8-K
BAR HARBOR BANKSHARES (BHB)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OFTHE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 22, 2026
BAR HARBOR BANKSHARES
(Exact Name of Registrant as Specified in its Charter)
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|---|---|---|
| Maine | 001-13349 | 01-0393663 |
| (State or Other Jurisdiction<br>of Incorporation) | (Commission File No.) | (I.R.S. Employer<br>Identification No.) |
| | | |
| PO Box 400 | | 04609-0400 |
| 82 Main Street | | (Zip Code) |
| Bar Harbor, Maine | | |
| (Address of Principal Executive Offices) | | |
Registrant’s telephone number, including area code: (207) 288-3314
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act
| | | |
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| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, par value $2.00 per share | BHB | NYSE American |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On January 22, 2026, Bar Harbor Bankshares, issued a press release reporting our financial results for the quarter ended December 31, 2025, or the Earnings Release. The full text of the Earnings Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K, or this Report, and incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information furnished under this Item 2.02 of this Report and the exhibit attached hereto are deemed to be “furnished” and shall not be deemed “filed” for the purpose of Section 18 of the Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Act, or the Exchange Act.
Item 7.01 Regulation FD Disclosure.
On January 22, 2026, we announced in the Earnings Release that our Board of Directors declared a quarterly cash dividend of $0.32 per share to shareholders of record at the close of business on February 20, 2026 and will be payable on March 20, 2026.
The disclosure contained in Item 2.02 of this Report, including the Earnings Release furnished as Exhibit 99.1 to this Report, is incorporated into this Item 7.01 by reference.
In accordance with General Instruction B.2 of Form 8-K, the information furnished under this Item 7.01 of this Report and the exhibit attached hereto are deemed to be “furnished” and shall not be deemed “filed” for the purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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|---|---|---|
| Exhibit No. | | Description |
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| 99.1 | | Press Release dated January 22, 2026 |
| 104 | | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
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| | Bar Harbor Bankshares | |
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| January 22, 2026 | By: | /s/ Curtis C. Simard |
| | | Curtis C. Simard |
| | | President and CEO |
Exhibit 99.1
Bar Harbor Bankshares Reports Fourth Quarter 2025 Results; Declares Dividend
BAR HARBOR, MAINE – January 22, 2026 - Bar Harbor Bankshares (NYSE American: BHB) (the “Company”) reported fourth quarter 2025 GAAP net income of $11.8 million or $0.70 per diluted share and core earnings (Non-GAAP) of $15.5 million or $0.93 per diluted share compared to GAAP net income of $8.9 million or $0.54 per diluted share and core earnings (Non-GAAP) of $15.4 million or $0.95 per diluted share in the third quarter of 2025.
FOURTH QUARTER 2025 HIGHLIGHTS (all comparisons to third quarter 2025, unless otherwise noted)
| • | 8% annualized fourth quarter growth in commercial loans; 6% annualized year-to-date growth, excluding acquired loans |
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| • | Net interest margin expanded to 3.62% from 3.56% |
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| • | 1.00% return on assets; 1.32% core return on assets (Non-GAAP) |
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| • | 57.24% efficiency ratio |
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Bar Harbor Bankshares’ President and Chief Executive Officer, Curtis C. Simard, stated, “We are proud of all our accomplishments in 2025, notably the successful completion and integration of the Woodsville acquisition, but also our commitment to balancing growth with earnings as is evidenced by our strong fourth quarter results. We continue to deliver consistent profitability metrics and a top-tier margin of 3.62% when compared to our peers. Our wealth management team, including brokerage, hit an impressive milestone of $3.5 billion in assets under management. This growth further boosts overall fee income which supports our strong return on assets for the Company. Going into 2026, we are well-positioned for the future as we remain committed to the needs of our customers while delivering value for our shareholders.”
DIVIDEND DECLARED
The Board of Directors of the Company voted to declare a cash dividend of $0.32 per share to shareholders of record at the close of business on February 20, 2026, payable on March 20, 2026. This dividend equates to a 4.12% annualized yield based on the $31.05 closing share price of the Company’s common stock on December 31, 2025, the last trading day of the fourth quarter 2025.
FINANCIAL CONDITION (Quarter results for December 31, 2025 compared to September 30, 2025)
Total assets remained constant at $4.7 billion at the end of the fourth quarter 2025, primarily due to reduced interest-earning deposits with other banks, offset by total loan growth.
Total cash and cash equivalents were $80.8 million at the end of the fourth quarter 2025, compared to $136.7 million at the end of the third quarter 2025. Interest-earning deposits with other banks decreased to $35.9 million at the end of the fourth quarter 2025, compared to $94.0 million at the end of the third quarter 2025 and yielded 4.53% and 4.49%, respectively. The decrease in cash balances was driven primarily by the maturity of brokered time deposits within the quarter and loan originations.
Available-for-sale debt securities were $597.4 million compared to $597.8 million at the end of the third quarter 2025. Fair value adjustments decreased to $47.5 million at quarter-end compared to $53.0 million at the end of the third quarter 2025. During the quarter we had sales of $2.6 million and paydowns and calls of $26.6 million, partially offset by purchases of $23.3 million of available-for-sale debt securities. We had a had a loss on sale of available-for-sale debt securities of $428 thousand during the fourth quarter 2025, compared to a gain of $41 thousand in the third quarter 2025. The quarter-to-date weighted average yield of the securities portfolio was 4.03% compared to 4.14% at the end of the third quarter 2025 driven by the call of higher-yielding corporate securities as a result of the interest-rate environment. As of fourth and third quarter 2025, our securities portfolio had an average life of 7.1 years and 7.4 years respectively, with an effective duration of 5.2 years and 5.3 years, respectively. At the end of the fourth quarter 2025 all securities remain classified as available for sale.
Federal Home Loan Bank (“FHLB”) stock increased $2.7 million to $11.3 million at the end of the fourth quarter 2025 compared to $8.6 million at the end of the third quarter 2025 primarily driven by the increase in wholesale borrowings.
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Total loans increased $22.1 million to $3.6 billion in the fourth quarter 2025 compared to the third quarter 2025 driven primarily by commercial loans which grew 8% on an annualized basis. Commercial real estate loans increased $55.9 million which was partially offset by a decrease in commercial and industrial loans of $11.9 million. Residential real estate loans decreased $23.5 million during the quarter primarily driven by increased prepayment activity. Loans held for sale were $5.3 million in the fourth quarter 2025 compared to $5.5 million in the third quarter 2025.
The allowance for credit losses (“ACL”) on loans remained stable at $34.1 million at the end of the fourth quarter 2025 compared to $34.0 million at the end of the third quarter 2025. The allowance for credit losses to total loans coverage ratio for the fourth quarter 2025 was in line with the third quarter 2025 at 0.94% versus 0.95%. Changes in the allowance for credit losses were driven by updated modeling assumptions and shifts in portfolio mix.
Premises and equipment decreased in the fourth quarter 2025 to $58.2 million compared to $58.8 million at the end of the third quarter 2025 driven by the disposal of assets acquired from Woodsville Guaranty Savings Bank (“Woodsville”) resulting in a $370 thousand loss.
Total deposits were $3.8 billion at the end of the fourth quarter 2025 compared to $3.9 billion at the end of the third quarter of 2025. The decrease was driven primarily by seasonality, tax payment timing, and $86.0 million in brokered deposit maturities.
Total borrowings increased $77.5 million in the fourth quarter 2025 to $269.6 million compared to $192.2 million in the third quarter 2025. The increase was driven by senior borrowings which increased $76.9 million at the end of the fourth quarter 2025 to $216.8 million primarily as the result of reduced brokered deposits and loan growth.
The Company's book value per share was $31.88 at the end of the fourth quarter 2025 compared to $31.22 at the end of the third quarter 2025. Tangible book value per share (non-GAAP) was $22.41 at the end of the fourth quarter 2025, compared to $21.70 at the end of the third quarter 2025.
