4 million, up $4.4 million from year-end.
• Year-over-year asset growth of $37.7 million.
• Assisted customers with $21.2 million in PPP loans.

Negative

• None.

News Market Reaction

+2.19%

1 alert

+2.19% News Effect

On the day this news was published, KTHN gained 2.19%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

HOULTON, Maine, April 20, 2021 /PRNewswire/ -- 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, has announced first-quarter earnings of $2.37 million, or $0.72 per common share.

Total Assets reached $941.4 million on March 31, 2021. This was an increase of $4.4 million over year-end and $37.7 million over the first quarter of 2020.

"The first quarter of 2021 has begun positively," said Jon J. Prescott, President and Chief Executive Officer. "We were pleased to assist customers during the first quarter of 2021 to access $21.2 million of second round [Paycheck Protection Program] PPP loans."

Prescott added that 2021 marks our 103rd year as a local community bank helping our friends and neighbors reach their financial goals.

For more information and to view a copy of our most recent quarterly financial report, visit KatahdinTrust.com/Shareholder-Relations.

About Katahdin Bankshares Corp.
Katahdin Bankshares Corp. is the bank holding company of Katahdin Trust Company. Founded in 1918, Katahdin Trust is a community bank based in Houlton, Maine with more than $941 million in assets and 16 banking offices that serve Aroostook, Penobscot, and Cumberland counties. The Bank has nearly 180 employees and, in 2020, was named one of the Best Places to Work in Maine for the third year in a row. Katahdin Bankshares Corp. common stock is quoted on the OTC Markets (OTCQX) under the symbol KTHN. Learn more about the Company and its subsidiary bank at www.katahdintrust.com and follow Katahdin Trust on Facebook, Twitter, LinkedIn, and Instagram.

View original content:http://www.prnewswire.com/news-releases/katahdin-bankshares-corp-reports-first-quarter-results-301273111.html

SOURCE Katahdin Bankshares Corp.

FAQ

What are the first-quarter earnings for Katahdin Bankshares Corp. (KTHN)?

Katahdin Bankshares Corp. reported first-quarter earnings of $2.37 million, or $0.72 per common share.

How much have total assets increased for Katahdin Bankshares Corp. (KTHN)?

Total assets reached $941.4 million, which is an increase of $4.4 million from year-end.

What funding did Katahdin Bankshares Corp. (KTHN) provide under the Paycheck Protection Program?

Katahdin Bankshares Corp. assisted customers by providing $21.2 million in Paycheck Protection Program loans.

How does Katahdin Bankshares Corp. (KTHN) support its local community?

As a community bank, Katahdin Bankshares Corp. has been serving local customers since 1918, emphasizing support through initiatives like PPP loans.