The parent company of Bar Harbor Bank & Trust reported record net income of $3.9 million in the second quarter of 2014, a 21.7 percent increase over the same period a year ago.
Bar Harbor Bankshares also reported record diluted earnings per share of $0.65 for the quarter compared with $0.54 for the second quarter of 2013, according to a release from the company. The bank’s second-quarter return on average assets amounted to 1.09 percent, up from 0.96 percent in the second quarter of 2013.
The bank also reported record year-to-date net income of $7.6 million, representing an increase of $1.3 million, or 19.7 percent, compared with the same period in 2013.
“We are pleased with the company’s solid performance and earnings fundamentals, culminating with the announcement of our best quarterly and year-to-date earnings on record,” said Curtis C. Simard, bank president and CEO.
“We achieved this performance by growing our average earning assets by almost $97 million, while, unlike most banks, our net interest margin expanded 20 basis points. Our second quarter total non-interest income was up 22.4 percent over the same quarter last year, led by a $251,000 increase in trust and financial services fees, including fee income from retail brokerage activities.”
The bank also managed expenses well, helping its overall performance, Simard said.
The bank, founded in 1887, operates 15 branches throughout Down East, central and midcoast Maine.