Katahdin Bankshares Corp. Reports Fourth Quarter 2024 Results
Katahdin Bankshares Corp. (OTCQX: KTHN) reported fourth-quarter 2024 earnings of $1.755 million, or $0.55 per common share.
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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
Details
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Year to date, net income for 2024 totaled
"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
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
View original content:https://www.prnewswire.com/news-releases/katahdin-bankshares-corp-reports-fourth-quarter-2024-results-302364830.html
SOURCE Katahdin Bankshares Corp.
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