HOULTON, Maine, Feb. 1, 2013 (GLOBE NEWSWIRE) -- Katahdin Bankshares Corp. (OTCQB:KTHN), parent company of Katahdin Trust Company, today announced 2012 results.
Earnings per common share increased $.04 over 2011, representing an increase of 3.3%. 2012 net income before dividends on preferred stock at $4,361,000 was down 4.4% from 2011. "Although earnings are down slightly, we are very pleased with our continued strong performance and the level of earnings we have been able to achieve in a difficult operating environment," said President & CEO, Jon J. Prescott. "Our results can be attributed in large part to continued solid operating earnings with strong loan growth of $43.8 million or 10% over the prior year." Prescott also commented that total assets at December 31st reached a record high of $576,697,000, an increase of 9.2% from the prior year. Total deposits at $480,020,000 represented an increase of $55.4 million or 13% over the prior year, with continued strong core deposit growth.
Prescott further stated that these type of results could not have been achieved without the efforts and commitment of the Bank's 190 employees who work diligently day after day to carry out the Bank's strategic initiatives. In 2012 the Bank was recognized for the 6th consecutive year by American Banker Magazine as one of the Top 200 Community Banks in the United States. The Bank also received the preferred lender designation from the US Small Business Administration in 2012, a designation which is reserved for the SBA's most experienced and trusted lenders with a proven record of lending performance and excellence.
The Company issued a cash dividend of $.0975 for the first quarter of 2013 which represented an increase of 8.3% over the prior year.
Katahdin Bankshares Corp. stock is quoted on the OTC Markets quote board OTCQB under the symbol KTHN. Current stock information can be found at otcmarkets.com/home.
Katahdin Trust Company, established in 1918, provides banking services to individuals and businesses from 17 offices in northern and central Maine, online at www.katahdintrust.com, and operates a commercial loan office in Scarborough.
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