RESULTS OF OPERATIONS (Quarter results for December 31, 2025 compared to December 31, 2024)
The net interest margin increased to 3.62% in the fourth quarter 2025 compared to 3.17% in the same quarter 2024. As loan balances grew year-over-year the yield on loans expanded by 19 basis points to 5.59% compared to 5.40% in the same period of 2024. Interest-bearing deposit costs decreased year-over-year to 2.01% compared to 2.41% in the same period of 2024.
Total interest and dividend income increased by 21% or $9.9 million to $57.4 million in the fourth quarter 2025 compared to $47.5 million in the prior year. Yields on earning assets grew to 5.36% in the fourth quarter 2025 compared to 5.14% in the fourth quarter 2024. The increase is driven by year-over-year loan yield expansion primarily due to the acquisition of $413.4 million in loans from Woodsville. The yield on commercial real estate loans grew to 5.74% in the fourth quarter 2025 from 5.61% in the fourth quarter 2024. The residential loan yield increased to 4.75% for the fourth quarter 2025 from 4.13% in the fourth quarter of 2024. The consumer yield increased to 7.27% for the fourth quarter 2025 from 6.89% in the fourth quarter 2024. Total loan yield growth was partially offset by a decrease in the commercial and industrial yield to 6.34% for the fourth quarter 2025 from 6.62% in the fourth quarter 2024 driven by the decrease in rates of adjustable-rate loans.
Total interest expense increased $338 thousand in the fourth quarter 2025 compared to the fourth quarter 2024. Deposit costs were down $127 thousand year-over-year due primarily to the remix in time deposits as brokered deposits decreased $86.0 million compared to the fourth quarter 2024. Borrowing costs increased $465 thousand, or 21% year-over-year, driven by higher senior borrowings and the acquired subordinated debt from Woodsville.
The provision for credit losses on loans in the fourth quarter 2025 was $416 thousand compared to a recapture of $147 thousand in the same period of 2024. The provision reflects minimal net charge-offs of $304 thousand while credit quality remains strong.
Non-interest income increased $933 thousand in the fourth quarter 2025 to $10.3 million compared to $9.4 million in the same quarter 2024 primarily driven by customer service fees which increased $924 thousand driven by the Woodsville acquisition. Customer derivative income increased $240 thousand year-over-year driven by volume, timing of swaps and the interest rate environment. Trust management fee income increased $275 thousand driven by the 6.4% increase in assets under management compared to the same period of 2024.
Non-interest expenses increased $9.9 million to $33.8 million in the fourth quarter 2025 compared to $23.9 million in the fourth quarter 2024 driven by $4.2 million in expenses related to the Woodsville acquisition. Salaries and benefits increased $3.2 million to $16.6 million in the fourth quarter 2025 compared to $13.4 million in the fourth quarter 2024 primarily due to additional salary costs associated with the retained Woodsville personnel. Occupancy and equipment increased $146 thousand driven primarily by higher maintenance contract costs. Amortization of intangibles increased $349 thousand due to the acquisition of Woodsville. Other expenses increased
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$150 thousand for the fourth quarter 2025 compared to the fourth quarter 2024 primarily due to increases in software expenses. Loss on sale of premises and equipment was $370 thousand in the fourth quarter 2025 driven by the disposal of assets from the Woodsville acquisition.
Income tax expense was $3.0 million for the fourth quarter 2025 compared to $2.6 million for the fourth quarter of 2024, respectively. Our GAAP effective tax rate for the fourth quarter 2025 was 20.1% and 18.8% in the fourth quarter 2024 and the effective tax rate on core earnings (Non-GAAP) was 18.2% and 22.9%, respectively.
BACKGROUND
Bar Harbor Bankshares (NYSE American: BHB) is the parent company of its wholly-owned subsidiary, Bar Harbor Bank & Trust. Founded in 1887, Bar Harbor Bank & Trust is a true community bank serving the financial needs of its clients for over 135 years. Bar Harbor Bank & Trust provides full-service community banking with office locations in all three Northern New England states of Maine, New Hampshire and Vermont. For more information, visit www.barharbor.bank.
FORWARD-LOOKING STATEMENTS
All statements, other than statements of historical fact, included in this release that address activities, events, or developments that the Company expects, believes, or anticipates will or may occur in the future are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When used in this release the words “believe,” “anticipate,” “expect,” “may,” “will,” “assume,” “should,” “predict,” “could,” “would,” “intend,” “targets,” “estimates,” “projects,” “plans,” and “potential,” and other similar words and expressions of the future, are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking, including statements relating to Company’s balance sheet management, our credit trends, our overall credit performance, and the Company’s strategic plans, objectives, and intentions. All forward-looking statements are subject to risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the Company to differ materially from any results, performance, or achievements expressed or implied by such forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, including, but not limited to: (1) changes in general business and economic conditions on a national basis and in our markets throughout Northern New England; (2) changes in consumer behavior due to political, business, and economic conditions, including inflation, potential United States government shutdowns, and concerns about liquidity; (3) the possibility that our asset quality could decline or that we experience greater loan losses than anticipated; (4) the impact of liquidity needs on our results of operations and financial condition; (5) changes in the size and nature of our competition; (6) the effect of interest rate increases on the cost of deposits; (7) unanticipated weakness in loan demand, pricing, or collectability; (8) the possibility that future credit losses are higher than currently expected due to changes in economic assumptions or adverse economic developments; (9) operational risks including, but not limited to, changes in information technology, cybersecurity incidents, fraud, natural disasters, climate change, war, terrorism, civil unrest, and future pandemics; (10) lack of strategic growth opportunities or our failure to execute on available opportunities, (11) our ability to effectively manage problem credits; (12) our ability to successfully develop new products and implement efficiency initiatives on time and with the results projected; (13) our ability to retain executive officers and key employees and their customer and community relationships; (14) regulatory, litigation, and reputational risks and the applicability of insurance coverage; (15) changes in the reliability of our vendors, internal control systems, or information systems; (16) changes in legislation or regulation and accounting principles, policies, and guidelines; (17) reductions in the market value or outflows of wealth management assets under management; (18) the impacts of tariffs, sanctions, and other trade policies of the United States and its global trading counterparts; and (19) changes in the assumptions used in making such forward-looking statements. Additional factors which could affect the forward-looking statements can be found in the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) and available on the SEC’s website at http://www.sec.gov. The Company believes the forward-looking statements contained herein are reasonable; however, many of such risks, uncertainties, and other factors are beyond the Company’s ability to control or predict and undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. Therefore, the Company can give no assurance that its future results will be as estimated. The Company does not intend to, and disclaims any obligation to, update or revise any forward-looking statement.
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NON-GAAP FINANCIAL MEASURES
This document contains certain non-GAAP financial measures in addition to results presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These non-GAAP measures are intended to provide the reader with additional supplemental perspectives on operating results, performance trends, and financial condition. Non-GAAP financial measures are not a substitute for GAAP measures; they should be read and used in conjunction with the Company's GAAP financial information. Because non-GAAP financial measures presented in this document are not measurements determined in accordance with GAAP and are susceptible to varying calculations, these non-GAAP financial measures, as presented, may not be comparable to other similarly titled measures presented by other companies. A reconciliation of non-GAAP financial measures to GAAP measures is provided below. In all cases, it should be understood that non-GAAP measures do not depict amounts that accrue directly to the benefit of shareholders. An item which management excludes when computing non-GAAP core earnings can be of substantial importance to the Company's results for any particular quarter or year. Each non-GAAP measure used by the Company in this report as supplemental financial data should be considered in conjunction with the Company's GAAP financial information.
The Company utilizes the non-GAAP measure of core earnings in evaluating operating trends, including components for core revenue and expense. These measures exclude amounts which the Company views as unrelated to its normalized operations, including gains/losses on securities, premises, equipment and other real estate owned, acquisition costs, restructuring costs, legal settlements, and systems conversion costs. Non-GAAP adjustments are presented net of an adjustment for income tax expense.
