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Mar 31, 2023
Bar Harbor Bankshares Q1 2023 Earnings Report
Reported strong first quarter results, demonstrating significant growth and improved profitability.
Key Takeaways
Bar Harbor Bankshares reported a strong first quarter in 2023, with net income increasing by 43% to $13.0 million, or $0.86 per diluted share, compared to $9.1 million, or $0.60 per diluted share, in the same quarter of 2022. The company experienced strong loan growth, increased fee-based income, and controlled expenses, leading to an improved return on assets of 1.36%.
Return on assets was 1.36%, compared to 1.00% in the same quarter of 2022.
Return on equity was 12.96%, compared to 8.89% in the same quarter of 2022.
Annualized commercial loan growth was 8%.
Net interest margin increased to 3.54%, compared to 2.95% in the same quarter of 2022.
Forward Guidance
Despite macroeconomic uncertainty and potential impacts from a weakened economic condition, Bar Harbor Bankshares has positioned itself for the long-term benefit of customers and shareholders. The company increased its dividend per share by almost 8% and was recognized by Forbes as one of the “World’s Best Banks” in the first quarter of 2023.
Positive Outlook
- Increased dividend per share by almost 8%.
- Recognized by Forbes as one of the “World’s Best Banks”.
- Dedicated team of approximately 500 banking professionals.
- Delivering the right technology, resources, and financial guidance to help customers meet their financial goals.
- Positioned the Company for the long-term benefit to our customers and shareholders
Challenges Ahead
- Ongoing macroeconomic uncertainty.
- Potential impacts from a weakened economic condition.
- Elevated inflation levels are tampered.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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