Katahdin Bankshares reports its third quarter earnings

    Katahdin Bankshares Corp., parent company of Katahdin Trust Company announced third-quarter earnings of $1,098,000.
     In commenting on the company’s third-quarter results, Katahdin Trust Company President and CEO Jon J. Prescott said, “Our quarterly earnings of $1,098,000 represented a slight increase over the same period last year. For the nine-month period ending Sept. 30, net income equaled $3,156,000, a 5.4 percent increase over the prior year.”
    Total assets as of Sept. 30 reached a record high of $419,012,000 which Prescott attributed in large part to loan growth of $28,594,000 or 10.0 percent over the same period in 2006. Deposits at $326,652,000 represented a 6.8 percent increase over the prior year, with the majority of the growth in the brokered deposit area.
    Prescott further commented that Bradley Berthiaume has joined Katahdin Financial Services as vice president, financial consultant with responsibility for the investments and insurance sales program throughout the bank’s market area.
    “We are pleased to have Brad join us,” said Prescott. “With over six years’ experience in the sales and service of investments and insurance products he will be a great addition to our team.”
    The company’s third-quarter dividend of $.068 per share that was paid on Sept. 28 to shareholders of record on Sept. 14 represented a 23.6 percent annualized increase over 2006. Katahdin Bankshares Corp. stock is quoted on the NASDAQ Over-the-Counter Bulletin Board (OTCBB) under the symbol KTHN. Current stock information can be found on the OTCBB website at www.otcbb.com.
    Katahdin Trust Company, established in 1918, provides banking services to individuals and businesses from 14 offices in northern Maine, online at www.katahdintrust.com and operates a loan production office in Scarborough.