Bar Harbor Bankshares sees increase in 2Q profits

Posted July 29, 2011, at 10:39 a.m.

Bar Harbor Bankshares on Friday said it has second-quarter profits of $2.8 million, a 2.2 percent increase over the same quarter a year ago.

Bar Harbor Bankshares is the parent company of Bar Harbor Bank & Trust, which has 12 branches Downeast and in the mid-coast region of Maine.

The company said a stock repurchase plan it executed in 2010 was a large reason for the year-over-year profit increases as it reduced profits last year.

Bank President and CEO Joseph Murphy said the company has seen increase in both consumer and commercial loan portfolios.

“The pace of the national economic recovery has certainly been disappointing and recent signs suggest that it may again be faltering. In addition to seriously depressed real estate markets, companies are laying off employees at a level not seen in nearly a year, hobbling the job market and again intensifying the lack of confidence by consumers and business owners alike,” Murphy said. “Given all of the economic uncertainties that lie ahead, we believe any community bank’s future success will be underpinned by a strongly capitalized balance sheet. In this regard, we believe that we are well positioned for any future uncertainties or opportunities, given our strong regulatory capital ratios and tangible common equity position.”

Bar Harbor Bankshares trades on the New York Stock Exchange under the symbol BHB. It opened at $28.31 on Friday.

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