0000743367false00007433672024-10-222024-10-22

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 22, 2024

BAR HARBOR BANKSHARES

(Exact Name of Registrant as Specified in its Charter)

Maine

001-13349

01-0393663

(State or Other Jurisdiction
of Incorporation)

(Commission File No.)

(I.R.S. Employer
Identification No.)

PO Box 400

04609-0400

82 Main Street

(Zip Code)

Bar Harbor, Maine

(Address of Principal Executive Offices)

Registrant’s telephone number, including area code: (207) 288-3314

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act

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 22, 2024, Bar Harbor Bankshares, issued a press release reporting our financial results for the quarter ended September 30, 2024, 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 22, 2024, we announced in the Earnings Release that our Board of Directors declared a quarterly cash dividend of $0.30 per share to shareholders of record at the close of business on November 14, 2024 and will be payable on December 13, 2024.

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

Press Release dated October 22, 2024

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.

Bar Harbor Bankshares

October 22, 2024

By:

/s/ Curtis C. Simard

Curtis C. Simard

President and CEO

Exhibit 99.1

Graphic

Bar Harbor Bankshares Reports Third Quarter 2024 Results; Declares Dividend

BAR HARBOR, MAINE – October 22, 2024 - Bar Harbor Bankshares (NYSE American: BHB) (the “Company”) reported third quarter 2024 GAAP and core (Non-GAAP) net income of $12.1 million or $0.80 per diluted share compared to GAAP and core (Non-GAAP) net income of $11.1 million or $0.73 per diluted share in the same quarter of 2023.  

THIRD QUARTER 2024 HIGHLIGHTS

Return on assets of 1.20%
Core deposit growth of 18% annualized
Net interest margin of 3.15%
Non-accruing loans to total loans ratio of 0.23%
Wealth management related fee income growth of 17% year over year

Bar Harbor Bankshares’ President and Chief Executive Officer, Curtis C. Simard, stated, “Our teams continue to deliver consistent and resilient performance despite the many perspectives argued in the interest rate environment. Disciplined calling and focus on advancing market shares has guided our efforts regardless of the macroeconomic environment uncertainty. Even after backing out the one-time tax benefit described below, the earnings growth reported in the third quarter came in at a strong 8%.

As to fundamentals, we achieved an influx of core deposits which is somewhat typical for the summer months given our footprint, but is accentuated by our retail teams originating 1,554 accounts to new customers. This allowed us to more efficiently manage our total funding costs helping to expand the margin in the face of shifting customer expectations with regard to loan yield direction. Our established presence in wealth management has remained an intrinsic part of earnings consistency with wealth fee income up 17% year over year. In summary, the longstanding commitment to balancing growth with earnings has proven a sound foundation given ever-present changes throughout the industry and future economic sentiment.  The level of teamwork in an unwavering culture combined with equal dedication to risk management will continue to drive our success for the remainder of the year.”

DIVIDEND DECLARED

The Board of Directors of the Company voted to declare a cash dividend of $0.30 per share to shareholders of record at the close of business on November 14, 2024 payable on December 13, 2024.  This dividend equates to a 3.89% annualized yield based on the $30.84 closing share price of the Company’s common stock on September 30, 2024, the last trading day of the third quarter 2024.

FINANCIAL CONDITION (September 30, 2024 compared to June 30, 2024)

Total assets remained steady at $4.0 billion at the end of the third quarter 2024 compared to the second quarter 2024 primarily due to consistent loan growth, increased deposits and securities available for sale offset by lower borrowings and cash at the end of the third quarter.

Total cash and cash equivalents were $81.2 million at the third quarter 2024, compared to $101.8 million at end of the second quarter 2024. Interest-earning deposits held with other banks totaled $41.3 million at the third quarter 2024, compared to $62.2 million at end of the second quarter and yielded 5.54% and 5.65%, respectively. The change in cash balances was driven by utilization for loan originations and security purchases.