The Company also calculates core earnings per share based on its measure of core earnings. The Company views these amounts as important to understanding its operating trends, particularly due to the impact of accounting standards related to acquisition activity. Analysts also rely on these measures in estimating and evaluating the Company's performance. Management also believes that the computation of non-GAAP core earnings and core earnings per share may facilitate the comparison of the Company to other companies in the financial services industry. The Company also adjusts certain equity related measures to exclude intangible assets due to the importance of these measures to the investment community.
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CONTACTS
Josephine Iannelli; EVP, Chief Financial Officer & Treasurer; (207) 288-3314
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| TABLE | |
| INDEX | CONSOLIDATED FINANCIAL SCHEDULES (UNAUDITED) |
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| A | Selected Financial Highlights |
| B | Balance Sheets |
| C | Loan and Deposit Analysis |
| D | Statements of Income |
| E | Statements of Income (Five Quarter Trend) |
| F | Average Yields and Costs |
| G | Average Balances |
| H | Asset Quality Analysis |
| I-J | Reconciliation of Non-GAAP Financial Measures (Five Quarter Trend) and Supplementary Data |
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BAR HARBOR BANKSHARES
SELECTED FINANCIAL HIGHLIGHTS - UNAUDITED
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | At or for the Quarters Ended | **** | |||||||||||||
| | | Dec 31, | | | Sept 30, | | Jun 30, | | Mar 31, | | Dec 31, | |||||
| | | 2025 | | | 2025 | | 2025 | | 2025 | | 2024 | |||||
| PER SHARE DATA | | | | | | | | | | | | | | | | |
| Net earnings, diluted | $ | 0.70 | $ | 0.54 | $ | 0.40 | $ | 0.66 | $ | 0.72 | | |||||
| Core earnings, diluted ^(1)^ | | 0.93 | | 0.95 | | 0.70 | | 0.68 | | 0.72 | | |||||
| Total book value | | 31.88 | | 31.22 | | 30.60 | | 30.51 | | 30.00 | | |||||
| Tangible book value ^(1)^ | | 22.41 | | 21.70 | | 22.58 | | 22.47 | | 21.93 | | |||||
| Market price at period end | | 31.05 | | 30.46 | | 29.96 | | 29.50 | | 30.58 | | |||||
| Dividends | | 0.32 | | 0.32 | | 0.32 | | 0.30 | | 0.30 | | |||||
| | | | | | | | | | | | | | | | | |
| PERFORMANCE RATIOS ^(2)^ | | | | | | | | | | | | | | | | |
| Return on assets | | 1.00 | % | | 0.78 | % | | 0.60 | % | | 1.02 | % | | 1.09 | % | |
| Core return on assets ^(1)^ | | 1.32 | | 1.35 | | 1.06 | | 1.04 | | 1.09 | | |||||
| Pre-tax, pre-provision return on assets^(1)^ | | | 1.29 | | | 1.30 | | | 0.79 | | | 1.32 | | | 1.44 | |
| Core pre-tax, pre-provision return on assets^(1)^ | | | 1.71 | | | 1.71 | | | 1.39 | | | 1.35 | | | 1.45 | |
| Return on equity | | 8.76 | | 6.99 | | 5.21 | | 8.88 | | 9.52 | | |||||
| Core return on equity ^(1)^ | | 11.55 | | 12.16 | | 9.19 | | 9.09 | | 9.57 | | |||||
| Return on tangible equity | | | 12.94 | | | 10.07 | | | 7.26 | | | 12.27 | | | 13.23 | |
| Core return on tangible equity ^(1)^ | | 16.91 | | 17.23 | | 12.66 | | 12.57 | | 13.29 | | |||||
| Net interest margin, fully taxable equivalent ^(1) (3)^ | | 3.62 | | 3.56 | | 3.23 | | 3.17 | | 3.17 | | |||||
| Efficiency ratio ^(1)^ | | 57.24 | | 56.70 | | 62.10 | | 62.00 | | 59.84 | | |||||
| | | | | | | | | | | | | | | | | |
| FINANCIAL DATA (In millions) | | | | | | | | | | | | | | | | |
| Total assets | $ | 4,684 | $ | 4,717 | $ | 4,112 | $ | 4,063 | $ | 4,083 | | |||||
| Total earning assets ^(4)^ | | 4,297 | | 4,336 | | 3,789 | | 3,761 | | 3,782 | | |||||
| Total available-for-sale debt securities | | 597 | | 598 | | 529 | | 514 | | 521 | | |||||
| Total loans | | 3,606 | | 3,584 | | 3,153 | | 3,124 | | 3,147 | | |||||
| Allowance for credit losses | | 34 | | 34 | | 29 | | 30 | | 29 | | |||||
| Total goodwill and intangible assets | | 158 | | 159 | | 123 | | 123 | | 123 | | |||||
| Total deposits | | 3,821 | | 3,948 | | 3,292 | | 3,297 | | 3,268 | | |||||
| Total shareholders' equity | | 533 | | 521 | | 469 | | 466 | | 458 | | |||||
| Net income | | 12 | | 9 | | 6 | | 10 | | 11 | | |||||
| Core earnings^(1)^ | | 16 | | 15 | | 11 | | 10 | | 11 | | |||||
| | | | | | | | | | | | | | | | | |
| ASSET QUALITY AND CONDITION RATIOS | | | | | | | | | | | | | | | | |
| Net charge-offs (recoveries)^(5)^/average loans | | 0.03 | % | | 0.04 | % | | 0.03 | % | | 0.01 | % | | 0.02 | % | |
| Allowance for credit losses on loans/total loans | | 0.94 | | 0.95 | | 0.92 | | 0.92 | | 0.91 | | |||||
| Loans/deposits | | 94 | | 91 | | 96 | | 95 | | 96 | | |||||
| Shareholders' equity to total assets | | 11.37 | | 11.04 | | 11.40 | | 11.50 | | 11.23 | | |||||
| Tangible shareholders' equity to tangible assets | | 8.27 | | 7.94 | | 8.67 | | 8.73 | | 8.46 | |
| (1) | Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures in tables I-J for additional information. |
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| (2) | All performance ratios are based on average balance sheet amounts, where applicable. |
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| (3) | Fully taxable equivalent considers the impact of tax-advantaged investment securities and loans. |
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| (4) | Earning assets includes non-accruing loans and interest-bearing deposits with other banks. Securities are valued at amortized cost. |
| --- | --- |
| (5) | Current quarter annualized. |
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A
BAR HARBOR BANKSHARES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Dec 31, | | Sept 30, | | Jun 30, | | Mar 31, | | Dec 31, | |||||
| (in thousands) | | 2025 | | 2025 | | 2025 | | 2025 | | 2024 | |||||
| Assets | | | | | | | | | | | |||||
| Cash and due from banks | | $ | 44,947 | | $ | 42,743 | | $ | 50,948 | | $ | 33,802 | | $ | 34,266 |
| Interest-earning deposits with other banks | | 35,890 | | 93,971 | | 36,087 | | 54,329 | | 37,896 | |||||
| Total cash and cash equivalents | | 80,837 | | 136,714 | | 87,035 | | 88,131 | | 72,162 | |||||
| | | | | | | | | | | | | | | | |
| Available-for-sale debt securities | | 597,424 | | 597,810 | | 528,690 | | 513,961 | | 521,018 | |||||
