Bar Harbor Bankshares Q3 net income rises, deposits grow 

By Reuters News


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


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.
The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.
To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.
 

Cryptocurrency-related content is intended solely as news and market commentary. Crypto Derivatives are not available to Retail clients registered with Capital Com (UK) Ltd.