Katahdin Bankshares reports 22% earnings increase for 2019
Katahdin Bankshares Corp. (OTCQX: KTHN), parent company of Katahdin Trust Co., on Tuesday reported that 2019 earnings jumped 21.6% from the previous year, to a total of $7.685 million. Earnings per common share increased from $1.89 in 2018 to $2.31.
Earnings for the fourth quarter of 2019 were $1.91 million, or 58 cents per common share. That’s down 10 cents from the third quarter earnings but up from 50 cents in the fourth quarter of 2018.
Katahdin’s assets rose to a record level of $850.9 million, a 6% increase over 2018, according to its report.
“We are proud to report record results across many areas of our company,” said President and CEO Jon J. Prescott in a news release. “As we enter into a new year, one of our top priorities is to continue building customer deposit relationships while providing a personal level of community banking.”
The financial results come a week after 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.
Katahdin Bankshares was ranked No. 8 by revenue among the state’s 10 public companies in the 2020 Mainebiz Book of Lists. The company and another bank parent, Auburn Bancorp Inc., which ranked No. 10, were the only two companies on the list traded exclusively in the over-the-counter markets.
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