Total loans grew $17.6 million or 2% on an annualized basis. Commercial loans grew 1% primarily driven by a $42.7 million, or 10% annualized increase in commercial real estate partially offset by a $38.7 million, or 37% annualized, decrease in commercial and industrial loans driven by pay downs, payoffs and a mix shift to tax exempt and other. Residential real estate decreased by $18.2 million, or 8% annualized, compared to the second quarter 2024, as we focus on growing the portfolio with higher yielding commercial loans. Consumer loans increased $3.7 million, or 15% annualized, driven by continued growth in home equity line originations and drawdowns on established lines in the third quarter 2024.  

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Securities available for sale increased to $535.9 million compared to $512.9 million in the second quarter 2024 driven by $16.4 million in purchases partially offset by pay downs of $10.4 million, net amortization of $418 thousand, and matured and called securities of $96 thousand. Federal Home Loan Bank (“FHLB”) stock decreased to $7.6 million in the third quarter 2024 compared to $14.8 million in the second quarter 2024 driven by $120.5 million in pay downs of FHLB borrowings. Fair value adjustments decreased the security portfolio by $52.3 million at the end of the third quarter compared to $68.5 million at the end of the second quarter. The weighted average yield of the total securities portfolio for the third quarter 2024 was 3.96% compared to 4.00% at the end of the previous quarter primarily due to the interest rate environment and change in the profile of the yield curve. As of the end of the second and third quarters 2024, respectively, our securities portfolio maintained an average life of nine and eight years with an effective duration of five years for both quarters and all securities remain classified as available for sale to provide flexibility in asset funding and other opportunities as they arise.

The allowance for credit losses continued to build, standing at $29.0 million at the end of the third quarter 2024 compared to $28.9 million at the end of the second quarter 2024.  Our allowance for credit losses continues to be driven by a combination of portfolio loan growth, nominal credit movement and general macroeconomic trends.  Non-accruing loans increased during the third quarter 2024 to $7.1 million from $6.3 million in the second quarter 2024 driven by commercial real estate and consumer installment changes partially offset by commercial installment and residential real estate decreases.   The increase in non-accruing loans was centered in one well-secured owner-occupied CRE credit ($759 thousand) that is carrying no associated specific reserve after being reviewed for impairment.  Total non-accruing loans to total loans was 0.23% in the third quarter compared to 0.20% in the second quarter 2024 which remains below peer group medians and averages. Charge-offs and specific reserves on non-accruing loans continue to be nominal, supported by relatively strong collateral values.  

Total deposits increased $120.6 million to $3.3 billion in the third quarter 2024 from $3.1 billion at the second quarter 2024. Non-maturity deposits increased 15% on an annualized basis, or $104.4 million, to $2.4 billion driven by a $51.9 million increase in non-interest bearing demand, a $31.8 million increase in interest-bearing demand, and a $21.4 million increase in money market balances. Average yields on interest-bearing deposits increased 10 points to 2.45%.  

Senior borrowings decreased $143.1 million to $186.2 million from the second quarter 2024 driven by increased deposits and cash balances available to fund loan growth and investment purchases. FHLB borrowings decreased $120.5 million to $133.8 million at the end of the third quarter 2024 compared to $254.3 million at the end of the second quarter 2024. Borrowings under the Federal Reserve’s Bank Term Funding Program decreased $20.0 million to $45 million at the end of the third quarter 2024 compared to $65 million at the end of the second quarter 2024.  Total borrowing costs decreased from 4.57% at the end of the second quarter 2024 to 4.38% at the end of the third quarter 2024.

The Company's book value per share was $30.12 as of September 30, 2024 compared to $28.81 as of June 30, 2024.  Tangible book value per share (non-GAAP) was $22.02 at the end of the third quarter 2024, compared to $20.68 at the end of the second quarter 2024.

RESULTS OF OPERATIONS (September 30, 2024 compared to September 30, 2023)

The net interest margin was 3.15% in the third quarter 2024 compared to 3.18% in the third quarter 2023. The decrease was primarily driven by 42% higher cost of funds driven by the interest rate environment and growth in deposits, partially offset by lower borrowing balances and costs. The yield on loans grew 52 basis points to 5.54% in the third quarter 2024, up from 5.02% in the same quarter 2023.  Costs of interest-bearing deposits grew 64 basis points to 2.45% from 1.81% in the third quarter 2023 driven by the continued competitive pricing within the interest rate environment.

