Bar Harbor Bankshares reports Q4 EPS 83c vs. 65c last year

Reports Q4 net income $12.5M vs. $9.8M last year. Bar Harbor Bankshares’ President and Chief Executive Officer, Curtis Simard stated, "We are excited about all of our accomplishments in 2022, and most recently, for ending the year with such a strong quarter that demonstrated stable performance across all divisions. The results this past quarter once again highlight the strength of our balance sheet and the ability of our teams to deliver on core deposits, loans and wealth management in our markets. Our performance metrics showed significant favorable expansion throughout all of 2022 and included 19% in total commercial loan growth for the year while adhering to selective criteria and only experienced operators. We ended the year with a return on assets of 1.30% and net income was up 28% over the fourth quarter of 2021. Our credit quality remains solid as we posted net recoveries for the quarter and we continue to diligently manage expenses despite wage inflation while delivering positive operating leverage. Return on equity was 12.73% in the quarter, up from 9.16% in the same quarter of 2021 on higher earnings and a more stable fair market value related to the securities portfolio, which we continue to classify all as held to maturity preserving our flexibility."