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Katahdin Bankshares Corp. (OTCQX: KTHN) is the bank holding company of Katahdin Trust Company, a community bank founded in 1918 and based in Houlton, Maine. The bank operates 16 locations, primarily serving Aroostook, Penobscot, and Cumberland counties, with total assets exceeding $1 billion. As a full-service community bank, Katahdin Trust offers a comprehensive range of financial services including personal and business banking, loans, and investment services.
Over the years, Katahdin Trust has demonstrated strong financial performance. For the second quarter of 2023, the company reported earnings of $2.48 million, or $0.77 per common share, driven by solid loan growth that helped the bank surpass the $1 billion mark in total assets. The third quarter of 2023 continued this positive trend with earnings of $2.58 million, or $0.81 per common share, despite ongoing operational challenges.
In January 2024, the Board of Directors approved a Stock Buyback Program, authorizing the repurchase of up to $2 million of the company's outstanding shares through the end of the year. This move aims to enhance shareholder value and demonstrates the bank's confidence in its financial stability and future prospects.
For the fourth quarter of 2023, Katahdin Trust reported earnings of $2.33 million, or $0.73 per common share, bringing the total net income for the year to $9.9 million. The first quarter of 2024 saw earnings of $2.04 million, or $0.64 per common share, maintaining strong asset quality and a solid capital position. Despite an 18% drop in net income from the same period in 2023, the bank remains cautiously optimistic about its ability to navigate future economic challenges.
Beyond its financial achievements, Katahdin Trust is deeply committed to its community. The bank actively supports local initiatives and maintains a strong presence on social media platforms including Facebook, X (formerly Twitter), LinkedIn, and Instagram.
Katahdin Bankshares Corp. (OTCQX: KTHN) has announced a quarterly cash dividend of $0.2025 per share for the first quarter of 2025. The dividend represents a significant 15.7% increase compared to the first-quarter dividend of the previous year. Shareholders of record as of March 14, 2025, will receive the dividend payment on March 21, 2025.
Katahdin Bankshares Corp. (OTCQX: KTHN) reported fourth-quarter 2024 earnings of $1.755 million, or $0.55 per common share. The company's full-year 2024 net income totaled $8.06 million, marking an 18.6% decrease ($1.84 million) from the previous year. The decline was attributed to lower net interest income and increased operating expenses.
Despite the earnings decline, the bank reported several positive developments: total assets grew 4.5% to $1.08 billion, loans increased by $25.6 million, and deposits rose by $33.6 million as of December 31, 2024. The company also highlighted continued loan growth, solid asset quality, core deposit growth, and a stabilizing net interest margin.
Katahdin Bankshares Corp. (OTCQX: KTHN) has declared a quarterly cash dividend of $0.175 per share for Q4 2024. The dividend will be paid on December 20, 2024, to shareholders of record as of December 13, 2024. This represents a significant 15.1% increase compared to the fourth-quarter dividend of the previous year.
Katahdin Bankshares Corp. (OTCQX: KTHN) has announced an offer to repurchase its outstanding 5.375% Fixed Senior Unsecured Notes due June 15, 2026. The notes, currently held by nine institutional investors, total $14.5 million in aggregate principal amount. The company is offering to repurchase at par value plus accrued unpaid interest. The repurchase will be funded through a special dividend from Katahdin Trust Company and is set to close on December 16, 2024. The transaction has been reported to relevant bank regulatory agencies and is not considered material to the bank's financial condition.
Katahdin Bankshares Corp. (OTCQX: KTHN), parent company of Katahdin Trust Company, has reported its third-quarter 2024 earnings. The company achieved earnings of $2.27 million, or $0.71 per common share, marking a 13.2% increase over the previous quarter. Despite challenges such as lower year-to-date net interest income and rising costs, the company maintained a stable net interest margin. Year-to-date net income reached $6.31 million, which is 16.7% lower than the previous year, primarily due to a lower net interest margin. Total assets grew by nearly $11 million, reaching $1.05 billion as of September 30, 2024.
Katahdin Bankshares Corp. (OTCQX: KTHN), the parent company of Katahdin Trust Company, has announced a quarterly cash dividend of $0.175 per share for the third quarter of 2024. This dividend represents a 15.1% increase compared to the same quarter last year. The dividend will be payable on September 20, 2024, to shareholders of record as of September 13, 2024. This announcement demonstrates Katahdin Bankshares Corp.'s commitment to delivering value to its shareholders and reflects the company's financial stability and growth.
Katahdin Bankshares Corp. (OTCQX: KTHN), parent of Katahdin Trust Company, reported second-quarter 2024 earnings of $2 million, or $0.63 per common share. Despite a contracting net interest margin, the company achieved strong loan growth and maintained excellent asset quality. Total assets increased by $12.4 million compared to Q1 2024.
However, net income saw a 2.1% decrease from the previous quarter and a 19.3% drop year-over-year. CEO Jon J. Prescott emphasized the company's ability to maintain solid performance in a challenging market environment. For detailed financial information, shareholders are directed to the company's website.
Katahdin Bankshares Corp. (OTCQX: KTHN), the parent company of Katahdin Trust Company, announced a cash dividend of $0.175 per share for Q2 2024. This represents a 15.1% increase over the previous year's Q2 dividend. The dividend is payable on June 21, 2024, to shareholders of record as of June 14, 2024. Katahdin Trust, founded in 1918, serves northern Maine and the greater Bangor and Portland regions.
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