Bar Harbor Bankshares (BHB) Bundle
A Brief History of Bar Harbor Bankshares
Company Overview
Bar Harbor Bankshares, a publicly traded financial institution, has been serving its community since 1887. As of 2024, the company operates through its primary subsidiary, Bar Harbor Bank & Trust, providing a range of banking and financial services.
Financial Performance (2024)
For the third quarter of 2024, Bar Harbor Bankshares reported a net income of $12.2 million, a rise from $11.1 million in the same quarter of 2023. The diluted earnings per share reached $0.80, compared to $0.73 in the prior year.
Year-to-date, net income for the nine months ended September 30, 2024, was $32.5 million, or $2.14 per diluted share, down from $34.9 million, or $2.31 per diluted share, in the same period of 2023.
| Financial Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Net Income | $12.2 million | $11.1 million | $32.5 million | $34.9 million |
| Earnings Per Share | $0.80 | $0.73 | $2.14 | $2.31 |
Interest and Dividend Income
In Q3 2024, total interest and dividend income increased by 7.6% to $48.6 million, up from $45.1 million in Q3 2023. For the nine months ended September 30, 2024, this metric rose by 10.0% to $141.2 million compared to $128.4 million in the prior year.
Net Interest Income and Margin
Net interest income for Q3 2024 was $28.96 million, with a net interest margin of 3.2%. This margin remained unchanged from Q3 2023. The yield on loans increased to 5.5% from 5.1% in the same quarter of the previous year.
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Interest Income | $28.96 million | $29.18 million |
| Net Interest Margin | 3.2% | 3.2% |
| Yield on Loans | 5.5% | 5.1% |
Provision for Credit Losses
The provision for credit losses in Q3 2024 was $228 thousand, significantly lower than $673 thousand in Q3 2023. For the nine months ended September 30, 2024, the provision totaled $1.1 million, down from $2.2 million in the prior year.
Deposits and Loans
As of September 30, 2024, total deposits increased by $120.6 million to $3.3 billion, up from $3.1 billion at the end of Q2 2024. The total loans grew by 2.8% or $82.7 million to $3.1 billion.
| Deposits and Loans | Amount (as of Sept 30, 2024) | Amount (as of Dec 31, 2023) |
|---|---|---|
| Total Deposits | $3.3 billion | $3.1 billion |
| Total Loans | $3.1 billion | $3.0 billion |
Equity and Capital Ratios
At the end of Q3 2024, total equity stood at $459.9 million, up from $432.1 million at year-end 2023. The tangible book value per share was $22.02 compared to $20.28 at year-end 2023.
| Capital Ratios | Q3 2024 | Minimum Required |
|---|---|---|
| Total Capital to Risk-Weighted Assets | 14.37% | 8.00% |
| Common Equity Tier 1 Capital | 11.54% | 4.50% |
| Tier 1 Capital to Risk-Weighted Assets | 12.16% | 6.00% |
Bar Harbor Bankshares continues to demonstrate strong financial performance and stability, positioning itself well for future growth and community service in the financial sector.
A Who Owns Bar Harbor Bankshares (BHB)
Major Shareholders
As of 2024, the ownership structure of Bar Harbor Bankshares (BHB) consists of a mix of institutional and individual shareholders. The largest shareholders include various institutional investors and mutual funds, which hold significant portions of the company's outstanding shares. Below is a summary of the major shareholders:
| Shareholder Name | Type | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| BlackRock, Inc. | Institutional Investor | 1,200,000 | 7.85% |
| The Vanguard Group, Inc. | Institutional Investor | 1,100,000 | 7.18% |
| State Street Corporation | Institutional Investor | 950,000 | 6.21% |
| Wellington Management Company, LLP | Institutional Investor | 800,000 | 5.23% |
| Other Institutional Investors | Various | 2,000,000 | 13.07% |
| Insider Holdings | Management and Board Members | 1,500,000 | 9.80% |
| Public Float | Retail Investors | 6,800,000 | 45.46% |
Recent Changes in Ownership
Recent filings indicate that there has been a slight increase in institutional ownership compared to the previous year. The aggregate ownership by institutional investors now stands at approximately 40% of total shares, reflecting a growing interest in Bar Harbor Bankshares by larger investment firms.
Share Performance
The stock performance of Bar Harbor Bankshares has shown resilience. As of September 30, 2024, the stock was trading at $30.12 per share, which represents a 15% increase year-to-date. The market capitalization of the company is approximately $459.9 million.
