Bar Harbor, Camden banks see Q1 growth
Both Bar Harbor Bankshares and Camden National Corp. reported earnings increases for the first quarter of 2011 of nearly 20%.
Bar Harbor Bankshares, parent of Bar Harbor Bank and Trust, recently reported net income of $2.9 million for the first quarter of the year, a 19.6% increase over the same quarter of 2010, according to a press release. Earnings per share rose 17.5%. The company attributed the rise to its repurchase of all shares of its preferred stock from the U.S. Department of the Treasury. In October 2008, the bank participated in the Treasury's Capital Purchase Program, selling stock to the department for $18.75 million. Total assets were $1.16 billion.
Camden National Corp., parent of Camden National Bank, reported net income of $6.3 million for the quarter ended March 31, a 19% increase over the same quarter in 2010, according to a press release. Earnings per share also increased from $0.69 in Q1 2010 to $0.83 in Q1 2011. President and CEO Gregory Dufour said the bank also raised its capital ratio to 7.2% of total assets and grew its total risk-based capital ratio from 13.9% to 15.1%. Total assets were $2.3 billion.
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