Katahdin Bankshares Corp. Reports Second Quarter 2024 Results

Rhea-AI Summary

Katahdin Bankshares Corp. (OTCQX: KTHN), parent of Katahdin Trust Company, reported second-quarter 2024 earnings of $2 million, or $0.63 per common share. Despite a contracting net interest margin, the company achieved strong loan growth and maintained excellent asset quality. Total assets increased by $12.4 million compared to Q1 2024.

However, net income saw a 2.1% decrease from the previous quarter and a 19.3% drop year-over-year. CEO Jon J. Prescott emphasized the company's ability to maintain solid performance in a challenging market environment. For detailed financial information, shareholders are directed to the company's website.

Positive

• Quarterly earnings of $2 million, or $0.63 per common share
• Strong loan growth reported
• Excellent asset quality maintained
• Total assets increased by $12.4 million over Q1 2024

Negative

• Net interest margin contracted
• 2.1% decrease in net income compared to previous quarter
• 19.3% drop in net income compared to same quarter last year

News Market Reaction

+7.25%

1 alert

+7.25% News Effect

On the day this news was published, KTHN gained 7.25%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

HOULTON, Maine, July 22, 2024 /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 second-quarter earnings of $2 million, or $0.63 per common share.

"Although our net interest margin contracted, strong loan growth and excellent asset quality enabled us to nearly match our first-quarter results," stated Jon J. Prescott, Katahdin Trust President and Chief Executive Officer.

Katahdin Trust's total assets increased by $12.4 million over the first three months of 2024.

"Despite a 2.1% decrease from the previous quarter and a 19.3% drop from the same quarter last year, I believe these net income results showcase our ability to maintain solid performance in a challenging market environment," added Prescott.

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 $1.03 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-second-quarter-2024-results-302203150.html

SOURCE Katahdin Bankshares Corp.

FAQ

What were Katahdin Bankshares Corp's (KTHN) Q2 2024 earnings?

Katahdin Bankshares Corp. (KTHN) reported second-quarter 2024 earnings of $2 million, or $0.63 per common share.

How did Katahdin Bankshares Corp's (KTHN) Q2 2024 results compare to previous periods?

Katahdin Bankshares Corp's Q2 2024 net income decreased by 2.1% compared to the previous quarter and dropped 19.3% compared to the same quarter last year.

Did Katahdin Bankshares Corp (KTHN) experience asset growth in Q2 2024?

Yes, Katahdin Bankshares Corp (KTHN) reported that total assets increased by $12.4 million over the first three months of 2024.

What factors contributed to Katahdin Bankshares Corp's (KTHN) performance in Q2 2024?

Strong loan growth and excellent asset quality contributed positively to Katahdin Bankshares Corp's (KTHN) performance, while a contracting net interest margin presented challenges.