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Updated: July 27, 2021

Katahdin Trust parent reports increase in Q2 earnings, assets

Katahdin Bankshares bank building COURTESY / KATAHDIN TRUST Katahdin Bankshares Corp., the Houlton-based parent company of Katahdin Trust Co., posted second-quarter results on Monday that its president and CEO called "solid."

Katahdin Bankshares Corp. (OTCQX: KTHN), parent company of Houlton-based Katahdin Trust Co., on Monday reported second-quarter earnings of $2.495 million, or 76 cents per common share.

Those figures compare to earnings of $2.462 million, or 74 cents per common share, in the same period last year.

Total assets reached $948 million on June 30, 2021, representing an increase of $6.6 million over the first quarter of 2021.

"The second quarter of 2021 provided solid financial results," said Jon J. Prescott, the company's president and CEO, in a statement.

He also mentioned recently announced plans to relocate the bank's Scarborough branch at 144 U.S. Route One to 136 U.S. Route One in spring 2022.

"By moving the branch and commercial staff, we will be able to expand the services we offer and better enhance the community we experience," he said.

Katahdin Trust, founded in 1918, employs nearly 180 people and has 16 banking offices that serve Aroostook, Penobscot and Cumberland counties.

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