Bar Harbor Bankshares reports record earnings
Bar Harbor Bankshares, parent to Bar Harbor Bank & Trust reported record earnings, despite rocky financial markets.
For the quarter ending June 30, the bank reported net income of $2.8 million and year-to-date net income of $5.4 million. Both measures exceeded the performances of the previous year by 35.8% and 35.2%, respectively.
"While the banking industry continued to face strong crosswinds during the first half of 2009, Bar Harbor Bankshares experienced relatively smooth sailing, staying the course of soundness, profitability and growth," said President and CEO Joseph Murphy in a company release. "We are very excited to report record quarterly and year-to-date earnings and earnings per share, solid loan growth, sustained credit quality and a strong financial condition."
The bank also reported an 8% increase in its commercial loan portfolio at quarter's end, when compared with the end of 2008. Murphy said mortgage activity was at a near record level, while poor performing loans tallied only $6 million, or 0.91%.
Murphy noted the bank's strong interest income was able to offset a $647,000 spike in the cost of Federal Deposit Insurance Corp. insurance and an emergency assessment of $495,000 to replenish FDIC funds recorded in June.
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