Bar Harbor posts earnings bump
Bar Harbor Bankshares, the parent company of Bar Harbor Bank & Trust, yesterday said its 2008 net income had increased 19% from the year before.
The bank said its net income for the year ended Dec. 31, 2008, was $8.6 million, up from $7.2 million in 2007, according to a press release. Its net income for its fourth quarter was $2.3 million, up from $1.8 million in the fourth quarter of 2007, representing a 28% increase. Its total loan portfolio ended the year at $634 million, a 9.3% increase from Dec. 31, 2007, led by growth in business loans. "Despite the deepening economic recession and well-publicized problems being suffered by a large segment of the banking and financial services industry, 2008 marked a remarkably successful year for Bar Harbor Bankshares," said CEO Joseph Murphy.
Bar Harbor Bankshares last month received $18.75 million in stimulus funds from the U.S. Treasury's Capital Purchase Program, which aims to stimulate the economy by providing well-capitalized banks with additional capital to boost lending. (For more on Maine banks involved in the CPP, read "Banks cash in on fed funds" from the Jan. 19 issue of Mainebiz.)
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