Bar Harbor Bankshares (BHB) has reported a 7.61 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $3.63 million, or $0.59 a share in the quarter, compared with $3.93 million, or $0.65 a share for the same period last year.
Revenue during the quarter grew 7.02 percent to $14.23 million from $13.30 million in the previous year period. Net interest income for the quarter dropped 5.96 percent over the prior year period to $11 million. Non-interest income for the quarter rose 66.27 percent over the last year period to $3.37 million.
Bar Harbor Bankshares has made provision of $0.14 million for loan losses during the quarter, down 67.29 percent from $0.42 million in the same period last year.
Efficiency ratio for the quarter deteriorated to 61.50 percent from 54.20 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
In making the announcement, the Company's President and Chief Executive Officer, Curtis C. Simard, commented, "As we enter the final quarter of 2016, we are pleased with our overall performance as we continue to progress toward the closing of the Lake Sunapee merger. We are maintaining our focus on core fundamentals as evidenced by the first nine months of 2016 posting a $98.2 million or 9.9% increase in total loan balances, combined with increases in net interest income and non-interest income, compared with the first nine months of last year."
Assets outpace liabilities growth
Total assets stood at $1,717.88 million as on Sep. 30, 2016, up 9.56 percent compared with $1,567.92 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $1,078.14 million as on Sep. 30, 2016, up 11.50 percent compared with $966.91 million on Sep. 30, 2015. Deposits stood at $1,033.52 million as on Sep. 30, 2016, up 2.24 percent compared with $1,010.89 million on Sep. 30, 2015.
Investments stood at $537.29 million as on Sep. 30, 2016, up 6.88 percent or $34.61 million from year-ago. Shareholders equity stood at $164.34 million as on Sep. 30, 2016, up 6.63 percent or $10.22 million from year-ago.
Return on average assets moved down 12 basis points to 0.86 percent in the quarter from 0.98 percent in the last year period. At the same time, return on average equity decreased 159 basis points to 8.73 percent in the quarter from 10.32 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.38 percent in the quarter, down from 0.50 percent in the last year period.
Tier-1 leverage ratio stood at 9.16 percent for the quarter, up from 9.04 percent for the previous year quarter. Book value per share was $27.14 for the quarter, up 5.56 percent or $1.43 compared to $25.71 for the same period last year.
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