Bar Harbor Bankshares Reports Fourth Quarter 2024 Net Income

Overview

BAR HARBOR, ME / ACCESS Newswire / January 23, 2025 / Bar Harbor Bankshares (NYSE American:BHB) (the “Company”) reported fourth quarter 2024 GAAP and core (Non-GAAP) net income of $11.0 million or $0.72 per diluted share compared to GAAP and core (Non-GAAP) net income of $9.9 million or $0.65 per diluted share in the same quarter of 2023.

Fourth Quarter 2024 Highlights

During the fourth quarter of 2024, Bar Harbor Bankshares achieved several key milestones, including a return on assets of 1.09%, commercial loan growth of 14% annualized, a net interest margin of 3.17%, a non-accruing loans to total loans ratio of 0.22%, and a 9% year over year growth in wealth management related fee income.

Analysis

Bar Harbor Bankshares’ President and Chief Executive Officer, Curtis C., expressed satisfaction with the company’s performance in the fourth quarter of 2024. The increase in net income and strong financial metrics demonstrate the company’s continued growth and stability in the market.

Impact on Me

As a customer of Bar Harbor Bankshares, the positive financial results for the fourth quarter of 2024 indicate that the company is in a strong position to continue providing reliable banking services and potentially offer new products or benefits to its customers.

Impact on the World

The strong financial performance of Bar Harbor Bankshares in the fourth quarter of 2024 is a positive sign for the banking industry as a whole. It demonstrates the company’s ability to navigate changing market conditions and maintain profitability, which can have a ripple effect on the broader economy.

Conclusion

In conclusion, Bar Harbor Bankshares’ fourth quarter 2024 earnings report showcases the company’s financial strength and strategic growth initiatives. As a customer or industry observer, it is encouraging to see a bank perform well in a competitive market environment.