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Bar Harbor Bankshares Announces 2015 Earnings

January 29, 2016

BAR HARBOR, Maine (January 28, 2016) Bar Harbor Bankshares (NYSE MKT: BHB) (the “Company”) the parent company of Bar Harbor Bank & Trust (the “Bank”), today announced record net income of $15.2 million for the year ended December 31, 2015, representing an increase of $540 thousand, or 3.7%, compared with 2014. The Company also reported record diluted earnings per share of $2.50 for 2015, representing an increase of $0.05, or 2.0%, compared with 2014. The Company’s return on average equity amounted to 10.01%, compared with 10.69% in 2014. The Company’s return on average assets amounted to 0.98%, compared with 1.03% in 2014.

The Company also reported net income of $3.5 million for the quarter ended December 31, 2015, or diluted earnings per share of $0.57, compared with $3.1 million or diluted earnings per share of $0.52 in the fourth quarter of 2014, representing increases of $366 thousand and $0.05, or 11.8% and 9.6%, respectively.

“Our 2015 performance continues to underscore a balance between growth and earnings,” said Company President and Chief Executive Officer, Curtis C. Simard. “We are proud to report our tenth consecutive year of record earnings following our recently announced nineteenth consecutive quarterly cash dividend increase.”

Mr. Simard continued, “Our 2015 performance featured total loan growth of over $71 million, led by a $51.1 million or 11.2% increase in our commercial loan portfolio. The Bank’s total deposits increased $84.7 million in 2015, or almost 10%, reflecting one of our strongest deposit growth rates in recent years.  Despite pressure on our net interest margin, we were able to increase net interest income by $1.1 million, while increasing our non-interest income by $1.2 million, or 15.7%. Credit quality remained stable during 2015, highlighted by a $5.3 million or 43.0% decline in non-performing loans and moderately lower levels of net loan charge-off experience compared with last year.”

In concluding, Mr. Simard added, “We believe our commitment to pursuing a strategy of achieving long-term sustainable growth, profitability, and shareholder value without sacrificing our soundness is again evident from our financial results and overall performance.  As we have said in the past, this is at the very heart of our model.  Of note, we continue to prudently invest for our future in both our products and team as we continue to seek out opportunities to responsibly expand our business and deliver the promise of successful community banking to our customers, prospects, employees, and shareholders alike.”

 
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