Katahdin Bankshares Corp. Reports First Quarter 2023 Results

Rhea-AI Summary

Katahdin Bankshares Corp. (OTCQX: KTHN) reported its first-quarter earnings for 2023, posting a net income of $2.5 million, which translates to $0.77 per common share, marking a significant year-over-year increase of $744,000 or 42%. Total assets rose to $982.1 million, reflecting a $19.1 million increase compared to the same period last year. Deposit balances remained stable, totaling $855.9 million, with a slight decrease of $1.7 million from the previous quarter but an increase of $5.99 million year-over-year.

CEO Jon J. Prescott emphasized the bank's strong capital position and commitment to serving its customers and communities.

Positive

• First-quarter net income increased by $744,000, or 42%, compared to the previous year.
• Total assets reached $982.1 million, up $19.1 million year-over-year.
• Deposit balances of $855.9 million remained steady, up by $5.99 million compared to the same period last year.

Negative

• Total deposits decreased by $1.7 million from the previous quarter.

HOULTON, Maine, April 20, 2023 /PRNewswire/ -- Katahdin Bankshares Corp. (OTCQX: KTHN), the parent company of Katahdin Trust Company, a full-service community bank in Maine founded in 1918, has announced 2023 first-quarter earnings of $2.5 million, or $0.77 per common share, exceeding the same timeframe last year by $744,000, or 42%.

"As depicted in our financial results, we remain well-capitalized, diversified, and positioned to continue to serve our customers and communities for generations to come," stated Jon J. Prescott, Katahdin Trust Company President and Chief Executive Officer.

Total assets reached $982.1, an increase of $19.1 million when compared to the first quarter of 2022.

Deposit balances remained steady over the last quarter and year, ending at $855.9 million. Although total deposits were down by only $1.7 million from December 31, 2022, deposits exceeded March 31, 2022, by $5.99 million.

For more information and to view a copy of the Bank's most recent quarterly financial report, visit KatahdinTrust.com/Shareholder-Relations.

About Katahdin Bankshares Corp.
Katahdin Bankshares Corp. is the bank holding company of Katahdin Trust Company. Founded in 1918, Katahdin Trust is a community bank based in Houlton, Maine with 16 locations and more than $980 million in assets. Katahdin Bankshares Corp. common stock is quoted on the OTC Markets (OTCQX) under the symbol KTHN. Learn more about the Company and its subsidiary bank at www.katahdintrust.com and follow Katahdin Trust on Facebook, Twitter, LinkedIn, and Instagram. 

View original content:https://www.prnewswire.com/news-releases/katahdin-bankshares-corp-reports-first-quarter-2023-results-301803561.html

SOURCE Katahdin Bankshares Corp.

FAQ

What were Katahdin Bankshares Corp.'s earnings for Q1 2023?

Katahdin Bankshares Corp. reported earnings of $2.5 million, or $0.77 per common share, for Q1 2023.

How much did total assets increase for Katahdin Bankshares Corp. in Q1 2023?

Total assets increased by $19.1 million, reaching $982.1 million in Q1 2023 compared to the same period last year.

Did deposit balances for KTHN increase or decrease in Q1 2023?

Deposit balances for Katahdin Bankshares Corp. decreased by $1.7 million from the previous quarter but increased by $5.99 million year-over-year.