Katahdin Bankshares Corp. Reports Fourth Quarter 2024 Results

Rhea-AI Summary

Katahdin Bankshares Corp. (OTCQX: KTHN) reported fourth-quarter 2024 earnings of $1.755 million, or $0.55 per common share. The company's full-year 2024 net income totaled $8.06 million, marking an 18.6% decrease ($1.84 million) from the previous year. The decline was attributed to lower net interest income and increased operating expenses.

Despite the earnings decline, the bank reported several positive developments: total assets grew 4.5% to $1.08 billion, loans increased by $25.6 million, and deposits rose by $33.6 million as of December 31, 2024. The company also highlighted continued loan growth, solid asset quality, core deposit growth, and a stabilizing net interest margin.

Positive

• Total assets increased 4.5% to $1.08 billion
• Loan portfolio grew by $25.6 million
• Deposit balances increased by $33.6 million
• Maintained solid asset quality

Negative

• Net income decreased 18.6% year-over-year
• Lower net interest income reported
• Increased operating expenses

News Market Reaction

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+0.27% News Effect

On the day this news was published, KTHN gained 0.27%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

HOULTON, Maine, Jan. 30, 2025 /PRNewswire/ -- Katahdin Bankshares Corp. (OTCQX: KTHN), the parent company of Katahdin Trust Company, a full-service community bank in Maine founded in 1918, has announced 2024 fourth-quarter earnings of $1.755 million, or $0.55 per common share.

Year to date, net income for 2024 totaled $8.06 million, representing $1.84 million or 18.6% below last year's total. The Bank cited lower net interest income and increased operating expenses as the main reasons for the drop in net income.

"We remain committed to building long-term value for our customers and shareholders," said Jon J. Prescott, Katahdin Trust President and Chief Executive Officer. "Although net income was down from last year, we saw several positive aspects, including continued loan growth, solid asset quality, core deposit growth, and a stabilizing net interest margin."

Total assets increased by 4.5% to $1.08 billion as of December 31, 2024. Total loans for the full year increased by $25.6 million, and deposit balances for the year rose by $33.6 million.

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.

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 16 locations and more than $1.08 billion in assets. 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 social media.

View original content:https://www.prnewswire.com/news-releases/katahdin-bankshares-corp-reports-fourth-quarter-2024-results-302364830.html

SOURCE Katahdin Bankshares Corp.

FAQ

What was Katahdin Bankshares (KTHN) Q4 2024 earnings per share?

Katahdin Bankshares reported earnings of $0.55 per common share in Q4 2024.

How much did KTHN's total assets grow in 2024?

KTHN's total assets grew by 4.5% to $1.08 billion as of December 31, 2024.

What caused the decline in KTHN's 2024 net income?

The decline in net income was attributed to lower net interest income and increased operating expenses.

How much did KTHN's deposits increase in 2024?

KTHN's deposit balances increased by $33.6 million in 2024.

What was KTHN's total loan growth in 2024?

KTHN's total loans increased by $25.6 million in 2024.