Income, loans up at Bar Harbor Bankshares
Net income at Bar Harbor Bankshares increased 12% in the second quarter over the same period last year, the company recently announced. Its quarterly net income was $3.1 million, up $332,000 from the second quarter of 2011.
For the six-month period ended June 30, the parent company of Bar Harbor Bank and Trust saw its income rise 11% to $6.3 million, it announced in a press release. President and CEO Joseph Murphy said the company's non-performing loans and other problem loans also dropped 15% and 20%, respectively, over the past six months. "We are pleased to report continued solid earnings, especially given this extended and challenging period of historically low interest rates combined with a struggling economy," he said.
Total assets grew 6.4% over the last six months to $1.24 billion, and loans increased 6.6%, reaching nearly $777 million. Commercial loans rose 4.6% from December, pushing the total portfolio to $423.4 million.
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