Bar Harbor Bankshares reported a net income of $43.5 million for the fiscal year ending December 31, 2024, a decrease of 3% from the previous year's net income of $44.9 million. The diluted earnings per share fell to $2.84 from $2.95 in 2023. The decline in profitability was primarily attributed to higher net interest expenses as deposit rates increased. The return on assets decreased to 1.09% from 1.14%, while the return on equity dropped to 9.75% from 10.88%. Net interest income also saw a decline, totaling $113.8 million compared to $117.7 million in 2023, with the net interest margin decreasing to 3.15% from 3.29%.
In terms of operational performance, total assets increased by $86.1 million to $4.1 billion, driven by loan growth, which rose by 5% year-over-year. The total loan portfolio reached $3.1 billion, with significant contributions from commercial real estate and construction loans. The allowance for credit losses stood at $28.7 million, representing 0.91% of total loans, slightly down from 0.94% in the previous year. The company reported a nominal increase in net charge-offs to 0.01% of average loans, indicating stable asset quality despite the economic pressures.
Bar Harbor Bankshares has continued to expand its market presence, serving over 49,000 customers in Maine, 48,000 in New Hampshire, and 24,000 in Vermont. The bank operates 53 locations across these states, with a workforce of 458 employees. The company has also focused on enhancing its non-interest income, which rose to $36.9 million, primarily due to increased trust and investment management fees, reflecting a growth in assets under management to $2.8 billion from $2.5 billion in 2023.
Looking ahead, Bar Harbor Bankshares remains committed to maintaining its capital strength, with total equity increasing to $458.4 million from $432.1 million in the previous year. The company declared a cash dividend of $0.30 per share, marking a 9.7% increase from the previous year. Management anticipates continued growth in loans and deposits, although they acknowledge potential challenges from rising interest rates and economic conditions. The bank's strategy includes focusing on core business growth and enhancing customer relationships while managing risks associated with credit quality and market fluctuations.
About BAR HARBOR BANKSHARES
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