Bar Harbor Bankshares said Tuesday that it had record earnings in 2010, with profits of $10 million, up slightly from the year before.
Bar Harbor Bankshares is the parent company of Bar Harbor Bank & Trust, and trades under the symbol BHB on the New York Stock Exchange.
“Despite a troubled economy, high unemployment, depressed real estate markets, diminished consumer confidence and a painfully slow emergence from the national economic recession, 2010 marked another successful year for Bar Harbor Bankshares,” said President and CEO Joseph M. Murphy in a statement. “We are very pleased to report record earnings, a growing balance sheet and a very strong capital position.”
Profits the year before amounted to $9.3 million, the bank said.
According to the company’s Tuesday filings, its total assets at the end of the 2010 were $1.1 billion, up $45.6 million year over year. That growth, the bank said, was mostly due to increases in its commercial and consumer loan portfolios.
The year ended with total loans of $700.7 million, up $31.2 million compared with 2009. Commercial loans were up 28.3 million, ending the year at $397.6 million.
“In addition, this year’s retail deposit growth was the strongest we have experienced in many years,” said Murphy. “We believe this growth was largely attributed to new customer relationships and reflective of the vibrant tourism season in the markets served by the bank.”
Looking forward, Murphy said the bank remains cautious about the year ahead “and the realities facing the banking industry.” Those realities include the impact of the new federal Dodd-Frank Wall Street Reform and Consumer Protection Act, which he said would add “additional complexity and compliance costs to the operations of all community banks.”
“While emergence from the national recession continues, we anticipate a prolonged economic recovery with pockets of continued deterioration in the foreseeable future,” Murphy said.
Bar Harbor Bank & Trust has 12 branches in coastal Maine.