Higher operating expenses weigh on 2024 net income at Katahdin Trust parent
FILE PHOTO
Year to date, Katahdin Trust Co.’s net income for 2024 totaled $8.06 million, representing $1.84 million or 18.6% below last year's total.
Katahdin Bankshares Corp. (OTCQX: KTHN), the parent company of Katahdin Trust Co., announced 2024 fourth-quarter earnings of $1.755 million, or 55 cents per common share.
Year to date, net income for 2024 totaled $8.06 million, down 18.6% from the previous year's total.
The bank cited lower net interest income and increased operating expenses as the main reasons for the drop in net income.
“Although net income was down from last year, we saw several positive aspects, including continued loan growth, solid asset quality, core deposit growth and a stabilizing net interest margin,” said Jon Prescott, Katahdin Trust’s president and CEO.
Total assets increased by 4.5% to $1.08 billion as of Dec. 31, 2024. Total loans for the full year increased by $25.6 million, and deposit balances for the year rose by $33.6 million.
Other numbers
- Net interest income for 2024 was $33.9 million, down 1.51% from 2023 full-year total.
- The bank increased non-interest income through higher loan fees and other revenue by $432,000 or 9.08% year over year.
- Non-interest expense grew 6.9% over 2023 due to increased salaries, benefits and other overall costs.
Katahdin Bankshares Corp. is the bank holding company of Katahdin Trust Co. Founded in 1918, Katahdin Trust is a community bank based in Houlton, with 16 locations and more than $1.08 billion in assets.
Katahdin Trust ranks No. 16 on the list of largest Maine-based banks, according to the 2025 Mainebiz Book of Lists, based on assets as of June 30, 2024.
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