Bar Harbor Bankshares reports 10% income growth
Net income rose 10.3% at Bar Harbor Bankshares, parent company of Bar Harbor Bank and Trust, in 2011 compared with 2010. Bank officials attributed the growth to an increase in net interest income and loans.
The company reported a net income of $11 million for 2011, compared with $10 million for 2010, according to a press release. Net interest income, driven by an improved net interest margin and asset growth, rose $2.7 million, or 8%. Loans in 2011 also grew by $28.3 million, or 4%, however, commercial loan growth slowed to a 1.8% increase compared with 2010. The bank also said it focused on managing its operating expenses to improve its efficiency. Assets rose 4.4% to $1.17 billion, due to loan growth and an increase in the bank’s securities portfolio.
For the quarter ended Dec. 31, 2011, the bank also reported a net income of $2.4 million, a 17.8% rise over the fourth quarter of 2010.
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