Katahdin Bankshares reports Q4 earnings down 43%, but flat results for the year

COURTESY / KATAHDIN TRUST Katahdin Bankshares Corp., the Houlton-based parent company of Katahdin Trust Co., announced relatively flat financial results for 2021.

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By Staff

Katahdin Bankshares Corp. (OTCQX: KTHN), parent of Katahdin Trust Co., on Thursday reported earnings during the fourth quarter last year of $1.94 million, or 52 cents per share.

For the same period in 2020, the Houlton-based bank holding company recording earnings of $3.4 million, or $1.01 per share.

Net income for 2021 totaled $9.47 million, a slight reduction of $46,000 over the prior year.

Results for the fourth quarter of 2021 were below those in same period of 2020 due in part to lower income from Paycheck Protection Program loans, according to Katahdin.

Total assets ended at $940.5 million, a relatively flat increase of 0.4% from 2020.

Jon Prescott, president and CEO of the Houlton-based bank firm, called the overall financial results for 2021 solid.

“I’m pleased that the bank was able to reward employees with an additional one-time salary stipend in the fourth quarter,” he said in a news release. “This was a great way to recognize what our staff has gone through both in and out of the workplace during this challenging time.”

Founded in 1918, Katahdin Trust has 16 banking offices that serve Aroostook, Penobscot and Cumberland counties and nearly 180 employees.

In December, the company began a buyback of up to $2 million of common stock.