Bar Harbor Bankshares logs record net income
Bar Harbor Bankshares, the parent company of Bar Harbor Bank and Trust, closed the year with a record annual net income of $13.2 million, an increase from last year of 5.8%, or $717,000.
That income was based on more than $50.7 million in interest and dividend income and about $7.6 million in non-interest income. In the most recent quarter, ended Dec. 31, 2013, the bank generated $3.3 million in net income, a more than 15% increase over income for the same quarter last year.
In an earnings statement, the bank reported for the full year that it increased its consumer loan portfolio by 3.2%, or $11.8 million, and its commercial loan portfolio by 5.7%, or $24.7 million. Curtis Simard, the bank’s CEO, said in the statement that the bank’s performance in 2013 was led by a $2.1 million increase in net interest income led by revenue from its trust division and other financial services.
The share price for Bar Harbor Bankshares was steady this morning at its opening price of $36.51.
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