BHB 8-K
Bar Harbor Bankshares (BHB)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
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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 July 22, 2025, Bar Harbor Bankshares, issued a press release reporting our financial results for the quarter ended June 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 July 22, 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 August 14, 2025 and will be payable on September 12, 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.
Exhibit No. |
| Description |
99.1 | ||
104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document |
Exhibit 99.1
Bar Harbor Bankshares Reports Second Quarter 2025 Results; Declares Dividend
BAR HARBOR, MAINE – July 22, 2025 - Bar Harbor Bankshares (NYSE American: BHB) (the “Company”) reported second quarter 2025 GAAP net income of $6.1 million or $0.40 per diluted share and core earnings (Non-GAAP) of $10.8 million or $0.70 per diluted share compared to GAAP net income of $10.2 million or $0.66 per diluted share and core earnings (Non-GAAP) of $10.5 or 0.68 per diluted share in the first quarter of 2025.
SECOND QUARTER 2025 HIGHLIGHTS (all comparisons to first quarter 2025, unless otherwise noted)
| • | Obtained all regulatory approvals to complete acquisition of Guaranty Bancorp, Inc. |
| • | Recognized by Forbes Magazine as one of America’s “Best-in-State Banks” for the fourth consecutive year |
| • | Net interest margin expanded to 3.23% from 3.17% |
| • | 4% annualized growth in commercial loans; 7% growth quarter-to-date |
Bar Harbor Bankshares’ President and Chief Executive Officer, Curtis C. Simard, stated, “ This quarter we received all regulatory approvals to acquire Guaranty Bancorp, Inc., the parent company of Woodsville Guaranty Savings Bank. This partnership represents a strategic opportunity to strengthen our presence in key markets with good deposit dynamics, increase operational scale, and deliver greater value to our customers through expanded presence and services, while demonstrating continued ability to execute growth opportunities for shareholders. We look forward to bringing our new partners on at or near the end of this month.”
Mr. Simard further stated, “Our results mark another consistent quarter of core earnings with a stable and expanding margin well above our peers. I am very proud of the way our teams performed all the while working on integration plans and other strategic objectives. We continue to manage the balance sheet, optimizing returns and positioning us for the future which ultimately has gained us the recognition by Forbes as one of America’s “Best-in-State Banks” for the fourth consecutive year, an honor that is awarded to less than 5% of all U.S. banks. Such an award is a testament to our people.”
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 August 14, 2025, payable on September 12, 2025. This dividend equates to a 4.27% annualized yield based on the $29.96 closing share price of the Company’s common stock on June 30, 2025, the last trading day of the second quarter 2025.
|
FINANCIAL CONDITION (Quarter results for June 30, 2025 compared to March 31, 2025) Total assets remained stable at $4.1 billion at the end of the first and second quarter 2025 primarily due to strategically optimizing wholesale borrowings to fund loan originations in anticipation of the expected onboarding of deposits from Woodsville Guaranty Savings Bank (“Woodsville”). Total cash and cash equivalents were $87.0 million at the end of the second quarter 2025, compared to $88.1 million at the end of the first quarter 2025. Interest-earning deposits held with other banks decreased to $36.1 million at the end of the second quarter 2025, compared to $54.3 million at the end of the first quarter and yielded 4.68% and 4.55%, respectively. The change in cash balances was driven by new loan originations and investment purchases offset by loan pay downs and advances. Available-for-sale debt securities increased to $528.7 million compared to $514.0 million at first quarter 2025 driven by security purchases of $33.6 million, of which $29.1 million were securities issued by government sponsored entities, $4.5 million were bank subordinated notes, offset by pay downs of $13.3 million, called securities of $40 thousand, and net amortization of $123 thousand. Fair value adjustments decreased the securities portfolio by $6.1 million at quarter-end compared to $64.3 million at the end of the first quarter. During the second quarter, there was a $5.6 million reduction in corporate debt securities due to credit deterioration. The quarter-to-date weighted average yield of the securities portfolio was 3.86% compared to 3.80% at the end of first quarter driven by purchases of higher coupon fixed-rate securities. As of first and second quarter-end, our securities portfolio had an average life of 8.4 years and |
BHB - Bar Harbor Bankshares | Page 1 | www.barharbor.bank |
8.0 years respectively, with an effective duration of 5.5 years and 5.0 years. All securities remain classified as available for sale to provide flexibility in asset funding and other opportunities as they arise. Federal Home Loan Bank (“FHLB”) stock increased $2 million to $12.7 million at the end of the second quarter 2025 compared to $10.7 million at the end of the first quarter 2025 driven by the strategic deployment of $57.5 million in advances from FHLB to fund loan originations and purchase investments. |
Total loans increased to $3.2 billion with an increase of 3% annualized growth driven by a $30.2 million increase in loans within the commercial and industrial segment, and $5.1 million in commercial real estate. Residential real estate loans decreased $13.1 million offset by a $5.3 million increase in adjustable rate home equity lines of credit within the consumer segment. Loans held for sale grew $3.1 million as we experienced our usual seasonal increase in demand for mortgage products.
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|
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The allowance for credit losses on loans increased $528 thousand, which more than offset $257 thousand in net charged-off loans. As a result, the allowance grew to $28.9 million at the end of the second quarter 2025 compared to $28.6 million at the end of the first quarter 2025. The allowance for credit losses to total loans coverage ratio stood at 0.92% for both quarters respectively.
Total deposits remained stable at $3.3 billion at the second quarter of 2025 and the first quarter 2025 respectively. We witnessed a shift in deposit mix driven by the interest rate environment and wealth management brokerage transfers in the second quarter 2025 as money market deposits decreased $34.6 million offset by an increase of $32 million in time deposits driven by interest rates and an increase of $4.7 million in non-interest bearing demand deposits driven by seasonality.
The Company's book value per share was $30.60 as of the end of the second quarter 2025 compared to $30.51 at the end of the first quarter 2025. Tangible book value per share (non-GAAP) was $22.58 at the end of the second quarter 2025, compared to $22.47 at the end of the first quarter 2025.
RESULTS OF OPERATIONS (Quarter results for June 30, 2025 compared to June 30, 2024)
The net interest margin increased to 3.23% in the second quarter 2025 compared to 3.09% in the same respective quarter 2024. As loan balances grew $86.7 million year-over-year, the yield on loans grew 7 basis points to 5.48% in the second quarter 2025, up from 5.41% in the same quarter 2024 primarily driven by higher yielding commercial real estate loans.
Total interest and dividend income increased by 3.9% or $1.9 million to $48.7 million in the second quarter 2025 compared to $46.8 million in the prior year primarily driven by the repricing of commercial adjustable-rate loans and $166.5 million higher loan balances within the commercial real estate portfolio. Yields on earning assets grew to 5.23% compared to 5.18% in the second quarter 2024. The yield on commercial real estate loans grew to 5.76% in the second quarter 2025 from 5.61% in the second quarter 2024. Total loan yield growth was partially offset by a decrease in the commercial and industrial yields from 6.76% to 6.41% for the second quarter 2025, and the consumer yield declined from 7.26% in the second quarter of 2024 to 6.98% in the second quarter 2025.
