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): October 21, 2025
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.) |
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| 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 October 21, 2025, Bar Harbor Bankshares, issued a press release reporting our financial results for the quarter ended September 30, 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 October 21, 2025, 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 November 20, 2025 and will be payable on December 19, 2025.
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 October 21, 2025 |
| 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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| October 21, 2025 | By: | /s/ Curtis C. Simard |
| | | Curtis C. Simard |
| | | President and CEO |
Exhibit 99.1
Bar Harbor Bankshares Reports Third Quarter 2025 Results; Declares Dividend
BAR HARBOR, MAINE – October 21, 2025 - Bar Harbor Bankshares (NYSE American: BHB) (the “Company”) reported third quarter 2025 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 compared to GAAP net income of $6.1 million or $0.40 per diluted share and core earnings (Non-GAAP) of $10.8 or 0.70 per diluted share in the second quarter of 2025.
THIRD QUARTER 2025 HIGHLIGHTS (all comparisons to second quarter 2025, unless otherwise noted)
| • | Successfully completed the acquisition of Guaranty Bancorp, Inc. on August 1, 2025, and the customer integration of all systems and branches in mid-October 2025. |
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| • | Net interest margin expanded to 3.56% from 3.23% |
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| • | 56.70% efficiency ratio compared to 62.10% in the prior quarter |
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| • | 16% annualized quarter-to-date growth in deposits; 6% annualized year-to-date growth, excluding acquired deposits |
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| • | Strong asset quality with non-accruing loans to total loans declining to 0.27% from 0.31% |
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Bar Harbor Bankshares’ President and Chief Executive Officer, Curtis C. Simard, stated, “This quarter we completed the integration of Woodsville into our organization. We are now one united company, operating seamlessly across our entire footprint with one culture. This achievement positions us to serve more customers, deepen our existing relationships, and continue growing stronger.”
Mr. Simard further stated, “The third quarter marks another strong quarter for us as we took advantage of the seasonal deposit inflows and increased transactional activity across our footprint. In addition, we immediately executed on our strategies to optimize the newly combined balance sheet putting the excess liquidity to work. As a result, we leveraged lower cost deposits to fund new growth and pay off more expensive wholesale borrowings which led to a strong core return on assets of 1.35% and a core return on equity of 12.23%. Together, we have proven what is possible when we unite around a shared objective to balance profitable growth with a conservative credit culture building an enduring future.”
Acquisition of Guaranty Bancorp, Inc.
On August 1, 2025, we completed our acquisition of Guaranty Bancorp, Inc., the parent company of Woodsville Guaranty Savings Bank (“Woodsville”), and its results of operations are included in the Company’s consolidated results since the date of acquisition. Therefore, the Company’s third quarter and nine months ended 2025 results reflect increased levels of average balances, net interest income, and expense compared to its prior quarter and nine months ended 2024 results. After purchase accounting fair value adjustments, the acquisition added $658.1 million of total assets, including $413.4 million of loans, as well as $641.2 million of total liabilities, primarily consisting of $531.3 million in deposits and $109.2 million in borrowings and subordinated debt. Based on the $39.2 million consideration paid the Company recorded goodwill of $22.3 million and core deposit intangibles of $14.0 million in other intangibles related to the acquisition.
In connection with the acquisition, the Company recorded an initial allowance for credit losses (“ACL”) of approximately $5.6 million. This included a $1.6 million allowance related to loans identified as purchased credit deteriorated (“PCD”) at acquisition, reflecting expected credit losses that developed since origination. The remaining $4.0 million allowance was established through provision expense for non-PCD loans, consistent with the Current Expected Credit Loss (“CECL”) framework. This non-PCD allowance represents the recognition of expected lifetime losses on acquired performing loans. At September 30, 2025, the CECL reserve associated with the total acquired portfolio is $4.6 million.
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 November 20, 2025, payable on December 19, 2025. This dividend equates to a 4.20% annualized yield based on the $30.46 closing share price of the Company’s common stock on September 30, 2025, the last trading day of the third quarter 2025.
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| FINANCIAL CONDITION (Quarter results for September 30, 2025 compared to June 30, 2025)<br><br>Total assets increased $610 million or 15% to $4.7 billion at the end of the third quarter 2025 primarily due to acquisition of Woodsville. The Company strategically optimized deposits and cash to paydown wholesale borrowings while onboarding deposits from Woodsville.<br><br><br><br>Total cash and cash equivalents were $141.3 million at the end of the third quarter 2025, compared to $87.0 million at the end of the second quarter 2025. Interest-earning deposits held with other banks increased to $94.0 million at the end of the third quarter 2025, compared to $36.1 million at the end of the second quarter and yielded 4.49% and 4.68%, respectively. The change in cash balances was driven by the acquisition of Woodsville.<br><br><br><br>Available-for-sale debt securities increased $69.1 million to $597.8 million compared to $528.7 million at second quarter 2025 driven by acquired securities of $115.6 million from Woodsville of which $40.8 million was sold, total calls and paydowns of $31.5 million, and organic purchases of $15.1 million. Fair value adjustments decreased the securities portfolio by $53.0 million at quarter-end compared to $64.1 million at the end of the second quarter. During the third quarter 2025, there was a $241 thousand gain on sale of acquired available-for-sale debt securities, $200 thousand write-off of the corporate debt securities compared to $5.6 million in the second quarter in corporate debt securities due to credit deterioration. The quarter-to-date weighted average yield of the securities portfolio was 4.14% compared to 3.86% at the end of second quarter driven by continued purchase of higher coupon fixed-rate securities and acquisition of the Woodsville portfolio. As of third and second quarter-end, our securities portfolio had an average life of 7.4 years and 8.4 years respectively, with an effective duration of 5.3 years and 5.5 years respectively. All securities remain classified as available for sale to provide flexibility in asset funding and other opportunities as they arise.<br><br><br><br>Federal Home Loan Bank (“FHLB”) stock decreased $4.1 million to $8.6 million at the end of the third quarter 2025 compared to $12.7 million at the end of the second quarter 2025 primarily driven by the strategic deployment of cash to pay down advances from the FHLB. |
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Total loans increased to $3.6 billion from $3.2 billion in the second quarter driven by the acquisition of $413.4 million from Woodsville. Total Commercial loans increased to $2.3 billion from $2.2 billion in the second quarter with $145.5 million from the acquisition and organic growth of $34.8 million organic growth which equates to an annualized growth rate of 5%. Residential real estate loans increased to $1.0 billion driven by $251.8 million in acquired balances. Loans held for sale grew $2.7 million as we experienced continued seasonal increase in demand for mortgage products with corresponding changes in the interest rate environment.
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The allowance for credit losses on loans increased $5.1 million, driven primarily by a net $3.0 million in reserves on non-PCD loans and $1.6 million in reserves on PCD loans from Woodsville. As a result, the allowance grew to $33.9 million at the end of the third quarter 2025 compared to $28.9 million at the end of the second quarter 2025. The allowance for credit losses to total loans coverage ratio for the third quarter 2025 compared to the second quarter 2025 increased to 0.95% from 0.92%.
