PATTEN – Katahdin Bankshares Corp., parent company of Katahdin Trust Co., has announced record first-quarter earnings of $625,000, representing a 16.8 percent increase over the first quarter of 2001.

Total assets also reached a record high at $261,167,000, up 8.7 percent over the same period last year. Loans outstanding reached $160,421,000, a rise of 16.8 percent, and deposits and repurchase agreements increased over 3 percent to $219,841,000.

The bank’s first-quarter dividend of 30 cents per share represented a 20 percent increase over the previous year. Book value per share as of March 31, 2002, was $43.17 compared to $36.54 for the previous year.

“From a financial standpoint, this was the finest quarter in the company’s history,” said Katahdin Trust Co. President and CEO Jon J. Prescott. “We have begun the year strongly and slightly ahead of expectations.”

In commenting on future initiatives, Prescott said the bank would be moving into its new Presque Isle facility at 6 North St. in mid-June and soon would launch Business Online Banking, an Internet-based service for small-business customers.