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Bar Harbor Bankshares (NYSE American: BHB) is the parent company of Bar Harbor Bank & Trust, a community bank founded in 1887. With 15 branches located between Lubec and Topsham, Maine, Bar Harbor Bank & Trust offers a comprehensive range of financial services for families, businesses, and non-profit organizations. These services include easy-to-understand deposit and loan products, trust services for retirement planning, estate protection, and investment growth, as well as endowment management for non-profit organizations. The bank also collaborates with Infinex professionals to provide tailored investment strategies.
Bar Harbor Bankshares operates through various segments including Commercial Construction, Commercial Real Estate (both owner-occupied and non-owner occupied), Tax Exempt, Commercial and Industrial Loans, Residential Real Estate, Home Equity, and Consumer Loans. Their products and services span checking accounts, deposits, cards, mobile and online banking, loans, merchant services, trust, and fiduciary services, investment planning, and more. As of the latest updates, the company reported notable financial performance improvements including strong net interest income and loan growth.
In the second quarter of 2023, Bar Harbor Bankshares reported a net income of $10.8 million, showing a slight increase from the same quarter in 2022. The company’s net interest margin (NIM) stood at 3.22%. Total assets grew to $4.0 billion, supported by significant commercial loan growth. The bank maintains strong credit metrics, with an allowance for credit losses ratio of 0.91% and a notable decrease in non-accruing loans.
Bar Harbor Bankshares continues to thrive despite the challenging economic landscape. It holds a diverse customer base including consumers, small businesses, larger corporations, government agencies, and commercial real estate entities. The company’s commitment to community service is evident through extensive employee volunteerism and support of local causes. With a strategic focus on stable growth and community integration, Bar Harbor Bankshares aims to deliver consistent value to its shareholders.
Bar Harbor Bankshares (NYSE American:BHB) reported third quarter 2024 GAAP and core net income of $12.1 million or $0.80 per diluted share, compared to $11.1 million or $0.73 per diluted share in Q3 2023. Key highlights include:
- Return on assets of 1.20%
- Core deposit growth of 18% annualized
- Net interest margin of 3.15%
- Non-accruing loans to total loans ratio of 0.23%
- Wealth management related fee income growth of 17% year over year
The company declared a cash dividend of $0.30 per share, payable on December 13, 2024. Total assets remained steady at $4.0 billion, with consistent loan growth and increased deposits. The allowance for credit losses stood at $29.0 million. Total deposits increased to $3.3 billion, while senior borrowings decreased to $186.2 million.
Bar Harbor Bankshares (NYSE American:BHB) reported Q2 2024 GAAP net income of $10.3 million ($0.67 per diluted share) and core net income of $10.0 million ($0.66 per diluted share). Key highlights include:
- Return on assets of 1.04%
- Commercial loan growth of 14% annualized
- Net interest margin (NIM) of 3.09%
- Non-accruing loans to total loans ratio of 0.20%
- 14% growth in trust and investment fee income
The Board declared a cash dividend of $0.30 per share, payable on September 13, 2024. Total assets grew $75.2 million, primarily due to loan growth and higher cash balances. The company maintained strong credit quality and experienced growth in its wealth management business.
Bar Harbor Bankshares (NYSE American: BHB) reported a robust first quarter of 2023 with net income climbing 43% to $13.0 million or $0.86 per diluted share, compared to $9.1 million or $0.60 in Q1 2022. Key highlights include a return on assets of 1.36% and a net interest margin of 3.54%, up from 2.95% year-over-year. Loan growth reached an impressive 8% annually, contributing to a 27% increase in net interest income. The company declared a cash dividend of $0.28 per share, reflecting a 4.23% annualized yield. Despite challenges in the macroeconomic environment, Bar Harbor Bankshares showed resilience with strong financial metrics and a stable deposit base, positioning itself for long-term growth.
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