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Mar 31, 2021
Bar Harbor Bankshares Q1 2021 Earnings Report
Reported a strong first quarter with increased earnings and strategic expense review.
Key Takeaways
Bar Harbor Bankshares reported a 26% increase in earnings for Q1 2021 compared to Q1 2020, driven by strong commercial loan growth, higher wealth management and mortgage banking income, and lower core non-interest expenses. Net income was $9.5 million, or $0.63 per share, while core earnings (non-GAAP) were $10.2 million, or $0.68 per share.
Net income increased by 26% compared to the same quarter last year.
Core earnings increased 36% year-over-year.
Commercial loans grew 8% annualized, excluding PPP loans.
Wealth management income increased 9% due to a 23% increase in assets under management (AUM).
Revenue by Segment
Forward Guidance
The company expects to complete its non-interest expense review by the end of the second quarter 2021, which is expected to decrease salary and benefit expense by more than $3.0 million annually starting in the second quarter 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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