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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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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