Total interest and dividend income increased by 9.5% to $48.6 million in the third quarter 2024 primarily driven by the repricing of adjustable-rate loans and originations of higher fixed-rate loans within the commercial portfolio. The yield on commercial real estate loans grew to 5.67% in the third quarter 2024 from 5.34% in the third quarter 2023. Commercial and industrial yield grew to 6.98% in the third quarter 2024 compared to 6.56% in the third quarter 2023. Yields on earning assets grew to 5.24% compared to 4.90% in the third quarter 2023.

Total interest expense increased by 23% to $19.6 million in the third quarter 2024 compared to $15.9 million in the third quarter 2023 driven by an increase in cost of funds compounded with a $120.6 million increase in deposits and a shift in the mix of deposits from non-maturity deposits to time deposits.  Non-maturity deposits decreased $38.2 million and time deposits increased $158.9 million in 2024 compared to the third quarter 2023. Borrowings decreased $120.9 million from the third quarter 2023 with a 21 basis point decrease in yields to 4.38% in the third quarter 2024.

   

The provision for credit losses was $228 thousand compared to $673 thousand in the third quarter 2023 as net charge-offs remain stable and minimal and credit quality continues to remain strong. Total accruing delinquent loans were down to 0.10% in the third quarter of

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2024 from 0.16% in the third quarter 2023 and total delinquent and non-accruing loans were down to 0.33% from 0.39%. Total non-accruing loans to total loans remains flat year over year at 0.23%.

Non-interest income was $9.7 million in the third quarter 2024 compared to $8.6 million in the same quarter 2023. Wealth management income grew 17.2% to $4.1 million compared to $3.5 million in the third quarter 2023.  Assets under management grew 20% to $2.8 billion from $2.3 billion in the third quarter 2023 driven by higher security valuations and an 8% growth in the managed accounts.  Mortgage banking income increased $266 thousand compared to the third quarter 2023 driven by increased margins on our held–for-sale mortgage business.

Non-interest expense was $24.8 million in the third quarter 2024 compared to $22.8 million in the third quarter 2023 driven by salary and benefits, and other expenses. Salary and benefit expenses increased 10.5%, or $1.4 million, from the third quarter 2023 driven in part by stock compensation due to a $7.21 per share increase in stock price and a lower discount on postretirement liabilities year over year. Other expenses increased to $4.2 million from $3.7 million in the third quarter 2023 primarily due to increases in media relations and corporate press releases, software expenses, and debit and ATM card expenses.

Income tax expense for the third quarter 2024 was $1.4 million compared to $3.2 million in the third quarter 2023. The decrease in taxes represents a one-time multiple year tax refund on tax exempt loan income and a state apportionment adjustment.  Excluding one-time charges, our effective tax rate for the period ended September 30, 2024 was consistent with the prior year.

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; (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) the potential impact of climate change; (17) changes in legislation or regulation and accounting principles, policies, and guidelines; (18) reductions in the market value or outflows of wealth management assets under management; 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

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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.

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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BAR HARBOR BANKSHARES

SELECTED FINANCIAL HIGHLIGHTS - UNAUDITED

At or for the Quarters Ended

 

    

Sep 30,

    

    

Jun 30,

    

Mar 31,

    

Dec 31,

    

Sep 30,

2024

2024

2024

2023

2023

PER SHARE DATA

Net earnings, diluted

 

$

0.80

 

$

0.67

 

$

0.66

 

$

0.65

 

$

0.73

Core earnings, diluted (1)

 

0.80

 

0.66

 

0.66

 

0.68

 

0.73

Total book value

 

30.12

 

28.81

 

28.64

 

28.48

 

26.67

Tangible book value (1)

 

22.02

 

20.68

 

20.48

 

20.28

 

