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Bar Harbor Bankshares - BHB STOCK NEWS

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.

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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.

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Bar Harbor Bankshares reported first quarter 2024 GAAP and core net income of $10.1 million, with highlights including a return on assets of 1.03%, commercial loan growth of 7%, and a net interest margin of 3.14%. The company declared a cash dividend of $0.30 per share, representing a 4.53% annualized yield, and approved a stock repurchase plan. Financially, total assets remained at $4.0 billion, total loans grew 2%, and the allowance for credit losses was flat at $28.4 million. Net interest margin decreased to 3.14% from 3.54% in the first quarter of 2023, while total interest and dividend income increased by 13.4% to $45.8 million. Non-interest expense rose to $23.7 million from $22.7 million in the first quarter of 2023. Overall, the company continues to focus on profitability, shareholder value, and credit quality.
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Bar Harbor Bankshares (BHB) reported a decrease in net income for the fourth quarter of 2023 compared to the same period in 2022. The company's financial results showed a decline in return on assets, commercial loan growth, and net interest margin. Despite these challenges, the company's President and CEO, Curtis C. Simard, remains optimistic about the future, focusing on relationship-based lending and disciplined credit culture. The company's financial condition remained relatively stable, with total assets and loans remaining consistent, while securities available for sale increased. The company's book value per share and tangible book value per share also showed improvement. In terms of operations, the net interest margin decreased, driven by a higher cost of funds, while non-interest income, provision for credit losses, and non-interest expenses remained relatively stable. Overall, the company's financial performance showed some challenges but also demonstrated resilience in the face of an uncertain rate environment.
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Bar Harbor Bankshares (BHB) declared a quarterly cash dividend of $0.28 per share of common stock, equating to a 3.81% annualized yield. The parent company of Bar Harbor Bank & Trust, founded in 1887, serves the financial needs of clients in Northern New England states.
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Bar Harbor Bankshares reported net income of $11.1 million in Q3 2023, compared to $11.4 million in Q3 2022. The company saw a 10% increase in non-interest bearing deposits and a 0.17% non-performing assets ratio to total assets. The Board of Directors declared a cash dividend of $0.28 per share. Total assets remained flat at $4.0 billion. The company's book value per share was $26.67 and tangible book value per share was $18.45. Net interest margin decreased to 3.18% from 3.47% in Q3 2022.
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SEI extends strategic partnership with Bar Harbor Bank & Trust, supporting their growth and expanded offering to clients through SEI Wealth Platform and business process outsourcing solution.
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FAQ

What services does Bar Harbor Bank & Trust offer?

Bar Harbor Bank & Trust offers a full range of financial services including deposit and loan products, trust and fiduciary services, investment planning, mobile and online banking, and merchant services.

How did Bar Harbor Bankshares perform in the second quarter of 2023?

Bar Harbor Bankshares reported a net income of $10.8 million for Q2 2023, with a net interest margin of 3.22%. Total assets grew to $4.0 billion, driven by commercial loan growth.

What distinguishes Bar Harbor Bank & Trust from other banks?

Bar Harbor Bank & Trust stands out for its comprehensive range of financial services tailored to families, businesses, and non-profits. It is also deeply committed to community service and volunteerism.

What is the geographic reach of Bar Harbor Bank & Trust?

Bar Harbor Bank & Trust operates 15 branches from Lubec to Topsham, Maine, and has a significant presence in Northern New England, including New Hampshire and Vermont.

What are the main segments of Bar Harbor Bankshares' business?

The main business segments include Commercial Construction, Commercial Real Estate (owner-occupied and non-owner occupied), Tax Exempt, Commercial and Industrial Loans, Residential Real Estate, Home Equity, and Consumer Loans.

How does Bar Harbor Bank & Trust support non-profit organizations?

The bank provides high-performance endowment management services tailored to the needs of non-profit organizations, ensuring efficient and effective financial growth.

What is Bar Harbor Bankshares' approach to investment services?

Bar Harbor Bankshares collaborates with Infinex professionals to offer personalized investment strategies that align with clients' unique financial situations and goals.

How does Bar Harbor Bank & Trust contribute to the community?

The bank's employees volunteer hundreds of hours in community service, participating as local board members, youth team coaches, and in community events to support local causes.

What was the net interest margin (NIM) of Bar Harbor Bankshares in Q2 2023?

The net interest margin (NIM) of Bar Harbor Bankshares in Q2 2023 was 3.22%, showing stability compared to the previous year.

What is the asset size of Bar Harbor Bankshares?

As of the second quarter of 2023, Bar Harbor Bankshares had total assets amounting to $4.0 billion.

Bar Harbor Bankshares

NYSE:BHB

BHB Rankings

BHB Stock Data

500.08M
15.23M
2.66%
55.74%
0.37%
Commercial Banking
Finance and Insurance
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United States of America
BAR HARBOR