Katahdin Bankshares Corp., parent company of Katahdin Trust Co., today announced a drop in its second-quarter earnings compared with the same period last year.
The Houlton-based company reported earnings of $2.1 million, down 1.7% from 2011, according to a press release. Despite the slight decrease, President and CEO Jon Prescott said the company is "pleased with the results." Total assets, loans, deposits and equity all achieved record levels. Total assets grew to nearly $570 million, an increase of 8.6% over the prior year. Prescott attributed the rise to strong loan growth of just under $50 million, an 11.6% increase. Deposits increased to $471.5 million, up 13.0% over the second quarter in 2011. Shareholders' equity grew 5.6% to $56.7 million.
The bank opened its 17th branch location, and third in the greater Bangor area, in May. It was also recognized as one of the top 200 community banks in the country by American Banker magazine for the sixth consecutive year, and was designated as a preferred lender by the U.S. Small Business Association for its loan programs.