Katahdin Bankshares Corp. Reports First Quarter 2024 Results

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Katahdin Bankshares Corp. reports first quarter 2024 results with earnings of $2.04 million and $0.64 per common share. Despite an 18% decrease in net income compared to the previous year, the company remains cautiously optimistic with strong asset quality and total assets above $1 billion.

HOULTON, Maine, April 24, 2024 /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 2024 first-quarter earnings of $2.04 million, or $0.64 per common share.

Total assets for Katahdin Trust remained above $1 billion and strong asset quality continued. Although net income was down 18% from the same period in 2023, the Bank remains cautiously optimistic about the economic landscape and is well-positioned to navigate any challenges that may arise.

"With a strong capital position, a talented team, and a clear strategic vision, we are confident in our ability to continue delivering value to our shareholders and stakeholders," stated Jon J. Prescott, Katahdin Trust President and Chief Executive Officer.

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 $1 billion 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 social media.

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SOURCE Katahdin Bankshares Corp.

FAQ

What were Katahdin Bankshares Corp.'s first-quarter 2024 earnings?

Katahdin Bankshares Corp. reported first-quarter 2024 earnings of $2.04 million.

How much was the earnings per common share for Katahdin Bankshares Corp. in the first quarter of 2024?

The earnings per common share for Katahdin Bankshares Corp. in the first quarter of 2024 was $0.64.

What was the total asset value for Katahdin Trust Company in the first quarter of 2024?

The total assets for Katahdin Trust Company remained above $1 billion in the first quarter of 2024.

Was there any change in net income for Katahdin Bankshares Corp. compared to the same period in 2023?

Yes, the net income for Katahdin Bankshares Corp. was down by 18% from the same period in 2023.

Is Katahdin Bankshares Corp. optimistic about its financial performance despite the decrease in net income?

Katahdin Bankshares Corp. remains cautiously optimistic about its financial performance with strong asset quality and total assets above $1 billion.