Overview
Community bank's Q4 net income rises to $11.8 mln
Net interest margin for Q4 rose to 3.62%
Commercial loans grew 8% annualized in Q4
Outlook
Company did not provide specific financial guidance for the upcoming quarter or year in press release
Result Drivers
COMMERCIAL LOAN GROWTH - Bar Harbor Bankshares reported an 8% annualized growth in commercial loans, contributing to overall loan growth
WEALTH MANAGEMENT MILESTONE - The company's wealth management team reached $3.5 bln in assets under management, boosting fee income
CASH BALANCE DECREASE - Cash balances decreased due to maturity of brokered time deposits and loan originations
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q4 Net Income | Miss | $11.80 mln | $14.51 mln (2 Analysts) |
Q4 Adjusted ROE | 11.55% | ||
Q4 Credit Loss Allowance | $34.10 mln | ||
Q4 Net Interest Margin | 3.62% | ||
Q4 ROE | 8.76% |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for Bar Harbor Bankshares is $35.00, about 2.4% above its January 21 closing price of $34.18
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago
Press Release: ID:nACS6jv6Ya
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)