BHB - Bar Harbor Bankshares: Overvalued Underperformance

• Bar Harbor's acquisition of Lake Sunapee has been an ongoing drag on the company's appealing core market in coastal Maine.
• Transitory income sources have obscured the company's rather weak core banking business in recent periods.
• High leverage to rising interest rates may not prove beneficial in the short to intermediate term.
• The combination of factors don't justify the company's above-average valuation.

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