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Jun 30, 2023
Bar Harbor Bankshares Q2 2023 Earnings Report
Bar Harbor Bankshares reported strong second quarter results, driven by net interest income and loan growth.
Key Takeaways
Bar Harbor Bankshares reported a net income of $10.8 million for Q2 2023, an increase compared to $10.5 million in the same quarter of the previous year. The company's financial performance was driven by strong net interest income generated from robust loan growth and expanding yields on average earning assets, while maintaining strong credit quality metrics.
Total assets reached $4.0 billion, a company record.
Return on assets was 1.10%, and return on equity was 10.49%.
Annualized commercial loan growth was 12%.
Net interest margin (NIM) was 3.22%, compared to 3.19% in the same quarter of the prior year.
Bar Harbor Bankshares
Bar Harbor Bankshares
Forward Guidance
The operating environment for banks has changed in 2023, but the company's strategy has not.