Premises and equipment increased $6.2 million in the third quarter to $58.8 million compared to $52.6 million at the end of the second quarter 2025 driven by $6.6 million in acquired assets from Woodsville and a $206 thousand gain on sale of premises and equipment from the sale of two properties.
Goodwill increased $22.3 million in the third quarter 2025 as the result of the acquisition of Woodsville. Other intangible assets increased $13.5 million in the third quarter 2025 compared to the second quarter 2025 to $17.0 million driven by the core deposit intangible asset of the acquisition, offset by amortization.
Cash surrender value of bank-owned life insurance increased $12.5 million driven by $11.8 million in acquired BOLI and $665 thousand in the current quarter driven by return on assets within the plan compared to the second quarter 2025.
Total deposits grew to $4.0 billion at the end of the third quarter of 2025 driven by $531.3 million in acquired deposits related to the Woodsville acquisition complimented by 16% annualized quarter to date organic growth compared to the second quarter 2025. The increase was driven primarily by non-interest bearing demand and money market accounts.
Senior borrowings decreased $116.5 million at the end of third quarter 2025 to $140.0 million as loan paydowns, deposits and proceeds from investment portfolio sales were strategically utilized to decrease borrowing levels. $98.0 million in borrowings were acquired from Woodsville of which $15.0 million were paid off shortly after acquisition. $201 million of the Company’s senior borrowings were paid down within the quarter. As a result of the acquisition, we took on $11.2 million of subordinated debt from Woodsville in the third quarter 2025.
The Company's book value per share was $31.22 as of the end of the third quarter 2025 compared to $30.60 at the end of the second quarter 2025. Tangible book value per share (non-GAAP) was $21.70 at the end of the third quarter 2025, compared to $22.58 at the end of the second quarter 2025.
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RESULTS OF OPERATIONS (Quarter results for September 30, 2025 compared to September 30, 2024)
The net interest margin increased to 3.56% in the third quarter 2025 compared to 3.15% in the same respective quarter 2024. Loan income increased $6.4 million for the third quarter 2025 compared to the third quarter 2024 driven primarily by $4.6 million from the Woodsville acquisition and $1.2 million by rate changes on the commercial portfolio.
Total interest and dividend income increased by 15.1% or $7.3 million to $55.9 million in the third quarter 2025 compared to $48.6 million in the prior year primarily driven by the repricing of commercial adjustable-rate loans and $241.3 million higher average loan balances within the commercial real estate portfolio. Yields on earning assets grew to 5.36% compared to 5.24% in the third quarter 2024. The yield on commercial real estate loans grew to 5.88% in the third quarter 2025 from 5.67% in the third quarter 2024. Total loan yield growth was partially offset by a decrease in the commercial and industrial yields to 6.45% for the third quarter 2025 from 6.98% in the third quarter 2024. Consumer yield remained flat at 7.23% for the third quarter 2025 and 2024 respectively.
Total interest expense increased $659 thousand for deposits in the third quarter 2025 compared to the third quarter 2024. Deposit costs are up $245 thousand or 1.5% year over year driven by the acquisition of $531.3 million in deposits from Woodsville, offset by lower cost of funds on interest-bearing deposit yields at 2.12% from 2.45% for the third quarter ended 2024. Borrowing costs decreased $904 thousand or 26.2% driven by the $15 million in paydowns offset by $98 million in acquisition borrowings accompanied by lower borrowing rates at 4.04% for the third quarter 2025 compared to 4.38% for the third quarter 2024.
The Company also recorded a $4.0 million reserve on non-PCD loans established through provision expense.
Non-interest income increased $914 thousand in the third quarter 2025 to $10.6 million compared to $9.7 million in the same quarter 2024 primarily driven by customer service fees which increased $523 thousand driven by the Woodsville acquisition. Customer Derivative income increased $697 thousand year over year driven by timing of swaps and the interest rate environment. Trust management fee income decreased $226 thousand driven by financial service income timing.
Non-interest expenses increased $8.0 million to $32.7 million in the third quarter 2025 compared to $24.8 million in the third quarter 2024 driven by $4.9 million in acquisition expenses related to Woodsville. Salaries and benefits increased $1.6 million to $15.9 million in the third quarter 2025 compared to $14.4 million in the third quarter 2024 primarily due to cost-of-living adjustments, additional salary associated with the retained Woodsville personnel, and employee insurance costs. Occupancy and equipment increased $474 thousand driven by higher computer processing fees and maintenance contract costs. Professional services fees decreased $145 thousand driven by timing, while marketing increased $221 thousand and amortization of intangibles increased $233 thousand due to the acquisition closing in the third quarter 2025. Other expenses increased $520 thousand for the third quarter 2025 compared to the third quarter 2024 primarily due to increases in software expenses. Gain on sale of property increased year-over-year by $206 thousand driven by the sale of two properties in the third quarter 2025.
Income tax expense was $2.2 million for the third quarter 2025 compared to $1.4 million for the third quarter of 2024, respectively. Our GAAP effective tax rate third quarter 2025 and the third quarter 2024 was 20% compared to 10% and the effective tax rate on core earnings (Non-GAAP) was 22% and 20%, respectively. The current year increase in taxes and tax rate is driven by a prior year one-time multiple year tax refund on tax exempt loan income and a state apportionment adjustment.
