PORTLAND — Houlton-based Katahdin Bankshares Corp., the parent company of Katahdin Trust Company, reported earnings of $2,182,000 in the first half of 2011, down 11 percent from the same period last year, according to a media release.
In a press release, Jon J. Prescott, Katahdin Trust president and CEO, attributed the decline to a drop in net interest margin and less non-interest income.
The company also reported holding loans worth $427,640,000, 5.4 percent more than the same period last year.
Deposits also increased 5.2 percent over the same period last year to $417,396,000, due largely to business from the bank’s new office in Bangor, which opened in August 2010, said the release.
Katahdin Trust also opened a location on June 20 in Hampden.
“We are certainly pleased with this level of earnings despite the continuing struggling economy,” said Prescott in the press release. “We are especially pleased we were able to grow our loan portfolio by $21,790,000.”
Katahdin Bankshares has total assets of $524,275,00, 16 offices in northern and central Maine. The company also has commercial loan offices in Bangor and Scarborough.
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