Bar Harbor firm sees record earnings
Bar Harbor Bankshares, the parent company of Bar Harbor Bank & Trust, posted a record 17.8% increase in net income to $3.8 million for the first quarter of 2014, compared to last year.
“We are pleased to have carried our 2013 momentum forward into 2014 with the announcement of our best quarterly earnings on record,” said Curtis C. Simard, the company’s president and CEO, in a prepared statement last week. “We are also pleased to report that the credit quality of our loan portfolio remained relatively stable during the first quarter.”
The company also saw a 15.9% increase in diluted earnings per share to $0.95 and a 12.06% increase in the company’s annualized return of average shareholders’ equity. In addition, its first quarter return on average assets totaled 1.11%, up from 1.00% in the first quarter of last year.
Bar Harbor Bankshares closed last year with an annual record net income of $13.2 million, a 5.8% increase from 2012, attributing it to an increase in its portfolios for consumer and commercial loans and revenue from its trust division and other financial services.
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