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
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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 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 | **** | |||||||||||||
| | **** | Sept 30, | **** | **** | Jun 30, | **** | Mar 31, | **** | Dec 31, | **** | Sep 30, | |||||
| | | 2025 | | | 2025 | | 2025 | | 2024 | | 2024 | |||||
| PER SHARE DATA | | | | | | | | | | | | | | | | |
| Net earnings, diluted | $ | 0.54 | $ | 0.40 | $ | 0.66 | $ | 0.72 | $ | 0.80 | | |||||
| Core earnings, diluted ^(1)^ | | 0.95 | | 0.70 | | 0.68 | | 0.72 | | 0.80 | | |||||
| Total book value | | 31.22 | | 30.60 | | 30.51 | | 30.00 | | 30.12 | | |||||
| Tangible book value ^(1)^ | | 21.70 | | 22.58 | | 22.47 | | 21.93 | | 22.02 | | |||||
| Market price at period end | | 30.46 | | 29.96 | | 29.50 | | 30.58 | | 30.84 | | |||||
| Dividends | | 0.32 | | 0.32 | | 0.30 | | 0.30 | | 0.30 | | |||||
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| PERFORMANCE RATIOS ^(2)^ | | | | | | | | | | | | | | | | |
| Return on assets | | 0.78 | % | | 0.60 | % | | 1.02 | % | | 1.09 | % | | 1.20 | % | |
| Core return on assets ^(1)^ | | 1.35 | | 1.06 | | 1.04 | | 1.09 | | 1.20 | | |||||
| Pre-tax, pre-provision return on assets^(1)^ | | | 1.30 | | | 0.79 | | | 1.32 | | | 1.44 | | | 1.37 | |
| Core pre-tax, pre-provision return on assets^(1)^ | | | 1.71 | | | 1.39 | | | 1.35 | | | 1.45 | | | 1.37 | |
| Return on equity | | 7.03 | | 5.21 | | 8.88 | | 9.52 | | 10.68 | | |||||
| Core return on equity ^(1)^ | | 12.23 | | 9.19 | | 9.09 | | 9.57 | | 10.68 | | |||||
| Return on tangible equity | | | 10.16 | | | 7.26 | | | 12.27 | | | 13.23 | | | 14.90 | |
| Core return on tangible equity ^(1)^ | | 17.38 | | 12.66 | | 12.57 | | 13.29 | | 14.90 | | |||||
| Net interest margin, fully taxable equivalent ^(1) (3)^ | | 3.56 | | 3.23 | | 3.17 | | 3.17 | | 3.15 | | |||||
| Efficiency ratio ^(1)^ | | 56.70 | | 62.10 | | 62.00 | | 59.84 | | 62.09 | | |||||
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| FINANCIAL DATA (In millions) | | | | | | | | | | | | | | | | |
| Total assets | $ | 4,722 | $ | 4,112 | $ | 4,063 | $ | 4,083 | $ | 4,030 | | |||||
| Total earning assets ^(4)^ | | 4,336 | | 3,789 | | 3,761 | | 3,782 | | 3,720 | | |||||
| Total investments | | 598 | | 529 | | 514 | | 521 | | 536 | | |||||
| Total loans | | 3,584 | | 3,153 | | 3,124 | | 3,147 | | 3,082 | | |||||
| Allowance for credit losses | | 34 | | 29 | | 30 | | 29 | | 29 | | |||||
| Total goodwill and intangible assets | | 159 | | 123 | | 123 | | 123 | | 124 | | |||||
| Total deposits | | 3,953 | | 3,292 | | 3,297 | | 3,268 | | 3,261 | | |||||
| Total shareholders' equity | | 521 | | 469 | | 466 | | 458 | | 460 | | |||||
| Net income | | 9 | | 6 | | 10 | | 11 | | 12 | | |||||
| Core earnings^(1)^ | | 15 | | 11 | | 10 | | 11 | | 12 | | |||||
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| ASSET QUALITY AND CONDITION RATIOS | | | | | | | | | | | | | | | | |
| Net charge-offs (recoveries)^(5)^/average loans | | 0.04 | % | | 0.03 | % | | 0.01 | % | | 0.02 | % | | 0.01 | % | |
| Allowance for credit losses on loans/total loans | | 0.95 | | 0.92 | | 0.92 | | 0.91 | | 0.94 | | |||||
| Loans/deposits | | 91 | | 96 | | 95 | | 96 | | 95 | | |||||
| Shareholders' equity to total assets | | 11.03 | | 11.40 | | 11.50 | | 11.23 | | 11.41 | | |||||
| Tangible shareholders' equity to tangible assets | | 7.94 | | 8.67 | | 8.73 | | 8.46 | | 8.61 | |
| (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. |
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| (5) | Current quarter annualized. |
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A
BAR HARBOR BANKSHARES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
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| | **** | Sept 30, | **** | Jun 30, | **** | Mar 31, | **** | Dec 31, | **** | Sep 30, | |||||
| (in thousands) | | 2025 | | 2025 | | 2025 | | 2024 | | 2024 | |||||
| Assets | | | | | | ||||||||||
| Cash and due from banks | | $ | 47,320 | | $ | 50,948 | | $ | 33,802 | | $ | 34,266 | | $ | 39,877 |
| Interest-earning deposits with other banks | | 93,971 | | 36,087 | | 54,329 | | 37,896 | | 41,343 | |||||
| Total cash and cash equivalents | | 141,291 | | 87,035 | | 88,131 | | 72,162 | | 81,220 | |||||
| | | | | | | | | | | | | | | | |
| Available-for-sale debt securities | | 597,810 | | 528,690 | | 513,961 | | 521,018 | | 535,892 | |||||
| Less: Allowance for credit losses on available-for-sale debt securities | | | — | | | — | | | (1,204) | | | (568) | | | — |
| Net available-for-sale debt securities | | 597,810 | | 528,690 | | 512,757 | | 520,450 | | 535,892 | |||||
| | | | | | | | | | | | | | | | |
| Federal Home Loan Bank stock | | 8,560 | | 12,695 | | 10,695 | | 12,237 | | 7,600 | |||||
| | | | | | | | | | | | | | | | |
| Loans held for sale | | | 5,545 | | | 2,829 | | | 1,515 | | | 1,235 | | | 1,272 |
| | | | | | | | | | | | | | | | |
| Total loans | | 3,583,716 | | 3,152,664 | | 3,124,240 | | 3,147,096 | | 3,081,735 | |||||
| Less: Allowance for credit losses on loans | | (33,940) | | (28,885) | | (28,614) | | (28,744) | | (29,023) | |||||
| Net loans | | 3,549,776 | | 3,123,779 | | 3,095,626 | | 3,118,352 | | 3,052,712 | |||||
| | | | | | | | | | | | | | | | |
| Premises and equipment, net | | 58,828 | | 52,647 | | 51,659 | | 51,237 | | 51,644 | |||||
| Other real estate owned | | — | | — | | — | | — | | — | |||||
| Goodwill | | 141,819 | | 119,477 | | 119,477 | | 119,477 | | 119,477 | |||||
| Other intangible assets | | 16,989 | | 3,472 | | 3,705 | | 3,938 | | 4,171 | |||||
