File photo / Tim Greenway
Curtis Simard, president and CEO of Bar Harbor Bankshares
October 23, 2024
Bar Harbor Bank parent boosts Q3 earnings on 'consistent and resilient performance'
FILE PHOTO/ Courtesy, BAR HARBOR BANK & TRUST
Bar Harbor Bank & Trust has branches in Maine, New Hampshire and Vermont.
Maine's third-largest bank reported third-quarter net income of $12.1 million, or 80 cents a share, up from $11.1 million, or 73 cents, in the same three months last year.
Bar Harbor Bankshares (NYSE American: BHB), parent of Bar Harbor Bank & Trust, said even after a one-time tax benefit earnings grew by 8%.
“Our teams continue to deliver consistent and resilient performance despite the many perspectives argued in the interest rate environment. Disciplined calling and focus on advancing market shares has guided our efforts regardless of the macroeconomic environment uncertainty," said Curtis C. Simard, Bar Harbor Bankshares' president and CEO.
The firm cited:
- 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
Simard also said the retail team opened 1,554 new customer accounts.
The board declared a cash dividend of 30 cents per share to shareholders of record as of Nov. 14, payable on Dec. 13. The dividend is based on a 3.89% annualized yield based on the $30.84 closing share price of the bank firm's common stock on Sept. 30.
Income tax expense for the third quarter 2024 was $1.4 million compared to $3.2 million in the third quarter 2023. The decrease in taxes represented a one-time multiple year tax refund on tax exempt loan income and a state apportionment adjustment, the firm said. Excluding one-time charges, the effective tax rate for the period ended Sept. 30 was consistent with the prior year.
Bar Harbor Bankshares is parent company of Bar Harbor Bank & Trust, which ranks No. 3 on the list of largest Maine-based banks in the 2024 Mainebiz Book of Lists. At the time of the ranking, the bank had assets of $4 billion and 22 Maine offices. The bank also does business in New Hampshire and Vermont.
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