Total interest expense decreased by 1.5% to $18.8 million in the second quarter 2025 compared to $19.1 million in the second quarter 2024 driven by decreases in interest bearing deposit costs from 2.35% to 2.28% in the second quarter 2025, offset by 5% increase in deposit balances year over year primarily driven a $49.8 million increase in interest bearing deposits, an $11.5 million increase in money market deposits and a $93.6 million in organic growth in time deposits as customers flocked to higher interest rate accounts during volatile interest rate environment. Time deposit yields decreased from 4.33% in the second quarter 2024 to 3.91% in the second quarter 2025.
The provision for credit losses on loans of $528 thousand in the second quarter 2025 compared to a provision of $585 thousand in the second quarter 2024, primarily driven by the volume of loans.
Non-interest income decreased $4.8 million in the second quarter 2025 to $4.6 million compared to $9.5 million in the same quarter 2024 primarily driven by the Company recognizing impairment losses of $4.9 million on available-for-sale debt securities and other receivables during the three months ended June 30, 2025. The losses were included in net (loss) gain on available-for-sale debt securities in the consolidated statements of income. The losses related to a corporate bond security and other receivable due to credit deterioration where the Company had determined that it no longer intended to hold the security until recovery of the amortized cost basis. Customer service fees decreased $148 thousand driven by lower non-sufficient fund charges. Other income increased $257 thousand driven primarily by credit card incentives.
Non-interest expenses increased $2.7 million to $26.5 million in the second quarter 2025 compared to $23.8 million in the second quarter 2024 driven by $1.2 million in acquisition expenses related to Woodsville. Salaries and benefits increased 3% to $14.3 million in the second quarter 2025 compared to $13.9 million in the second quarter 2024 due to cost-of-living adjustments. Professional services fees
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increased $276 thousand to $514 thousand in the second quarter 2025 compared to $238 thousand in the second quarter 2024 driven by audit exam and legal fee timing. Gain on sale of property decreased year-over-year by $251 thousand driven by the sale of our Avery Lane office in the second quarter 2024.
Income tax expense was $1.4 million for the second quarter 2025 compared to $2.5 million for the second quarter of 2024, respectively. Our effective tax rate for the second quarter 2025 was 19% and 20% for the second quarter of 2024.
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 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, including those related to our pending acquisition of Guaranty Bancorp, Inc., the parent company of Woodsville Guaranty Savings Bank; (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.
BHB - Bar Harbor Bankshares | Page 3 | www.barharbor.bank |
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
TABLE | |
INDEX | CONSOLIDATED FINANCIAL SCHEDULES (UNAUDITED) |
| |
| |
Reconciliation of Non-GAAP Financial Measures (Five Quarter Trend) and Supplementary Data |
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BAR HARBOR BANKSHARES
SELECTED FINANCIAL HIGHLIGHTS - UNAUDITED
| | At or for the Quarters Ended |
| |||||||||||||
|
| Jun 30, |
|
| Mar 31, |
| Dec 31, |
| Sep 30, |
| Jun 30, | |||||
| | 2025 | | | 2025 | | 2024 | | 2024 | | 2024 | |||||
PER SHARE DATA | | | | | | | | | | | | | | | | |
Net earnings, diluted |
| $ | 0.40 |
| $ | 0.66 |
| $ | 0.72 |
| $ | 0.80 |
| $ | 0.67 | |
Core earnings, diluted (1) |
| | 0.70 |
| | 0.68 |
| | 0.72 |
| | 0.80 |
| | 0.66 | |
Total book value |
| | 30.60 |
| | 30.51 |
| | 30.00 |
| | 30.12 |
| | 28.81 | |
Tangible book value (1) |
| | 22.58 |
| | 22.47 |
| | 21.93 |
| | 22.02 |
| | 20.68 | |
Market price at period end |
| | 29.96 |
| | 29.50 |
| | 30.58 |
| | 30.84 |
| | 26.88 | |
Dividends |
| | 0.32 |
| | 0.30 |
| | 0.30 |
| | 0.30 |
| | 0.30 | |
| | | | | | | | | | | | | | | | |
PERFORMANCE RATIOS (2) | | | | | | | | | | | | | | | | |
Return on assets |
| | 0.60 | % | | 1.02 | % | | 1.09 | % | | 1.20 | % | | 1.04 | % |
Core return on assets (1) |
| | 1.06 |
| | 1.04 |
| | 1.09 |
| | 1.20 |
| | 1.02 | |
Pre-tax, pre-provision return on assets (1) | | | 0.79 | | | 1.32 | | | 1.44 | | | 1.37 | | | 1.36 | |
Core pre-tax, pre-provision return on assets (1) | | | 1.39 | | | 1.35 | | | 1.45 | | | 1.37 | | | 1.33 | |
Return on equity |
| | 5.21 |
| | 8.88 |
| | 9.52 |
| | 10.68 |
| | 9.46 | |
Core return on equity (1) |
| | 9.19 |
| | 9.09 |
| | 9.57 |
| | 10.68 |
| | 9.25 | |
Return on tangible equity | | | 7.26 | | | 12.27 | | | 13.23 | | | 14.90 | | | 13.44 | |
Core return on tangible equity (1) |
| | 12.66 |
| | 12.57 |
| | 13.29 |
| | 14.90 |
| | 13.15 | |
Net interest margin, fully taxable equivalent (1) (3) |
| | 3.23 |