| Cash surrender value of bank-owned life insurance | | 95,554 | | 83,074 | | 82,471 | | 81,858 | | 81,824 | |||||
| Deferred tax asset, net | | 31,721 | | 23,290 | | 23,298 | | 23,330 | | 20,923 | |||||
| Other assets | | 73,936 | | 75,017 | | 73,892 | | 79,051 | | 73,192 | |||||
| Total assets | | $ | 4,721,829 | | $ | 4,112,005 | | $ | 4,063,226 | | $ | 4,083,327 | | $ | 4,029,927 |
| | | | | | | | | | | | | | | | |
| Liabilities and shareholders' equity | | | | | | ||||||||||
| Non-interest bearing demand | | $ | 697,357 | | $ | 552,074 | | $ | 547,401 | | $ | 575,649 | | $ | 604,963 |
| Interest-bearing demand | | 1,137,362 | | 931,854 | | 930,031 | | 910,191 | | 913,910 | |||||
| Savings | | 647,428 | | 542,579 | | 551,280 | | 545,816 | | 544,235 | |||||
| Money market | | 488,633 | | 370,709 | | 405,326 | | 405,758 | | 380,624 | |||||
| Time | | 981,993 | | 894,772 | | 862,773 | | 830,274 | | 817,354 | |||||
| Total deposits | | 3,952,773 | | 3,291,988 | | 3,296,811 | | 3,267,688 | | 3,261,086 | |||||
| | | | | | | | | | | | | | | | |
| Senior borrowings | | 139,956 | | 256,441 | | 199,982 | | 249,981 | | 186,207 | |||||
| Subordinated borrowings | | 52,229 | | 40,620 | | 40,620 | | 40,620 | | 60,580 | |||||
| Total borrowings | | 192,185 | | 297,061 | | 240,602 | | 290,601 | | 246,787 | |||||
| | | | | | | | | | | | | | | | |
| Other liabilities | | 55,916 | | 54,096 | | 58,502 | | 66,610 | | 62,138 | |||||
| Total liabilities | | 4,200,874 | | 3,643,145 | | 3,595,915 | | 3,624,899 | | 3,570,011 | |||||
| | | | | | | | | | | | | | | | |
| Total shareholders’ equity | | 520,955 | | 468,860 | | 467,311 | | 458,428 | | 459,916 | |||||
| Total liabilities and shareholders’ equity | | $ | 4,721,829 | | $ | 4,112,005 | | $ | 4,063,226 | | $ | 4,083,327 | | $ | 4,029,927 |
| | | | | | | | | | | | | | | | |
| Net shares outstanding | | 16,689 | | 15,322 | | 15,317 | | 15,280 | | 15,268 |
B
BAR HARBOR BANKSHARES
CONSOLIDATED LOAN & DEPOSIT ANALYSIS - UNAUDITED
LOAN ANALYSIS
| | | | | | | | | | | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | | | | | | | | | | Organic Annualized | ||||
| | | | | | | | | | | | | | | | | | | | Growth % | |||||
| | **** | Sept 30, | | Acquired WGSB | | Jun 30, | **** | Mar 31, | **** | Dec 31, | **** | Sep 30, | **** | Quarter | | Year | ||||||||
| (in thousands) | | 2025 | | Balances^(1)^ | | 2025 | | 2025 | | 2024 | | 2024 | | to Date | | to Date | ||||||||
| Commercial real estate | | $ | 1,942,659 | | $ | 117,832 | | $ | 1,767,206 | | $ | 1,762,132 | | $ | 1,741,223 | | $ | 1,677,310 | 13 | % | | 6 | % | |
| Commercial and industrial | | 405,759 | | 25,651 | | 400,908 | | 370,683 | | 388,599 | | 382,554 | (21) | | (3) | | ||||||||
| Total commercial loans | | 2,348,418 | | 143,483 | | 2,168,114 | | 2,132,815 | | 2,129,822 | | 2,059,864 | 7 | | 5 | | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Residential real estate | | 1,025,266 | | 248,484 | | 796,184 | | 807,514 | | 826,492 | | 836,566 | (10) | | (8) | | ||||||||
| Consumer | | 126,345 | | 16,215 | | 111,036 | | 105,404 | | 103,803 | | 103,415 | (3) | | 8 | | ||||||||
| Tax exempt and other | | 83,687 | | 5,226 | | 77,330 | | 78,507 | | 86,979 | | 81,890 | 6 | | (13) | | ||||||||
| Total loans | | $ | 3,583,716 | | $ | 413,408 | | $ | 3,152,664 | | $ | 3,124,240 | | $ | 3,147,096 | | $ | 3,081,735 | 2 | % | | 1 | % |
| 1. | Acquired Woodsville Guaranty Savings Bank (WGSB) Balances are as of August 1, 2025. |
|---|
DEPOSIT ANALYSIS
| | | | | | | | | | | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | | | | | | | | | | Organic Annualized | ||||
| | | | | | | | | | | | | | | | | | | | Growth % | |||||
| | **** | Sept 30, | | Acquired WGSB | | Jun 30, | **** | Mar 31, | **** | Dec 31, | **** | Sep 30, | **** | Quarter | | Year | ||||||||
| (in thousands) | | 2025 | | Balances^(1)^ | | 2025 | | 2025 | | 2024 | | 2024 | | to Date | | to Date | ||||||||
| Non-interest bearing demand | | $ | 697,357 | | $ | 89,274 | | $ | 552,074 | | $ | 547,401 | | $ | 575,649 | | $ | 604,963 | 41 | % | | 8 | % | |
| Interest-bearing demand | | 1,137,362 | | 185,802 | | 931,854 | | 930,031 | | 910,191 | | 913,910 | 8 | | 6 | | ||||||||
| Savings | | 647,428 | | 104,792 | | 542,579 | | 551,280 | | 545,816 | | 544,235 | — | | (1) | | ||||||||
| Money market | | 488,633 | | 52,470 | | 370,709 | | 405,326 | | 405,758 | | 380,624 | 71 | | 10 | | ||||||||
| Total non-maturity deposits | | 2,970,780 | | 432,338 | | 2,397,216 | | 2,434,038 | | 2,437,414 | | 2,443,732 | 24 | | 6 | | ||||||||
| Time | | 981,993 | | 98,951 | | 894,772 | | 862,773 | | 830,274 | | 817,354 | (5) | | 8 | | ||||||||
| Total deposits | | $ | 3,952,773 | | $ | 531,289 | | $ | 3,291,988 | | $ | 3,296,811 | | $ | 3,267,688 | | $ | 3,261,086 | 16 | % | | 6 | % |
| 1. | Acquired Woodsville Guaranty Savings Bank (WGSB) Balances are as of August 1, 2025. |
|---|
C
D
BAR HARBOR BANKSHARES
CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED
| | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Three Months Ended | | Nine Months Ended | ||||||||
| | | September 30, | | September 30, | ||||||||
| (in thousands, except per share data) | **** | 2025 | **** | 2024 | **** | 2025 | **** | 2024 | ||||
| Interest and dividend income | | | | | ||||||||
| Loans | | $ | 48,426 | | $ | 42,042 | | $ | 132,956 | | $ | 122,146 |
| Securities available for sale | | 6,355 | | 5,515 | | 17,112 | | 16,665 | ||||
| Federal Home Loan Bank stock | | | 217 | | 258 | | | 566 | | | 745 | |
| Interest-earning deposits with other banks | | | 924 | | | 765 | | | 1,514 | | | 1,685 |
