Katahdin Trust parent posts bump in Q3 earnings, deposits

An exterior shot of a Katahdin Trust branch

File photo Katahdin Trust, based in Houlton, was ranked No. 16 among Maine-based banks in the 2025 Mainebiz Book of Lists.

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By Renee Cordes

Katahdin Bankshares Corp. (OTCQX: KTHN), the parent company of Katahdin Trust Co., posted third-quarter earnings of $2.65 million, or 84 cents per common share.

The results, released Wednesday, represent an increase of $135,000 or 5.3% over the previous quarter, and a 17.4% increase over the third quarter of 2024.

Total assets reached $1.09 billion, or $41 million higher than the same period last year.

"We are pleased with these results and look forward to finishing the year strong," said Jon J. Prescott, president and CEO of Katahdin Trust.

Year over year, deposits grew by around $48.5 million, the company said.

The company said that nearly half of the growth can be attributed to new relationships, and the remainder from balance increases within its customer base. It also said that deposit growth contributed significantly to a lower cost of funds, alleviating the need for higher-cost alternatives.

Katahdin Bankshares Corp. is the bank holding company of Katahdin Trust Co. Founded in 1918, Katahdin Trust is a community bank based in Houlton, with 16 locations and more than $1.09 billion in assets.

Katahdin Trust was ranked No. 16 among the largest Maine-based banks in the 2025 Mainebiz Book of Lists. Rankings were based on assets as of June 30, 2024.