ME public banks post income increases
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.
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