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Jun 30, 2022
Bar Harbor Bankshares Q2 2022 Earnings Report
Net income increased due to loan growth and rising rates.
Key Takeaways
Bar Harbor Bankshares reported a strong second quarter with net income of $10.5 million, or $0.70 per diluted share, compared to $9.0 million, or $0.60 per diluted share, in the same quarter of 2021. The results reflect loan growth across all product offerings and rising interest rates.
Net income per diluted share increased by 17%.
Commercial loans, excluding PPP, grew 14% on an annualized basis.
Solid operating leverage improved the efficiency ratio.
Total nonperforming assets improved by $1.3 million.
Bar Harbor Bankshares
Bar Harbor Bankshares
Forward Guidance
The company believes that having a strong balance sheet, robust pipelines, a sound mix of fee-based businesses, and a focus on expense management will provide the foundation for continued success.
Challenges Ahead
- Macroeconomic factors remain uncertain.