HOULTON, Maine, Jan. 26, 2011 (GLOBE NEWSWIRE) -- Katahdin Bankshares Corp. (OTCBB:KTHN), parent company of Katahdin Trust Company, today announced earnings for 2010 of $4,749,000. Katahdin Trust Company, President & CEO, Jon Prescott said, "We are very pleased with our 2010 results which can be attributed in large part to our continued strong operating earnings with good loan growth and ongoing improvement in our asset quality," Prescott stated the earnings were a record for the Company.
Total assets at December 31st reached a record high of $509,812,000. Total loans at $407,429,000 represented an increase of $16,685,000 or 4.3% over the prior year. Deposits grew by 3.7% to $402,974,000, resulting from growth in the checking and savings categories.
Prescott further stated that these types of results could not have been achieved without the efforts and commitment of the Bank's 178 employees who work diligently day after day to carry out the Bank's strategic initiatives. In 2010 the Bank was recognized for the 4th consecutive year by U.S. Banker Magazine as one of the Top 200 Community Banks in the United States with respect to Average Return on Equity over a three-year period.
In commenting on 2011 Prescott stated that it would indeed be a challenging year with the current economy and the additional regulatory burdens that banks will be facing. However, Prescott stated this will not hinder the Bank's growth plans as we will continue with our expansion efforts in the greater Bangor area with the opening of our 16th branch location at 57 Western Avenue, Hampden in mid-2011.
The Company issued a fourth quarter cash dividend of $.082 per share which was paid on December 27, 2010.
Katahdin Bankshares Corp. stock is quoted on the Over-the-Counter Bulletin Board (OTCBB) under the symbol KTHN. Current stock information can be found on the OTCBB website at www.otcbb.com.
Established in 1918, Katahdin Trust Company provides banking services to individuals and businesses from 15 offices in northern and central Maine, online at www.katahdintrust.com and operates commercial loan offices in Bangor and Scarborough.
The Katahdin Bankshares Corp. logo is available athttp:// www.globenewswire.com/newsroom/prs/?pkgid=7340
CONTACT: Vicki Smith, Senior Vice President Katahdin Trust Company (207) 521-0455, Ext. 135