Katahdin Bankshares reports first-quarter results
HOULTON, Maine — Katahdin Bankshares Corp., parent company of Katahdin Trust Company, has announced first-quarter earnings of $1.26 million, or $0.38 per common share.
Total assets reached $903.7 million on March 31, 2020. This was an increase of $52.8 million over year end and $103.6 million over the first quarter of 2019.
“Subsequent to March 31, we were pleased to participate in the widely publicized Small Business Administration’s Paycheck Protection Program,” said Jon J. Prescott, president and chief executive officer. “Through April 21, Katahdin Trust helped over 420 businesses with more than $70 million in program loans.”
The PPP was designed to help small businesses keep their workforces employed during the COVID-19 crisis.
Prescott added that Katahdin Trust employees, many of whom are working remotely, have displayed courage, ingenuity, teamwork, and an incredible work ethic in order to continue to serve its customers and thanked them for their efforts.