Katahdin Bankshares earnings $2.7M in ’02

PATTEN – Katahdin Bankshares Corp., the parent company of Katahdin Trust Co., has reported earnings of $2.7 million for 2002, a 28 percent increase over 2001.

“We had a great year,” said Jon J. Prescott, president and chief executive officer of the corporation. “This is a direct reflection of the outstanding efforts of our dedicated staff.”

Total assets reached $280 million, representing 7 percent growth over the prior year. Net loans outstanding at year-end exceeded $178 million, a 12 percent increase over the prior year, and deposits increased just over 3 percent, exceeding $209 million.

Earnings per share at year-end 2002 were $8.81, representing an increase of 28 percent over 2001. The bank’s fourth quarter dividend of $.30 per share represented an 11 percent increase over the prior year.