Bar Harbor Bankshares (BHB) has reported 4.40 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $4.21 million, or $0.29 a share in the quarter, compared with $4.40 million, or $0.48 a share for the same period last year.
Revenue during the quarter surged 86.79 percent to $26.52 million from $14.20 million in the previous year period. Net interest income for the quarter rose 88.53 percent over the prior year period to $21.37 million. Non-interest income for the quarter rose 78.67 percent over the last year period to $5.95 million.
Bar Harbor Bankshares has made provision of $0.80 million for loan losses during the quarter, up 70.97 percent from $0.46 million in the same period last year.
Net interest margin improved 2 basis points to 3.11 percent in the quarter from 3.09 percent in the last year period. Efficiency ratio for the quarter deteriorated to 0.63 percent from 0.58 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
President and chief executive officer, Curtis C. Simard stated, "The first quarter of the year was very strong with double-digit total organic loan growth in addition to the $1.2 billion in total loans acquired from Lake Sunapee. The acquisition was completed mid-January as planned, and the systems integration is on target for later this month. The Company has nearly doubled in size with core earnings growing as a result of positive operating leverage from business expansion and disciplined expense management. Net interest margin expanded during the quarter as a result of the growth in higher yielding commercial loan balances and a lower cost of funds from the acquired deposit base."
Assets outpace liabilities growth
Total assets stood at $3,427.48 million as on Mar. 31, 2017, up 111.25 percent compared with $1,622.49 million on Mar. 31, 2016. On the other hand, total liabilities stood at $3,086.44 million as on Mar. 31, 2017, up 111.13 percent from $1,461.90 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $2,361.55 million as on Mar. 31, 2017, up 136.93 percent compared with $996.75 million on Mar. 31, 2016. Deposits stood at $2,174.25 million as on Mar. 31, 2017, up 125.88 percent compared with $962.58 million on Mar. 31, 2016. Investments stood at $724.22 million as on Mar. 31, 2017, up 35.90 percent or $191.31 million from year-ago. Shareholders equity stood at $341.05 million as on Mar. 31, 2017, up 112.37 percent or $180.45 million from year-ago.
Return on average assets moved down 59 basis points to 0.50 percent in the quarter from 1.09 percent in the last year period. At the same time, return on average equity decreased 578 basis points to 5.34 percent in the quarter from 11.12 percent in the last year period.
Nonperforming assets moved down 2.59 percent or $0.17 million to $6.39 million on Mar. 31, 2017 from $6.56 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.19 percent in the quarter, down from 0.40 percent in the last year period.
Book value per share was $22.17 for the quarter, up 24.48 percent or $4.36 compared to $17.81 for the same period last year.
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