Katahdin Bankshares’ net income up 30.4%

PATTEN – Katahdin Bankshares Corp., parent company of Katahdin Trust Co., recorded net income as of Sept. 30 in excess of $2 million, a 30.4 percent increase over the same period last year. Total assets of more than $270 million represented a 7.5 percent increase and loans outstanding (net of loss reserves) reached $170 million, a 16.1 percent increase over last year.

President and CEO Jon J. Prescott attributed the bank’s earnings increase to growth in the volume of earning assets and net interest margin.

Prescott also stated that the bank’s third quarter dividend of 30 cents per share represented an 11 percent increase over the prior year. Book value per share as of Sept. 30 was $47.28 compared to $38.94 the prior year.

Katahdin Trust, the largest community bank in northern Maine, serves the area from 14 locations in Ashland, Caribou, Eagle Lake, Easton, Fort Fairfield, Houlton, Island Falls, Limestone, Mars Hill, Oakfield, Patten, Presque Isle, Van Buren and Washburn. The bank offers 24-hour access to its accounts through Online Banking at www.katahdintrust.com.