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Jun 30, 2021
Bar Harbor Bankshares Q2 2021 Earnings Report
Net income increased due to higher fee income and a credit provision recapture
Key Takeaways
Bar Harbor Bankshares reported a net income of $9.0 million, or $0.60 per share, for the second quarter of 2021, compared to $8.5 million, or $0.55 per share, for the same quarter in 2020. Core earnings (non-GAAP) were $9.4 million, or $0.63 per share, compared to $8.6 million, or $0.56 per share for the same periods.
Earnings per share grew by 9%, and core earnings (non-GAAP) grew by 13%.
Return on assets was 0.97%, and core return on assets (non-GAAP) was 1.01%.
Total commercial loan growth, excluding PPP loans, was 8% annualized.
Core deposits increased by 14% annualized.
Bar Harbor Bankshares
Bar Harbor Bankshares
Forward Guidance
The company is encouraged by an improving economic outlook and better operating conditions as they move into the second half of the year.
Positive Outlook
- Improving economic outlook
- Better operating conditions
- Collective resilience has prepared and positioned the company to move forward
- Unique complementary footprint enabling utilization of all earnings levers
- Continuing to serve customers and communities