Katahdin Bankshares earned $2.1 million in ’01

Total assets for Katahdin Bankshares Corp., the parent company of Katahdin Trust Co., reached a record high at slightly more than $262 million in 2001, representing 10 percent growth over the prior year. Earnings for 2001 exceeded $2.1 million compared to $1,034,000 in 2000, according to Jon J. Prescott, president and chief executive officer of Katahdin Bankshares.

Net loans outstanding at year-end were $159,473,000, an 18 percent increase over the prior year. Deposits and repurchase agreements increased just over 3 percent from the prior year, reaching $221,583,000.

Earnings per share at year-end 2001 were $6.89, representing an increase of 136 percent over the prior year. Prescott also said that the bank’s fourth quarter dividend of 27 cents per share represented an 8 percent increase over the prior year. The book value per share at year-end 2001 was $41.50 compared to $35.29 the prior year.

Looking ahead in 2002, Prescott said the bank was planning to enhance customer relationships through the introduction of new products and services in addition to the opening of its new two-story facility currently under construction at the corner of North and Main streets in Presque Isle.

Katahdin Trust serves Aroostook County and northern Penobscot County with 14 offices and recently received national recognition for its active participation in the America’s Promise program.