Bar Harbor Bankshares Reports Strong Quarterly Results and Declares Dividend

Bar Harbor Bankshares, a financial institution based in Bar Harbor, Maine, recently released its financial results for the quarter ended September 30, 2024. The company reported GAAP and core net income of $12.1 million or $0.80 per diluted share, showing an improvement compared to the same quarter in 2023 which had net income of $11.1 million or $0.73 per diluted share.

Key highlights from the third quarter of 2024 include a return on assets of 1.20%, core deposit growth of 18% annualized, a net interest margin of 3.15%, and a non-accruing loans to total loans ratio of 0.23%. The bank also experienced 17% growth in wealth management-related fee income year over year.

President and CEO of Bar Harbor Bankshares, Curtis C. Simard, expressed optimism about the bank’s performance despite challenges in the interest rate environment. He noted that disciplined strategies and a focus on market shares have driven the bank’s growth. Simard highlighted an 8% earnings growth in the third quarter and the establishment of core deposits along with expansion in wealth fee income.

Regarding the company’s financial condition, total assets remained stable at $4.0 billion at the end of the third quarter of 2024. The bank saw growth in total deposits, with non-maturity deposits increasing by 15% on an annualized basis.

Furthermore, the Board of Directors declared a quarterly cash dividend of $0.30 per share to shareholders of record at the close of business on November 14, 2024, payable on December 13, 2024. This dividend reflects a 3.89% annualized yield based on the closing share price of $30.84 on September 30, 2024.

Bar Harbor Bankshares continues to focus on balancing growth with earnings and maintaining a strong foundation to navigate changing industry dynamics and economic conditions. The bank’s teamwork and commitment to risk management are expected to drive continued success throughout the remainder of the year.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Bar Harbor Bankshares’s 8K filing here.

About Bar Harbor Bankshares

Bar Harbor Bankshares operates as the holding company for Bar Harbor Bank & Trust that provides banking and nonbanking products and services primarily to consumers and businesses. It accepts various deposit products, including interest-bearing and non-interest-bearing demand accounts, savings accounts, time deposits, and money market deposit accounts, as well as certificates of deposit.