Bar Harbor Bankshares(US:BHB)2026-01-22 21:16Financial Performance - Bar Harbor Bankshares reported fourth quarter 2025 GAAP net income of $11.8 million or $0.70 per diluted share, compared to $8.9 million or $0.54 per diluted share in the third quarter 2025[2]. - Core earnings (Non-GAAP) for the fourth quarter 2025 were $15.5 million or $0.93 per diluted share, slightly down from $15.4 million or $0.95 per diluted share in the previous quarter[2]. - Net income for the quarter was $11,761 thousand, compared to $10,999 thousand in the same quarter last year, representing a 7% increase[42]. - Net income for Q4 2025 reached $11,761,000, a 32.5% increase from $8,855,000 in Q3 2025[54]. - Basic earnings per share improved to $0.70 in Q4 2025, up from $0.55 in Q3 2025, representing a growth of 27.3%[43]. - Core earnings per share for the same period were $0.93, slightly down from $0.95 in the prior quarter[32]. Loan and Deposit Activity - Total loans increased by $22.1 million to $3.6 billion in the fourth quarter 2025, driven primarily by an 8% annualized growth in commercial loans[10]. - Total loans increased to $3.606 billion, up from $3.584 billion in the prior quarter[32]. - Total commercial loans increased to $2,392,454 thousand, reflecting an 8% quarter-over-quarter growth and a 6% year-to-date growth[38]. - Total deposits decreased to $3.8 billion at the end of the fourth quarter 2025, down from $3.9 billion in the previous quarter, primarily due to seasonality and tax payment timing[13]. - Total deposits were $3,821 billion, down from $3,948 billion in the previous quarter[32]. - Total deposits decreased to $3,821,282 thousand, showing a 13% decline quarter-over-quarter but a 1% increase year-to-date[40]. Income and Expenses - Total interest and dividend income rose by 21% or $9.9 million to $57.4 million in the fourth quarter 2025 compared to $47.5 million in the same quarter of 2024[17]. - Non-interest expenses increased by $9.9 million to $33.8 million in the fourth quarter 2025, driven by $4.2 million in expenses related to the Woodsville acquisition[21]. - Total non-interest expense increased to $33,799,000 in Q4 2025, up from $32,739,000 in Q3 2025, indicating a rise of 3.2%[43]. - Non-interest income totaled $10,325 thousand, an increase from $9,392 thousand year-over-year[42]. - Non-interest income totaled $10,325,000 in Q4 2025, a decrease from $10,567,000 in Q3 2025, reflecting a decline of 2.3%[43]. Asset Management - Total assets reached $4.684 billion, a decrease from $4.717 billion in the previous quarter[32]. - Total assets increased to $4,669,969,000 as of December 31, 2025, up from $4,518,079,000 in the previous quarter, representing a growth of 3.35%[49]. - Total shareholders' equity rose to $533 million, compared to $521 million in the previous quarter[32]. - Total shareholders' equity rose to $532,600,000, up from $502,492,000, marking an increase of 5.23%[49]. Efficiency and Ratios - The net interest margin expanded to 3.62% in the fourth quarter 2025 from 3.56% in the third quarter 2025[9]. - The return on assets improved to 1.00%, compared to 0.78% in the previous quarter[32]. - The efficiency ratio was 57.24%, slightly higher than 56.70% in the prior quarter[32]. - GAAP return on assets for Q4 2025 was 1.00%, compared to 0.78% in Q3 2025[56]. - Efficiency ratio for Q4 2025 was 57.24%, slightly up from 56.70% in Q3 2025[56]. Credit Quality - The allowance for credit losses on loans remained stable at $34.1 million, with a coverage ratio of 0.94%[11]. - Provision for credit losses on loans was $416 thousand, compared to a recovery of $147 thousand in the previous year[42]. - The provision for credit losses on loans was $416,000 for the quarter, compared to $3,749,000 in the previous quarter[52]. - Non-accruing loans totaled $11,594,000, which is 0.32% of total loans, compared to 0.27% in the previous quarter[52]. - Total non-performing assets increased to $13,797,000, up from $11,713,000 in the prior quarter, reflecting a rise of 17.77%[52].