Profits rise for BH Bankshares

BAR HARBOR — Bar Harbor Bankshares, the parent company of Bar Harbor Bank & Trust, announced net income of $3.9 million for the second quarter of 2015, an increase of 0.4 percent, compared with the second quarter of 2014.

For the six months ended June 30, the company reported record net income of $7.8 million, an increase of 1.4 percent compared with the same period in 2014

“The first half of 2015 featured record earnings and strong commercial loan growth, with that portfolio up over $54 million, or 12 percent, compared with year end 2014. Our ability to grow earning assets was instrumental in offsetting the pressure on our net interest margin, as interest rates continued to remain near historical lows. With our unwavering commitment to credit quality, this growth was across industries with well known and respected borrowers throughout the state,” said Curtis C. Simard, company president and chief executive officer.

Earlier in the year, the company was named to “American Banker Magazine’s” list of the top 200 publicly traded banks for 2015. Out of a field of 851 financial institutions throughout the United States, Bar Harbor Bankshares was ranked number 95, the only bank in Maine and one of eight in New England to make the list.

Leave a Reply

Your email address will not be published.