| Less: Allowance for credit losses on available-for-sale debt securities | | | — | | | — | | | — | | | (1,204) | | | (568) |
| Net available-for-sale debt securities | | 597,424 | | 597,810 | | 528,690 | | 512,757 | | 520,450 | |||||
| | | | | | | | | | | | | | | | |
| Federal Home Loan Bank stock | | 11,308 | | 8,560 | | 12,695 | | 10,695 | | 12,237 | |||||
| | | | | | | | | | | | | | | | |
| Loans held for sale | | | 5,283 | | | 5,545 | | | 2,829 | | | 1,515 | | | 1,235 |
| | | | | | | | | | | | | | | | |
| Total loans | | 3,605,859 | | 3,583,716 | | 3,152,664 | | 3,124,240 | | 3,147,096 | |||||
| Less: Allowance for credit losses on loans | | (34,052) | | (33,940) | | (28,885) | | (28,614) | | (28,744) | |||||
| Net loans | | 3,571,807 | | 3,549,776 | | 3,123,779 | | 3,095,626 | | 3,118,352 | |||||
| | | | | | | | | | | | | | | | |
| Premises and equipment, net | | 58,188 | | 58,828 | | 52,647 | | 51,659 | | 51,237 | |||||
| Other real estate owned | | — | | — | | — | | — | | — | |||||
| Goodwill | | 141,819 | | 141,819 | | 119,477 | | 119,477 | | 119,477 | |||||
| Other intangible assets | | 16,407 | | 16,989 | | 3,472 | | 3,705 | | 3,938 | |||||
| Cash surrender value of bank-owned life insurance | | 96,250 | | 95,554 | | 83,074 | | 82,471 | | 81,858 | |||||
| Deferred tax asset, net | | 29,926 | | 31,721 | | 23,290 | | 23,298 | | 23,330 | |||||
| Other assets | | 74,642 | | 73,936 | | 75,017 | | 73,892 | | 79,051 | |||||
| Total assets | | $ | 4,683,891 | | $ | 4,717,252 | | $ | 4,112,005 | | $ | 4,063,226 | | $ | 4,083,327 |
| | | | | | | | | | | | | | | | |
| Liabilities and shareholders' equity | | | | | | | | | | | |||||
| Non-interest bearing demand | | $ | 670,786 | | $ | 692,780 | | $ | 552,074 | | $ | 547,401 | | $ | 575,649 |
| Interest-bearing demand | | 1,137,730 | | 1,137,362 | | 931,854 | | 930,031 | | 910,191 | |||||
| Savings | | 635,329 | | 647,428 | | 542,579 | | 551,280 | | 545,816 | |||||
| Money market | | 464,843 | | 488,633 | | 370,709 | | 405,326 | | 405,758 | |||||
| Time | | 912,594 | | 981,993 | | 894,772 | | 862,773 | | 830,274 | |||||
| Total deposits | | 3,821,282 | | 3,948,196 | | 3,291,988 | | 3,296,811 | | 3,267,688 | |||||
| | | | | | | | | | | | | | | | |
| Senior borrowings | | 216,818 | | 139,956 | | 256,441 | | 199,982 | | 249,981 | |||||
| Subordinated borrowings | | 52,825 | | 52,229 | | 40,620 | | 40,620 | | 40,620 | |||||
| Total borrowings | | 269,643 | | 192,185 | | 297,061 | | 240,602 | | 290,601 | |||||
| | | | | | | | | | | | | | | | |
| Other liabilities | | 60,425 | | 55,916 | | 54,096 | | 58,502 | | 66,610 | |||||
| Total liabilities | | 4,151,350 | | 4,196,297 | | 3,643,145 | | 3,595,915 | | 3,624,899 | |||||
| | | | | | | | | | | | | | | | |
| Total shareholders’ equity | | 532,541 | | 520,955 | | 468,860 | | 467,311 | | 458,428 | |||||
| Total liabilities and shareholders’ equity | | $ | 4,683,891 | | $ | 4,717,252 | | $ | 4,112,005 | | $ | 4,063,226 | | $ | 4,083,327 |
| | | | | | | | | | | | | | | | |
| Net shares outstanding | | 16,702 | | 16,689 | | 15,322 | | 15,317 | | 15,280 |
B
BAR HARBOR BANKSHARES
CONSOLIDATED LOAN & DEPOSIT ANALYSIS - UNAUDITED
LOAN ANALYSIS
| | | | | | | | | | | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | | | | | | | | | | Organic Annualized | ||||
| | | | | | | | | | | | | | | | | | | | Growth % | |||||
| | | Dec 31, | | Sept 30, | | Acquired WGSB | | Jun 30, | | Mar 31, | | Dec 31, | | Quarter | | Year | ||||||||
| (in thousands) | | 2025 | | 2025 | | Balances^(1)^ | | 2025 | | 2025 | | 2024 | | to Date | | to Date | ||||||||
| Commercial real estate | | $ | 1,998,603 | | $ | 1,942,659 | | $ | 117,832 | | $ | 1,767,206 | | $ | 1,762,132 | | $ | 1,741,223 | 12 | | | 8 | % | |
| Commercial and industrial | | 393,851 | | 405,759 | | 25,651 | | 400,908 | | 370,683 | | 388,599 | (12) | | (5) | | ||||||||
| Total commercial loans | | 2,392,454 | | 2,348,418 | | 143,483 | | 2,168,114 | | 2,132,815 | | 2,129,822 | 8 | | 6 | | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Residential real estate | | 1,001,769 | | 1,025,266 | | 248,484 | | 796,184 | | 807,514 | | 826,492 | (9) | | (9) | | ||||||||
| Consumer | | 128,029 | | 126,345 | | 16,215 | | 111,036 | | 105,404 | | 103,803 | 5 | | 8 | | ||||||||
| Tax exempt and other | | 83,607 | | 83,687 | | 5,226 | | 77,330 | | 78,507 | | 86,979 | — | | (10) | | ||||||||
| Total loans | | $ | 3,605,859 | | $ | 3,583,716 | | $ | 413,408 | | $ | 3,152,664 | | $ | 3,124,240 | | $ | 3,147,096 | 2 | % | | 1 | % |
| 1. | Acquired Woodsville Guaranty Savings Bank (WGSB) Balances are as of August 1, 2025. |
|---|
DEPOSIT ANALYSIS
| | | | | | | | | | | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | | | | | | | | | | Organic Annualized | ||||
| | | | | | | | | | | | | | | | | | | | Growth % | |||||
| | | Dec 31, | | Sept 30, | | Acquired WGSB | | Jun 30, | | Mar 31, | | Dec 31, | | Quarter | | Year | ||||||||
| (in thousands) | | 2025 | | 2025 | | Balances^(1)^ | | 2025 | | 2025 | | 2024 | | to Date | | to Date | ||||||||
| Non-interest bearing demand | | $ | 670,786 | | $ | 697,357 | | $ | 89,274 | | $ | 552,074 | | $ | 547,401 | | $ | 575,649 | (13) | % | | 1 | % | |
| Interest-bearing demand | | 1,137,730 | | 1,137,362 | | 185,802 | | 931,854 | | 930,031 | | 910,191 | — | | 5 | | ||||||||
| Savings | | 635,329 | | 647,428 | | 104,792 | | 542,579 | | 551,280 | | 545,816 | (7) | | (3) | | ||||||||
| Money market | | 464,843 | | 488,633 | | 52,470 | | 370,709 | | 405,326 | | 405,758 | (19) | | 2 | | ||||||||
| Total non-maturity deposits | | 2,908,688 | | 2,970,780 | | 432,338 | | 2,397,216 | | 2,434,038 | | 2,437,414 | (8) | | 2 | | ||||||||
| Time | | 912,594 | | 981,993 | | 98,951 | | 894,772 | | 862,773 | | 830,274 | (28) | | (2) | | ||||||||
| Total deposits | | $ | 3,821,282 | | $ | 3,952,773 | | $ | 531,289 | | $ | 3,291,988 | | $ | 3,296,811 | | $ | 3,267,688 | (13) | % | | 1 | % |
| 1. | Acquired Woodsville Guaranty Savings Bank (WGSB) Balances are as of August 1, 2025. |
|---|
C
BAR HARBOR BANKSHARES
CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED
| | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Three Months Ended | | Year Ended | ||||||||
| | | December 31, | | December 31, | ||||||||
| (in thousands, except per share data) | | 2025 | | 2024 | | 2025 | | 2024 | ||||
| Interest and dividend income | | | | | | | | | ||||
| Loans | | $ | 50,164 | | $ | 41,700 | | $ | 183,120 | | $ | 163,846 |
| Securities available for sale | | 6,327 | | 5,273 | | 23,439 | | 21,938 | ||||
| Federal Home Loan Bank stock | | | 235 | | 213 | | | 801 | | | 958 | |
| Interest-earning deposits with other banks | | | 645 | | | 297 | | | 2,159 | | | 1,982 |
| Total interest and dividend income | | 57,371 | | 47,483 | | 209,519 | | 188,724 | ||||
| Interest expense | | | | | | | | | ||||
| Deposits | | 16,083 | | 16,210 | | 63,525 | | 61,696 | ||||
| Borrowings | | 2,671 | | 2,206 | | 11,516 | | 13,189 | ||||
| Total interest expense | | 18,754 | | 18,416 | | 75,041 | | 74,885 | ||||
| Net interest income | | 38,617 | | 29,067 | | 134,478 | | 113,839 | ||||
| Provision for credit losses on available-for-sale debt securities | | | — | | | 1,171 | | | 636 | | | 1,171 |
| Provision for credit losses on loans | | 416 | | (147) | | 4,636 | | 955 | ||||
| Net interest income after provision for credit losses | | 38,201 | | 28,043 | | 129,206 | | 111,713 | ||||
| Non-interest income | | | | | | | | | ||||
| Trust and investment management fee income | | 3,984 | | 3,709 | | 16,066 | | 15,701 | ||||
| Customer service fees | | 4,528 | | 3,604 | | 15,953 | | 14,839 | ||||
| (Loss) gain on available-for-sale debt securities, net ^(1)^ | | (428) | | — | | (5,329) | | 50 | ||||
| Mortgage banking income | | | 485 | | | 597 | | | 1,969 | | | 2,093 |
| Bank-owned life insurance income | | 695 | | 590 | | 2,576 | | 2,304 | ||||
| Customer derivative income | | 735 | | 495 | | 2,013 | | 928 | ||||
| Other income | | 326 | | 397 | | 1,208 | | 973 | ||||
| Total non-interest income | | 10,325 | | 9,392 | | 34,456 | | 36,888 | ||||
| Non-interest expense | | | | | | | | | ||||
| Salaries and employee benefits | | 16,588 | | 13,358 | | 60,534 | | 54,849 | ||||
| Occupancy and equipment | | 3,780 | | 3,634 | | 14,530 | | 13,788 | ||||
| Depreciation | | | 1,153 | | | 1,042 | | | 4,303 | | | 4,196 |
| Loss (gain) on premises and equipment, net | | 370 | | 71 | | 257 | | (192) | ||||
| Outside services | | 564 | | 372 | | 2,017 | | 1,558 | ||||
| Professional services | | 407 | | 343 | | 1,809 | | 1,422 | ||||
| Communication | | 271 | | 189 | | 877 | | 759 | ||||
| Marketing | | 181 | | 492 | | 2,036 | | 2,014 | ||||
| Amortization of intangible assets | | 582 | | 233 | | 1,514 | | 932 | ||||
| FDIC assessment | | | 539 | | | 457 | | | 1,921 | | | 1,808 |
| Acquisition, conversion and other expenses | | 4,170 | | — | | 10,592 | | 20 | ||||
| Provision for unfunded commitments | | | 725 | | (625) | | 796 | | (775) | |||
| Other expenses | | 4,469 | | 4,319 | | 16,541 | | 15,608 | ||||
| Total non-interest expense | | 33,799 | | 23,885 | | 117,727 | | 95,987 | ||||
| Income before income taxes | | 14,727 | | 13,550 | | 45,935 | | 52,614 | ||||
| Income tax expense | | 2,966 | | 2,551 | | 9,016 | | 9,070 | ||||
| Net income | | $ | 11,761 | | $ | 10,999 | | $ | 36,919 | | $ | 43,544 |
| Earnings per share: | | | | | | | | | ||||
| Basic | | $ | 0.70 | | $ | 0.72 | | $ | 2.32 | | $ | 2.86 |
| Diluted | | 0.70 | | 0.72 | | 2.31 | | 2.84 | ||||
| Weighted average shares outstanding: | | | | | | | | | ||||
| Basic | | 16,696 | | 15,261 | | 15,892 | | 15,240 | ||||
| Diluted | | 16,757 | | 15,346 | | 15,955 | | 15,311 |
| (1) | The $5.3 million loss in 2025 includes a $4.5 million loss on corporate debt securities and $549 thousand on a matured debt security. |
|---|
D
BAR HARBOR BANKSHARES
CONSOLIDATED STATEMENTS OF INCOME (5 Quarter Trend) - UNAUDITED
| | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Dec 31, | | Sept 30, | | Jun 30, | | Mar 31, | | Dec 31, | |||||
| (in thousands, except per share data) | | 2025 | | 2025 | | 2025 | | 2025 | | 2024 | |||||
| Interest and dividend income | | | | | | | | | | | |||||
| Loans | | $ | 50,164 | | $ | 48,426 | | $ | 42,726 | | $ | 41,804 | | $ | 41,700 |
| Securities and other | | 6,327 | | | 6,355 | | | 5,474 | | | 5,283 | | | 5,273 | |
| Federal Home Loan Bank stock | | 235 | | | 217 | | | 212 | | | 137 | | | 213 | |
| Interest-earning deposits with other banks | | | 645 | | | 924 | | | 276 | | | 314 | | | 297 |
| Total interest and dividend income | | 57,371 | | | 55,922 | | | 48,688 | | | 47,538 | | | 47,483 | |
| Interest expense | | | | | | | | | | | | | | | |
| Deposits | | 16,083 | | | 16,419 | | | 15,511 | | | 15,512 | | | 16,210 | |
| Borrowings | | 2,671 | | | 2,544 | | | 3,282 | | | 3,019 | | | 2,206 | |
| Total interest expense | | 18,754 | | | 18,963 | | | 18,793 | | | 18,531 | | | 18,416 | |
| Net interest income | | 38,617 | | | 36,959 | | | 29,895 | | | 29,007 | | | 29,067 | |
| Provision for credit losses on available-for-sale debt securities | | | — | | | — | | | — | | | 636 | | | 1,171 |
| Provision (benefit) for credit losses on loans | | 416 | | | 3,749 | | | 528 | | | (57) | | | (147) | |
| Net interest income after provision for credit losses | | 38,201 | | | 33,210 | | | 29,367 | | | 28,428 | | | 28,043 | |
| Non-interest income | | | | | | | | | | | | | | | |
| Trust and investment management fee income | | 3,984 | | | 3,903 | | | 4,263 | | | 3,916 | | | 3,709 | |
| Customer service fees | | 4,528 | | | 4,311 | | | 3,589 | | | 3,525 | | | 3,604 | |
| (Loss) gain on available-for-sale debt securities, net ^(1)^ | | (428) | | | 41 | | | (4,942) | | | — | | | — | |
| Mortgage banking income | | | 485 | | | 423 | | | 605 | | | 456 | | | 597 |
| Bank-owned life insurance income | | 695 | | | 665 | | | 602 | | | 614 | | | 590 | |
| Customer derivative income | | 735 | | | 962 | | | 104 | | | 212 | | | 495 | |
| Other income | | 326 | | | 262 | | | 425 | | | 195 | | | 397 | |
| Total non-interest income | | 10,325 | | | 10,567 | | | 4,646 | | | 8,918 | | | 9,392 | |
| Non-interest expense | | | | | | | | | | | | | | | |
| Salaries and employee benefits | | 16,588 | | | 15,939 | | | 14,274 | | | 13,733 | | | 13,358 | |
