Bar Harbor Bankshares Reports Earnings Results for the Fourth Quarter and Year Ended December 31, 2012
For the year, the bank reported interest and dividend income was $50,838,000 against $50,907,000 a year ago. Net interest income was $36,971,000 against $34,389,000 a year ago. Net interest income after provision for loan losses was $35,319,000 against $31,994,000 a year ago. Income before income taxes was $17,410,000 against $15,505,000 a year ago. Net income was $12,466,000 or $3.18 per diluted share against $11,043,000 or $2.85 per diluted share a year ago. Return on average assets was 1.00% against 0.96% a year ago. Return on average equity was 9.93% against 9.94% a year ago. Book value was $32.66 as on December 31, 2012 compared to $30.49 as on December 31, 2011. Net interest income increase was principally attributed to average earning asset growth of $87.0 million, or 7.8%, combined with a stable net interest margin.