Courtesy / Katahdin Trust
Jonathan Glazier has been promoted to business development officer at Katahdin Trust.
July 21, 2020
Katahdin Bankshares posts 32% rise in Q2 results, announces promotion
Courtesy / Katahdin Trust
Katahdin Bankshares Corp., the Houlton-based parent company of Katahdin Trust Co., posted second-quarter earnings on Monday.
Katahdin Bankshares Corp. (OTCQX: KTHN), the Houlton-based parent company of Katahdin Trust Co., on Monday posted second-quarter earnings of $2.46 million, or 74 cents per common share, as Katahdin Trust named a new business development officer for the greater Bangor market.
The results represent a 32% increase in earnings per share over the same period last year.
As of June 30, total assets amounted to $981.7 million. That represents an increase of $78 million over the end of the first quarter and $143.6 million above the second quarter of 2019.
The company paid a quarterly dividend of 11.85 cents per share, an increase of 5.33% over the second-quarter dividend of 2019. Tangible book value per share at period end stood at $19.79, an increase of $1.84 per share representing growth over last year of 10.3%.
Katahdin Bankshares is Maine's eighth-largest publicly traded company, as ranked by revenue by the Mainebiz Book of Lists.
The ranking, which is led by Covetrus Inc. and IDEXX Laboratories Inc. at No. 1 and No. 2, respectively, will be updated for the 2021 edition that comes out at the end of this year.
In a news release accompanying the results, Katahdin Trust President and CEO Jon J. Prescott said the bank handled $72.7 million in loans from the federal Paycheck Protection Program during the second quarter of this year.
"We were pleased to help our customers and communities access the PPP funding during these times.” he added.
The program, which was designed to help small businesses keep people employed during the COVID-19 crisis. A total of more than 27,000 Maine businesses have received more than $2 billion altogether in emergency relief loans through the program, according to data released by the U.S. Small Business Administration earlier this month.
Earlier this year, Katahdin was named to the 2020 OTCQX Best 50, a ranking of the 50 top-performing companies traded on the OTCQX Best Market last year.
The ranking was calculated on an equal weighting of one-year total returns and average daily dollar volume growth, according to a news release.
In a separate announcement, Katahdin Trust announced the promotion of of Jonathan Glazier to business development officer for the greater Bangor market.
Based at the bank’s Springer Drive branch in Bangor, Glazier will be responsible for business development of all types with a concentration on residential mortgages and deposit services for small business, commercial and non-profit entities.
“As Jon’s responsibilities at the gank have increased, he’s proven to be able to take on any new challenge and excel” said Angela Butler, senior vice president of retail and business banking, in a news release. “We are pleased to have Jon join our team of Business Development Officers and know that he’ll provide great service to businesses in the Bangor region.”
Glazier has been with Katahdin Trust since 2014. A resident of Bangor, Glazier earned a bachelor’s degree in business administration with a concentration in finance from the University of Maine.
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