| Total interest and dividend income | | 55,922 | | 48,580 | | 152,148 | | 141,241 | ||||
| Interest expense | | | | | | | ||||||
| Deposits | | 16,419 | | 16,174 | | 47,442 | | 45,486 | ||||
| Borrowings | | 2,544 | | 3,448 | | 8,845 | | 10,983 | ||||
| Total interest expense | | 18,963 | | 19,622 | | 56,287 | | 56,469 | ||||
| Net interest income | | 36,959 | | 28,958 | | 95,861 | | 84,772 | ||||
| Provision for credit losses on available-for-sale debt securities | | | — | | | — | | | 636 | | | — |
| Provision for credit losses on loans | | 3,749 | | 228 | | 4,220 | | 1,102 | ||||
| Net interest income after provision for credit losses | | 33,210 | | 28,730 | | 91,005 | | 83,670 | ||||
| Non-interest income | | | | | ||||||||
| Trust and investment management fee income | | 3,903 | | 4,129 | | 12,082 | | 11,992 | ||||
| Customer service fees | | 4,311 | | 3,788 | | 11,425 | | 11,235 | ||||
| (Loss) gain on available-for-sale debt securities, net ^(1)^ | | 41 | | — | | (4,901) | | 50 | ||||
| Mortgage banking income | | | 423 | | | 681 | | | 1,484 | | | 1,496 |
| Bank-owned life insurance income | | 665 | | 570 | | 1,881 | | 1,714 | ||||
| Customer derivative income | | 962 | | 265 | | 1,278 | | 433 | ||||
| Other income | | 262 | | 220 | | 882 | | 576 | ||||
| Total non-interest income | | 10,567 | | 9,653 | | 24,131 | | 27,496 | ||||
| Non-interest expense | | | | | ||||||||
| Salaries and employee benefits | | 15,939 | | 14,383 | | 43,946 | | 41,491 | ||||
| Occupancy and equipment | | 3,879 | | 3,405 | | 10,750 | | 10,154 | ||||
| Depreciation | | | 1,078 | | | 1,048 | | | 3,150 | | | 3,154 |
| Loss (gain) on sales of premises and equipment, net | | (206) | | — | | (113) | | (263) | ||||
| Outside services | | 514 | | 386 | | 1,453 | | 1,186 | ||||
| Professional services | | 296 | | 441 | | 1,402 | | 1,079 | ||||
| Communication | | 246 | | 189 | | 606 | | 570 | ||||
| Marketing | | 655 | | 434 | | 1,855 | | 1,522 | ||||
| Amortization of intangible assets | | 466 | | 233 | | 932 | | 699 | ||||
| FDIC assessment | | | 462 | | | 451 | | | 1,382 | | | 1,351 |
| Acquisition, conversion and other expenses | | 4,978 | | — | | 6,422 | | 20 | ||||
| Provision for unfunded commitments | | | 145 | | 35 | | 71 | | (150) | |||
| Other expenses | | 4,287 | | 3,767 | | 12,072 | | 11,289 | ||||
| Total non-interest expense | | 32,739 | | 24,772 | | 83,928 | | 72,102 | ||||
| Income before income taxes | | 11,038 | | 13,611 | | 31,208 | | 39,064 | ||||
| Income tax expense | | 2,183 | | 1,418 | | 6,050 | | 6,519 | ||||
| Net income | | $ | 8,855 | | $ | 12,193 | | $ | 25,158 | | $ | 32,545 |
| Earnings per share: | | | | | ||||||||
| Basic | | $ | 0.55 | | $ | 0.80 | | $ | 1.61 | | $ | 2.14 |
| Diluted | | 0.54 | | 0.80 | | 1.60 | | 2.13 | ||||
| Weighted average shares outstanding: | | | | | ||||||||
| Basic | | 16,231 | | 15,261 | | 15,622 | | 15,229 | ||||
| Diluted | | 16,284 | | 15,326 | | 15,685 | | 15,292 |
| (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
CONSOLIDATED STATEMENTS OF INCOME (5 Quarter Trend) - UNAUDITED
| | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | **** | Sept 30, | **** | Jun 30, | **** | Mar 31, | **** | Dec 31, | **** | Sep 30, | |||||
| (in thousands, except per share data) | | 2025 | | 2025 | | 2025 | | 2024 | | 2024 | |||||
| Interest and dividend income | | | | | | ||||||||||
| Loans | | $ | 48,426 | | $ | 42,726 | | $ | 41,804 | | $ | 41,700 | | $ | 42,042 |
| Securities and other | | 6,355 | | | 5,474 | | | 5,283 | | | 5,273 | | | 5,515 | |
| Federal Home Loan Bank stock | | 217 | | | 212 | | | 137 | | | 213 | | | 258 | |
| Interest-earning deposits with other banks | | | 924 | | | 276 | | | 314 | | | 297 | | | 765 |
| Total interest and dividend income | | 55,922 | | | 48,688 | | | 47,538 | | | 47,483 | | | 48,580 | |
| Interest expense | | | | | | | | | | ||||||
| Deposits | | 16,419 | | | 15,511 | | | 15,512 | | | 16,210 | | | 16,174 | |
| Borrowings | | 2,544 | | | 3,282 | | | 3,019 | | | 2,206 | | | 3,448 | |
| Total interest expense | | 18,963 | | | 18,793 | | | 18,531 | | | 18,416 | | | 19,622 | |
| Net interest income | | 36,959 | | | 29,895 | | | 29,007 | | | 29,067 | | | 28,958 | |
| Provision for credit losses on available-for-sale debt securities | | | — | | | — | | | 636 | | | 1,171 | | | — |
| Provision (benefit) for credit losses on loans | | 3,749 | | | 528 | | | (57) | | | (147) | | | 228 | |
| Net interest income after provision for credit losses | | 33,210 | | | 29,367 | | | 28,428 | | | 28,043 | | | 28,730 | |
| Non-interest income | | | | | | | | | | ||||||
| Trust and investment management fee income | | 3,903 | | | 4,263 | | | 3,916 | | | 3,709 | | | 4,129 | |
| Customer service fees | | 4,311 | | | 3,589 | | | 3,525 | | | 3,604 | | | 3,788 | |
| (Loss) gain on available-for-sale debt securities, net ^(1)^ | | 41 | | | (4,942) | | | — | | | — | | | — | |
| Mortgage banking income | | | 423 | | | 605 | | | 456 | | | 597 | | | 681 |
| Bank-owned life insurance income | | 665 | | | 602 | | | 614 | | | 590 | | | 570 | |
| Customer derivative income | | 962 | | | 104 | | | 212 | | | 495 | | | 265 | |
| Other income | | 262 | | | 425 | | | 195 | | | 397 | | | 220 | |
| Total non-interest income | | 10,567 | | | 4,646 | | | 8,918 | | | 9,392 | | | 9,653 | |
| Non-interest expense | | | | | | | | | | ||||||
| Salaries and employee benefits | | 15,939 | | | 14,274 | | | 13,733 | | | 13,358 | | | 14,383 | |
| Occupancy and equipment | | 3,879 | | | 3,546 | | | 3,325 | | | 3,634 | | | 3,405 | |
| Depreciation | | | 1,078 | | | 1,023 | | | 1,049 | | | 1,042 | | | 1,048 |
