Katahdin Bankshares Q2 earnings up 21% over Q1, but down from last year

File photo / Courtesy, Katahdin Trust Katahdin Bankshares Corp., the Houlton-based parent company of Katahdin Trust Co., posted second-quarter results on Tuesday.

Write a Comment

By Renee Cordes

Katahdin Bankshares Corp. (QTCQX: KTHN), the Houlton-based parent company of Katahdin Trust Co., posted second-quarter earnings of $2.1 million, or 65 cents per common share.

That's 21% higher than in the first quarter of the year but 14.2% below the total during the same period in 2021, the company said in Tuesday's announcement.

“We are happy to report our improving results over the first quarter of 2022 as we begin to make up for the extra one-time Paycheck Protection Program loan fees and interest income realized in the prior two years,” said Jon Prescott, president and CEO of Katahdin Trust.

Total assets amounted to $965 million in 2021, an increase of $17.6 million over 2020.

Founded in 1918, Katahdin Trust is a community bank based in Houlton, with more than $965 million in assets and 16 banking offices serving Aroostook, Penobscot and Cumberland counties.

The bank employs close to 180 people and was recently named one of American Banker's Top 200 Community Banks for the third consecutive year based on financial performance.

In Scarborough, the bank will soon be moving its branch from 144 U.S. Route 1 to 136 U.S. Route 1, just down the road, with plans to open on Monday, July 25.

A company spokeswoman told Mainebiz that the new location will enable the bank with additional services that are currently not available, including a 24/7 drive-up ATM and two-drive up lanes with commercial-grade pneumatic tubes capable of processing business deposits. The new branch will also provide additional account opening and business lending office space, private conference rooms and a more open design, she noted.