Bar Harbor Bankshares(US:BHB)2025-01-23 21:19Financial Performance - Fourth quarter 2024 GAAP and core net income was $11.0 million or $0.72 per diluted share, up from $9.9 million or $0.65 per diluted share in Q4 2023[1]. - Net earnings per diluted share for Q4 2024 were $0.72, a decrease of 10% from $0.80 in Q3 2024[33]. - Core earnings per diluted share for Q4 2024 were also $0.72, compared to $0.80 in Q3 2024, indicating a consistent performance trend[33]. - Net income for Q4 2024 was $10,999,000, a decrease of 9.8% from $12,193,000 in Q3 2024[44]. - Basic earnings per share for Q4 2024 was $0.72, down from $0.80 in Q3 2024, representing a decline of 10%[44]. - Total revenue for the quarter was $38,459,000, slightly down from $38,611,000 in the previous quarter, a decrease of 0.4%[52]. Asset and Loan Growth - Total assets increased to $4.1 billion at the end of Q4 2024, compared to $4.0 billion at the end of Q3 2024, primarily due to steady loan growth[8]. - Total assets increased to $4,083 million in Q4 2024 from $4,030 million in Q3 2024, reflecting a growth of 1.3%[33]. - Total loans reached $3,147 million in Q4 2024, up from $3,082 million in Q3 2024, marking a growth of 2.1%[33]. - Total loans increased to $3,098,082,000 in Q4 2024 from $3,071,638,000 in Q3 2024, reflecting a growth of 0.9%[48]. - Commercial loan growth was 14% annualized, with total loans growing by $65.4 million or 8% on an annualized basis[6][10]. - Commercial real estate loans grew by 15% quarter-over-quarter, reaching $1,741,223 thousand[39]. Income and Revenue - Total interest and dividend income rose by 3.7% to $47.5 million in Q4 2024, driven by the repricing of adjustable-rate loans[18]. - Total interest and dividend income for Q4 2024 was $47,483,000, a slight decrease from $48,580,000 in Q3 2024[44]. - Net interest income for the quarter was $29,067 thousand, slightly up from $28,793 thousand in the previous year[43]. - Net interest income after provision for credit losses was $28,043,000 in Q4 2024, compared to $28,730,000 in Q3 2024, reflecting a decrease of 2.4%[44]. - Non-interest income increased to $9.4 million in Q4 2024, with wealth management income growing 9.1% year-over-year[21]. - Non-interest income totaled $9,392 thousand for the quarter, up from $8,696 thousand in the previous year[43]. Dividends and Shareholder Equity - The Board declared a cash dividend of $0.30 per share, equating to a 3.92% annualized yield based on the closing share price of $30.58 on December 31, 2024[5]. - Total shareholders' equity increased to $458 million in Q4 2024 from $460 million in Q3 2024, reflecting a minor decrease of 0.4%[33]. Credit Quality and Allowance for Losses - The allowance for credit losses on loans decreased to $28.7 million, reflecting strong asset quality metrics and a stable coverage ratio of 0.91%[13]. - The allowance for credit losses as a percentage of total loans was 0.91%, consistent with the previous quarter[51]. - The provision for credit losses on loans was $(147,000) in Q4 2024, a significant improvement from $228,000 in Q3 2024[44]. - Total non-performing assets increased to $12,754,000 from $7,100,000 in the previous quarter, representing an increase of 79.5%[51]. Efficiency and Cost Management - The efficiency ratio improved to 59.84% in Q4 2024 from 62.09% in Q3 2024, suggesting better cost management[33]. - Total non-interest expense for the quarter was $23,885,000, a decrease from $24,772,000 in the previous quarter, reflecting a reduction of 3.6%[52]. - The net interest margin remained stable at 3.17% in Q4 2024, with the yield on loans increasing to 5.40% from 5.24% in Q4 2023[17]. - The net interest margin for Q4 2024 was 3.17%, slightly up from 3.15% in Q3 2024, indicating stable interest income generation[33].