| | 3.17 |
| | 3.17 |
| | 3.15 |
| | 3.09 | |
Efficiency ratio (1) |
| | 62.10 |
| | 62.00 |
| | 59.84 |
| | 62.09 |
| | 62.78 | |
| | | | | | | | | | | | | | | | |
FINANCIAL DATA (In millions) | | | | | | | | | | | | | | | | |
Total assets |
| $ | 4,112 |
| $ | 4,063 |
| $ | 4,083 |
| $ | 4,030 |
| $ | 4,034 | |
Total earning assets (4) |
| | 3,789 |
| | 3,761 |
| | 3,782 |
| | 3,720 |
| | 3,726 | |
Total investments |
| | 529 |
| | 514 |
| | 521 |
| | 536 |
| | 513 | |
Total loans |
| | 3,153 |
| | 3,124 |
| | 3,147 |
| | 3,082 |
| | 3,064 | |
Allowance for credit losses |
| | 29 |
| | 30 |
| | 29 |
| | 29 |
| | 29 | |
Total goodwill and intangible assets |
| | 123 |
| | 123 |
| | 123 |
| | 124 |
| | 124 | |
Total deposits |
| | 3,292 |
| | 3,297 |
| | 3,268 |
| | 3,261 |
| | 3,140 | |
Total shareholders' equity |
| | 469 |
| | 466 |
| | 458 |
| | 460 |
| | 439 | |
Net income |
| | 6 |
| | 10 |
| | 11 |
| | 12 |
| | 10 | |
Core earnings (1) |
| | 11 |
| | 10 |
| | 11 |
| | 12 |
| | 10 | |
| | | | | | | | | | | | | | | | |
ASSET QUALITY AND CONDITION RATIOS | | | | | | | | | | | | | | | | |
Net charge-offs (recoveries)(5)/average loans |
| | 0.03 | % | | 0.01 | % | | 0.02 | % | | 0.01 | % | | 0.01 | % |
Allowance for credit losses on loans/total loans |
| | 0.92 |
| | 0.92 |
| | 0.91 |
| | 0.94 |
| | 0.94 | |
Loans/deposits |
| | 96 |
| | 95 |
| | 96 |
| | 95 |
| | 98 | |
Shareholders' equity to total assets |
| | 11.40 |
| | 11.50 |
| | 11.23 |
| | 11.41 |
| | 10.88 | |
Tangible shareholders' equity to tangible assets |
| | 8.67 |
| | 8.73 |
| | 8.46 |
| | 8.61 |
| | 8.06 | |
| (1) | Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures in tables I-J for additional information. |
| (2) | All performance ratios are based on average balance sheet amounts, where applicable. |
| (3) | Fully taxable equivalent considers the impact of tax-advantaged investment securities and loans. |
| (4) | Earning assets includes non-accruing loans and interest-bearing deposits with other banks. Securities are valued at amortized cost. |
| (5) | Current quarter annualized. |
A
BAR HARBOR BANKSHARES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
|
| Jun 30, |
| Mar 31, |
| Dec 31, |
| Sep 30, |
| Jun 30, | |||||
(in thousands) | | 2025 | | 2025 | | 2024 | | 2024 | | 2024 | |||||
Assets |
| |
|
| |
|
| |
|
| |
|
| |
|
Cash and due from banks | | $ | 50,948 | | $ | 33,802 | | $ | 34,266 | | $ | 39,877 | | $ | 39,673 |
Interest-earning deposits with other banks | |
| 36,087 | |
| 54,329 | |
| 37,896 | |
| 41,343 | |
| 62,163 |
Total cash and cash equivalents | |
| 87,035 | |
| 88,131 | |
| 72,162 | |
| 81,220 | |
| 101,836 |
| | | | | | | | | | | | | | | |
Available-for-sale debt securities | |
| 528,690 | |
| 513,961 | |
| 521,018 | |
| 535,892 | |
| 512,928 |
Less: Allowance for credit losses on available-for-sale debt securities | | | — | | | (1,204) | | | (568) | | | — | | | — |
Net available-for-sale debt securities | |
| 528,690 | |
| 512,757 | |
| 520,450 | |
| 535,892 | |
| 512,928 |
| | | | | | | | | | | | | | | |
Federal Home Loan Bank stock | |
| 12,695 | |
| 10,695 | |
| 12,237 | |
| 7,600 | |
| 14,755 |
| | | | | | | | | | | | | | | |
Loans held for sale | | | 2,829 | | | 1,515 | | | 1,235 | | | 1,272 | | | 3,897 |
| | | | | | | | | | | | | | | |
Total loans | |
| 3,152,664 | |
| 3,124,240 | |
| 3,147,096 | |
| 3,081,735 | |
| 3,064,181 |
Less: Allowance for credit losses on loans | |
| (28,885) | |
| (28,614) | |
| (28,744) | |
| (29,023) | |
| (28,855) |
Net loans | |
| 3,123,779 | |
| 3,095,626 | |
| 3,118,352 | |
| 3,052,712 | |
| 3,035,326 |
| | | | | | | | | | | | | | | |
Premises and equipment, net | |
| 52,647 | |
| 51,659 | |
| 51,237 | |
| 51,644 | |
| 51,628 |
Other real estate owned | |
| — | |
| — | |
| — | |
| — | |
| — |
Goodwill | |
| 119,477 | |
| 119,477 | |
| 119,477 | |
| 119,477 | |
| 119,477 |
Other intangible assets | |
| 3,472 | |
| 3,705 | |
| 3,938 | |
| 4,171 | |
| 4,404 |
Cash surrender value of bank-owned life insurance | |
| 83,074 | |
| 82,471 | |
| 81,858 | |
| 81,824 | |
| 81,221 |
Deferred tax asset, net | |
| 23,290 | |
| 23,298 | |
| 23,330 | |
| 20,923 | |
| 24,750 |
Other assets | |
| 75,017 | |
| 73,892 | |
| 79,051 | |
| 73,192 | |
| 83,978 |
Total assets | | $ | 4,112,005 | | $ | 4,063,226 | | $ | 4,083,327 | | $ | 4,029,927 | | $ | 4,034,200 |
| | | | | | | | | | | | | | | |
Liabilities and shareholders' equity | |
|
| |
|
| |
|
| |
|
| |
|
|
Non-interest bearing demand | | $ | 552,074 | | $ | 547,401 | | $ | 575,649 | | $ | 604,963 | | $ | 553,067 |
Interest-bearing demand | |
| 931,854 | |
| 930,031 | |
| 910,191 | |
| 913,910 | |
| 882,068 |
Savings | |
| 542,579 | |
| 551,280 | |
| 545,816 | |
| 544,235 | |
| 544,980 |
Money market | |
| 370,709 | |
| 405,326 | |
| 405,758 | |
| 380,624 | |
| 359,208 |
Time | |
| 894,772 | |
| 862,773 | |
| 830,274 | |
| 817,354 | |
| 801,143 |
Total deposits | |
| 3,291,988 | |
| 3,296,811 | |
| 3,267,688 | |
| 3,261,086 | |
| 3,140,466 |
| | | | | | | | | | | | | | | |
