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Bar Harbor Bankshares Q1 earnings up 26%


By Staff
Bar Harbor Bankshares (NYSE American: BHB) on Thursday reported a 26% increase in earnings for the first quarter of the year compared to the same quarter of 2020. 
The parent company of Bar Harbor Bank & Trust reported that net income in the first quarter of 2021 was $9.5 million, or 63 cents per share, compared to $7.7 million, or 50 cents per share in Q1 of 2020. 
For the same periods, core earnings were $10.2 million, or 68 cents per share, compared to $7.8 million, or 50 cents per share. 
Q1 2021 highlights over Q1 2020:
• 1.03% return on assets; 1.11% core return on assets 
• 8% annualized total commercial loan growth, excluding Paycheck Protection Program loans  ....

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Bank expansion heats up, and Chase's Maine rollout isn't the only game in town


As JPMorgan Chase prepares to enter southern Maine’s crowded retail banking market, rivals are watching but not standing still.
“They’re formidable,” Curtis Simard, president and CEO of Bar Harbor Bank and Trust (with $3.6 billion in assets) says of JPMorgan Chase, the largest U.S. bank with $2.7 trillion in assets. Both opened commercial offices in Portland in 2018, and now the Wall Street behemoth is preparing to open its first retail office there along with four others in Greater Portland by 2022.
“We’ll be watching to make sure they don’t have broader plans than that,” says Simard. 
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Chase Bank will start its Maine expansion with a downtown Portland branch. ....

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