Katahdin Bankshares Corp. reports third quarter 2022 results

Rhea-AI Summary

Katahdin Bankshares Corp. (OTCQX: KTHN) reported a third quarter 2022 net income of $2.61 million, up 21.8% from the previous quarter. Year-to-date net income stands at $6.52 million, showing a 13.4% decline compared to $7.53 million in 2021. Total assets increased to $966.9 million, a rise of $21.4 million year-over-year. The company was recognized as one of the Best Places to Work in Maine, highlighting its commitment to employee support and a positive workplace.

Positive

• Net income for Q3 2022 increased to $2.61 million, a 21.8% rise from Q2 2022.
• Total assets reached $966.9 million, up $21.4 million year-over-year.
• Recognized as one of the Best Places to Work in Maine.

Negative

• Year-to-date net income decreased by $1.01 million or 13.4% compared to 2021.

HOULTON, Maine, Oct. 20, 2022 /PRNewswire/ -- Katahdin Bankshares Corp. (OTCQX: KTHN), the parent company of Katahdin Trust Company a full-service community bank in Maine, today announced earnings of $2.61 million for the third quarter of 2022 or $0.80 per common share. Net income increased 21.8% or $468,000 from the second quarter of 2022. 

Year-to-date net income totaled $6.52 million compared to $7.53 million in 2021, a decrease of $1.01 million or 13.4%. Total assets reached $966.9 million, an increase over the prior year of $21.4 million. 

"I am pleased to report that Katahdin Bankshares Corp. experienced a solid third quarter financially," stated Jon Prescott, President and CEO of Katahdin Trust. "In addition to our solid financial performance, we were recently named one of the 2022 Best Places to Work in Maine and Best Place for Working Parents. These two designations are attributable to our commitment to supporting our employees, being a family-friendly business, and providing a positive workplace experience." 

For more detailed 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 more than $966 million in assets and 16 banking offices that serve Aroostook, Penobscot, and Cumberland counties. The Bank has nearly 180 employees and, in 2022 was named one of the Best Places to Work in Maine, Best Place for Working Parents®, and American Banker magazine's Top 200 Community Banks. 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-third-quarter-2022-results-301655333.html

SOURCE Katahdin Bankshares Corp.

FAQ

What were the earnings of Katahdin Bankshares Corp. for Q3 2022?

Katahdin Bankshares Corp. reported earnings of $2.61 million for Q3 2022.

How did Katahdin Bankshares Corp.'s net income change from Q2 to Q3 2022?

Net income increased by 21.8% or $468,000 from Q2 2022.

What is the year-to-date net income for Katahdin Bankshares Corp. in 2022?

The year-to-date net income is $6.52 million, down from $7.53 million in 2021.

How much did Katahdin Bankshares Corp.'s total assets increase by?

Total assets increased by $21.4 million, reaching $966.9 million.

What recognition did Katahdin Bankshares Corp. receive in 2022?

Katahdin Bankshares Corp. was named one of the Best Places to Work in Maine.