| Occupancy and equipment | | 3,780 | | | 3,879 | | | 3,546 | | | 3,325 | | | 3,634 | |
| Depreciation | | | 1,153 | | | 1,078 | | | 1,023 | | | 1,049 | | | 1,042 |
| Loss (gain) on premises and equipment, net | | 370 | | | (206) | | | 3 | | | 90 | | | 71 | |
| Outside services | | 564 | | | 514 | | | 457 | | | 482 | | | 372 | |
| Professional services | | 407 | | | 296 | | | 514 | | | 592 | | | 343 | |
| Communication | | 271 | | | 246 | | | 194 | | | 166 | | | 189 | |
| Marketing | | 181 | | | 655 | | | 682 | | | 518 | | | 492 | |
| Amortization of intangible assets | | 582 | | | 466 | | | 233 | | | 233 | | | 233 | |
| FDIC assessment | | | 539 | | | 462 | | | 464 | | | 456 | | | 457 |
| Acquisition, conversion and other expenses | | 4,170 | | | 4,978 | | | 1,205 | | | 239 | | | — | |
| Provision for unfunded commitments | | | 725 | | | 145 | | | — | | | (74) | | | (625) |
| Other expenses | | 4,469 | | | 4,287 | | | 3,943 | | | 3,842 | | | 4,319 | |
| Total non-interest expense | | 33,799 | | 32,739 | | 26,538 | | 24,651 | | 23,885 | |||||
| Income before income taxes | | 14,727 | | 11,038 | | 7,475 | | 12,695 | | 13,550 | |||||
| Income tax expense | | 2,966 | | | 2,183 | | | 1,383 | | | 2,484 | | | 2,551 | |
| Net income | | $ | 11,761 | | $ | 8,855 | | $ | 6,092 | | $ | 10,211 | | $ | 10,999 |
| Earnings per share: | | | | | | | | | | | |||||
| Basic | | $ | 0.70 | | $ | 0.55 | | $ | 0.40 | | $ | 0.67 | | $ | 0.72 |
| Diluted | | 0.70 | | 0.54 | | 0.40 | | 0.66 | | 0.72 | |||||
| Weighted average shares outstanding: | | | | | | | | | | | |||||
| Basic | | 16,696 | | | 16,231 | | | 15,321 | | | 15,304 | | | 15,261 | |
| Diluted | | 16,757 | | | 16,284 | | | 15,372 | | | 15,393 | | | 15,346 |
| (1) | The $4.9 million loss includes a $4.5 million loss on corporate debt securities and $549 thousand on a matured debt security. |
|---|
E
BAR HARBOR BANKSHARES
AVERAGE YIELDS AND COSTS (Fully Taxable Equivalent (Non-GAAP) - Annualized) - UNAUDITED
| | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Quarters Ended | **** | ||||||||
| | | Dec 31, | | Sept 30, | | Jun 30, | | Mar 31, | | Dec 31, | **** |
| | | 2025 | | 2025 | | 2025 | | 2025 | | 2024 | **** |
| Earning assets | | | | | | | | | | | |
| Interest-earning deposits with other banks^^ | | 4.53 | % | 4.49 | % | 4.68 | % | 4.55 | % | 4.92 | % |
| Available-for-sale debt securities | | 4.03 | | 4.14 | | 3.86 | | 3.80 | | 3.69 | |
| Federal Home Loan Bank stock | | 10.72 | | 7.71 | | 7.20 | | 4.78 | | 12.07 | |
| Loans: | | | | | | | | | | | |
| Commercial real estate | 5.74 | | 5.88 | | 5.76 | | 5.58 | | 5.61 | | |
| Commercial and industrial | 6.34 | 6.45 | 6.41 | 6.57 | 6.62 | | |||||
| Residential real estate | 4.75 | 4.42 | 4.14 | 4.22 | 4.13 | | |||||
| Consumer | 7.27 | 7.23 | 6.98 | 7.03 | 6.89 | | |||||
| Total loans | 5.59 | 5.60 | 5.48 | 5.42 | 5.40 | | |||||
| Total earning assets | 5.36 | % | 5.36 | % | 5.23 | % | 5.16 | % | 5.14 | % | |
| | | | | | | | | | | | |
| Funding liabilities | | | | | | | | | | | |
| Deposits: | | | | | | | | | | | |
| Interest-bearing demand | 1.39 | % | 1.42 | % | 1.44 | % | 1.41 | % | 1.42 | % | |
| Savings | 0.54 | 0.64 | 0.71 | 0.71 | 0.72 | | |||||
| Money market | 2.43 | 2.59 | 2.75 | 2.77 | 2.94 | | |||||
| Time | 3.53 | 3.64 | 3.91 | 4.11 | 4.30 | | |||||
| Total interest-bearing deposits | 2.01 | 2.12 | 2.28 | 2.31 | 2.41 | | |||||
| Borrowings | 5.43 | 4.04 | 4.85 | 4.61 | 4.20 | | |||||
| Total interest-bearing liabilities | 2.20 | % | 2.27 | % | 2.51 | % | 2.52 | % | 2.54 | % | |
| | | | | | | | | | | | |
| Net interest spread | 3.16 | 3.09 | 2.72 | 2.64 | 2.60 | | |||||
| Net interest margin, fully taxable equivalent^(1)^ | 3.62 | 3.56 | 3.23 | 3.17 | 3.17 | |
| (1) | Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures in tables I-J for additional information. |
|---|
F
BAR HARBOR BANKSHARES
AVERAGE BALANCES - UNAUDITED
| | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Quarters Ended | |||||||||||||
| | | Dec 31, | | Sept 30, | | Jun 30, | | Mar 31, | | Dec 31, | |||||
| (in thousands) | | 2025 | | 2025 | | 2025 | | 2025 | | 2024 | |||||
| Assets | | | | | | | | | | | | | | | |
| Interest-earning deposits with other banks^(1)^ | | $ | 56,502 | | $ | 81,709 | | $ | 23,643 | | $ | 27,999 | | $ | 24,000 |
| Available-for-sale debt securities ^(2)^ | | | 644,929 | | | 631,572 | | | 591,462 | | | 587,878 | | | 591,455 |
| Federal Home Loan Bank stock | | | 8,696 | | | 11,168 | | | 11,804 | | | 11,623 | | | 7,023 |
| Loans: | | | | | | | | | | | | | | | |
| Commercial real estate | | | 1,954,841 | | | 1,887,267 | | | 1,766,720 | | | 1,759,321 | | | 1,699,869 |
| Commercial and industrial | | 480,529 | | 483,380 | | 469,816 | | 469,331 | | 458,157 | |||||
| Residential real estate | | 1,021,309 | | 963,311 | | 804,469 | | 820,837 | | 836,375 | |||||
| Consumer | | 126,953 | | 120,941 | | 109,023 | | 104,413 | | 103,681 | |||||
| Total loans ^(3)^ | | 3,583,632 | | 3,454,899 | | 3,150,028 | | 3,153,902 | | 3,098,082 | |||||
| Total earning assets | | 4,293,759 | | 4,179,348 | | 3,776,937 | | 3,781,402 | | 3,720,560 | |||||
| Cash and due from banks | | 40,291 | | 38,709 | | 29,861 | | 29,972 | | 32,771 | |||||
| Allowance for credit losses | | (33,905) | | (31,246) | | (28,786) | | (29,143) | | (29,021) | |||||
| Goodwill and other intangible assets | | 158,507 | | 139,822 | | 123,062 | | 123,295 | | 123,527 | |||||
| Other assets | | 211,317 | | 191,446 | | 169,540 | | 171,477 | | 171,351 | |||||
| Total assets | | $ | 4,669,969 | | $ | 4,518,079 | | $ | 4,070,614 | | $ | 4,077,003 | | $ | 4,019,188 |
| | | | | | | | | | | | | | | | |
| Liabilities and shareholders' equity | | | | | | | | | | | |||||
| Deposits: | | | | | | | | | | | | | | | |
| Interest-bearing demand | | $ | 1,127,456 | | $ | 1,059,214 | | $ | 906,557 | | $ | 916,129 | | $ | 898,597 |
| Savings | | 640,577 | | 617,314 | | 545,304 | | 547,672 | | 543,430 | |||||
| Money market | | 473,574 | | 432,952 | | 392,034 | | 401,268 | | 394,536 | |||||
| Time | | 939,353 | | 961,054 | | 883,491 | | 853,105 | | 842,379 | |||||