Voting Power Distribution
The voting power within Bar Harbor Bankshares is largely influenced by the holdings of institutional investors, who collectively control a significant portion of the voting shares. This distribution impacts corporate governance and decision-making processes within the company.
| Voting Power Holder | Votes Controlled | Percentage of Total Votes |
|---|---|---|
| BlackRock, Inc. | 1,200,000 | 7.85% |
| The Vanguard Group, Inc. | 1,100,000 | 7.18% |
| State Street Corporation | 950,000 | 6.21% |
| Wellington Management Company, LLP | 800,000 | 5.23% |
| Insider Holdings | 1,500,000 | 9.80% |
| Public Float | 6,800,000 | 45.46% |
Conclusion of Ownership Analysis
The ownership landscape of Bar Harbor Bankshares as of 2024 highlights a blend of institutional and individual investors, with institutional stakeholders holding a significant influence over company governance and strategy. The trend towards increased institutional investment is indicative of positive market sentiment towards the company's financial health and growth prospects.
Bar Harbor Bankshares (BHB) Mission Statement
Mission Statement Overview
Bar Harbor Bankshares aims to provide exceptional financial services while fostering strong community relationships. The mission emphasizes a commitment to customer satisfaction, community engagement, and sustainable growth.
Financial Performance Indicators
As of September 30, 2024, Bar Harbor Bankshares reported the following key financial metrics:
| Metric | Value |
|---|---|
| Total Assets | $4.03 billion |
| Total Deposits | $3.26 billion |
| Total Loans | $3.03 billion |
| Net Interest Income | $28.96 million (Q3 2024) |
| Non-Interest Income | $9.65 million (Q3 2024) |
| Net Income | $12.19 million (Q3 2024) |
| Earnings per Share (EPS) | $0.80 (Q3 2024) |
| Return on Assets (ROA) | 1.20% |
| Return on Equity (ROE) | 10.68% |
| Efficiency Ratio | 62.09% |
Community Engagement and Sustainability
Bar Harbor Bankshares focuses on enhancing community welfare through various programs and initiatives. The bank prioritizes sustainable practices in its operations, which is reflected in its community investment strategies.
Customer Satisfaction Metrics
In 2024, Bar Harbor Bankshares reported a customer satisfaction rating of 90%, indicating a strong commitment to service quality and customer relations.
Market Positioning
As of 2024, Bar Harbor Bankshares holds a significant market position in the regional banking sector, with a focus on customer-centric services and community development.
Strategic Goals
- Enhance digital banking solutions to improve customer experience.
- Expand community outreach programs.
- Maintain a strong financial position with sustainable growth.
Recent Developments
In the third quarter of 2024, Bar Harbor Bankshares reported growth in both deposits and loans, highlighting its robust financial health and commitment to serving its customers effectively.
| Quarter | Deposit Growth | Loan Growth |
|---|---|---|
| Q3 2024 | $120.6 million | $17.6 million |
Conclusion of Financial Insights
The financial data indicates a strong performance by Bar Harbor Bankshares, reinforcing its mission to deliver excellent banking services while supporting the communities it serves.
How Bar Harbor Bankshares (BHB) Works
Overview of Bar Harbor Bankshares
Bar Harbor Bankshares (BHB) operates primarily as a bank holding company, providing a range of financial services including commercial and consumer banking, investment management, and financial advisory services. As of September 30, 2024, Bar Harbor Bankshares reported total assets of approximately $4.0 billion.
Financial Performance
For the third quarter of 2024, Bar Harbor Bankshares reported a net income of $12.2 million, a slight increase from $11.1 million in the same quarter of 2023. The diluted earnings per share increased to $0.80 from $0.73 year-over-year. The net income for the nine months ended September 30, 2024, was $32.5 million, compared to $34.9 million in 2023.
| Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Net Income (in millions) | $12.2 | $11.1 | $32.5 | $34.9 |
| Diluted Earnings per Share | $0.80 | $0.73 | $2.14 | $2.31 |
Interest and Dividend Income
In Q3 2024, total interest and dividend income increased to $48.6 million, a rise of 7.6% from $45.1 million in Q3 2023. For the nine months ending September 30, 2024, total interest and dividend income was $141.2 million, up from $128.4 million for the same period in 2023.
| Category | Q3 2024 (in millions) | Q3 2023 (in millions) | 9M 2024 (in millions) | 9M 2023 (in millions) |
|---|---|---|---|---|
| Total Interest and Dividend Income | $48.6 | $45.1 | $141.2 | $128.4 | Yield on Loans | 5.5% | 5.1% | 5.4% | 5.0% |
Net Interest Income and Margin
Bar Harbor Bankshares reported a net interest income of $28.96 million for Q3 2024, down slightly from $29.19 million in Q3 2023. The net interest margin (NIM) for both Q3 2024 and Q3 2023 was recorded at 3.15% and 3.18%, respectively.
Provision for Credit Losses
The provision for credit losses for Q3 2024 was $228,000, a decrease from $673,000 in Q3 2023. For the nine months ended September 30, 2024, the provision for credit losses was $1.1 million, compared to $2.2 million for the same period in 2023.
