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
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 EPS | Beat | $0.96 | $0.93 (2 Analysts) |
Q3 Net Income | Beat | $16.10 mln | $15.58 mln (2 Analysts) |
Q3 Adjusted ROE | 12.70% | ||
Q3 Credit Loss Allowance | $31.80 mln | ||
Q3 Net Interest Margin | 3.77% | ||
Q3 ROE | 11.69% |
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.)