Katahdin Bankshares Corp. Reports Third Quarter 2024 Results

Rhea-AI Summary

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.

Positive

• Third-quarter earnings increased by 13.2% over the previous quarter
• Earnings per share reached $0.71
• Net interest margin remained stable during the quarter
• Total assets grew to $1.05 billion, an increase of nearly $11 million

Negative

• Year-to-date net income decreased by 16.7% compared to the previous year
• Lower net interest margin led to a decline in year-over-year net interest income
• Rising funding costs and non-interest expenses reported

HOULTON, Maine, Oct. 22, 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 third-quarter earnings of $2.27 million, or $0.71 per common share, an increase of 13.2% over the prior quarter.

"I'm pleased to report that our financial performance remained solid and consistent for the third quarter," said Jon J. Prescott, Katahdin Trust President and Chief Executive Officer. "Despite year-to-date lower net interest income and rising funding costs and non-interest expenses, our net interest margin remained relatively stable during the quarter, and when combined with moderate growth and continued strong asset quality, it contributed to improved results compared to the second quarter."

Year to date, net income reached $6.31 million, below last year by $1.27 million or 16.7%. The primary reason for the reduced income was a lower net interest margin compared to 2023, which led to a decline in year-over-year net interest income.

Total assets increased nearly $11 million to $1.05 billion at September 30, 2024.

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 $1.05 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 (KTHN) third-quarter 2024 earnings?

Katahdin Bankshares Corp reported third-quarter 2024 earnings of $2.27 million, or $0.71 per common share, which represents a 13.2% increase over the previous quarter.

How did Katahdin Bankshares Corp's (KTHN) year-to-date performance in 2024 compare to 2023?

Katahdin Bankshares Corp's year-to-date net income for 2024 reached $6.31 million, which is $1.27 million or 16.7% lower than the previous year, primarily due to a lower net interest margin.

What was Katahdin Bankshares Corp's (KTHN) total asset value as of September 30, 2024?

Katahdin Bankshares Corp's total assets increased by nearly $11 million to reach $1.05 billion as of September 30, 2024.