Senior borrowings | |
| 256,441 | |
| 199,982 | |
| 249,981 | |
| 186,207 | |
| 329,349 |
Subordinated borrowings | |
| 40,620 | |
| 40,620 | |
| 40,620 | |
| 60,580 | |
| 60,541 |
Total borrowings | |
| 297,061 | |
| 240,602 | |
| 290,601 | |
| 246,787 | |
| 389,890 |
| | | | | | | | | | | | | | | |
Other liabilities | |
| 54,096 | |
| 58,502 | |
| 66,610 | |
| 62,138 | |
| 64,937 |
Total liabilities | |
| 3,643,145 | |
| 3,595,915 | |
| 3,624,899 | |
| 3,570,011 | |
| 3,595,293 |
| | | | | | | | | | | | | | | |
Total shareholders’ equity | |
| 468,860 | |
| 467,311 | |
| 458,428 | |
| 459,916 | |
| 438,907 |
Total liabilities and shareholders’ equity | | $ | 4,112,005 | | $ | 4,063,226 | | $ | 4,083,327 | | $ | 4,029,927 | | $ | 4,034,200 |
| | | | | | | | | | | | | | | |
Net shares outstanding | |
| 15,322 | |
| 15,317 | |
| 15,280 | |
| 15,268 | |
| 15,232 |
B
BAR HARBOR BANKSHARES
CONSOLIDATED LOAN & DEPOSIT ANALYSIS - UNAUDITED
LOAN ANALYSIS
| | | | | | | | | | | | | | | | | Annualized | ||||
| | | | | | | | | | | | | | | | | Growth % | ||||
|
| Jun 30, |
| Mar 31, |
| Dec 31, |
| Sep 30, |
| Jun 30, |
| Quarter | | Year | |||||||
(in thousands) | | 2025 | | 2025 | | 2024 | | 2024 | | 2024 | | to Date | | to Date | |||||||
Commercial real estate | | $ | 1,767,206 | | $ | 1,762,132 | | $ | 1,741,223 | | $ | 1,677,310 | | $ | 1,634,658 |
| 1 | % | | 3 | % |
Commercial and industrial | |
| 400,908 | |
| 370,683 | |
| 388,599 | |
| 382,554 | |
| 421,297 |
| 33 |
| | 6 | |
Total commercial loans | |
| 2,168,114 | |
| 2,132,815 | |
| 2,129,822 | |
| 2,059,864 | |
| 2,055,955 |
| 7 |
| | 4 | |
| | | | | | | | | | | | | | | | | | | | | |
Residential real estate | |
| 796,184 | |
| 807,514 | |
| 826,492 | |
| 836,566 | |
| 854,718 |
| (6) |
| | (8) | |
Consumer | |
| 111,036 | |
| 105,404 | |
| 103,803 | |
| 103,415 | |
| 99,776 |
| 21 |
| | 14 | |
Tax exempt and other | |
| 77,330 | |
| 78,507 | |
| 86,979 | |
| 81,890 | |
| 53,732 |
| (6) |
| | (22) | |
Total loans | | $ | 3,152,664 | | $ | 3,124,240 | | $ | 3,147,096 | | $ | 3,081,735 | | $ | 3,064,181 |
| 4 | % | | — | % |
DEPOSIT ANALYSIS
| | | | | | | | | | | | | | | | | Annualized | ||||
| | | | | | | | | | | | | | | | | Growth % | ||||
|
| Jun 30, |
| Mar 31, |
| Dec 31, |
| Sep 30, |
| Jun 30, |
| Quarter | | Year | |||||||
(in thousands) | | 2025 | | 2025 | | 2024 | | 2024 | | 2024 | | to Date | | to Date | |||||||
Non-interest bearing demand | | $ | 552,074 | | $ | 547,401 | | $ | 575,649 | | $ | 604,963 | | $ | 553,067 |
| 3 | % | | (8) | % |
Interest-bearing demand | |
| 931,854 | |
| 930,031 | |
| 910,191 | |
| 913,910 | |
| 882,068 |
| 1 |
| | 5 | |
Savings | |
| 542,579 | |
| 551,280 | |
| 545,816 | |
| 544,235 | |
| 544,980 |
| (6) |
| | (1) | |
Money market | |
| 370,709 | |
| 405,326 | |
| 405,758 | |
| 380,624 | |
| 359,208 |
| (34) |
| | (17) | |
Total non-maturity deposits | |
| 2,397,216 | |
| 2,434,038 | |
| 2,437,414 | |
| 2,443,732 | |
| 2,339,323 |
| (6) |
| | (3) | |
Time | |
| 894,772 | |
| 862,773 | |
| 830,274 | |
| 817,354 | |
| 801,143 |
| 15 |
| | 16 | |
Total deposits | | $ | 3,291,988 | | $ | 3,296,811 | | $ | 3,267,688 | | $ | 3,261,086 | | $ | 3,140,466 |
| (1) | % | | 1 | % |
C
BAR HARBOR BANKSHARES
CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED
| | Three Months Ended | | Six Months Ended | ||||||||
| | June 30, | | June 30, | ||||||||
(in thousands, except per share data) |
| 2025 |
| 2024 |
| 2025 |
| 2024 | ||||
Interest and dividend income |
| |
|
| |
|
| |
|
| |
|
Loans | | $ | 42,726 | | $ | 40,634 | | $ | 84,530 | | $ | 80,104 |
Securities available for sale | |
| 5,474 | |
| 5,620 | |
| 10,757 | |
| 11,150 |
Federal Home Loan Bank stock | | | 212 | |
| 199 | | | 349 | | | 487 |
Interest-earning deposits with other banks | | | 276 | | | 385 | | | 590 | | | 920 |
Total interest and dividend income | |
| 48,688 | |
| 46,838 | |
| 96,226 | |
| 92,661 |
Interest expense | |
|
| |
|
| |
| | |
| |
Deposits | |
| 15,511 | |
| 14,780 | |
| 31,023 | |
| 29,312 |
Borrowings | |
| 3,282 | |
| 4,299 | |
| 6,301 | |
| 7,535 |
Total interest expense | |
| 18,793 | |
| 19,079 | |
| 37,324 | |
| 36,847 |
Net interest income | |
| 29,895 | |
| 27,759 | |
| 58,902 | |
| 55,814 |
Provision for credit losses on available-for-sale debt securities | | | — | | | — | | | 636 | | | — |
Provision for credit losses on loans | |
| 528 | |
| 585 | |
| 471 | |
| 874 |
Net interest income after provision for credit losses | |
| 29,367 | |
| 27,174 | |
| 57,795 | |
| 54,940 |
Non-interest income | |
|
| |
|
| |
|
| |
|
|
Trust and investment management fee income | |
| 4,263 | |
| 4,193 | |
| 8,179 | |
| 7,863 |
Customer service fees | |
| 3,589 | |
| 3,737 | |
| 7,114 | |
| 7,447 |
(Loss) gain on available-for-sale debt securities, net (1) | |
| (4,942) | |
| 50 | |
| (4,942) | |
| 50 |
Mortgage banking income | | | 605 | | | 558 | | | 1,061 | | | 815 |
Bank-owned life insurance income | |
| 602 | |
| 583 | |
| 1,216 | |
| 1,144 |
Customer derivative income | |
