Congratulations to Bar Harbor Bank and Trust: Bar Harbor Bankshares (NYSE MKT: BHB) (the “Company”) the parent company of Bar Harbor Bank & Trust (the “Bank”), today announced record net income of $3.5 million for the third quarter of 2013, representing an increase of $165 thousand, or 4.9%, compared with the third quarter of 2012. The Company also reported record diluted earnings per share of $0.89 for the quarter compared with $0.86 for the third quarter of 2012, representing an increase of $0.03, or 3.5%. The Company’s annualized return on average shareholders’ equity amounted to 11.73% for the quarter, up from 10.49% in the third quarter of 2012. The Company’s third quarter return on average assets amounted to 1.02%, compared with 1.05% in the third quarter of 2012. For the nine months ended September 30, 2013, the Company reported record net income of $9.9 million, representing an increase of $283 thousand, or 2.9%, compared with the same period in 2012. The Company also reported record diluted earnings per share of $2.51, representing an increase of $0.05, or 2.0%, compared with the same period in 2012. The Company’s annualized return on average shareholders’ equity amounted to 10.57% for the nine months ended September 30, 2013, up from 10.37% for the same period in 2012. The Company’s annualized return on average assets amounted to 0.99%, compared with 1.04% for the nine months ended September 30, 2012. “Because of the seasonality of the Bank’s market area, our third quarter financial performance has historically been the strongest in any given year, said Company President and Chief Executive Officer, Curtis C. Simard. “We are pleased to report record quarterly and year-to-date earnings and earnings per share, despite the protracted low interest rate environment and the many challenges confronting both the general economy and the banking industry as a whole. Our third quarter performance was highlighted by a meaningful increase in net interest income, a stable net interest margin, continued improvements in credit quality and higher levels of fee income.” Mr. Simard continued, “Despite soft demand and competitive pricing pressures, we also achieved moderate growth in our commercial and consumer loan portfolios, which were up $18.6 million and $12.1 million, respectively, from year end 2012. With respect to credit quality, we are pleased to report an 8.2% decline in non-performing loans on a linked-quarter basis and a decline of 21.2% from year end 2012. At quarter end, our total non-performing loans fell to 0.92% of total loans, down from 1.21% at year end 2012. Similarly, our year-to-date net loan charge-offs were down 56.1% from the same period last year, largely enabling a 28.7% decline in the provision for loan losses.” “We believe our commitment to maintaining a stable balance between growth and sustainable earnings is evident from our financial results and overall performance,” Said Mr. Simard. “We are pleased to post another solid quarter while simultaneously maintaining the soundness of our institution. By being a positive outlier in many critical measures, we continue to deliver respectable returns to our shareholders, including our recently announced tenth consecutive quarterly cash dividend increase.”
Posted on: Wed, 30 Oct 2013 18:56:23 +0000
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