Bar Harbor Bankshares Reports Unaudited Earnings Results for the Fourth Quarter and Full year Ended December 31, 2015
January 28, 2016 at 04:05 pm
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Bar Harbor Bankshares reported unaudited earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net interest income of USD 11,254,000 against USD 11,013,000 a year ago. The increase in net interest income was principally attributed to average earning asset growth of USD 95.7 million or 6.9%, as the tax-equivalent net interest margin declined thirteen basis points to 3.15% compared with the fourth quarter of 2014. Net interest income after provision for loan losses was USD 10,789,000 against USD 10,556,000 a year ago. Income before income taxes was USD 4,741,000 against USD 4,297,000 a year ago. Net income was USD 3,468,000 against USD 3,102,000 a year ago. Diluted earnings per share were USD 0.57 against USD 0.52 a year ago. Return on average assets was 0.88% against 0.85% a year ago. Return on average equity was 8.89% against 8.48% a year ago. The increase in net interest income was principally attributed to average earning asset growth of USD 95.7 million or 6.9%, as the tax-equivalent net interest margin declined thirteen basis points to 3.15% compared with the fourth quarter of 2014.
For the full year, the company reported net interest income of USD 44,834,000 against USD 43,813,000 a year ago. Net interest income after provision for loan losses was USD 43,049,000 against USD 41,980,000 a year ago. The increase in net interest income was principally attributed to average earning asset growth of USD 95.7 million or 6.9%, as the tax-equivalent net interest margin declined thirteen basis points to 3.15% compared with the fourth quarter of 2014. Income before income taxes was USD 21,120,000 against USD 20,527,000 a year ago. Net income was USD 15,153,000 against USD 14,613,000 a year ago. Diluted earnings per share were USD 2.50 against USD 2.45 a year ago. Return on average assets was 0.98% against 1.03% a year ago. Return on average equity was 10.01% against 10.69% a year ago. The increase in net interest income was principally attributed to average earning asset growth of USD 97.3 million or 7.1%, as the tax-equivalent net interest margin declined fourteen basis points to 3.19% compared with 2014. Book value per share was as on Dec. 31, 2015 was USD 25.65 compared to USD 24.60 as at Dec. 31, 2014. Tangible book value per share was as on Dec. 31, 2015 was USD 24.75 compared to USD 23.68 as at Dec. 31, 2014.
Bar Harbor Bankshares is the parent company of its wholly-owned subsidiary, Bar Harbor Bank & Trust (the Bank). The Bank is a regional community bank. The Company offers a variety of financial products and services designed around its customers in order to serve their banking and financial needs. The Company operates within community banking industry and includes traditional community banking services, including lending activities, acceptance of demand, savings and time deposits, business services, investment management, trust and third-party brokerage services. The Bank provides full-service community banking with office locations in all three Northern New England states of Maine, New Hampshire and Vermont. The Company has around 22 full-service branches in operation and two wealth management offices located in the regions of downeast, midcoast, and central Maine. It has around 21 full-service branches in operation and five wealth management offices in New Hampshire.
BAR HARBOR BANKSHARES 
