Why did BHB's Q3 2024 earnings decline?

Bar Harbor Bankshares Inc. (BHB) reported a robust Q3 2024 earnings growth with GAAP net income of $12.19 million and GAAP earnings per share (EPS) of $0.80, surpassing the analyst estimate. However, comparing Q3 2024 with Q3 2023, the decline in earnings can be attributed to **Decrease in Interest Income**. In Q3 2024, the total interest and dividend income was $38.61 million, while in Q3 2023, it was $54 million. This decrease of $15.4 million in interest income might be due to the challenging interest rate environment or a decrease in earning assets. |code|Ticker|Name|Date|Total Revenue|Net Income|market_code| |---|---|---|---|---|---|---| |BHB|BHB.A|Bar Harbor|2023 Q4|3.7489E7|9945000|170| |BHB|BHB.A|Bar Harbor|2024 Q1|3.6641E7|1.0095E7|170| |BHB|BHB.A|Bar Harbor|2024 Q2|3.7392E7|1.0257E7|170| |BHB|BHB.A|Bar Harbor|2024 Q3|3.8611E7|1.2193E7|170| |code|Ticker|Name|Date|Total Revenue|Net Income|market_code| |---|---|---|---|---|---|---| |BHB|BHB.A|Bar Harbor|2023 Q1|4.009E7|1.3012E7|170| |BHB|BHB.A|Bar Harbor|2023 Q2|3.777E7|1.0791E7|170| |BHB|BHB.A|Bar Harbor|2023 Q3|3.7793E7|1.1104E7|170|