Bar Harbor Bankshares reports record Q2 earnings
Bar Harbor Bankshares (NYSE: BHB), the parent company of Bar Harbor Bank & Trust, is reporting record net income of $3.9 million for the second quarter of 2014, representing an increase of $687,000, or 21.7%, compared with the second quarter of 2013.
In a press release announcing its second quarter earnings, the company reported that its net income of $7.6 million for the six months that ended June 30 also is a record and represents an increase of $1.3 million, or 19.7%, compared with the same period in 2013.
Curtis Simard, company president and CEO, said in the release that Bar Harbor Bankshares achieved those record performances by growing its average earning assets by almost $97 million and by continuing to focus on improving its management of operating expenses.
“The credit quality of our loan portfolio held stable during the first half of this year,” said Simard. “Total non-performing loans declined 11.3% from year-end 2013, while other delinquent loans and other potential problem loans posted a combined decline of 6.4%.”
Total deposits ended the second quarter at $837 million.
Bar Harbor Bankshares’ subsidiary, Bar Harbor Bank & Trust, founded in 1887, has 15 branch offices in Down East, Midcoast and Central Maine.
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