| 104 | |
| 168 | |
| 316 | |
| 168 |
Other income | |
| 425 | |
| 168 | |
| 620 | |
| 356 |
Total non-interest income | |
| 4,646 | |
| 9,457 | |
| 13,564 | |
| 17,843 |
Non-interest expense | |
|
| |
|
| |
|
| |
|
|
Salaries and employee benefits | |
| 14,274 | |
| 13,860 | |
| 28,007 | |
| 27,108 |
Occupancy and equipment | |
| 3,546 | |
| 3,317 | |
| 6,871 | |
| 6,749 |
Depreciation | | | 1,023 | | | 1,065 | | | 2,072 | | | 2,106 |
Loss (gain) on sales of premises and equipment, net | |
| 3 | |
| (248) | |
| 93 | |
| (263) |
Outside services | |
| 457 | |
| 462 | |
| 939 | |
| 800 |
Professional services | |
| 514 | |
| 238 | |
| 1,106 | |
| 638 |
Communication | |
| 194 | |
| 192 | |
| 360 | |
| 381 |
Marketing | |
| 682 | |
| 521 | |
| 1,200 | |
| 1,088 |
Amortization of intangible assets | |
| 233 | |
| 233 | |
| 466 | |
| 466 |
FDIC assessment | | | 464 | | | 448 | | | 920 | | | 900 |
Acquisition, conversion and other expenses | |
| 1,205 | |
| — | |
| 1,444 | |
| 20 |
Provision for unfunded commitments | | | — | |
| — | |
| (74) | |
| (185) |
Other expenses | |
| 3,943 | |
| 3,754 | |
| 7,785 | |
| 7,522 |
Total non-interest expense | |
| 26,538 | |
| 23,842 | |
| 51,189 | |
| 47,330 |
Income before income taxes | |
| 7,475 | |
| 12,789 | |
| 20,170 | |
| 25,453 |
Income tax expense | |
| 1,383 | |
| 2,532 | |
| 3,867 | |
| 5,101 |
Net income | | $ | 6,092 | | $ | 10,257 | | $ | 16,303 | | $ | 20,352 |
| | | | | | | | | | | | |
Earnings per share: | |
|
| |
|
| |
|
| |
|
|
Basic | | $ | 0.40 | | $ | 0.67 | | $ | 1.06 | | $ | 1.34 |
Diluted | |
| 0.40 | |
| 0.67 | |
| 1.06 | |
| 1.33 |
Weighted average shares outstanding: | |
|
| |
|
| |
|
| |
|
|
Basic | |
| 15,321 | |
| 15,227 | |
| 15,312 | |
| 15,213 |
Diluted | |
| 15,372 | |
| 15,275 | |
| 15,382 | |
| 15,273 |
| (1) | The $4.9 million loss represents a $4.3 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
|
| Jun 30, |
| Mar 31, |
| Dec 31, |
| Sep 30, |
| Jun 30, | |||||
(in thousands, except per share data) | | 2025 | | 2025 | | 2024 | | 2024 | | 2024 | |||||
Interest and dividend income |
| |
|
| |
|
| |
|
| |
|
| |
|
Loans | | $ | 42,726 | | $ | 41,804 | | $ | 41,700 | | $ | 42,042 | | $ | 40,634 |
Securities and other | |
| 5,474 | | | 5,283 | | | 5,273 | | | 5,515 | | | 5,620 |
Federal Home Loan Bank stock | |
| 212 | | | 137 | | | 213 | | | 258 | | | 199 |
Interest-earning deposits with other banks | | | 276 | | | 314 | | | 297 | | | 765 | | | 385 |
Total interest and dividend income | |
| 48,688 | | | 47,538 | | | 47,483 | | | 48,580 | | | 46,838 |
Interest expense | |
|
| | |
| | |
| | |
| | |
|
Deposits | |
| 15,511 | | | 15,512 | | | 16,210 | | | 16,174 | | | 14,780 |
Borrowings | |
| 3,282 | | | 3,019 | | | 2,206 | | | 3,448 | | | 4,299 |
Total interest expense | |
| 18,793 | | | 18,531 | | | 18,416 | | | 19,622 | | | 19,079 |
Net interest income | |
| 29,895 | | | 29,007 | | | 29,067 | | | 28,958 | | | 27,759 |
Provision for credit losses on available-for-sale debt securities | | | — | | | 636 | | | 1,171 | | | — | | | — |
Provision (benefit) for credit losses on loans | |
| 528 | | | (57) | | | (147) | | | 228 | | | 585 |
Net interest income after provision for credit losses | |
| 29,367 | | | 28,428 | | | 28,043 | | | 28,730 | | | 27,174 |
Non-interest income | |
|
| | |
| | |
| | |
| | |
|
Trust and investment management fee income | |
| 4,263 | | | 3,916 | | | 3,709 | | | 4,129 | | | 4,193 |
Customer service fees | |
| 3,589 | | | 3,525 | | | 3,604 | | | 3,788 | | | 3,737 |
(Loss) gain on available-for-sale debt securities, net (1) | |
| (4,942) | | | — | | | — | | | — | | | 50 |
Mortgage banking income | | | 605 | | | 456 | | | 597 | | | 681 | | | 558 |
Bank-owned life insurance income | |
| 602 | | | 614 | | | 590 | | | 570 | | | 583 |
Customer derivative income | |
| 104 | | | 212 | | | 495 | | | 265 | | | 168 |
Other income | |
| 425 | | | 195 | | | 397 | | | 220 | | | 168 |
Total non-interest income | |
| 4,646 | | | 8,918 | | | 9,392 | | | 9,653 | | | 9,457 |
Non-interest expense | |
|
| | |
| | |
| | |
| | |
|
Salaries and employee benefits | |
| 14,274 | | | 13,733 | | | 13,358 | | | 14,383 | | | 13,860 |
Occupancy and equipment | |
| 3,546 | | | 3,325 | | | 3,634 | | | 3,405 | | | 3,317 |
Depreciation | | | 1,023 | | | 1,049 | | | 1,042 | | | 1,048 | | | 1,065 |
Loss (gain) on sales of premises and equipment, net | |
| 3 | | | 90 | | | 71 | | | — | | | (248) |
Outside services | |
| 457 | | | 482 | | | 372 | | | 386 | | | 462 |
Professional services | |
| 514 | | | 592 | | | 343 | | | 441 | | | 238 |
Communication | |
| 194 | | | 166 | | | 189 | | | 189 | | | 192 |
Marketing | |
| 682 | | | 518 | | | 492 | | | 434 | | | 521 |
Amortization of intangible assets | |
| 233 | | | 233 | | | 233 | | | 233 | | | 233 |
FDIC assessment | | | 464 | | | 456 | | | 457 | | | 451 | | | 448 |
Acquisition, conversion and other expenses | |
| 1,205 | | | 239 | | | — | | | — | | | — |
Provision for unfunded commitments | | | — | | | (74) | | | (625) | | | 35 | | | — |
