Katahdin Bankshares Corp. (OTCQX: KTHN), the Houlton-based parent company of Katahdin Trust Co., on Tuesday reported that earnings for the first quarter of 2021 totaled $2.37 million, or 72 cents per share.
That compares with fourth-quarter 2020 earnings of $3.4 million, or $1.01 per share.
The new total exceeded income during the first quarter of 2020 by $1.118 million.
Total assets reached $941.4 million. That was an increase of $4.4 million over Q4 2020’s total of $937 million, and $37.7 million over the first quarter of 2020.
“The first quarter of 2021 has begun positively,” Jon J. Prescott, president and CEO, said in a letter to shareholders. “We were pleased to assist customers during the first quarter of 2021 to access $21.2 million of second-round PPP [Paycheck Protection Program] loans.”
Income totals
Katahdin’s also reported:
- Additional fee income derived from the Small Business Administration Paycheck Protection Program loans totaling $605,000.
- A first-quarter provision for loan loss expense of $135,000, a year-over-year decrease of $425,000.
Operating expenses totaled $5.832 million, an increase of 1.4% over the first quarter of last year. Net interest income totaled $7.493 million, growing $749,000 over the first quarter of last year.
Other results
- Total assets of $941.4 million were an increase over last year of $37.7 million.
- Total loans grew by $54.2 million last year, reaching $770.5 million. Of that, $49.5 million consists of PPP loans that remained on the balance sheet as of quarter end.
- Commercial loans (excluding PPP) increased $18.9 million in the first quarter. Year-over-year, commercial loan categories are under 2020 by $7.4 million.
- Consumer loans continued to grow. Year-over-year, consumer loan categories increased $13.2 million, mostly consisting of real estate loan growth.
- Year-over-year local deposit growth reached $124.8 million. Total deposits reached $815.9 million, an increase of $77.5 million year-over-year.
