Katahdin Bankshares raises quarterly dividend

COURTESY / KATAHDIN TRUST Katahdin Bankshares Corp., the Houlton-based parent company of Katahdin Trust Co., has 16 banking offices serving Aroostook, Penobscot and Cumberland counties.

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By Renee Cordes

Katahdin Bankshares Corp. (QTCQX: KTHN), the Houlton-based parent company of Katahdin Trust Co., has declared a cash dividend of $0.138 per share for the third quarter of 2022.

Jon J. Prescott, president and CEO of Katahdin Trust, said the amount represents a 10.4% increase over last year's third-quarter dividend.

The dividend will be payable on Sept. 23, to shareholders of record as of Sept. 16.

The announcement comes a little more than a month after the company 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 its July 20 earnings release.

Prescott said at the time that the company is beginning to make up for the extra one-time federal Paycheck Protection Program loan fees and interest income realized in the preceding two years.

Katahdin Bankshares has a market capitalization of $80.4 million.

Katahdin Trust, founded in 1918, is a community bank based in Houlton with more than $965 million in assets and 16 banking offices serving customers in 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 straight year based on financial performance.