| Total interest-bearing deposits | | 3,180,960 | | 3,070,534 | | 2,727,386 | | 2,718,174 | | 2,678,942 | |||||
| Borrowings | | 195,139 | | 250,110 | | 271,410 | | 265,780 | | 208,990 | |||||
| Total interest-bearing liabilities | | 3,376,099 | | 3,320,644 | | 2,998,796 | | 2,983,954 | | 2,887,932 | |||||
| Non-interest bearing demand deposits | | 705,245 | | 647,981 | | 545,308 | | 560,310 | | 604,017 | |||||
| Other liabilities | | 56,025 | | 46,962 | | 57,268 | | 66,589 | | 67,533 | |||||
| Total liabilities | | 4,137,369 | | 4,015,587 | | 3,601,372 | | 3,610,853 | | 3,559,482 | |||||
| Total shareholders' equity | | 532,600 | | 502,492 | | 469,242 | | 466,150 | | 459,706 | |||||
| Total liabilities and shareholders' equity | | $ | 4,669,969 | | $ | 4,518,079 | | $ | 4,070,614 | | $ | 4,077,003 | | $ | 4,019,188 |
| (1) | Total average interest-bearing deposits with other banks is net of Federal Reserve daily cash letter. |
|---|---|
| (2) | Average balances for available-for-sale debt securities are based on amortized cost. |
| --- | --- |
| (3) | Total average loans include non-accruing loans and loans held for sale. |
| --- | --- |
G
BAR HARBOR BANKSHARES
ASSET QUALITY ANALYSIS - UNAUDITED
| | | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | At or for the Quarters Ended | | |||||||||||||
| | | Dec 31, | | Sept 30, | | Jun 30, | | Mar 31, | | Dec 31, | **** | |||||
| (in thousands) | | 2025 | | 2025 | | 2025 | | 2025 | | 2024 | **** | |||||
| NON-PERFORMING ASSETS | | | | | | | | | | | | | | | | |
| Non-accruing loans: | | | | | | | | | | | | | | | | |
| Commercial real estate | $ | 1,497 | $ | 697 | $ | 1,033 | $ | 1,091 | $ | 1,321 | | |||||
| Commercial and industrial | | 1,113 | | 1,221 | | 1,344 | | 1,354 | | 1,098 | | |||||
| Residential real estate | | 7,719 | | 6,541 | | 6,411 | | 4,557 | | 3,290 | | |||||
| Consumer | | 1,265 | | 1,051 | | 944 | | 1,084 | | 1,285 | | |||||
| Total non-accruing loans | | 11,594 | | 9,510 | | 9,732 | | 8,086 | | 6,994 | | |||||
| Non-performing available-for-sale debt securities | | | 2,203 | | | 2,203 | | | 2,403 | | | 4,960 | | | 5,760 | |
| Other real estate owned | | — | | — | | — | | — | | — | | |||||
| Total non-performing assets | $ | 13,797 | $ | 11,713 | $ | 12,135 | $ | 13,046 | $ | 12,754 | | |||||
| | | | | | | | | | | | | | | | | |
| Total non-accruing loans/total loans | | 0.32 | % | | 0.27 | % | | 0.31 | % | | 0.26 | % | | 0.22 | % | |
| Total non-performing assets/total assets | | 0.29 | | 0.25 | | 0.30 | | 0.32 | | 0.31 | | |||||
| | | | | | | | | | | | | | | | | |
| PROVISION AND ALLOWANCE FOR CREDIT LOSSES ON LOANS | | | | | | | | | | | | | | | | |
| Balance at beginning of period | $ | 33,940 | $ | 28,885 | $ | 28,614 | $ | 28,744 | $ | 29,023 | | |||||
| Charged-off loans | | (318) | | (353) | | (266) | | (84) | | (150) | | |||||
| Recoveries on charged-off loans | | 14 | | 37 | | 9 | | 11 | | 18 | | |||||
| Net loans (charged-off) recovered | | (304) | | (316) | | (257) | | (73) | | (132) | | |||||
| ACL established on PCD loans | | | — | | | 1,622 | | | — | | | — | | | — | |
| Provision for credit losses on loans | | 416 | | 3,749 | | 528 | | (57) | | (147) | | |||||
| Balance at end of period | $ | 34,052 | $ | 33,940 | $ | 28,885 | $ | 28,614 | $ | 28,744 | | |||||
| | | | | | | | | | | | | | | | | |
| Allowance for credit losses/total loans | | 0.94 | % | | 0.95 | % | | 0.92 | % | | 0.92 | % | | 0.91 | % | |
| Allowance for credit losses/non-accruing loans | | 294 | | 357 | | 297 | | 354 | | 411 | | |||||
| | | | | | | | | | | | | | | | | |
| NET LOAN (CHARGE-OFFS) RECOVERIES | | | | | | | | | | | | | | | | |
| Commercial real estate | $ | — | $ | (224) | $ | — | $ | — | $ | — | | |||||
| Commercial and industrial | | (256) | | 18 | | (204) | | (37) | | (84) | | |||||
| Residential real estate | | 8 | | (112) | | 6 | | 4 | | 3 | | |||||
| Consumer | | (56) | | 2 | | (59) | | (40) | | (51) | | |||||
| Total, net | $ | (304) | $ | (316) | $ | (257) | $ | (73) | $ | (132) | | |||||
| | | | | | | | | | | | | | | | | |
| Net charge-offs (recoveries) (QTD annualized)/average loans | | 0.03 | % | | 0.04 | % | | 0.03 | % | | 0.01 | % | | 0.02 | % | |
| Net charge-offs (recoveries) (YTD annualized)/average loans | | 0.03 | | 0.02 | | 0.02 | | 0.01 | | 0.01 | | |||||
| | | | | | | | | | | | | | | | | |
| PROVISION AND ALLOWANCE FOR CREDIT LOSSES ON AVAILABLE-FOR-SALE DEBT SECURITIES | | | | | | | | | | | | | | | | |
| Balance at beginning of period | $ | — | $ | — | $ | 1,204 | $ | 568 | $ | — | | |||||
| Charged-off interest receivable on available-for-sale debt securities | | — | | — | | — | | — | | (603) | | |||||
| Provision for credit losses on available-for-sale debt securities | | — | | — | | — | | 636 | | 1,171 | | |||||
| Charged-off previously provisioned allowance for credit loss | | | — | | | — | | | (1,204) | | | — | | | — | |
| Balance at end of period | $ | — | $ | — | $ | — | $ | 1,204 | $ | 568 | |
H
BAR HARBOR BANKSHARES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA – UNAUDITED
| | | | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | At or for the Quarters Ended | |||||||||||||
| | | | | Dec 31, | | Sept 30, | | Jun 30, | | Mar 31, | | Dec 31, | |||||
| (in thousands) | | | | 2025 | | 2025 | | 2025 | | 2025 | | 2024 | |||||
| Net income | | | | $ | 11,761 | | $ | 8,855 | | $ | 6,092 | | $ | 10,211 | | $ | 10,999 |
| Non-core items: | | | | | | | | | | | | | | | | | |
| Loss (gain) on available-for-sale debt securities, net^(6)^ | | | | 428 | | (41) | | 4,942 | | — | | — | |||||
| Loss (gain) on premises and equipment, net | | | | 370 | | (206) | | 3 | | 90 | | 71 | |||||
| Provision on non-PCD acquired loans | | | | | — | | | 3,954 | | | — | | | — | | | — |
| Acquisition, conversion and other expenses | | | | 4,170 | | 4,978 | | 1,205 | | 239 | | — | |||||
| Income tax expense ^(1)^ | | | | (1,225) | | (2,141) | | (1,492) | | (80) | | (17) | |||||
| Total non-core items^(2)^ | | | | | 3,743 | | | 6,544 | | | 4,658 | | | 249 | | | 54 |
| Core earnings ^(2)^ | (A) | | $ | 15,504 | | $ | 15,399 | | $ | 10,750 | | $ | 10,460 | | $ | 11,053 | |
| | | | | | | | | | | | | | | | | | |
