HOULTON, Maine, April 29, 2011 (GLOBE NEWSWIRE) -- Katahdin Bankshares Corp. (OTCQB:KTHN) parent company of Katahdin Trust Company, today announced earnings of $1,134,000 for the first quarter of 2011. "We are very pleased with our first quarter results which represented a slight increase over the same period last year," said Jon J. Prescott President & CEO of Katahdin Trust Company. Prescott attributed the Bank's consistent earnings to continued loan growth and the improving quality of the Bank's loan portfolio.
Total loans at $414,776,000 represented an increase of $21,607,000 over the same period last year while deposits increased by $17,145,000 to $403,105,000.
Total assets reached a record high of $511,567,000.
Prescott also stated that expansion plans were on target for the June opening of a new branch office in Hampden.
The Company issued a fourth quarter cash dividend of $.082 per share which was paid on March 28, 2011.
Katahdin Bankshares Corp. stock is quoted on the OTC Markets quote board OTCQB under the symbol KTHN. Current stock information can be found on the OTC Markets website at .
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 at http://www.globenewswire.com/newsroom/prs/?pkgid=7340
CONTACT: Vicki Smith, Senior Vice President Katahdin Trust Company Telephone: (207) 521-0455, Ext. 135