October 23, 2007
Katahdin Trust posts earnings increase
Katahdin Bankshares, the parent company of Katahdin Trust Company in Houlton, yesterday reported third quarter earnings of $1,098,000, a slight increase over the same period last year.
For the nine-month period ending Sept. 30, the Aroostook County bank's net income was about $3.2 million, or a 5.4% increase over the prior year, President and CEO Jon J. Prescott said in a company press release.
The company's total assets reached a record high of $419 million, which Prescott attributed in large part to a 10% year-over-year increase in loan growth to roughly $28.6 million during the nine months through September. Deposits also increased 6.8% over last year, totaling about $323 million, with the majority of the growth in the brokered deposit area.
For the nine-month period ending Sept. 30, the Aroostook County bank's net income was about $3.2 million, or a 5.4% increase over the prior year, President and CEO Jon J. Prescott said in a company press release.
The company's total assets reached a record high of $419 million, which Prescott attributed in large part to a 10% year-over-year increase in loan growth to roughly $28.6 million during the nine months through September. Deposits also increased 6.8% over last year, totaling about $323 million, with the majority of the growth in the brokered deposit area.
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