Katahdin Bankshares Corp. Reports Second Quarter Results

Rhea-AI Summary

Katahdin Bankshares Corp. (OTCQX: KTHN) reported second-quarter earnings of $2.50 million, or $0.76 per share, for the period ending June 30, 2021. The company's total assets reached $948.0 million, reflecting a $6.6 million increase from the previous quarter. President Jon J. Prescott expressed satisfaction with the solid financial results and highlighted the bank's recognition as one of the Top 200 Publicly Traded Community Banks in the U.S. Furthermore, plans to relocate the Scarborough branch in spring 2022 were announced to enhance community banking services.

Positive

• Second-quarter earnings of $2.50 million ($0.76 per share).
• Total assets increased by $6.6 million to $948.0 million.
• Recognized as one of the Top 200 Publicly Traded Community Banks in the U.S.

Negative

• None.

HOULTON, Maine, July 26, 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 second-quarter earnings of $2.50 million, or $0.76 per common share.

Total Assets reached $948.0 million on June 30, 2021. This was an increase of $6.6 million over the first quarter of 2021.

"The second quarter of 2021 provided solid financial results," said Jon J. Prescott, President and Chief Executive Officer. "In addition to this, we were pleased to be named one of the Top 200 Publicly Traded Community Banks in the United States by American Banker magazine."

Prescott added that "I am also pleased to share that we recently announced plans to relocate our Scarborough branch at 144 US Route One to 136 US One in the spring of 2022. By moving the retail branch and commercial staff, we will be able to expand the services we offer and better enhance the community banking experience."

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 $947 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 and recognized the past two years as one of the Top 200 Community Banks in the country by American Banker magazine. 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.

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SOURCE Katahdin Bankshares Corp.

FAQ

What were Katahdin Bankshares Corp.'s earnings in the second quarter of 2021?

Katahdin Bankshares Corp. reported earnings of $2.50 million, or $0.76 per share, for the second quarter of 2021.

How much did the total assets of Katahdin Bankshares Corp. increase in Q2 2021?

The total assets of Katahdin Bankshares Corp. increased by $6.6 million to $948.0 million in the second quarter of 2021.

What recognition did Katahdin Bankshares Corp. receive in 2021?

Katahdin Bankshares Corp. was named one of the Top 200 Publicly Traded Community Banks in the United States by American Banker magazine.

When is the Scarborough branch relocation planned?

The relocation of Katahdin Bankshares Corp.'s Scarborough branch is planned for spring 2022.