Katahdin bank reports record earnings
Katahdin Bankshares Corp. saw earnings jump more than 19% in the second quarter, marking the strongest quarter in the bank's history.
The parent company of Katahdin Trust Co. reported earnings of $1,339,000 as of June 30, a jump of $215,000, or 19.1%, over the first quarter. The results marked a nearly 33% increase over the second quarter of 2009. Total assets reached a record high of $509,786,000, while net income, before preferred stock dividends, was $2,463,000, up 38.5% over the first half of 2009. Jon Prescott, president and CEO of Katahdin Trust, attributed much of the bank's increased earnings to loan growth and continued strong operating performance, according to a press release.
Total loans stood at $405,850,000, a jump of $29,602,000, or 7.9%, over the second quarter of 2009. Deposits increased by $30,621,000, or 8.4% over the same period last year.
Asset quality remains a "primary management concern" for the bank, however, according to the report. The percentage of nonperforming assets to total assets for the six months ending June 30 improved from the first quarter to 2.36%, but still marked a rise from 2.11% over the same period in 2009. The percentage of nonperforming loans to total loans stood at 2.65%, a slight drop from the same period last year and an improvement over the first quarter.
Most Recent
Most Recent
Comments