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Dec 31, 2023
Bar Harbor Bankshares Q4 2023 Earnings Report
Bar Harbor Bankshares' Q4 2023 earnings decreased compared to the same quarter last year.
Key Takeaways
Bar Harbor Bankshares reported a decrease in net income for Q4 2023 to $9.9 million, or $0.65 per diluted share, compared to $12.5 million, or $0.83 per diluted share, in Q4 2022. Core net income (Non-GAAP) was $10.4 million, or $0.68 per diluted share, compared to $12.5 million, or $0.83 per diluted share, in the same period last year.
Net income for Q4 2023 was $9.9 million, or $0.65 per diluted share, down from $12.5 million, or $0.83 per diluted share, in Q4 2022.
Core net income (Non-GAAP) for Q4 2023 was $10.4 million, or $0.68 per diluted share, compared to $12.5 million, or $0.83 per diluted share, in Q4 2022.
Return on assets was 1.00%, compared to 1.30% in the same quarter of the prior year.
Net interest margin was 3.17%, compared to 3.76% in the fourth quarter of 2022.
Bar Harbor Bankshares
Bar Harbor Bankshares
Bar Harbor Bankshares Revenue by Segment
Revenue by Segment
Wealth management Revenue
CapyFin.comCustomer service fees Revenue
CapyFin.com Forward Guidance
The report does not contain specific forward guidance. However, it mentions that the company is focused on relationship-based lending funded by core customer deposits, while adhering to disciplined credit culture and executing on strategic objectives that provide for responsible growth.
Positive Outlook
- Balance sheet is being actively managed towards a more neutral interest rate sensitive position.
- Focus on relationship-based lending funded by core customer deposits.
- Adherence to a disciplined credit culture.
- Credit metrics remain strong.
- Strategic objectives provide for responsible growth.
Challenges Ahead
- Net interest margin faced pressure throughout 2023.
- Shift in deposit composition from non-maturity deposits to CDs.
- Heavier reliance on wholesale borrowings in the fourth quarter 2023 compared to the same quarter in 2022.
- Non-core expenses associated with the opening of a new service totaled $544 thousand, raising the efficiency ratio by 1.47%.
- Uncertain rate environment may impact performance.