Deposits and Borrowings
Total deposits increased by $120.6 million to $3.3 billion in Q3 2024, from $3.1 billion in Q2 2024. The average yield on interest-bearing deposits increased to 2.45% from the previous quarter. Senior borrowings decreased to $186.2 million from $331.5 million at the end of Q2 2024.
| Metrics | Q3 2024 | Q2 2024 |
|---|---|---|
| Total Deposits (in millions) | $3,261.1 | $3,141.2 |
| Senior Borrowings (in millions) | $186.2 | $331.5 |
Equity and Capital Ratios
As of September 30, 2024, Bar Harbor Bankshares reported total equity of $459.9 million, compared to $432.1 million at the end of 2023. The tangible book value per share increased to $22.02 from $20.28 at year-end 2023.
| Capital Ratios | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Capital to Risk-Weighted Assets | 14.37% | 14.17% |
| Common Equity Tier 1 Capital to Risk-Weighted Assets | 11.54% | 13.18% |
| Tier 1 Capital to Average Assets | 10.09% | 8.82% |
Non-Interest Income and Expenses
Non-interest income for Q3 2024 was $9.7 million, up from $8.6 million in Q3 2023. Non-interest expenses increased to $24.8 million in Q3 2024, compared to $22.8 million in the same quarter last year, primarily due to salary and benefits increases.
| Non-Interest Income and Expenses | Q3 2024 (in millions) | Q3 2023 (in millions) |
|---|---|---|
| Non-Interest Income | $9.7 | $8.6 |
| Non-Interest Expenses | $24.8 | $22.8 |
Liquidity and Cash Flows
As of September 30, 2024, Bar Harbor Bankshares had available same-day liquidity totaling approximately $1.1 billion, including cash, borrowing capacity at FHLB and the Federal Reserve. The effective tax rate for the nine months ended September 30, 2024 was 16.6%, compared to 21.6% for the same period in 2023.
How Bar Harbor Bankshares (BHB) Makes Money
Revenue Streams
Bar Harbor Bankshares generates revenue primarily through two main sources: net interest income and non-interest income.
Net Interest Income
In the third quarter of 2024, Bar Harbor Bankshares reported a net interest income of $28.96 million, slightly down from $29.19 million in the same quarter of 2023. The net interest margin (NIM) stood at 3.15% compared to 3.18% year-over-year.
| Category | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Interest Income | $28.96 million | $29.19 million |
| Net Interest Margin | 3.15% | 3.18% |
The increase in loan yields contributed to the overall interest and dividend income which rose to $48.58 million in Q3 2024, up from $45.14 million in Q3 2023. The yield on loans grew to 5.55% in Q3 2024 from 5.10% in Q3 2023.
Non-Interest Income
Non-interest income for the third quarter of 2024 was reported at $9.65 million, an increase from $8.61 million in the prior year. The primary drivers of this growth include:
- Wealth management income increased to $4.13 million from $3.52 million.
- Mortgage banking income rose to $681,000 compared to $415,000.
- Customer service fees remained stable at approximately $3.79 million.
| Non-Interest Income Sources | Q3 2024 | Q3 2023 |
|---|---|---|
| Wealth Management Income | $4.13 million | $3.52 million |
| Mortgage Banking Income | $681,000 | $415,000 |
| Customer Service Fees | $3.79 million | $3.93 million |
| Total Non-Interest Income | $9.65 million | $8.61 million |
Loan Portfolio
The total loan portfolio as of September 30, 2024, amounted to $3.1 billion, reflecting a 2% annualized growth. Specific segments include:
- Commercial real estate loans: $1.60 billion with a yield of 5.57%.
- Commercial and industrial loans: $468.91 million with a yield of 6.80%.
- Residential loans: $865.70 million with a yield of 4.12%.
- Consumer loans: $98.49 million with a yield of 7.22%.
| Loan Type | Amount | Yield |
|---|---|---|
| Commercial Real Estate | $1.60 billion | 5.57% |
| Commercial and Industrial | $468.91 million | 6.80% |
| Residential | $865.70 million | 4.12% |
| Consumer | $98.49 million | 7.22% |
Deposits and Borrowings
As of September 30, 2024, total deposits increased to $3.3 billion, up from $3.1 billion. The composition includes:
- Non-interest bearing demand deposits: $1.25 billion.
- Interest-bearing demand deposits: $700 million.
- Time deposits: $817.35 million.
Expenses and Efficiency
Non-interest expenses for Q3 2024 totaled $24.77 million, up from $22.81 million in Q3 2023. The efficiency ratio was reported at 62.09%, compared to 58.37% for the same period last year.
| Category | Q3 2024 | Q3 2023 |
|---|---|---|
| Non-Interest Expenses | $24.77 million | $22.81 million |
| Efficiency Ratio | 62.09% | 58.37% |
Net Income and Earnings Per Share
Bar Harbor Bankshares reported a net income of $12.19 million for Q3 2024, translating to a diluted earnings per share of $0.80, compared to $11.10 million and $0.73 respectively in Q3 2023.
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Resources:
- Bar Harbor Bankshares (BHB) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Bar Harbor Bankshares (BHB)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Bar Harbor Bankshares (BHB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.