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Forum List » Business News and Headlines SEC Filings, Earing Reports, Press Releases  
Bar Harbor Bankshares Inc Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 8, 2011 01:27PM
Bar Harbor Bankshares Inc (BHB) filed Quarterly Report for the period ended 2011-09-30. Highlight of Business Operations:For the three months ended September 30, 2011 the Company reported net income available to common shareholders of $3,010, compared with $2,870 in the third quarter of 2010, representing an increase of $140, or 4.9%. The Company’s diluted earnings per share amounted to $0.77 for the quarter compared with $0.75 in the third quarter of 2010, representing an increase of $0.02, or 2.7%.For the nine months ended September 30, 2011, the Company’s net income available to common shareholders amounted to $8,652, compared with $7,980 for the same period in 2010, representing an increase of $672, or 8.4%. Diluted earnings per share amounted to $2.23 for the nine months ended September 30, 2011, compared with $2.09 for the same period in 2010, representing an increase of $0.14, or 6.7%. For the nine months ended September 30, 2011, net interest income on a tax-equivalent basis amounted to $26,775, compared with $25,027 for the same period in 2010, representing an increase of $1,748, or 7.0%. As more fully discussed below, the increase in net interest income was principally attributed to average earning asset growth of $69,319, or 6.7%, and to a lesser extent a one basis point improvement in the tax-equivalent net interest margin. For the nine months ended September 30, 2011, total tax-equivalent interest and dividend income amounted to $39,427, compared with $39,666 for the same period in 2010, representing a decline of $239, or 0.6%. The decline in interest and dividend income was principally attributed to a 34 basis point decline in the weighted average earning asset yield, largely offset by earning asset growth of $69,319, or 6.7%. For the three months ended September 30, 2011, the Bank recorded a provision of $750, compared with $450 in the third quarter of 2010, representing an increase of $300, or 66.7%. The provision recorded in the third quarter was principally attributed to a $1,872 charge-off of a real estate development loan to a local, non-profit, housing authority in support of an affordable housing project, of which $1,200 had already been allocated for in the Bank’s allowance for loan losses in prior reporting periods. During the third quarter the Bank obtained current appraisals for this housing project and, based on revised prospects for future cash flows and other considerations, classified this loan as collateral dependent and recorded it at fair value in the Company’s financial statements. This loan became a problem loan for the Bank in 2009 when the local town reconsidered a previously approved bond issuance that failed to gain voter support. That, combined with a depressed real estate market and declining real estate values over the past few years, ultimately led to the charge off of $1,872. Failure to realize expected cash flows during the third quarter of 2011 resulted in the revised future cash flows mentioned above.
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