Bar Harbor Bankshares sees net income rise
Bar Harbor Bankshares, the parent company of Bar Harbor Bank and Trust, reported a 16.2% increase in net income during the first quarter of 2010.
The company announced net income of $3.1 million for the quarter ending March 31, up from the $2.6 million reported for the same quarter the year before, according to a press release. President and CEO Joseph Murphy attributed the increase to higher levels of net interest income and non-interest income, as well as relatively flat increases in operating expenses.
During the first quarter of 2010, the company redeemed all 18,751 shares of its preferred stock issued to the U.S. Department of Treasury as part of the Capital Purchase Program. The stock the company repurchased had a carrying value of $18.3 million. Bar Harbor Bankshares received $18.75 million in CPP funds through a sale of preferred stock to the Treasury.
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