Bar Harbor Bankshares income up 2.1% in 2Q
Bar Harbor Bankshares, the parent of Bar Harbor Bank & Trust, announced income of $3.2 million for the second quarter of this year, a 2.1% increase over the same period last year. The company recorded a 1.9% increase in income over the last six months, according to unaudited figures in its latest earnings statement.
Since the start of the year, the company reported a 3.1% increase in total assets, to $1.34 billion.
Bank CEO Joseph Murphy said in the earnings announcement that low interest rates continue to challenge the bank, which saw a 5% decrease in its net interest margin. At the same time, net interest income increased year-over-year by 6%, which the bank attributed to a growing loan portfolio.
Total loans increased 5.4% over the end of 2012, driven primarily by boosts in home mortgages and tax-exempt loans to municipalities. The company also reported improvements in loan quality. The bank reduced its number of non-performing loans by 14.2% over the end of 2012, a decline from $9.9 million to $8.5 million.
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