Bar Harbor Bankshares reported third-quarter GAAP earnings of $8.6 million, or 56 cents per share. Core earnings totaled $8.8 million, or 57 cents per share, representing a 10 percent increase over the prior quarter.

GAAP earnings increased to $8.6 million in the third quarter from $6.6 million in the linked quarter, primarily driven by higher fee income, additional cost savings and lower system conversion expenses. Core earnings (a non-GAAP measure) were $8.8 million in the third quarter, compared to $8.1 million in the prior quarter. Yields on loans remained consistent with the prior quarter, and include the benefit of purchased loan accretion.

Third-quarter security yields decreased as prepayment speeds increased, resulting in faster premium amortization. The cost of interest-bearing deposits increased as a result of both interest rate hikes and an extension in maturities as the bank continued to actively manage its balance sheet.