Bar Harbor Bankshares Q3 net income rises, deposits grow
BHB•BHB•BHB•BHB•Bar Harbor Bankshares reported Q3 net income of $16.10 million and EPS of $0.96, above estimates of $15.58 million and $0.93. Deposits grew 9% annualized, and the company declared an unchanged quarterly dividend of $0.34 per share.
Bar Harbor Bankshares reported Q3 net income of $16.10 million and EPS of $0.96, compared with estimates of $15.58 million and $0.93. Core earnings and net interest margin improved quarter over quarter; net interest margin was 3.77%.
Total deposits grew 9% annualized, lowering the cost of funds and reducing reliance on wholesale borrowings. Retail teams opened more than 1,600 new customer accounts during the quarter, and trust and investment management fee income rose 7% as assets under management increased 2.4% year over year. The company declared an unchanged quarterly dividend of $0.34 per share.
