Katahdin Bankshares Corp. Reports Third Quarter 2024 Results
KATAHDIN BANKSHARES CORP (KTHN)
NASDAQ:AMEX Investor Relations:
katahdintrust.com/shareholder-relations.aspx
Company Research
Source: PR Newswire
HOULTON, Maine, Oct. 22, 2024 /PRNewswire/ -- Katahdin Bankshares Corp. (OTCQX: KTHN), the parent company of Katahdin Trust Company, a full-service community bank in Maine founded in 1918, has announced 2024 third-quarter earnings of $2.27 million, or $0.71 per common share, an increase of 13.2% over the prior quarter."I'm pleased to report that our financial performance remained solid and consistent for the third quarter," said Jon J. Prescott, Katahdin Trust President and Chief Executive Officer. "Despite year-to-date lower net interest income and rising funding costs and non-interest expenses, our net interest margin remained relatively stable during the quarter, and when combined with moderate growth and continued strong asset quality, it contributed to improved results compared to the second quarter."Year to date, net income reached $6.31 million, below last year by $1.27 million or 16.7%. The primary reason for the reduced income was a lower net interest margin compared to 2023,
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