Bar Harbor Bankshares Inc (BHB, Financial) filed Quarterly Report for the period ended 2009-06-30.
Bar Harbor Bankshares is a retail bank serving primarily individual customers small retail establishments seasonal lodging campgrounds and restaurants. The bank provides the normal banking services offered by a commercial bank including checking accounts NOW accounts all forms of savings and time deposit accounts individual retirement accounts safe deposit boxes collections travelers checks night depository services direct deposit payroll services credit cards personal money orders bank-by-mail and club accounts and drive-up facilities at all offices. Bar Harbor Bankshares Inc has a market cap of $102.2 million; its shares were traded at around $35.599 with a P/E ratio of 11 and P/S ratio of 1.7. The dividend yield of Bar Harbor Bankshares Inc stocks is 2.9%. Bar Harbor Bankshares Inc had an annual average earning growth of 10.4% over the past 10 years. GuruFocus rated Bar Harbor Bankshares Inc the business predictability rank of 2-star.
For the six months ended June 30, 2009, net securities gains amounted to $826, compared with $515 for the same period in 2008, representing an increase of $311, or 60.4%. The $826 in net securities gains were comprised of realized gains on the sale of securities amounting to $1,833, largely offset by other-than-temporary securities impairment ("OTTI") losses of $1,007. During the first quarter of 2009 the Company concluded that unrealized losses on certain available-for-sale, 1-4 family non-agency mortgage-backed securities with an amortized cost of $3,888 were other-than-temporarily impaired, because the Company could no longer conclude that it is probable it will receive 100% of future contractual principal and interest. Because these securities were being carried at fair value, estimated losses on these securities, net of tax, were previously recorded in unrealized losses on securities available-for-sale within accumulated other comprehensive loss, a component of total shareholders equity on the Companys consolidated balance sheet.
Net Other-than-temporary Impairment Losses Recognized in Earnings: For the three and six months ended June 30, 2009, net OTTI losses recognized in earnings amounted to $454, compared with none during the same periods in 2008. During the second quarter of 2009 the Company concluded that unrealized losses on certain available-for-sale, 1-4 family non-agency mortgage-backed securities with an amortized cost of $2,173 were other-than-temporarily impaired, because the Company could no longer conclude that it was probable it will receive the entire amount of future contractual principal and interest. Because these securities were being carried at fair value, estimated losses on these securities, net of taxes, were previously recorded in unrealized losses on securities available-for-sale within accumulated other comprehensive loss, a component of total shareholders equity on the Companys consolidated balance sheet. The total "OTTI" losses amounted to $1,561, of which $454 represented estimated credit losses on the collateral underlying the security. The $454 in estimated credit losses were recorded in earnings, with the $1,107 balance of the unrealized losses recorded within accumulated other comprehensive loss, net of taxes.
Occupancy Expenses: For the three months ended June 30, 2009, total occupancy expenses amounted to $330, compared with $352 for the same quarter in 2008, representing a decline of $22, or 6.25%. For the six months ended June 30, 2009 total occupancy expenses amounted to $728, compared with $737 for the same period in 2008, representing a decline of $9, or 1.2%. The small declines in occupancy expenses were principally attributed to lower utilities costs experienced during the three and six months ended June 30, 2009, compared with the same periods in 2008.
Furniture and Equipment Expenses: For the three months ended June 30, 2009, furniture and equipment expenses amounted to $337, compared with $373 for the same quarter in 2008, representing a decline of $36, or 9.7%. For the six months ended June 30, 2009, furniture and equipment expenses amounted to $690, compared with $863 for the same period in 2008, representing a decline of $173, or 20.0%.
For the three and six months ended June 30, 2009, total income taxes amounted to $1,069 and $2,159, compared with $904 and $1,793 for the same periods in 2008, representing increases of $165 and $366, or 18.3% and 20.4%, respectively.
