Bar Harbor Bankshares ( (BHB) ) has released its Q4 earnings. Here is a breakdown of the information Bar Harbor Bankshares presented to its investors.
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Bar Harbor Bankshares, a community-focused banking institution operating in Northern New England, reported a solid financial performance for the fourth quarter of 2024. The company, known for its robust community banking services, continues to emphasize growth in its commercial and industrial lending segments.
In the latest earnings release, Bar Harbor Bankshares posted a net income of $11.0 million, translating to $0.72 per diluted share, marking an increase from the previous year’s $9.9 million or $0.65 per share. Key highlights include a return on assets of 1.09% and a notable 14% annualized commercial loan growth, alongside a steady net interest margin of 3.17%.
The company also demonstrated strong asset quality, maintaining a low non-accruing loans to total loans ratio of 0.22%. Wealth management fee income grew by 9% year-over-year, underscoring the bank’s diversified income streams. Total assets increased to $4.1 billion, reflecting the bank’s strategic focus on expanding higher-yielding commercial loans.
Looking ahead to 2025, Bar Harbor Bankshares plans to accelerate growth in its Commercial & Industrial Lending segment with the recent addition of experienced professionals to its team. The bank remains committed to maintaining its financial strength and community trust, as evidenced by recent accolades from Newsweek and Forbes.
With a declared dividend of $0.30 per share, the company continues to provide value to its shareholders. As it enters the new year, Bar Harbor Bankshares is well-positioned financially and culturally to navigate the evolving economic landscape.