| Net interest income | (B) | | $ | 38,617 | | $ | 36,959 | | $ | 29,895 | | $ | 29,007 | | $ | 29,067 | |
| Non-interest income | | | | 10,325 | | 10,567 | | 4,646 | | 8,918 | | 9,392 | |||||
| Total revenue | | | | 48,942 | | 47,526 | | 34,541 | | 37,925 | | 38,459 | |||||
| Loss (gain) on available-for-sale debt securities, net^(6)^ | | | | 428 | | (41) | | 4,942 | | — | | — | |||||
| Total core revenue ^(2)^ | (C) | | $ | 49,370 | | $ | 47,485 | | $ | 39,483 | | $ | 37,925 | | $ | 38,459 | |
| | | | | | | | | | | | | | | | | | |
| Total non-interest expense | | | | 33,799 | | 32,739 | | 26,538 | | 24,651 | | 23,885 | |||||
| Non-core expenses: | | | | | | | | | | | | | | | | | |
| (Loss) gain on premises and equipment, net | | | | (370) | | 206 | | (3) | | (90) | | (71) | |||||
| Acquisition, conversion and other expenses | | | | (4,170) | | (4,978) | | (1,205) | | (239) | | — | |||||
| Total non-core expenses ^(2)^ | | | | | (4,540) | | | (4,772) | | | (1,208) | | | (329) | | | (71) |
| Core non-interest expense ^(2)^ | (D) | | $ | 29,259 | | $ | 27,967 | | $ | 25,330 | | $ | 24,322 | | $ | 23,814 | |
| | | | | | | | | | | | | | | | | | |
| Total revenue | | | | | 48,942 | | | 47,526 | | | 34,541 | | | 37,925 | | | 38,459 |
| Total non-interest expense | | | | | 33,799 | | | 32,739 | | | 26,538 | | | 24,651 | | | 23,885 |
| Pre-tax, pre-provision net revenue^(2)^ | | (S) | | $ | 15,143 | | $ | 14,787 | | $ | 8,003 | | $ | 13,274 | | $ | 14,574 |
| | | | | | | | | | | | | | | | | | |
| Core revenue^(2)^ | | | | | 49,370 | | | 47,485 | | | 39,483 | | | 37,925 | | | 38,459 |
| Core non-interest expense^(2)^ | | | | | 29,259 | | | 27,967 | | | 25,330 | | | 24,322 | | | 23,814 |
| Core pre-tax, pre-provision net revenue^(2)^ | | (U) | | $ | 20,111 | | $ | 19,518 | | $ | 14,153 | | $ | 13,603 | | $ | 14,645 |
| | | | | | | | | | | | | | | | | | |
| (in millions) | | | | | | | | | | | | | |||||
| Average earning assets | (E) | | $ | 4,294 | | $ | 4,179 | | $ | 3,777 | | $ | 3,781 | | $ | 3,721 | |
| Average assets | (F) | | 4,670 | | 4,518 | | 4,071 | | 4,077 | | 4,019 | ||||||
| Average shareholders' equity | (G) | | 533 | | 499 | | 469 | | 466 | | 460 | ||||||
| Average tangible shareholders' equity ^(2) (3)^ | (H) | | 374 | | 360 | | 346 | | 343 | | 336 | ||||||
| Tangible shareholders' equity, period-end ^(2) (3)^ | (I) | | 374 | | 362 | | 346 | | 343 | | 335 | ||||||
| Tangible assets, period-end ^(2) (3)^ | (J) | | 4,526 | | 4,563 | | 3,989 | | 3,940 | | 3,960 | ||||||
| | | | | | | | | | | | | | | | | | |
I
BAR HARBOR BANKSHARES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA – UNAUDITED
| | | | | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | At or for the Quarters Ended | **** | |||||||||||||
| | | | | Dec 31, | | Sept 30, | | Jun 30, | | Mar 31, | | Dec 31, | **** | |||||
| (in thousands) | | | | 2025 | | 2025 | | 2025 | | 2025 | | 2024 | **** | |||||
| Common shares outstanding, period-end | (K) | | 16,702 | | 16,689 | | 15,322 | | 15,317 | | 15,280 | | ||||||
| Average diluted shares outstanding | (L) | | 16,757 | | 16,284 | | 15,372 | | 15,393 | | 15,346 | | ||||||
| | | | | | | | | | | | | | | | | | | |
| Core earnings per share, diluted ^(2)^ | (A/L) | | $ | 0.93 | | $ | 0.95 | | $ | 0.70 | | $ | 0.68 | | $ | 0.72 | | |
| Tangible book value per share, period-end ^(2)^ | (I/K) | | 22.41 | | 21.70 | | 22.58 | | 22.47 | | 21.93 | | ||||||
| Tangible shareholders' equity/total tangible assets ^(2)^ | (I/J) | | 8.27 | | 7.94 | | 8.67 | | 8.73 | | 8.46 | | ||||||
| | | | | | | | | | | | | | | | | | | |
| Performance ratios ^(4)^ | | | | | | | | | | | | | | | | | | |
| GAAP return on assets | | | | 1.00 | % | | 0.78 | % | | 0.60 | % | | 1.02 | % | | 1.09 | % | |
| Core return on assets ^(2)^ | (A/F) | | 1.32 | | 1.35 | | 1.06 | | 1.04 | | 1.09 | | ||||||
| Pre-tax, pre-provision return on assets^(2)^ | | (S/F) | | | 1.29 | | | 1.30 | | | 0.79 | | | 1.32 | | | 1.44 | |
| Core pre-tax, pre-provision return on assets^(2)^ | | (U/F) | | | 1.71 | | | 1.71 | | | 1.39 | | | 1.35 | | | 1.45 | |
| GAAP return on equity | | | | 8.76 | | 6.99 | | 5.21 | | 8.88 | | 9.52 | | |||||
| Core return on equity ^(2)^ | (A/G) | | 11.55 | | 12.16 | | 9.19 | | 9.09 | | 9.57 | | ||||||
| Return on tangible equity | | | | | 12.94 | | | 10.07 | | | 7.26 | | | 12.27 | | | 13.23 | |
| Core return on tangible equity ^(1) (2)^ | (A+Q)/H | | 16.91 | | 17.23 | | 12.66 | | 12.57 | | 13.29 | | ||||||
| Efficiency ratio ^(2) (5)^ | (D-O-Q)/(C+N) | | 57.24 | | 56.70 | | 62.10 | | 62.00 | | 59.84 | | ||||||
| Net interest margin, fully taxable equivalent ^(2)^ | (B+P)/E | | 3.62 | | 3.56 | | 3.23 | | 3.17 | | 3.17 | | ||||||
| | | | | | | | | | | | | | | | | | | |
| Supplementary data (in thousands) | | | | | | | | | | | | | | | | | | |
| Taxable equivalent adjustment for efficiency ratio | (N) | | $ | 766 | | $ | 738 | | $ | 706 | | $ | 717 | | $ | 718 | | |
| Franchise taxes included in non-interest expense | (O) | | (22) | | 158 | | 141 | | 131 | | 139 | | ||||||
| Tax equivalent adjustment for net interest margin | (P) | | 595 | | 574 | | 560 | | 568 | | 578 | | ||||||
| Intangible amortization | (Q) | | 582 | | 466 | | 233 | | 233 | | 233 | |
| (1) | Assumes a marginal tax rate of 24.65% for the third and fourth quarters of 2025, 24.26% in the first and second quarters of 2025 and 23.73% in the fourth quarter 2024. |
|---|---|
| (2) | Non-GAAP financial measure. |
| --- | --- |
| (3) | Tangible shareholders' equity is computed by taking total shareholders' equity less the intangible assets at period-end. Tangible assets is computed by taking total assets less the intangible assets at period-end. |
| --- | --- |
| (4) | All performance ratios are based on average balance sheet amounts, where applicable. |
| --- | --- |
| (5) | Efficiency ratio is computed by dividing core non-interest expense net of franchise taxes and intangible amortization divided by core revenue on a fully taxable equivalent basis. |
| --- | --- |
| (6) | The $4.9 million loss in the second quarter 2025 includes a $4.5 million loss on corporate debt securities and $549 thousand on a matured debt security. |
| --- | --- |
J