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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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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