Bar Harbor Bankshares Q4 net income rises

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

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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