18.45

Market price at period end

 

30.84

 

26.88

 

26.48

 

29.36

 

23.63

Dividends

 

0.30

 

0.30

 

0.28

 

0.28

 

0.28

PERFORMANCE RATIOS (2)

Return on assets

 

1.20

%  

1.04

%  

1.03

%  

1.00

%  

1.11

%

Core return on assets (1)

 

1.20

 

1.02

 

1.03

 

1.04

 

1.11

Pre-tax, pre-provision return on assets

1.37

1.36

1.32

1.34

1.49

Core pre-tax, pre-provision return on assets (1)

1.37

1.33

1.32

1.39

1.49

Return on equity

 

10.68

 

9.46

 

9.32

 

9.43

 

10.72

Core return on equity (1)

 

10.68

 

9.25

 

9.32

 

9.82

 

10.72

Return on tangible equity

14.90

13.44

13.26

13.65

15.65

Core return on tangible equity (1)

 

14.90

 

13.15

 

13.27

 

14.21

 

15.65

Net interest margin, fully taxable equivalent (1) (3)

 

3.15

 

3.09

 

3.14

 

3.17

 

3.18

Efficiency ratio (1)

 

62.09

 

62.78

 

62.71

 

61.22

 

58.37

FINANCIAL DATA (In millions)

Total assets

 

$

4,030

 

$

4,034

 

$

3,959

 

$

3,971

 

$

3,984

Total earning assets (4)

 

3,720

 

3,726

 

3,663

 

3,664

 

3,687

Total investments

 

543

 

528

 

538

 

547

 

524

Total loans

 

3,082

 

3,064

 

3,012

 

2,999

 

2,993

Allowance for credit losses

 

29

 

29

 

28

 

28

 

28

Total goodwill and intangible assets

 

124

 

124

 

124

 

124

 

125

Total deposits

 

3,261

 

3,140

 

3,127

 

3,141

 

3,140

Total shareholders' equity

 

460

 

439

 

436

 

432

 

404

Net income

 

12

 

10

 

10

 

10

 

11

Core earnings (1)

 

12

 

10

 

10

 

10

 

11

ASSET QUALITY AND CONDITION RATIOS

Net charge-offs (recoveries)(5)/average loans

 

0.01

%  

0.01

%  

0.01

%  

0.07

%  

%

Allowance for credit losses/total loans

 

0.94

 

0.94

 

0.94

 

0.94

 

0.94

Loans/deposits

 

95

 

98

 

96

 

95

 

95

Shareholders' equity to total assets

 

11.41

 

10.88

 

11.01

 

10.88

 

10.15

Tangible shareholders' equity to tangible assets

 

8.61

 

8.06

 

8.13

 

8.00

 

7.25


(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

    

Sep 30,

    

Jun 30,

    

Mar 31,

    

Dec 31,

    

Sep 30,

(in thousands)

2024

2024

2024

2023

2023

Assets

 

  

 

  

 

  

 

  

 

  

Cash and due from banks

$

39,877

$

39,673

$

30,770

$

42,221

$

41,210

Interest-earning deposits with other banks

 

41,343

 

62,163

 

45,449

 

52,621

 

81,606

Total cash and cash equivalents

 

81,220

 

101,836

 

76,219

 

94,842

 

122,816

Securities available for sale

 

535,892

 

512,928

 

527,603

 

534,574

 

509,453

Federal Home Loan Bank stock

 

7,600

 

14,755

 

9,960

 

12,788

 

14,834

Total securities

 

543,492

 

527,683

 

537,563

 

547,362

 

524,287

Loans held for sale

1,272

3,897

3,137

2,189

2,016

Total loans

 

3,081,735

 

3,064,181

 

3,011,672

 

2,999,049

 

2,992,791

Less: Allowance for credit losses

 

(29,023)

 

(28,855)

 

(28,355)

 

(28,142)

 

(28,011)

Net loans

 

3,052,712

 

3,035,326

 

2,983,317

 

2,970,907

 

2,964,780

Premises and equipment, net

 

