As of September 30, 2024, Bar Harbor Bankshares reported total assets of $4.03 billion, reflecting an increase from $3.97 billion at the end of 2023. Total loans rose to $3.08 billion, up from $3.00 billion, with net loans also increasing to $3.05 billion from $2.97 billion. Total deposits grew to $3.26 billion, compared to $3.14 billion at year-end 2023. The company’s cash and cash equivalents decreased to $81.22 million from $94.84 million.

For the third quarter of 2024, Bar Harbor Bankshares reported total interest and dividend income of $48.58 million, a 7.6% increase from $45.14 million in the same quarter of 2023. However, net interest income slightly declined to $28.96 million from $29.19 million year-over-year. The net income for the quarter was $12.19 million, up from $11.10 million in Q3 2023, resulting in earnings per share of $0.80, compared to $0.73 in the prior year.

For the nine months ended September 30, 2024, total interest and dividend income reached $141.24 million, a 10% increase from $128.37 million in the same period of 2023. However, net income for the nine months decreased to $32.55 million from $34.91 million, with earnings per share dropping to $2.14 from $2.31.

The company’s non-interest income for Q3 2024 was $9.65 million, up from $8.61 million in Q3 2023, driven primarily by increased wealth management income. Non-interest expenses rose to $24.80 million from $22.80 million, influenced by higher salary and benefit costs. The efficiency ratio increased to 62.09% from 58.37%, reflecting the rise in non-interest expenses.

Bar Harbor Bankshares reported a provision for credit losses of $228,000 for Q3 2024, down from $673,000 in Q3 2023. The allowance for credit losses stood at $29.0 million, slightly up from $28.9 million at the end of Q2 2024. The company maintained a strong liquidity position, with available same-day liquidity totaling approximately $1.1 billion.

In terms of capital, total shareholders' equity increased to $459.92 million from $432.06 million at year-end 2023. The company remains well-capitalized, exceeding regulatory requirements for capital ratios. The return on assets for Q3 2024 was 1.20%, compared to 1.11% in Q3 2023, while the return on equity was 10.68%, slightly down from 10.72% year-over-year.

Overall, Bar Harbor Bankshares demonstrated solid growth in assets and deposits, although net income and earnings per share showed a decline for the nine-month period compared to the previous year.