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Bar Harbor Bankshares is a retail bank serving primarily individual customers small retail establishments seasonal lodging campgrounds and restaurants. The bank provides the normal banking services offered by a commercial bank including checking accounts NOW accounts all forms of savings and time deposit accounts individual retirement accounts safe deposit boxes collections travelers checks night depository services direct deposit payroll services credit cards personal money orders bank-by-mail and club accounts and drive-up facilities at all offices. Bar Harbor Bankshares Inc has a market cap of $102.2 million; its shares were traded at around $35.599 with a P/E ratio of 11 and P/S ratio of 1.7. The dividend yield of Bar Harbor Bankshares Inc stocks is 2.9%. Bar Harbor Bankshares Inc had an annual average earning growth of 10.4% over the past 10 years. GuruFocus rated Bar Harbor Bankshares Inc the business predictability rank of 2-star.
Highlight of Business Operations:
For the three months ended June 30, 2009, credit and debit card service charges and fees amounted to $252, compared with $507 in the second quarter of 2008, representing a decline of $255, or 50.3%. For the six months ended June 30, 2009, credit card service charges and fees amounted to $428, compared with $840 for the same period in 2008, representing a decline of $412, or 49.0%.For the six months ended June 30, 2009, net securities gains amounted to $826, compared with $515 for the same period in 2008, representing an increase of $311, or 60.4%. The $826 in net securities gains were comprised of realized gains on the sale of securities amounting to $1,833, largely offset by other-than-temporary securities impairment ("OTTI") losses of $1,007. During the first quarter of 2009 the Company concluded that unrealized losses on certain available-for-sale, 1-4 family non-agency mortgage-backed securities with an amortized cost of $3,888 were other-than-temporarily impaired, because the Company could no longer conclude that it is probable it will receive 100% of future contractual principal and interest. Because these securities were being carried at fair value, estimated losses on these securities, net of tax, were previously recorded in unrealized losses on securities available-for-sale within accumulated other comprehensive loss, a component of total shareholders equity on the Companys consolidated balance sheet.
Net Other-than-temporary Impairment Losses Recognized in Earnings: For the three and six months ended June 30, 2009, net OTTI losses recognized in earnings amounted to $454, compared with none during the same periods in 2008. During the second quarter of 2009 the Company concluded that unrealized losses on certain available-for-sale, 1-4 family non-agency mortgage-backed securities with an amortized cost of $2,173 were other-than-temporarily impaired, because the Company could no longer conclude that it was probable it will receive the entire amount of future contractual principal and interest. Because these securities were being carried at fair value, estimated losses on these securities, net of taxes, were previously recorded in unrealized losses on securities available-for-sale within accumulated other comprehensive loss, a component of total shareholders equity on the Companys consolidated balance sheet. The total "OTTI" losses amounted to $1,561, of which $454 represented estimated credit losses on the collateral underlying the security. The $454 in estimated credit losses were recorded in earnings, with the $1,107 balance of the unrealized losses recorded within accumulated other comprehensive loss, net of taxes.
Occupancy Expenses: For the three months ended June 30, 2009, total occupancy expenses amounted to $330, compared with $352 for the same quarter in 2008, representing a decline of $22, or 6.25%. For the six months ended June 30, 2009 total occupancy expenses amounted to $728, compared with $737 for the same period in 2008, representing a decline of $9, or 1.2%. The small declines in occupancy expenses were principally attributed to lower utilities costs experienced during the three and six months ended June 30, 2009, compared with the same periods in 2008.
Furniture and Equipment Expenses: For the three months ended June 30, 2009, furniture and equipment expenses amounted to $337, compared with $373 for the same quarter in 2008, representing a decline of $36, or 9.7%. For the six months ended June 30, 2009, furniture and equipment expenses amounted to $690, compared with $863 for the same period in 2008, representing a decline of $173, or 20.0%.
For the three and six months ended June 30, 2009, total income taxes amounted to $1,069 and $2,159, compared with $904 and $1,793 for the same periods in 2008, representing increases of $165 and $366, or 18.3% and 20.4%, respectively.
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