51,644

 

51,628

 

47,849

 

48,287

 

47,790

Other real estate owned

 

 

 

 

 

Goodwill

 

119,477

 

119,477

 

119,477

 

119,477

 

119,477

Other intangible assets

 

4,171

 

4,404

 

4,637

 

4,869

 

5,102

Cash surrender value of bank-owned life insurance

 

81,824

 

81,221

 

80,642

 

80,037

 

79,469

Deferred tax asset, net

 

20,923

 

24,750

 

23,849

 

22,979

 

28,328

Other assets

 

73,192

 

83,978

 

82,285

 

79,936

 

89,876

Total assets

$

4,029,927

$

4,034,200

$

3,958,975

$

3,970,885

$

3,983,941

Liabilities and shareholders' equity

 

  

 

  

 

  

 

  

 

  

Non-interest bearing demand

$

604,963

$

553,067

$

544,495

$

569,714

$

618,421

Interest-bearing demand

 

913,910

 

882,068

 

888,591

 

946,978

 

929,481

Savings

 

544,235

 

544,980

 

551,493

 

553,963

 

572,271

Money market

 

380,624

 

359,208

 

365,289

 

370,242

 

361,839

Time

 

817,354

 

801,143

 

777,208

 

700,260

 

658,482

Total deposits

 

3,261,086

 

3,140,466

 

3,127,076

 

3,141,157

 

3,140,494

Senior borrowings

 

186,207

 

329,349

 

269,437

 

271,044

 

307,070

Subordinated borrowings

 

60,580

 

60,541

 

60,501

 

60,461

 

60,422

Total borrowings

 

246,787

 

389,890

 

329,938

 

331,505

 

367,492

Other liabilities

 

62,138

 

64,937

 

66,247

 

66,164

 

71,747

Total liabilities

 

3,570,011

 

3,595,293

 

3,523,261

 

3,538,826

 

3,579,733

Total shareholders’ equity

 

459,916

 

438,907

 

435,714

 

432,059

 

404,208

Total liabilities and shareholders’ equity

$

4,029,927

$

4,034,200

$

3,958,975

$

3,970,885

$

3,983,941

Net shares outstanding

 

15,268

 

15,232

 

15,212

 

15,172

 

15,156

B


BAR HARBOR BANKSHARES

CONSOLIDATED LOAN & DEPOSIT ANALYSIS - UNAUDITED

LOAN ANALYSIS

Annualized

Growth %

    

Sep 30,

    

Jun 30,

    

Mar 31,

    

Dec 31,

    

Sep 30,

    

Quarter

Year 

(in thousands)

2024

2024

2024

2023

2023

to Date

to Date

Commercial real estate

$

1,677,310

$

1,634,658

$

1,574,802

$

1,552,061

$

1,548,835

 

10

%  

11

%

Commercial and industrial

 

382,554

 

421,297

 

412,567

 

400,169

 

391,347

 

(37)

 

(6)

Total commercial loans

 

2,059,864

 

2,055,955

 

1,987,369

 

1,952,230

 

1,940,182

 

1

 

7

Residential real estate

 

836,566

 

854,718

 

873,213

 

889,904

 

896,757

 

(8)

 

(8)

Consumer

 

103,415

 

99,776

 

95,838

 

97,001

 

95,160

 

15

 

9

Tax exempt and other

 

81,890

 

53,732

 

55,252

 

59,914

 

60,692

 

*

 

49

Total loans

$

3,081,735

$

3,064,181

$

3,011,672

$

2,999,049

$

2,992,791

 

2

%  

4

%

*Indicates ratio greater than 100%

DEPOSIT ANALYSIS

Annualized

Growth %

    

Sep 30,

    

Jun 30,

    

Mar 31,

    

Dec 31,

    

Sep 30,

    

Quarter

Year 

(in thousands)

2024

2024

2024

2023

2023

to Date

to Date

Non-interest bearing demand

$

604,963

$

553,067

$

544,495

$

569,714

$

618,421

 

38

%  

8

%

Interest-bearing demand

 

