Welcome to our dedicated page for Bar Harbor Bankshares news (Ticker: BHB), a resource for investors and traders seeking the latest updates and insights on Bar Harbor Bankshares stock.
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 a 28% increase in fourth-quarter net income, reaching $12.5 million or $0.83 per diluted share, compared to $9.8 million or $0.65 in Q4 2021. For 2022, total net income rose 11% to $43.6 million, or $2.88 per diluted share. Highlights include a 3.76% net interest margin and significant 19% commercial loan growth. Despite a 3% drop in total deposits, the company managed to maintain strong asset quality with a 0.17% non-performing asset ratio. A cash dividend of $0.26 per share was declared, yielding 3.25% at year-end.
Bar Harbor Bankshares (BHB) reported a net income of $11.4 million or $0.76 per diluted share for Q3 2022, up from $11.0 million or $0.73 in Q3 2021. The net interest margin improved to 3.47% from 3.02% year-over-year, while loan growth surged by 18%. The efficiency ratio decreased to 58% from 59%, aided by disciplined expense management. A cash dividend of $0.26 per share was declared, yielding 3.92%.
The bank maintained strong asset quality, with a non-performing assets ratio of 0.20%.
Bar Harbor Bankshares (NYSE American: BHB) announced a net income of $10.5 million or $0.70 per diluted share for Q2 2022, up from $9.0 million or $0.60 per diluted share in Q2 2021. The bank reported a 1.14% return on assets and 11% annualized loan growth, with a 3.19% net interest margin. Core deposits grew 9% annually. The efficiency ratio improved to 59%, and non-performing assets decreased to 0.21% of total assets. A cash dividend of $0.26 per share was declared, yielding over 4%. The company also initiated a stock repurchase plan for 5% of shares.
Bar Harbor Bankshares (NYSE American:BHB) announced a stock repurchase plan, authorizing the buyback of up to 5% of its outstanding shares, totaling approximately 751,000 shares as of May 31, 2022. The plan, which can last up to 12 months, allows repurchases through various methods at the company's discretion. Key factors influencing buybacks include stock price, securities law restrictions, and the company's financial performance. This move is intended to enhance shareholder value while maintaining flexibility for other capital uses.
Bar Harbor Bankshares (NYSE American: BHB) reported a net income of $9.1 million, or $0.60 per diluted share, for Q1 2022, down from $9.5 million, or $0.63 per share in Q1 2021. Core earnings also decreased from $0.68 to $0.62. Notable highlights include a 21% increase in annualized commercial loan growth and a net interest margin improvement to 2.95%. A dividend of $0.26 per share was declared, yielding 3.63% based on the stock's closing price. Total deposits stood at $3.0 billion, with 500 new accounts opened during the quarter.
Bar Harbor Bankshares (BHB) reported a net income of $9.8 million or $0.65 per diluted share for Q4 2021, an increase compared to $8.6 million or $0.58 per share in Q4 2020. Core earnings per share rose to $0.68 from $0.62. Key highlights include a 13% growth in commercial loans and deposits, alongside a 1.02% return on assets. The net interest margin declined to 2.79%, while a dividend of $0.24 per share was declared, payable on March 17, 2022.
Bar Harbor Bankshares (NYSE American: BHB) reported a significant increase in net income for Q3 2021, reaching $11 million or $0.73 per diluted share, up from $8.4 million or $0.56 per share in Q3 2020. Core earnings also rose to $11 million, reflecting a 20% growth year-over-year. Highlights include a 10% annualized growth in commercial loans and 32% in core deposits. The bank declared a cash dividend of $0.24 per share, payable on December 17, 2021, yielding 3.42%. Total assets reached $3.7 billion, with improving credit quality metrics, indicating strong financial health and operational resilience.
Bar Harbor Bankshares (BHB) reported a 9% increase in net income for Q2 2021, reaching $9.0 million or $0.60 per share, compared to $8.5 million or $0.55 per share in Q2 2020. Core earnings saw a 13% growth, totaling $9.4 million or $0.63 per share. The company declared a cash dividend of $0.24 per share, payable on September 17, 2021. Total assets stood at $3.6 billion, with a notable 14% annualized growth in core deposits. However, loans decreased by $35.5 million due to PPP loan forgiveness and prepayments.
Bar Harbor Bankshares (BHB) announced a 9% increase in its quarterly cash dividend, raising it by $0.02 to $0.24 per share. The dividend is set for shareholders of record by May 18, 2021, with a payment date of June 18, 2021. This increase reflects a 3.26% annualized yield based on a closing stock price of $29.42 at the end of Q1 2021. Bar Harbor Bank & Trust, the company's wholly-owned subsidiary, has been serving Northern New England since 1887.
Bar Harbor Bankshares (NYSE American: BHB) reported a strong fourth quarter 2020 with net income reaching $8.6 million, or $0.58 per share, a significant increase from $4.2 million, or $0.27 per share, in the same period of 2019. Core earnings climbed 11% to $9.2 million, or $0.62 per share, compared to $8.8 million in Q4 2019. Key highlights included 11% annualized growth in commercial loans, a 3.02% net interest margin, and a 0.33% ratio of non-performing assets to total assets. Strategic operational adjustments during the pandemic have positioned the bank for continued growth.
FAQ
What is the current stock price of Bar Harbor Bankshares (BHB)?
What is the market cap of Bar Harbor Bankshares (BHB)?
What services does Bar Harbor Bank & Trust offer?
How did Bar Harbor Bankshares perform in the second quarter of 2023?
What distinguishes Bar Harbor Bank & Trust from other banks?
What is the geographic reach of Bar Harbor Bank & Trust?
What are the main segments of Bar Harbor Bankshares' business?
How does Bar Harbor Bank & Trust support non-profit organizations?
What is Bar Harbor Bankshares' approach to investment services?
How does Bar Harbor Bank & Trust contribute to the community?
What was the net interest margin (NIM) of Bar Harbor Bankshares in Q2 2023?
What is the asset size of Bar Harbor Bankshares?
