Bar Harbor Bankshares announces earnings

BAR HARBOR – Bar Harbor Bankshares, the parent company of Bar Harbor Bank and Trust, on Friday announced net income of $2 million for the quarter ended June 30, or earnings per share of 67 cents, compared with $1.8 million, or earnings per share of 59 cents, for the second quarter of 2007.

The increase in second quarter 2008 earnings was principally attributed to a $936,000, or 16.7 percent, increase in net interest income and a $274,000, or 16.5 percent, increase in noninterest income, offset in part by a $681,000, or 15 percent, increase in noninterest expenses.

The bank also recorded a provision for loan losses of $297,000 during the second quarter, representing an increase of $264,000 compared with the same quarter last year.

For the six months ended June 30, net income amounted to $4 million, or earnings per share of $1.31, compared with $3.2 million, or earnings per share of $1.03, for the same period in 2007.