Record earnings at Bar Harbor Bankshares
Bar Harbor — Bar Harbor Bankshares, the parent company of Bar Harbor Bank & Trust, has announced record net income of $3.8 million for the first quarter of 2014, representing an increase of $571 thousand, or 17.8 percent, compared with the first quarter of 2013.
The Company also reported record diluted earnings per share of $0.95 for the quarter compared with $0.82 for the first quarter of 2013, representing an increase of $0.13, or 15.9 percent. The Company’s annualized return on average shareholders’ equity amounted to 12.06 percent for the quarter, up from 10.14 percent in the first quarter of 2013. The Company’s first quarter return on average assets amounted to 1.11 percent, up from 1.00 percent in the first quarter of 2013.
“We are pleased to have carried our 2013 momentum forward into 2014 with the announcement of our best quarterly earnings on record. Our first quarter performance was highlighted by a $1.3 million or 13.9 percent increase in net interest income and a nineteen basis point improvement in the net interest margin, compared with the first quarter of last year. We also continued to focus on the management of our operating expenses and are pleased to report a first quarter efficiency ratio of 53.6 percent, compared with 55.3 percent in the first quarter of last year,” said Curtis C. Simard, President and Chief Executive Officer, in a news release.
Simard continued, “We are also pleased to report that the credit quality of our loan portfolio remained relatively stable during the first quarter. While total non-performing loans were up modestly from year-end 2013, delinquent loans and other potential problem loans posted meaningful declines. Similarly, our first quarter net loan charge-offs were down 46.8 percent, from the same quarter last year.”
In concluding, Mr. Simard added, “Competition remains brisk, however, our brand remains well received and we continue to focus on the customer experience. Our efforts to balance growth and earnings are evident in our performance measures and continue to deliver for our shareholders including our recently announced twelfth consecutive cash dividend increase and accompanying three-for-two stock-split payable in the form of a large stock dividend.”