913,910

 

882,068

 

888,591

 

946,978

 

929,481

 

14

 

(5)

Savings

 

544,235

 

544,980

 

551,493

 

553,963

 

572,271

 

(1)

 

(2)

Money market

 

380,624

 

359,208

 

365,289

 

370,242

 

361,839

 

24

 

4

Total non-maturity deposits

 

2,443,732

 

2,339,323

 

2,349,868

 

2,440,897

 

2,482,012

 

18

 

Time

 

817,354

 

801,143

 

777,208

 

700,260

 

658,482

 

8

 

22

Total deposits

$

3,261,086

$

3,140,466

$

3,127,076

$

3,141,157

$

3,140,494

 

15

%  

5

%

C


BAR HARBOR BANKSHARES

CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

(in thousands, except per share data)

    

2024

    

2023

    

2024

    

2023

Interest and dividend income

 

  

 

  

 

  

 

  

Loans

$

42,042

$

38,412

$

122,146

$

109,889

Securities and other

 

6,538

 

6,723

 

19,095

 

18,478

Total interest and dividend income

 

48,580

 

45,135

 

141,241

 

128,367

Interest expense

 

  

 

  

 

 

Deposits

 

16,174

 

11,415

 

45,486

 

25,270

Borrowings

 

3,448

 

4,534

 

10,983

 

14,215

Total interest expense

 

19,622

 

15,949

 

56,469

 

39,485

Net interest income

 

28,958

 

29,186

 

84,772

 

88,882

Provision for credit losses

 

228

 

673

 

1,102

 

2,221

Net interest income after provision for credit losses

 

28,730

 

28,513

 

83,670

 

86,661

Non-interest income

 

  

 

  

 

  

 

  

Trust and investment management fee income

 

4,129

 

3,522

 

11,992

 

10,882

Customer service fees

 

3,788

 

3,926

 

11,235

 

11,377

Gain on sales of securities, net

 

 

 

50

 

34

Mortgage banking income

681

415

1,496

1,072

Bank-owned life insurance income

 

570

 

515

 

1,714

 

2,166

Customer derivative income

 

265

 

43

 

433

 

258

Other income

 

220

 

186

 

576

 

588

Total non-interest income

 

9,653

 

8,607

 

27,496

 

26,377

Non-interest expense

 

  

 

  

 

  

 

  

Salaries and employee benefits

 

14,383

 

13,011

 

41,491

 

39,005

Occupancy and equipment

 

4,453

 

4,469

 

13,308

 

13,275

Gain on sales of premises and equipment, net

 

 

 

(263)

 

(99)

Outside services

 

386

 

376

 

1,186

 

1,156

Professional services

 

441

 

436

 

1,079

 

1,217

Communication

 

189

 

170

 

570

 

507

Marketing

 

434

 

326

 

1,522

 

1,211

Amortization of intangible assets

 

233

 

233

 

699

 

699

Acquisition, conversion and other expenses

 

 

 

20

 

20

Provision for unfunded commitments

35

 

45

 

(150)

 

(85)

Other expenses

 

4,218

 

3,742

 

12,640

 

11,604

Total non-interest expense

 

24,772

 

22,808

 

72,102

 

68,510

Income before income taxes

 

13,611

 

14,312

 

39,064

 

44,528

Income tax expense

 

1,418

 

3,208

 

6,519

 

9,621

Net income

$

12,193

$

11,104

$

32,545

$

34,907

Earnings per share:

 

  

 

  

 

  

 

  

Basic

$

0.80

$

0.73

$

2.14

$

2.31

Diluted

 

0.80

 

0.73

 

2.13

 

2.30

Weighted average shares outstanding:

 

  

 

  

 

  

 

  

Basic

 

15,261

 

15,155

 

15,229

 

15,135

Diluted

 

15,326

 

15,196

 

15,292

 

15,189

D


BAR HARBOR BANKSHARES

CONSOLIDATED STATEMENTS OF INCOME (5 Quarter Trend) - UNAUDITED

    

Sep 30,

    

