A record net income of $14.6 million was reported for 2014 by Bar Harbor Bankshares, the parent company of Bar Harbor Bank & Trust.
The income is 10.8 percent higher compared with the bank’s 2013 performance, according to a news release from the Bar Harbor-based company.
“We are delighted to report our ninth consecutive year of record earnings following our recently announced 15th consecutive quarterly cash dividend increase,” said Curtis C. Simard, president and CEO, who attributed the record income to gains in net interest margin and average earning asset growth of $76 million. “Led by revenue from our trust and other financial services division, we also enjoyed higher levels of fee income compared with last year.”
The bank also reported record diluted earnings per share of $2.45 for 2014, representing an increase of 23 cents, or 10.4 percent, compared with 2013. Its return on average assets amounted to 1.03 percent, up from 0.98 percent in 2013.
The bank trades on the New York Stock Exchange with the ticker BHB.
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