Bar Harbor, First National banks report Q2 earnings
Bar Harbor Bankshares (NYSE: BHB), parent company of Bar Harbor Bank & Trust, reported net income of $6.1 million, or 39 cents per diluted share, for the second quarter of the year — down from $8.5 million in net income or 55 cents for the same period in 2018.
Core earnings in the second quarter this year also declined, totaling $6.3 million or 41 cents per share, compared to $8.7 million, or 56 cents, for the second quarter of 2018.
Bar Harbor’s total assets increased in the second quarter by $58.4 million, or 6% annualized, to $3.7 billion.
Loan balances in the second quarter were up $51.3 million from the first quarter, or 8% annualized. That growth was led by commercial real estate and commercial and industrial loans, which grew during the second quarter at annualized rates of 29% and 9%, respectively.
The financial reports come after Bar Harbor on July 8 announced its purchase of eight branches in central Maine from People’s United Bank.
The acquisition “will be immediately accretive to earnings and reduce our loan to deposit ratio allowing for future growth through core funding,” President and CEO Curtis C. Simard said in a news release.
The deal will boost Bar Harbor Bank's total branch count to 56, including 22 in Maine.
First Bancorp results
In addition, the First Bancorp (Nasdaq: FNLC), the Damariscotta-based parent company of First National Bank, last week reported second-quarter net income of $6.4 million, up over the same period last year by $661,000 or 11.5%.
Diluted earnings per share were up 6 cents to 59 cents per share, an increase of 11.3% from the second quarter of 2018.
First Bancorp’s total assets were $1.99 billion, a marginal increase from the previous quarter and up $82.9 million from the same period last year.
Loan balances were $1.25 billion, up $24.7 million, or 2% annualized. The balances were affected by the payoff of several large municipal loans, and the refinancing of a large commercial real estate loan, First Bancorp said in a news release.
The company operates 16 banking locations in mid-coast and eastern Maine.
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