| Loss (gain) on sales of premises and equipment, net | | (206) | | | 3 | | | 90 | | | 71 | | | — | |
| Outside services | | 514 | | | 457 | | | 482 | | | 372 | | | 386 | |
| Professional services | | 296 | | | 514 | | | 592 | | | 343 | | | 441 | |
| Communication | | 246 | | | 194 | | | 166 | | | 189 | | | 189 | |
| Marketing | | 655 | | | 682 | | | 518 | | | 492 | | | 434 | |
| Amortization of intangible assets | | 466 | | | 233 | | | 233 | | | 233 | | | 233 | |
| FDIC assessment | | | 462 | | | 464 | | | 456 | | | 457 | | | 451 |
| Acquisition, conversion and other expenses | | 4,978 | | | 1,205 | | | 239 | | | — | | | — | |
| Provision for unfunded commitments | | | 145 | | | — | | | (74) | | | (625) | | | 35 |
| Other expenses | | 4,287 | | | 3,943 | | | 3,842 | | | 4,319 | | | 3,767 | |
| Total non-interest expense | | 32,739 | | 26,538 | | 24,651 | | 23,885 | | 24,772 | |||||
| Income before income taxes | | 11,038 | | 7,475 | | 12,695 | | 13,550 | | 13,611 | |||||
| Income tax expense | | 2,183 | | | 1,383 | | | 2,484 | | | 2,551 | | | 1,418 | |
| Net income | | $ | 8,855 | | $ | 6,092 | | $ | 10,211 | | $ | 10,999 | | $ | 12,193 |
| Earnings per share: | | | | | | ||||||||||
| Basic | | $ | 0.55 | | $ | 0.40 | | $ | 0.67 | | $ | 0.72 | | $ | 0.80 |
| Diluted | | 0.54 | | 0.40 | | 0.66 | | 0.72 | | 0.80 | |||||
| Weighted average shares outstanding: | | | | | | | |||||||||
| Basic | | 16,231 | | | 15,321 | | | 15,304 | | | 15,261 | | | 15,261 | |
| Diluted | | 16,284 | | | 15,372 | | | 15,393 | | | 15,346 | | | 15,326 |
| (1) | The $4.9 million loss includes a $4.5 million loss on corporate debt securities and $549 thousand on a matured debt security. |
|---|
F
BAR HARBOR BANKSHARES
AVERAGE YIELDS AND COSTS (Fully Taxable Equivalent (Non-GAAP) - Annualized) - UNAUDITED
| | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Quarters Ended | **** | ||||||||
| | **** | Sept 30, | **** | Jun 30, | **** | Mar 31, | **** | Dec 31, | **** | Sep 30, | **** |
| | | 2025 | | 2025 | | 2025 | | 2024 | | 2024 | **** |
| Earning assets | | | | | | | | | | | |
| Interest-earning deposits with other banks^^ | | 4.49 | % | 4.68 | % | 4.55 | % | 4.92 | % | 5.54 | % |
| Available-for-sale debt securities | | 4.14 | | 3.86 | | 3.80 | | 3.69 | | 3.86 | |
| Federal Home Loan Bank stock | | 7.71 | | 7.20 | | 4.78 | | 12.07 | | 10.10 | |
| Loans: | | | | | | | | | | | |
| Commercial real estate | 5.88 | | 5.76 | | 5.58 | | 5.61 | | 5.67 | | |
| Commercial and industrial | 6.45 | 6.41 | 6.57 | 6.62 | 6.98 | | |||||
| Residential real estate | 4.42 | 4.14 | 4.22 | 4.13 | 4.11 | | |||||
| Consumer | 7.23 | 6.98 | 7.03 | 6.89 | 7.23 | | |||||
| Total loans | 5.60 | 5.48 | 5.42 | 5.40 | 5.49 | | |||||
| Total earning assets | 5.36 | % | 5.23 | % | 5.16 | % | 5.14 | % | 5.24 | % | |
| | | | | | | | | | | | |
| Funding liabilities | | | | | | | | | | | |
| Deposits: | | | | | | | | | | | |
| Interest-bearing demand | 1.42 | % | 1.44 | % | 1.41 | % | 1.42 | % | 1.48 | % | |
| Savings | 0.64 | 0.71 | 0.71 | 0.72 | 0.70 | | |||||
| Money market | 2.59 | 2.75 | 2.77 | 2.94 | 3.13 | | |||||
| Time | 3.64 | 3.91 | 4.11 | 4.30 | 4.39 | | |||||
| Total interest-bearing deposits | 2.12 | 2.28 | 2.31 | 2.41 | 2.45 | | |||||
| Borrowings | 4.04 | 4.85 | 4.61 | 4.20 | 4.38 | | |||||
| Total interest-bearing liabilities | 2.27 | % | 2.51 | % | 2.52 | % | 2.54 | % | 2.66 | % | |
| | | | | | | | | | | | |
| Net interest spread | 3.09 | 2.72 | 2.64 | 2.60 | 2.58 | | |||||
| Net interest margin, fully taxable equivalent^(1)^ | 3.56 | 3.23 | 3.17 | 3.17 | 3.15 | |
| (1) | Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures in tables I-J for additional information. |
|---|
G
BAR HARBOR BANKSHARES
AVERAGE BALANCES - UNAUDITED
| | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Quarters Ended | |||||||||||||
| | | Sept 30, | | Jun 30, | | Mar 31, | | Dec 31, | | Sep 30, | |||||
| (in thousands) | | 2025 | | 2025 | | 2025 | | 2024 | | 2024 | |||||
| Assets | | | | | | ||||||||||
| Interest-earning deposits with other banks^(1)^ | | $ | 81,709 | | $ | 23,643 | | $ | 27,999 | | $ | 24,000 | | $ | 54,897 |
| Available-for-sale debt securities ^(2)^ | | | 631,572 | | | 591,462 | | | 587,878 | | | 591,455 | | | 591,331 |
| Federal Home Loan Bank stock | | | 11,168 | | | 11,804 | | | 11,623 | | | 7,023 | | | 10,158 |
| Loans: | | | | | | | | | | | | | | | |
| Commercial real estate | | | 1,887,267 | | | 1,766,720 | | | 1,759,321 | | | 1,699,869 | | | 1,645,933 |
| Commercial and industrial | | 483,380 | | 469,816 | | 469,331 | | 458,157 | | 473,049 | |||||
| Residential real estate | | 963,311 | | 804,469 | | 820,837 | | 836,375 | | 851,426 | |||||
| Consumer | | 120,941 | | 109,023 | | 104,413 | | 103,681 | | 101,230 | |||||
| Total loans ^(3)^ | | 3,454,899 | | 3,150,028 | | 3,153,902 | | 3,098,082 | | 3,071,638 | |||||
| Total earning assets | | 4,179,348 | | 3,776,937 | | 3,781,402 | | 3,720,560 | | 3,728,024 | |||||
| Cash and due from banks | | 38,709 | | 29,861 | | 29,972 | | 32,771 | | 34,036 | |||||
| Allowance for credit losses | | (31,246) | | (28,786) | | (29,143) | | (29,021) | | (28,893) | |||||
| Goodwill and other intangible assets | | 139,822 | | 123,062 | | 123,295 | | 123,527 | | 123,761 | |||||
| Other assets | | 191,446 | | 169,540 | | 171,477 | | 171,351 | | 170,113 | |||||
| Total assets | | $ | 4,518,079 | | $ | 4,070,614 | | $ | 4,077,003 | | $ | 4,019,188 | | $ | 4,027,041 |
| | | | | | | | | | | | | | | | |
| Liabilities and shareholders' equity | | | | | | ||||||||||
| Deposits: | | | | | | | | | | | | | | | |
| Interest-bearing demand | | $ | 1,059,214 | | $ | 906,557 | | $ | 916,129 | | $ | 898,597 | | $ | 888,325 |
