Two of Maine’s publicly traded banks reported increases in their net income during the first quarter of 2009.
Bar Harbor Bankshares said its net income was $2.6 million in the first quarter of 2009, an increase of $673,000 over first quarter of 2008. The bank said non-interest expenses related to the write-down of bad venture capital investments whittled away at total non-interest income, which declined year over year by $445,000 to $1.6 million, according to a company press release.
Camden National Corp. said its net income was $6.2 million in the first quarter of 2009, a $20,000 increase from the same period last year, according to a company release. The company’s assets were $2.3 billion, a decrease of $4.9 million from total assets on March 31, 2008, according to a press release from the company. The decrease was due to declines in commercial real estate and commercial loan portfolios.