Other expenses | |
| 3,943 | | | 3,842 | | | 4,319 | | | 3,767 | | | 3,754 |
Total non-interest expense | |
| 26,538 | |
| 24,651 | |
| 23,885 | |
| 24,772 | |
| 23,842 |
Income before income taxes | |
| 7,475 | |
| 12,695 | |
| 13,550 | |
| 13,611 | |
| 12,789 |
Income tax expense | |
| 1,383 | | | 2,484 | | | 2,551 | | | 1,418 | | | 2,532 |
Net income | | $ | 6,092 | | $ | 10,211 | | $ | 10,999 | | $ | 12,193 | | $ | 10,257 |
| | | | | | | | | | | | | | | |
Earnings per share: | |
|
| |
|
| |
|
| |
|
| |
|
|
Basic | | $ | 0.40 | | $ | 0.67 | | $ | 0.72 | | $ | 0.80 | | $ | 0.67 |
Diluted | |
| 0.40 | |
| 0.66 | |
| 0.72 | |
| 0.80 | |
| 0.67 |
Weighted average shares outstanding: | |
|
| |
|
| |
|
| |
|
| |
|
|
Basic | |
| 15,321 | | | 15,304 | | | 15,261 | | | 15,261 | | | 15,227 |
Diluted | |
| 15,372 | | | 15,393 | | | 15,346 | | | 15,326 | | | 15,275 |
| (1) | The $4.9 million loss represents a $4.3 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 |
| ||||||||
|
| Jun 30, |
| Mar 31, |
| Dec 31, |
| Sep 30, |
| Jun 30, |
|
| | 2025 | | 2025 | | 2024 | | 2024 | | 2024 |
|
Earning assets | | | | | | | | | | | |
Interest-earning deposits with other banks | | 4.68 | % | 4.55 | % | 4.92 | % | 5.54 | % | 5.65 | % |
Available-for-sale debt securities | | 3.86 | | 3.80 | | 3.69 | | 3.86 | | 3.95 | |
Federal Home Loan Bank stock | | 7.20 | | 4.78 | | 12.07 | | 10.10 | | 6.49 | |
Loans: | | | | | | | | | | | |
Commercial real estate |
| 5.76 | | 5.58 | | 5.61 | | 5.67 | | 5.61 | |
Commercial and industrial |
| 6.41 |
| 6.57 |
| 6.62 |
| 6.98 |
| 6.76 | |
Residential real estate |
| 4.14 |
| 4.22 |
| 4.13 |
| 4.11 |
| 4.13 | |
Consumer |
| 6.98 |
| 7.03 |
| 6.89 |
| 7.23 |
| 7.26 | |
Total loans |
| 5.48 |
| 5.42 |
| 5.40 |
| 5.49 |
| 5.41 | |
Total earning assets |
| 5.23 | % | 5.16 | % | 5.14 | % | 5.24 | % | 5.18 | % |
| | | | | | | | | | | |
Funding liabilities | | | | | | | | | | | |
Deposits: | | | | | | | | | | | |
Interest-bearing demand |
| 1.44 | % | 1.41 | % | 1.42 | % | 1.48 | % | 1.39 | % |
Savings |
| 0.71 |
| 0.71 |
| 0.72 |
| 0.70 |
| 0.65 | |
Money market |
| 2.75 |
| 2.77 |
| 2.94 |
| 3.13 |
| 2.93 | |
Time |
| 3.91 |
| 4.11 |
| 4.30 |
| 4.39 |
| 4.33 | |
Total interest-bearing deposits |
| 2.28 |
| 2.31 |
| 2.41 |
| 2.45 |
| 2.35 | |
Borrowings |
| 4.85 |
| 4.61 |
| 4.20 |
| 4.38 |
| 4.57 | |
Total interest-bearing liabilities |
| 2.51 | % | 2.52 | % | 2.54 | % | 2.66 | % | 2.64 | % |
| | | | | | | | | | | |
Net interest spread |
| 2.72 |
| 2.64 |
| 2.60 |
| 2.58 |
| 2.54 | |
Net interest margin, fully taxable equivalent(1) |
| 3.23 |
| 3.17 |
| 3.17 |
| 3.15 |
| 3.09 | |
| (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
| | Quarters Ended | |||||||||||||
| | Jun 30, | | Mar 31, | | Dec 31, | | Sep 30, | | Jun 30, | |||||
(in thousands) | | 2025 | | 2025 | | 2024 | | 2024 | | 2024 | |||||
Assets |
| |
|
| |
|
| |
|
| |
|
| |
|
Interest-earning deposits with other banks (1) | | $ | 23,643 | | $ | 27,999 | | $ | 24,000 | | $ | 54,897 | | $ | 27,407 |
Available-for-sale debt securities (2) | | | 591,462 | | | 587,878 | | | 591,455 | | | 591,331 | | | 594,455 |
Federal Home Loan Bank stock | | | 11,804 | | | 11,623 | | | 7,023 | | | 10,158 | | | 12,324 |
Loans: | | | | | | | | | | | | | | | |
Commercial real estate | | | 1,766,720 | | | 1,759,321 | | | 1,699,869 | | | 1,645,933 | | | 1,600,253 |
Commercial and industrial | |
| 469,816 | |
| 469,331 | |
| 458,157 | |
| 473,049 | |
| 468,052 |
Residential real estate | |
| 804,469 | |
| 820,837 | |
| 836,375 | |
| 851,426 | |
| 865,412 |
Consumer | |
| 109,023 | |
| 104,413 | |
| 103,681 | |
| 101,230 | |
| 97,371 |
Total loans (3) | |
| 3,150,028 | |
| 3,153,902 | |
| 3,098,082 | |
| 3,071,638 | |
| 3,031,088 |
Total earning assets | |
| 3,776,937 | |
| 3,781,402 | |
| 3,720,560 | |
| 3,728,024 | |
| 3,665,274 |
Cash and due from banks | |
| 29,861 | |
| 29,972 | |
| 32,771 | |
| 34,036 | |
| 30,809 |
Allowance for credit losses | |
| (28,786) | |
| (29,143) | |
| (29,021) | |
| (28,893) | |
| (28,567) |
Goodwill and other intangible assets | |
| 123,062 | |
| 123,295 | |
| 123,527 | |
| 123,761 | |
| 123,994 |
Other assets | |
| 169,540 | |
| 171,477 | |
| 171,351 | |
| 170,113 | |
| 168,239 |
Total assets | | $ | 4,070,614 | | $ | 4,077,003 | | $ | 4,019,188 | | $ | 4,027,041 | | $ | 3,959,749 |
| | | | | | | | | | | | | | | |
Liabilities and shareholders' equity | |
|
| |
|
| |
|
| |
|
| |
|
|
Deposits: | | | | | | | | | | | | | | | |
Interest-bearing demand | | $ | 906,557 | | $ | 916,129 | | $ | 898,597 | | $ | 888,325 | | $ | 858,657 |
Savings | |
| 545,304 | |
| 547,672 | |
| 543,430 | |
| 547,482 | |
| 542,950 |
Money market | |
| 392,034 | |
| 401,268 | |
| 394,536 | |
| 378,855 | |
| 355,731 |
Time | |
| 883,491 | |
| 853,105 | |
| 842,379 | |
| 807,180 | |
| 775,932 |
Total interest-bearing deposits | |
| 2,727,386 | |
| 2,718,174 | |
| 2,678,942 | |
| 2,621,842 | |
| 2,533,270 |
Borrowings | |
| 271,410 | |
| 265,780 | |
