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Updated: February 23, 2024

Bank dividend roundup: Katahdin Trust parent to pay more, M&T Bank holds steady

bank building and sign File photo Katahdin Bankshares Corp., the Houlton-based parent company of Katahdin Trust Co., declared a first-quarter cash dividend of 17.5 cents per share, up from 15.2 cents a share for the fourth quarter.

Katahdin Bankshares Corp. (OTCQX: KTHN) said it will pay a higher dividend this quarter after posting an earnings uptick for 2023, while M&T Bank Corp. (NYSE: MTB) will pay the same dividend as it did in the fourth quarter.

On Tuesday, Katahdin Bankshares, the Houlton-based parent of Katahdin Trust Co., declared a first-quarter cash dividend of 17.5 cents per share. 

The dividend, payable on March 22 to shareholders of record as of March 15, exceeds the fourth-quarter cash dividend of 15.2 cents per share.

Earlier this month, Katahdin Bankshares reported annual earnings of $9.9 million, 1.9% higher than 2022. Total assets amounted to $1.03 billion, increasing by $16.7 million from the preceding quarter.

Katahdin Trust, founded in 1918, has 16 banking offices serving customers in Aroostook, Penobscot and Cumberland counties. The institution is ranked No. 16 among the largest Maine-based banks in the 2024 Mainebiz Book of Lists, based on assets as of June 30, 2023.

M&T Bank

In a separate announcement, M&T Bank Corp. (NYSE: MTB) declared a quarterly cash dividend of $1.30 per share on its common stock, unchanged from the previous quarter.

The dividend will be payable March 29, to shareholders of record at the close of business on March 4.

M&T Bank, which is based in Buffalo, N.Y., has 19 branches in Maine, where operations are led by Maine Regional President Phil Cohen.

In January, M&T Bank posted fourth-quarter diluted net operating earnings per share of $2.81, down from $4.57 a year earlier and undershooting the $3.67 consensus estimate of analysts polled by Zacks Investment Research.

CFO Daryl N. Bible said in the results announcement that average commercial and consumer loans as well as average deposits all increased in the final quarter, and expenses remained under control. He added that "M&T enters 2024 with stronger levels of capital, liquidity and credit reserves than a year earlier."

M&T provides banking products and services in 12 states across the Northeast and as far south as Virginia. 

By market share, M&T Bank is No. 18 in Maine, just behind Katahdin Trust Co., according to the latest Mainebiz Book of Lists. That ranking is based on $853 million in Maine deposits as of June 30, 2023.

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