Bar Harbor Bankshares Q2 2020 Earnings Report
Key Takeaways
Bar Harbor Bankshares reported a strong second quarter with net income up 41% year-over-year, driven by growth in commercial loans, non-maturity deposits, and an improved net interest margin. The company actively managed its balance sheet and maintained strong credit quality.
Net income increased by 41% compared to the same quarter of the previous year.
Commercial loans exhibited 18% annualized growth, excluding PPP loans.
Non-maturity deposits grew by 32% annualized, excluding PPP loan balances.
Net interest margin improved to 3.00% from 2.65%.
Bar Harbor Bankshares
Bar Harbor Bankshares
Forward Guidance
Bar Harbor Bankshares anticipates that unknown volatility in economic conditions and financial markets could impact the financial performance of the Company. The Company will be disciplined and nimble, ready to take action and remain committed to profitability and tangible book value growth, navigating expense management and positive operating leverage during this period.