Bar Harbor Bankshares Earns Sandler O’Neill’s Sm-All Star Award for Financial Performance
30 September 2013 - 8:55PM
Business Wire
Bar Harbor Bankshares (the “Company”) (NYSE MKT: BHB) the parent
company of Bar Harbor Bank & Trust, today announced it has been
named one of the top performing small-capitalization banks in the
nation by investment banking firm Sandler O'Neill & Partners.
Sandler O'Neill is a New York-based investment banking and advisory
firm that specializes in financial institutions.
In its "Class of 2013 Bank and Thrift Sm-All Stars" report,
Sandler O'Neill recognized the 31 best performing
small-capitalization institutions among a field of 450 publicly
traded banks and thrifts in the United States with market
capitalization less than $2.5 billion. This was the third time BHB
has been recognized with this award since 2008.
"Inclusion among the top banks in the country validates our
strategy of achieving long-term sustainable profitability, growth
and shareholder value, without sacrificing our Company’s soundness.
We were one of only five banks in New England recognized this year,
and the only bank headquartered in Maine," stated Curtis C. Simard,
Chief Executive Officer. "The commitment to sound banking practices
by our experienced and talented team drove the financial variables
that led to this important recognition."
Inclusion as a Sm-All Star was based on the Company's absolute
performance in each of eight financial variables. To assess
fundamental momentum in the evaluation, growth trends in Earnings
per Share, Loans and Deposits were evaluated. As a measure of
profitability, Return on Average Equity was included. In terms of
asset quality, the Nonperforming Assets to Loans plus OREO Ratio
and the Net Charge-off Ratio were analyzed. Finally, the Loan Loss
Allowance to Nonperforming Assets Ratio, and the Tier 1 Risk-based
Capital Ratio were evaluated as an indication of capital and
balance sheet strength.
The performance metrics of the selected 31 publicly traded
financial institutions were considered exceptional, with the “Class
of 2013” delivering bottom line results that were markedly better
than the industry as a whole.
About Bar Harbor Bankshares
Bar Harbor Bankshares is the parent company of its wholly owned
subsidiary, Bar Harbor Bank & Trust. Founded in 1887, Bar
Harbor Bank & Trust provides full service community banking
with fifteen branch office locations serving downeast, midcoast and
central Maine.
Bar Harbor BanksharesCurtis C. Simard,
207-288-3314President and Chief Executive Officer
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