Bar Harbor bank notes profits increase

BAR HARBOR – Bar Harbor Bankshares has reported net income of $1.3 million, or diluted earnings per share of 41 cents for the quarter ended March 31 compared with $963,000, or 30 cents per diluted share for the first quarter of last year. Included in prior year earnings was a one-time after tax adjustment of $247,000, resulting from the company’s adoption of a new accounting standard.

Total assets ended the quarter at $541 million, or 8.5 percent higher than the same date in 2002. Led by strong consumer real estate lending, total loans at the end of the quarter stood at $352 million, representing an increase of $41 million, or 13.2 percent, over a year ago. Deposit growth between periods amounted to 7.6 percent, ending the current quarter at $310 million.