| Savings | | 617,314 | | 545,304 | | 547,672 | | 543,430 | | 547,482 | |||||
| Money market | | 432,952 | | 392,034 | | 401,268 | | 394,536 | | 378,855 | |||||
| Time | | 961,054 | | 883,491 | | 853,105 | | 842,379 | | 807,180 | |||||
| Total interest-bearing deposits | | 3,070,534 | | 2,727,386 | | 2,718,174 | | 2,678,942 | | 2,621,842 | |||||
| Borrowings | | 250,110 | | 271,410 | | 265,780 | | 208,990 | | 312,891 | |||||
| Total interest-bearing liabilities | | 3,320,644 | | 2,998,796 | | 2,983,954 | | 2,887,932 | | 2,934,733 | |||||
| Non-interest bearing demand deposits | | 648,031 | | 545,308 | | 560,310 | | 604,017 | | 577,428 | |||||
| Other liabilities | | 49,964 | | 57,268 | | 66,589 | | 67,533 | | 60,731 | |||||
| Total liabilities | | 4,018,639 | | 3,601,372 | | 3,610,853 | | 3,559,482 | | 3,572,892 | |||||
| Total shareholders' equity | | 499,440 | | 469,242 | | 466,150 | | 459,706 | | 454,149 | |||||
| Total liabilities and shareholders' equity | | $ | 4,518,079 | | $ | 4,070,614 | | $ | 4,077,003 | | $ | 4,019,188 | | $ | 4,027,041 |
| (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. |
| --- | --- |
H
BAR HARBOR BANKSHARES
ASSET QUALITY ANALYSIS - UNAUDITED
| | | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | At or for the Quarters Ended | | |||||||||||||
| | **** | Sept 30, | **** | Jun 30, | **** | Mar 31, | **** | Dec 31, | **** | Sep 30, | **** | |||||
| (in thousands) | | 2025 | | 2025 | | 2025 | | 2024 | | 2024 | **** | |||||
| NON-PERFORMING ASSETS | | | | | | | | | | | | | | | | |
| Non-accruing loans: | | | | | | | | | | | | | | | | |
| Commercial real estate | $ | 697 | $ | 1,033 | $ | 1,091 | $ | 1,321 | $ | 1,451 | | |||||
| Commercial and industrial | | 1,221 | | 1,344 | | 1,354 | | 1,098 | | 1,218 | | |||||
| Residential real estate | | 6,541 | | 6,411 | | 4,557 | | 3,290 | | 3,453 | | |||||
| Consumer | | 1,051 | | 944 | | 1,084 | | 1,285 | | 978 | | |||||
| Total non-accruing loans | | 9,510 | | 9,732 | | 8,086 | | 6,994 | | 7,100 | | |||||
| Non-performing available-for-sale debt securities | | | 2,403 | | | 2,403 | | | 4,960 | | | 5,760 | | | — | |
| Other real estate owned | | — | | — | | — | | — | | — | | |||||
| Total non-performing assets | $ | 11,913 | $ | 12,135 | $ | 13,046 | $ | 12,754 | $ | 7,100 | | |||||
| | | | | | | | | | | | | | | | | |
| Total non-accruing loans/total loans | | 0.27 | % | | 0.31 | % | | 0.26 | % | | 0.22 | % | | 0.23 | % | |
| Total non-performing assets/total assets | | 0.25 | | 0.30 | | 0.32 | | 0.31 | | 0.18 | | |||||
| | | | | | | | | | | | | | | | | |
| PROVISION AND ALLOWANCE FOR CREDIT LOSSES ON LOANS | | | | | | | | | | | | | | | | |
| Balance at beginning of period | $ | 28,885 | $ | 28,614 | $ | 28,744 | $ | 29,023 | $ | 28,855 | | |||||
| Charged-off loans | | (353) | | (266) | | (84) | | (150) | | (98) | | |||||
| Recoveries on charged-off loans | | 37 | | 9 | | 11 | | 18 | | 38 | | |||||
| Net loans (charged-off) recovered | | (316) | | (257) | | (73) | | (132) | | (60) | | |||||
| ACL established on PCD loans | | | 1,622 | | | — | | | — | | | — | | | — | |
| Provision for credit losses on loans | | 3,749 | | 528 | | (57) | | (147) | | 228 | | |||||
| Balance at end of period | $ | 33,940 | $ | 28,885 | $ | 28,614 | $ | 28,744 | $ | 29,023 | | |||||
| | | | | | | | | | | | | | | | | |
| Allowance for credit losses/total loans | | 0.95 | % | | 0.92 | % | | 0.92 | % | | 0.91 | % | | 0.94 | % | |
| Allowance for credit losses/non-accruing loans | | 357 | | 297 | | 354 | | 411 | | 409 | | |||||
| | | | | | | | | | | | | | | | | |
| NET LOAN (CHARGE-OFFS) RECOVERIES | | | | | | | | | | | | | | | | |
| Commercial real estate | $ | (224) | $ | — | $ | — | $ | — | $ | — | | |||||
| Commercial and industrial | | 18 | | (204) | | (37) | | (84) | | (8) | | |||||
| Residential real estate | | (112) | | 6 | | 4 | | 3 | | 5 | | |||||
| Consumer | | 2 | | (59) | | (40) | | (51) | | (57) | | |||||
| Total, net | $ | (316) | $ | (257) | $ | (73) | $ | (132) | $ | (60) | | |||||
| | | | | | | | | | | | | | | | | |
| Net charge-offs (recoveries) (QTD annualized)/average loans | | 0.04 | % | | 0.03 | % | | 0.01 | % | | 0.02 | % | | 0.01 | % | |
| Net charge-offs (recoveries) (YTD annualized)/average loans | | 0.02 | | 0.02 | | 0.01 | | 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 | $ | — | |
I
BAR HARBOR BANKSHARES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA – UNAUDITED
| | | | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | At or for the Quarters Ended | |||||||||||||
| | | **** | Sept 30, | **** | Jun 30, | **** | Mar 31, | **** | Dec 31, | **** | Sep 30, | ||||||
| (in thousands) | | | 2025 | | 2025 | | 2025 | | 2024 | | 2024 | ||||||
| Net income | | | | $ | 8,855 | | $ | 6,092 | | $ | 10,211 | | $ | 10,999 | | $ | 12,193 |
| Non-core items: | | | | | | | | | | | | | | | | | |
| Loss (gain) on available-for-sale debt securities, net^(6)^ | | | | (41) | | 4,942 | | — | | — | | — | |||||
| Loss (gain) on sale of premises and equipment, net | | | | (206) | | 3 | | 90 | | 71 | | — | |||||
| Provision on non-PCD acquired loans | | | | | 3,954 | | | — | | | — | | | — | | | — |
| Acquisition, conversion and other expenses | | | | 4,978 | | 1,205 | | 239 | | — | | — | |||||
| Income tax expense ^(1)^ | | | | (2,141) | | (1,492) | | (80) | | (17) | | — | |||||
| Total non-core items^(2)^ | | | | | 6,544 | | | 4,658 | | | 249 | | | 54 | | | — |
| Core earnings ^(2)^ | (A) | | $ | 15,399 | | $ | 10,750 | | $ | 10,460 | | $ | 11,053 | | $ | 12,193 | |
| | | | | | | | | | | | | | | | | | |
