Bar Harbor Bankshares Announces Earnings.
BAR HARBOR, Maine--(BUSINESS WIRE)--May 5, 2000
Bar Harbor Bankshares announces earnings of $1,286,000 for the quarter ending March 31,2000, compared to earnings of $1,315,000 as of March 31, 1999. This represents an earnings per share of $0.38 on March 31, 2000, consistent with the earnings per share reported as of March 31, 1999. Bar Harbor Banking and Trust Company, a subsidiary of Bar Harbor Bankshares, continues to experience strong loan growth and completed a successful conversion of its banking software applications subsequent to quarter end. BTI Financial Group, a new subsidiary of Bar Harbor Bankshares, and its three brokerage, trust, and investment services companies, became fully operational during the first quarter of 2000; later this year, BTI Financial Group will relocate to new headquarters in Ellsworth, Maine. BTI Financial Group start up expenses, combined with Bar Harbor Banking and Trust Company's software conversion expenses, resulted in flat earnings through March 31, 2000.
Selected Financial Information in Thousands, except for per share data: Three Months Ended 03/31/2000 03/31/1999 03/31/1998 Interest Income $ 8,544 $ 7,407 $ 6,928 Interest Expense 4,041 3,198 2,832 Net Interest Income after provision for loan losses 4,340 3,940 4,012 Pretax Income 1,921 1,959 2,396 Net Income 1,286 1,315 1,624 Earnings per share $ 0.38 $ 0.38 $ 0.47 Balance Sheet Data 03/31/2000 03/31/1999 03/31/1998 Total Assets $467,903 $401,644 $351,017 Total Loans 265,264 236,306 216,114 Reserve for possible loan losses 4,176 4,638 4,749 Total Deposits 270,567 258,262 245,093 Shareholders' Equity 49,231 47,529 43,572 Book Value per share $ 14.45 $ 13.80 $ 12.65
Bar Harbor Bankshares is a public company with shares traded on the AMEX under the symbol BHB.
Matters discusses in this press release, including statements with respect to continuing strong loan growth and the expected relocation of the headquarters of BTI Financial Group, include forward looking statements involving risks and uncertainties for which Bar Harbor Bankshares claims the protection of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. The continuation of loan growth is contingent on a number of factors, including general economic conditions, interest rates and competition from other lenders. The expected relocation of the offices of BTI Financial Group is subject to delays in the refurbishment of its new headquarters and to other contingencies associated with the relocation of a business office. More information concerning Bar Harbor Bankshares can be derived from its periodic reports filed with the Securities and Exchange Commission, including Form 10Q as filed for the quarter ended March 31, 2000.