Bar Harbor Bank reports record Q1 profits

Bar Harbor Bankshares on Thursday reported record profits of $3.2 million for the first quarter, up 10.2 percent from the same period a year ago.

Bar Harbor Bankshares, the parent company of Bar Harbor Bank & Trust, said it has seen continual growth in commercial and consumer loans.

“While many banks throughout our region have been reporting little or no loan growth, we are pleased to report sustained growth in both our commercial and consumer loan portfolios,” said President and CEO Joseph Murphy, in a bank release. “Paramount to our continued success is credit quality, the metrics for which improved during the quarter, with non-performing and other potential problem loans posting meaningful declines compared with year-end 2011.”

The bank said its total loans at the end of the quarter hit $763.8 million, up $34.8 million, or 4.8 percent, over the end of the last quarter. Consumer loans, which principally consist of residential real estate mortgages, were up $25.6 million or 8.1 percent, the bank said, which resulted from its purchase of a $23.5 million, New England-based portfolio of residential mortgage loans during the quarter.

And the bank said that its collection of non-performing loans – which are near or in default – ended the quarter at $11.4 million, down 11.8 percent from the end of the last quarter.

“One commercial real estate development loan to a local, non-profit housing authority in support of an affordable housing project accounted for $2.8 million, or 24.2 percent, of the bank’s total non-performing loans,” the company reported.

Bar Harbor Bank & Trust has 12 branches throughout Downeast and Midcoast Maine. Last year, the company reported 168 employees.

It trades on the New York Stock Exchange under the symbol “BHB,” and was trading at $36.94 a share Thursday morning.