Bar Harbor Bankshares(US:BHB)2025-05-14 20:05Financial Performance - Bar Harbor Bankshares reported Q1 2025 GAAP net income of $10.2 million or $0.66 per diluted share, compared to $11.0 million or $0.72 per diluted share in Q4 2024[1][2]. - Net income for the quarter was $10,211,000, a slight increase from $10,095,000 in the previous year, representing a growth of 1.15%[44]. - Core earnings for Q1 2025 were reported at $10 million, consistent with $11 million in Q4 2024, showing resilience in core operations[35]. - Core earnings per share, diluted, decreased to $0.68 in Q1 2025 from $0.72 in Q4 2024, representing a decline of 5.56%[54]. - Basic earnings per share increased to $0.67, up from $0.66 in the same quarter last year[44]. Asset and Loan Management - Total assets remained stable at $4.1 billion, with total loans at $3.1 billion, reflecting a slight annualized decrease of 3%[5][7]. - Total loans decreased by 3% to $3,124 million compared to $3,147 million in Q4 2024, with commercial real estate loans growing by 5%[41]. - Total loans reached $3,153,902 thousand, an increase of 1.8% from $3,098,082 thousand in the previous quarter[49]. - Non-accruing loans totaled $8,086 thousand, up from $6,994 thousand in the previous quarter, indicating a rise of 15.6%[52]. - Total non-performing assets increased to $13,046 thousand, compared to $12,754 thousand at December 31, 2024, reflecting a growth of 2.3%[52]. Income and Revenue - Non-interest income grew to $8.9 million, with wealth management income increasing by 6.7% to $3.9 million[21]. - Net interest income rose to $29,007,000, up from $28,055,000 in the same quarter last year, reflecting a growth of 3.4%[44]. - Total interest and dividend income reached $47,538,000, compared to $45,823,000 in the prior year, indicating a growth of 3.7%[44]. - Total revenue for the quarter was $37,925 thousand, down from $38,459 thousand in the previous quarter, representing a decline of 1.4%[53]. Dividends and Shareholder Equity - The company declared a cash dividend increase to $0.32 per share, raising the annualized yield from 3.92% to 4.34%[4]. - Total shareholders' equity increased to $467 million from $458 million in Q4 2024, reflecting a solid capital position[39]. - Tangible book value per share increased to $22.47 in Q1 2025, up from $21.93 in Q4 2024, reflecting a growth of 2.46%[54]. - Common shares outstanding at the end of Q1 2025 were 15,317 thousand, an increase from 15,280 thousand in Q4 2024[54]. Efficiency and Ratios - The efficiency ratio for Q1 2025 was 62.00%, slightly higher than 59.84% in Q4 2024, indicating a decrease in operational efficiency[35]. - Return on assets for Q1 2025 was 1.02%, down from 1.09% in Q4 2024, while core return on assets remained at 1.04%[35]. - GAAP return on assets for Q1 2025 was 1.02%, down from 1.09% in Q4 2024, indicating a decrease of 6.42%[54]. - Core return on equity for Q1 2025 was 9.09%, slightly down from 9.57% in Q4 2024, a decline of 5.01%[54]. - The allowance for credit losses on loans decreased to $28.6 million, with a coverage ratio of 0.92%[13]. Deposits - Total deposits remained flat at $3.3 billion, with a 16% annualized increase in time deposits to $863 million[14]. - Total deposits increased to $3,297 million from $3,268 million in Q4 2024, reflecting a growth in non-interest bearing demand deposits[39]. - Total deposits increased by 4% year-over-year to $3,296,811,000 as of March 31, 2025[43]. - Total non-maturity deposits decreased by 1% year-over-year to $2,434,038,000[43]. - Time deposits increased by 16% year-over-year to $862,773,000[43]. Mergers and Acquisitions - The company signed a definitive merger agreement to acquire Guaranty Bancorp, Inc., enhancing its presence in northern New England[3].