Bar Harbor Bank sees income growth
Bar Harbor Bankshares' net income rose 2% in the second quarter, the parent company of Bar Harbor Bank and Trust announced yesterday.
Net income for the quarter ended June 30 was $2.8 million, a 2.2% rise over the same quarter last year. For the first six months of the year, earnings rose 10.4% over the same period in 2010, largely due to the company's repurchase of all shares of preferred stock it issued to the U.S. Treasury in the first quarter of 2010. In 2009, the bank participated in the Treasury's Capital Purchase Program, selling stock to the department for $18.75 million. The company also reported growth in both consumer and commercial loan portfolios, with total loans rising 4.4% over Dec. 31, and commercial loans rising 2.6% over the end of 2010.
Total assets at the end of the quarter were $1.15 billion, up 3.2% over Dec. 31.
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