| 208,990 | |
| 312,891 | |
| 378,121 |
Total interest-bearing liabilities | |
| 2,998,796 | |
| 2,983,954 | |
| 2,887,932 | |
| 2,934,733 | |
| 2,911,391 |
Non-interest bearing demand deposits | |
| 545,308 | |
| 560,310 | |
| 604,017 | |
| 577,428 | |
| 546,448 |
Other liabilities | |
| 57,268 | |
| 66,589 | |
| 67,533 | |
| 60,731 | |
| 65,712 |
Total liabilities | |
| 3,601,372 | |
| 3,610,853 | |
| 3,559,482 | |
| 3,572,892 | |
| 3,523,551 |
Total shareholders' equity | |
| 469,242 | |
| 466,150 | |
| 459,706 | |
| 454,149 | |
| 436,198 |
Total liabilities and shareholders' equity | | $ | 4,070,614 | | $ | 4,077,003 | | $ | 4,019,188 | | $ | 4,027,041 | | $ | 3,959,749 |
| (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 | | |||||||||||||
|
| Jun 30, |
| Mar 31, |
| Dec 31, |
| Sep 30, |
| Jun 30, |
| |||||
(in thousands) | | 2025 | | 2025 | | 2024 | | 2024 | | 2024 |
| |||||
NON-PERFORMING ASSETS | | | | | | | | | | | | | | | | |
Non-accruing loans: | | | | | | | | | | | | | | | | |
Commercial real estate |
| $ | 1,033 |
| $ | 1,091 |
| $ | 1,321 |
| $ | 1,451 |
| $ | 551 | |
Commercial and industrial |
| | 1,344 |
| | 1,354 |
| | 1,098 |
| | 1,218 |
| | 1,301 | |
Residential real estate |
| | 6,411 |
| | 4,557 |
| | 3,290 |
| | 3,453 |
| | 3,511 | |
Consumer |
| | 944 |
| | 1,084 |
| | 1,285 |
| | 978 |
| | 914 | |
Total non-accruing loans |
| | 9,732 |
| | 8,086 |
| | 6,994 |
| | 7,100 |
| | 6,277 | |
Non-performing available-for-sale debt securities | | | 2,403 | | | 4,960 | | | 5,760 | | | — | | | — | |
Other real estate owned |
| | — |
| | — |
| | — |
| | — |
| | — | |
Total non-performing assets |
| $ | 12,135 |
| $ | 13,046 |
| $ | 12,754 |
| $ | 7,100 |
| $ | 6,277 | |
| | | | | | | | | | | | | | | | |
Total non-accruing loans/total loans |
| | 0.31 | % | | 0.26 | % | | 0.22 | % | | 0.23 | % | | 0.20 | % |
Total non-performing assets/total assets |
| | 0.30 |
| | 0.32 |
| | 0.31 |
| | 0.18 |
| | 0.16 | |
| | | | | | | | | | | | | | | | |
PROVISION AND ALLOWANCE FOR CREDIT LOSSES ON LOANS | | | | | | | | | | | | | | | | |
Balance at beginning of period |
| $ | 28,614 |
| $ | 28,744 |
| $ | 29,023 |
| $ | 28,855 |
| $ | 28,355 | |
Charged-off loans |
| | (266) |
| | (84) |
| | (150) |
| | (98) |
| | (106) | |
Recoveries on charged-off loans |
| | 9 |
| | 11 |
| | 18 |
| | 38 |
| | 21 | |
Net loans (charged-off) recovered |
| | (257) |
| | (73) |
| | (132) |
| | (60) |
| | (85) | |
Provision for credit losses on loans |
| | 528 |
| | (57) |
| | (147) |
| | 228 |
| | 585 | |
Balance at end of period |
| $ | 28,885 |
| $ | 28,614 |
| $ | 28,744 |
| $ | 29,023 |
| $ | 28,855 | |
| | | | | | | | | | | | | | | | |
Allowance for credit losses/total loans |
| | 0.92 | % | | 0.92 | % | | 0.91 | % | | 0.94 | % | | 0.94 | % |
Allowance for credit losses/non-accruing loans |
| | 297 |
| | 354 |
| | 411 |
| | 409 |
| | 460 | |
| | | | | | | | | | | | | | | | |
NET LOAN (CHARGE-OFFS) RECOVERIES | | | | | | | | | | | | | | | | |
Commercial real estate |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — | |
Commercial and industrial |
| | (204) |
| | (37) |
| | (84) |
| | (8) |
| | (2) | |
Residential real estate |
| | 6 |
| | 4 |
| | 3 |
| | 5 |
| | 3 | |
Consumer |
| | (59) |
| | (40) |
| | (51) |
| | (57) |
| | (86) | |
Total, net |
| $ | (257) |
| $ | (73) |
| $ | (132) |
| $ | (60) |
| $ | (85) | |
| | | | | | | | | | | | | | | | |
Net charge-offs (recoveries) (QTD annualized)/average loans |
| | 0.03 | % | | 0.01 | % | | 0.02 | % | | 0.01 | % | | 0.01 | % |
Net charge-offs (recoveries) (YTD annualized)/average loans |
| | 0.02 |
| | 0.01 |
| | 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 |
| $ | — |
| $ | — | |
H
BAR HARBOR BANKSHARES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA – UNAUDITED
| | | | At or for the Quarters Ended | |||||||||||||
|
| |
| Jun 30, |
| Mar 31, |
| Dec 31, |
| Sep 30, |
| Jun 30, | |||||
(in thousands) | |
| | 2025 | | 2025 | | 2024 | | 2024 | | 2024 | |||||
Net income | | | | $ | 6,092 | | $ | 10,211 | | $ | 10,999 | | $ | 12,193 | | $ | 10,257 |
Non-core items: | | | | | | | | | | | | | | | | | |
Loss (gain) on available-for-sale debt securities, net (6) | | | |
| 4,942 | |
| — | |
| — | |
| — | |
| (50) |
Loss (gain) on sale of premises and equipment, net | | | |
| 3 | |
| 90 | |
| 71 | |
| — | |
| (248) |
Acquisition, conversion and other expenses | | | |
| 1,205 | |
| 239 | |
| — | |
| — | |
| — |
Income tax expense (1) | | | |
| (1,492) | |
| (80) | |
| (17) | |
| — | |
| 71 |
Total non-core items (2) | | | | | 4,658 | | | 249 | | | 54 | | | — | | | (227) |
Core earnings (2) |
| (A) | | $ | 10,750 | | $ | 10,460 | | $ | 11,053 | | $ | 12,193 | | $ | 10,030 |
| | | | | | | | | | | | | | | | | |
Net interest income |
| (B) | | $ | 29,895 | | $ | 29,007 | | $ | 29,067 | | $ | 28,958 | | $ | 27,759 |
Non-interest income | | | |
| 4,646 | |
| 8,918 | |
| 9,392 | |
| 9,653 | |
| 9,457 |
Total revenue | | | |
| 34,541 | |
| 37,925 | |
| 38,459 | |
| 38,611 | |
| 37,216 |
