Bar Harbor Bankshares Q3 net income rises, deposits grow 

Overview

• US community bank's Q3 net income and EPS rose from the prior quarter

• Core earnings and net interest margin improved quarter-over-quarter

• Company declared unchanged $0.34 per share quarterly dividend

Outlook

• Company did not provide specific guidance for future quarters or the full year

Result Drivers

• DEPOSIT GROWTH - Co said total deposits grew 9% annualized, lowering cost of funds and reducing reliance on wholesale borrowings

• NEW CUSTOMER ACCOUNTS - Retail teams opened more than 1,600 new customer accounts in the qtr, per CEO Curtis C. Simard

• WEALTH MANAGEMENT FEES - Trust and investment management fee income rose 7% as assets under management increased 2.4% year-over-year

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for Bar Harbor Bankshares is $41.00, about 6.1% above its October 21 closing price of $38.66

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago

Reuters Recommended Reads

• Oct 22 - United Bankshares Q3 EPS beats estimates, helped by loan growth

• Oct 22 - Huntington Bancshares Q3 EPS unchanged, net interest income up

• Oct 19 - Zions Bancorp Q3 EPS rises 20% on improved credit quality

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)