| Net interest income | (B) | | $ | 36,959 | | $ | 29,895 | | $ | 29,007 | | $ | 29,067 | | $ | 28,958 | |
| Non-interest income | | | | 10,567 | | 4,646 | | 8,918 | | 9,392 | | 9,653 | |||||
| Total revenue | | | | 47,526 | | 34,541 | | 37,925 | | 38,459 | | 38,611 | |||||
| Loss (gain) on available-for-sale debt securities, net^(6)^ | | | | (41) | | 4,942 | | — | | — | | — | |||||
| Total core revenue ^(2)^ | (C) | | $ | 47,485 | | $ | 39,483 | | $ | 37,925 | | $ | 38,459 | | $ | 38,611 | |
| | | | | | | | | | | | | | | | | | |
| Total non-interest expense | | | | 32,739 | | 26,538 | | 24,651 | | 23,885 | | 24,772 | |||||
| Non-core expenses: | | | | | | | | | | | | | | | | | |
| (Loss) gain on sale of premises and equipment, net | | | | 206 | | (3) | | (90) | | (71) | | — | |||||
| Acquisition, conversion and other expenses | | | | (4,978) | | (1,205) | | (239) | | — | | — | |||||
| Total non-core expenses ^(2)^ | | | | | (4,772) | | | (1,208) | | | (329) | | | (71) | | | — |
| Core non-interest expense ^(2)^ | (D) | | $ | 27,967 | | $ | 25,330 | | $ | 24,322 | | $ | 23,814 | | $ | 24,772 | |
| | | | | | | | | | | | | | | | | | |
| Total revenue | | | | | 47,526 | | | 34,541 | | | 37,925 | | | 38,459 | | | 38,611 |
| Total non-interest expense | | | | | 32,739 | | | 26,538 | | | 24,651 | | | 23,885 | | | 24,772 |
| Pre-tax, pre-provision net revenue^(2)^ | | (S) | | $ | 14,787 | | $ | 8,003 | | $ | 13,274 | | $ | 14,574 | | $ | 13,839 |
| | | | | | | | | | | | | | | | | | |
| Core revenue^(2)^ | | | | | 47,485 | | | 39,483 | | | 37,925 | | | 38,459 | | | 38,611 |
| Core non-interest expense^(2)^ | | | | | 27,967 | | | 25,330 | | | 24,322 | | | 23,814 | | | 24,772 |
| Core pre-tax, pre-provision net revenue^(2)^ | | (U) | | $ | 19,518 | | $ | 14,153 | | $ | 13,603 | | $ | 14,645 | | $ | 13,839 |
| | | | | | | | | | | | | | | | | | |
| (in millions) | | | | | | | | ||||||||||
| Average earning assets | (E) | | $ | 4,179 | | $ | 3,777 | | $ | 3,781 | | $ | 3,721 | | $ | 3,728 | |
| Average assets | (F) | | 4,518 | | 4,071 | | 4,077 | | 4,019 | | 4,027 | ||||||
| Average shareholders' equity | (G) | | 499 | | 469 | | 466 | | 460 | | 454 | ||||||
| Average tangible shareholders' equity ^(2) (3)^ | (H) | | 360 | | 346 | | 343 | | 336 | | 330 | ||||||
| Tangible shareholders' equity, period-end ^(2) (3)^ | (I) | | 362 | | 346 | | 343 | | 335 | | 336 | ||||||
| Tangible assets, period-end ^(2) (3)^ | (J) | | 4,563 | | 3,989 | | 3,940 | | 3,960 | | 3,906 | ||||||
| | | | | | | | | | | | | | | | | | |
J
BAR HARBOR BANKSHARES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA – UNAUDITED
| | | | | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | At or for the Quarters Ended | **** | |||||||||||||
| | **** | Sept 30, | **** | Jun 30, | **** | Mar 31, | **** | Dec 31, | **** | Sep 30, | **** | |||||||
| (in thousands) | | | | 2025 | | 2025 | | 2025 | | 2024 | | 2024 | **** | |||||
| Common shares outstanding, period-end | (K) | | 16,689 | | 15,322 | | 15,317 | | 15,280 | | 15,268 | | ||||||
| Average diluted shares outstanding | (L) | | 16,284 | | 15,372 | | 15,393 | | 15,346 | | 15,326 | | ||||||
| | | | | | | | | | | | | | | | | | | |
| Core earnings per share, diluted ^(2)^ | (A/L) | | $ | 0.95 | | $ | 0.70 | | $ | 0.68 | | $ | 0.72 | | $ | 0.80 | | |
| Tangible book value per share, period-end ^(2)^ | (I/K) | | 21.70 | | 22.58 | | 22.47 | | 21.93 | | 22.02 | | ||||||
| Tangible shareholders' equity/total tangible assets ^(2)^ | (I/J) | | 7.94 | | 8.67 | | 8.73 | | 8.46 | | 8.61 | | ||||||
| | | | | | | | | | | | | | | | | | | |
| Performance ratios ^(4)^ | | | | | | | | | | | | | | | | | | |
| GAAP return on assets | | | | 0.78 | % | | 0.60 | % | | 1.02 | % | | 1.09 | % | | 1.20 | % | |
| Core return on assets ^(2)^ | (A/F) | | 1.35 | | 1.06 | | 1.04 | | 1.09 | | 1.20 | | ||||||
| Pre-tax, pre-provision return on assets^(2)^ | | (S/F) | | | 1.30 | | | 0.79 | | | 1.32 | | | 1.44 | | | 1.37 | |
| Core pre-tax, pre-provision return on assets^(2)^ | | (U/F) | | | 1.71 | | | 1.39 | | | 1.35 | | | 1.45 | | | 1.37 | |
| GAAP return on equity | | | | 7.03 | | 5.21 | | 8.88 | | 9.52 | | 10.68 | | |||||
| Core return on equity ^(2)^ | (A/G) | | 12.23 | | 9.19 | | 9.09 | | 9.57 | | 10.68 | | ||||||
| Return on tangible equity | | | | | 10.16 | | | 7.26 | | | 12.27 | | | 13.23 | | | 14.90 | |
| Core return on tangible equity ^(1) (2)^ | (A+Q)/H | | 17.38 | | 12.66 | | 12.57 | | 13.29 | | 14.90 | | ||||||
| Efficiency ratio ^(2) (5)^ | (D-O-Q)/(C+N) | | 56.70 | | 62.10 | | 62.00 | | 59.84 | | 62.09 | | ||||||
| Net interest margin, fully taxable equivalent ^(2)^ | (B+P)/E | | 3.56 | | 3.23 | | 3.17 | | 3.17 | | 3.15 | | ||||||
| | | | | | | | | | | | | | | | | | | |
| Supplementary data (in thousands) | | | | | | | | | | | | | | | | | | |
| Taxable equivalent adjustment for efficiency ratio | (N) | | $ | 727 | | $ | 706 | | $ | 717 | | $ | 718 | | $ | 686 | | |
| Franchise taxes included in non-interest expense | (O) | | 158 | | 141 | | 131 | | 139 | | 138 | | ||||||
| Tax equivalent adjustment for net interest margin | (P) | | 563 | | 560 | | 568 | | 578 | | 550 | | ||||||
| Intangible amortization | (Q) | | 466 | | 233 | | 233 | | 233 | | 233 | |
| (1) | Assumes a marginal tax rate of 24.65% for the third quarter 2025, 24.26% in the first and second quarters of 2025, 23.73% in the fourth quarter 2024, 23.82% in the second and third quarter 2024, 24.01% in the first 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 includes a $4.5 million loss on corporate debt securities and $549 thousand on a matured debt security. |
| --- | --- |
K