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Bar Harbor Bankshares reports recurring developments as a bank holding company for Bar Harbor Bank & Trust, including operating results, loan and deposit trends, customer service fees, trust management fee income, securities activity and quarterly cash dividends. The company provides banking, lending, card, online and mobile banking, merchant services, brokerage access, and trust and investment management services for individuals, businesses, nonprofit organizations and municipalities.
Company news also covers capital and governance matters, shareholder voting topics, and completed expansion activity in Northern New England. The completed acquisition of Guaranty Bancorp and Woodsville Guaranty Savings Bank expanded Bar Harbor's banking footprint in Maine, New Hampshire and Vermont.
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.
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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.