Bar Harbor Bankshares Q2 core earnings rises

Overview

• Bar Harbor Q2 GAAP net income falls to $6.1 mln, missing analyst expectations, per LSEG data

• Core earnings (Non-GAAP) rise to $10.8 mln or $0.70 per diluted share

• Co receives regulatory approvals for Guaranty Bancorp acquisition

Outlook

• Company sees strategic growth from Guaranty Bancorp acquisition

• Bar Harbor Bankshares to optimize balance sheet for future growth

Result Drivers

• NET INTEREST MARGIN - Expanded to 3.23% from 3.17%, driven by higher yielding commercial real estate loans

• COMMERCIAL LOAN GROWTH - Achieved 7% growth quarter-to-date, contributing to increased interest income

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "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 $32.50, about 3% above its July 21 closing price of $31.52

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago

Press Release: ID:nACSCmfq0a