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Bar Harbor Bankshares Inc. (BHB-0.29%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, with net income reported at $43.5 million, a decrease from $44.9 million in the previous year. This decline is attributed to higher net interest expense as deposits repriced to higher rates.
Net interest income was $113.8 million, down from $117.7 million in 2023, with a net interest margin of 3.15% compared to 3.29% in the previous year. The decrease is primarily due to the repricing of deposits and continued loan growth offset by higher borrowing costs.
Non-interest income increased to $36.9 million from $35.1 million, driven by higher trust and investment management fee income due to increased assets under management.
Total assets increased by $86.1 million to $4.1 billion, mainly due to loan growth offset by pay-downs in available-for-sale securities.
The allowance for credit losses was $28.7 million, reflecting updated economic forecasting and loan portfolio growth, with net charge-offs at 0.01% of average loans.
Total deposits increased to $3.3 billion, driven by a migration to money market accounts and higher-yielding time deposits.
The filing also discusses the company's liquidity and capital resources, noting a decrease in borrowings to $290.6 million, primarily due to the pay-off of subordinated debt and Bank Term Funding Program borrowings.
Bar Harbor Bankshares continues to focus on its core business growth, maintaining credit quality, and expanding its market presence in Northern New England.
The company remains well-capitalized under regulatory guidelines and expects to continue paying dividends, subject to board discretion and regulatory limitations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bar Harbor Bankshares Inc. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.