Katahdin Bankshares Corp., parent company of Katahdin Trust Co., saw its earnings in 2011 fall 4% compared with 2010. 2011 earnings were $4.56 million.
"Although earnings are down slightly, we are very pleased with our continued strong performance in a struggling economy," said President and CEO Jon Prescott. He said the bank has seen good loan growth and improvement in its asset quality. Total assets reached a record high of $528 million up 3.6% from the prior year. Total loans also rose 7.5% to $438 million, according to a press release. Deposits grew by 5.4% to $425 million.
Houlton-based Katahdin Trust Co. in 2012 plans to expand its presence in the Bangor area with a new office on Springer Drive, the bank's 17th branch and third location in the Greater Bangor area.