Bar Harbor Bankshares, the parent company of Bar Harbor Bank & Trust, has announced financial results for the three months ended March 31. The company reported record net income of $3.2 million, a 10.2% rise over the first quarter of 2011.
President and CEO Joseph Murphy said the bank has also seen continued loan growth, improving credit quality and an expanding net interest margin this year, according to a press release. Its total assets grew by $57 million, reaching $1.22 billion, and quarterly net interest income grew 3.3%. It's also seen growth in both commercial and consumer loan portfolios, up 1.9% and 8.1%, respectively. Total loans ended the quarter at $763.8 million, a 4.8% rise over Dec. 31. Non-performing and troubled loans declined compared with year-end 2011.