Loss (gain) on available-for-sale debt securities, net (6) | | | |
| 4,942 | |
| — | |
| — | |
| — | |
| (50) |
Total core revenue (2) |
| (C) | | $ | 39,483 | | $ | 37,925 | | $ | 38,459 | | $ | 38,611 | | $ | 37,166 |
| | | | | | | | | | | | | | | | | |
Total non-interest expense | | | |
| 26,538 | |
| 24,651 | |
| 23,885 | |
| 24,772 | |
| 23,842 |
Non-core expenses: | | | | | | | | | | | | | | | | | |
(Loss) gain on sale of premises and equipment, net | | | |
| (3) | |
| (90) | |
| (71) | |
| — | |
| 248 |
Acquisition, conversion and other expenses | | | |
| (1,205) | |
| (239) | |
| — | |
| — | |
| — |
Total non-core expenses (2) | | | | | (1,208) | | | (329) | | | (71) | | | — | | | 248 |
Core non-interest expense (2) |
| (D) | | $ | 25,330 | | $ | 24,322 | | $ | 23,814 | | $ | 24,772 | | $ | 24,090 |
| | | | | | | | | | | | | | | | | |
Total revenue | | | | | 34,541 | | | 37,925 | | | 38,459 | | | 38,611 | | | 37,216 |
Total non-interest expense | | | | | 26,538 | | | 24,651 | | | 23,885 | | | 24,772 | | | 23,842 |
Pre-tax, pre-provision net revenue(2) | | (S) | | $ | 8,003 | | $ | 13,274 | | $ | 14,574 | | $ | 13,839 | | $ | 13,374 |
| | | | | | | | | | | | | | | | | |
Core revenue(2) | | | | | 39,483 | | | 37,925 | | | 38,459 | | | 38,611 | | | 37,166 |
Core non-interest expense(2) | | | | | 25,330 | | | 24,322 | | | 23,814 | | | 24,772 | | | 24,090 |
Core pre-tax, pre-provision net revenue(2) | | (U) | | $ | 14,153 | | $ | 13,603 | | $ | 14,645 | | $ | 13,839 | | $ | 13,076 |
| | | | | | | | | | | | | | | | | |
(in millions) | | | |
|
| |
|
| |
|
| |
|
| |
|
|
Average earning assets |
| (E) | | $ | 3,777 | | $ | 3,781 | | $ | 3,721 | | $ | 3,728 | | $ | 3,665 |
Average assets |
| (F) | |
| 4,071 | |
| 4,077 | |
| 4,019 | |
| 4,027 | |
| 3,960 |
Average shareholders' equity |
| (G) | |
| 469 | |
| 466 | |
| 460 | |
| 454 | |
| 436 |
Average tangible shareholders' equity (2) (3) |
| (H) | |
| 346 | |
| 343 | |
| 336 | |
| 330 | |
| 312 |
Tangible shareholders' equity, period-end (2) (3) |
| (I) | |
| 346 | |
| 343 | |
| 335 | |
| 336 | |
| 315 |
Tangible assets, period-end (2) (3) |
| (J) | |
| 3,989 | |
| 3,940 | |
| 3,960 | |
| 3,906 | |
| 3,910 |
| | | | | | | | | | | | | | | | | |
I
BAR HARBOR BANKSHARES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA – UNAUDITED
| | | | At or for the Quarters Ended |
| |||||||||||||
|
|
|
| Jun 30, |
| Mar 31, |
| Dec 31, |
| Sep 30, |
| Jun 30, |
| |||||
(in thousands) | | | | 2025 | | 2025 | | 2024 | | 2024 | | 2024 |
| |||||
Common shares outstanding, period-end |
| (K) | |
| 15,322 | |
| 15,317 | |
| 15,280 | |
| 15,268 | |
| 15,232 | |
Average diluted shares outstanding |
| (L) | |
| 15,372 | |
| 15,393 | |
| 15,346 | |
| 15,326 | |
| 15,275 | |
| | | | | | | | | | | | | | | | | | |
Core earnings per share, diluted (2) |
| (A/L) | | $ | 0.70 | | $ | 0.68 | | $ | 0.72 | | $ | 0.80 | | $ | 0.66 | |
Tangible book value per share, period-end (2) |
| (I/K) | |
| 22.58 | |
| 22.47 | |
| 21.93 | |
| 22.02 | |
| 20.68 | |
Tangible shareholders' equity/total tangible assets (2) |
| (I/J) | |
| 8.67 | |
| 8.73 | |
| 8.46 | |
| 8.61 | |
| 8.06 | |
| | | | | | | | | | | | | | | | | | |
Performance ratios (4) | | | | | | | | | | | | | | | | | | |
GAAP return on assets | | |
| | 0.60 | % | | 1.02 | % | | 1.09 | % | | 1.20 | % | | 1.04 | % |
Core return on assets (2) |
| (A/F) |
| | 1.06 |
| | 1.04 |
| | 1.09 |
| | 1.20 |
| | 1.02 | |
Pre-tax, pre-provision return on assets(2) | | (S/F) | | | 0.79 | | | 1.32 | | | 1.44 | | | 1.37 | | | 1.36 | |
Core pre-tax, pre-provision return on assets (2) | | (U/F) | | | 1.39 | | | 1.35 | | | 1.45 | | | 1.37 | | | 1.33 | |
GAAP return on equity | | |
| | 5.21 |
| | 8.88 |
| | 9.52 |
| | 10.68 |
| | 9.46 | |
Core return on equity (2) |
| (A/G) |
| | 9.19 |
| | 9.09 |
| | 9.57 |
| | 10.68 |
| | 9.25 | |
Return on tangible equity | | | | | 7.26 | | | 12.27 | | | 13.23 | | | 14.90 | | | 13.44 | |
Core return on tangible equity (1) (2) |
| (A+Q)/H |
| | 12.66 |
| | 12.57 |
| | 13.29 |
| | 14.90 |
| | 13.15 | |
Efficiency ratio (2) (5) |
| (D-O-Q)/(C+N) |
| | 62.10 |
| | 62.00 |
| | 59.84 |
| | 62.09 |
| | 62.78 | |
Net interest margin, fully taxable equivalent (2) |
| (B+P)/E |
| | 3.23 |
| | 3.17 |
| | 3.17 |
| | 3.15 |
| | 3.09 | |
| | | | | | | | | | | | | | | | | | |
Supplementary data (in thousands) | | | | | | | | | | | | | | | | | | |
Taxable equivalent adjustment for efficiency ratio |
| (N) | | $ | 706 | | $ | 717 | | $ | 718 | | $ | 686 | | $ | 528 | |
Franchise taxes included in non-interest expense |
| (O) | |
| 141 | |
| 131 | |
| 139 | |
| 138 | |
| 191 | |
Tax equivalent adjustment for net interest margin |
| (P) | |
| 560 | |
| 568 | |
| 578 | |
| 550 | |
| 389 | |
Intangible amortization |
| (Q) | |
| 233 | |
| 233 | |
| 233 | |
| 233 | |
| 233 | |
| (1) | Assumes a marginal tax rate of 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 represents a $4.3 million loss on corporate debt securities and $549 thousand on a matured debt security. |
J