Jun 30,

    

Mar 31,

    

Dec 31,

    

Sep 30,

(in thousands, except per share data)

2024

2024

2024

2023

2023

Interest and dividend income

 

  

 

  

 

  

 

  

 

  

Loans

$

42,042

$

40,634

$

39,470

$

39,531

$

38,412

Securities and other

 

6,538

6,204

6,353

6,284

6,723

Total interest and dividend income

 

48,580

46,838

45,823

45,815

45,135

Interest expense

 

  

  

  

  

  

Deposits

 

16,174

14,780

14,532

12,962

11,415

Borrowings

 

3,448

4,299

3,236

4,060

4,534

Total interest expense

 

19,622

19,079

17,768

17,022

15,949

Net interest income

 

28,958

27,759

28,055

28,793

29,186

Provision for credit losses

 

228

585

289

687

673

Net interest income after provision for credit losses

 

28,730

27,174

27,766

28,106

28,513

Non-interest income

 

  

  

  

  

  

Trust and investment management fee income

 

4,129

4,193

3,670

3,401

3,522

Customer service fees

 

3,788

3,737

3,710

3,791

3,926

Gain on sales of securities, net

 

50

Mortgage banking income

681

558

257

515

415

Bank-owned life insurance income

 

570

583

561

533

515

Customer derivative income

 

265

168

151

43

Other income

 

220

168

188

305

186

Total non-interest income

 

9,653

9,457

8,386

8,696

8,607

Non-interest expense

 

  

  

  

  

  

Salaries and employee benefits

 

14,383

13,860

13,248

13,511

13,011

Occupancy and equipment

 

4,453

4,382

4,473

4,309

4,469

(Gain) loss on sales of premises and equipment, net

 

(248)

(15)

281

Outside services

 

386

462

338

515

376

Professional services

 

441

238

400

369

436

Communication

 

189

192

189

190

170

Marketing

 

434

521

567

485

326

Amortization of intangible assets

 

233

233

233

233

233

Acquisition, conversion and other expenses

 

20

263

Provision for unfunded commitments

35

(185)

45

Other expenses

 

4,218

4,202

4,220

4,057

3,742

Total non-interest expense

 

24,772

 

23,842

 

23,488

 

24,213

 

22,808

Income before income taxes

 

13,611

 

12,789

 

12,664

 

12,589

 

14,312

Income tax expense

 

1,418

2,532

2,569

2,644

3,208

Net income

$

12,193

$

10,257

$

10,095

$

9,945

$

11,104

Earnings per share:

 

  

 

  

 

  

 

  

 

  

Basic

$

0.80

$

0.67

$

0.66

$

0.66

$

0.73

Diluted

 

0.80

 

0.67

 

0.66

 

0.65

 

0.73

Weighted average shares outstanding:

 

  

 

  

 

  

 

  

 

  

Basic

 

15,261

15,227

15,198

15,164

15,155

Diluted

 

15,326

15,275

15,270

15,221

15,196

E


BAR HARBOR BANKSHARES

AVERAGE YIELDS AND COSTS (Fully Taxable Equivalent (Non-GAAP) - Annualized) - UNAUDITED

Quarters Ended

 

    

Sep 30,

    

Jun 30,

    

Mar 31,

    

Dec 31,

    

Sep 30,

 

2024

2024

2024

2023

2023

 

Earning assets

Interest-earning deposits with other banks

5.54

%  

5.65

%  

5.88

%  

6.42

%  

5.02

%

Securities available for sale and FHLB stock

3.96

4.00

4.02

3.85

3.87

Loans:

Commercial real estate

 

5.67

5.61

5.47

5.46

5.34

Commercial and industrial

 

6.98

 

6.76

 

6.68

 

6.66

 

6.56

Residential real estate

 

4.11

 

4.13

 

4.09

 

3.94

 

3.84

Consumer

 

7.23

 

7.26

 

7.22

 

7.14

 

6.88

Total loans

 

5.49

 

5.41

 

5.31

 

5.24

 

5.11

Total earning assets

 

5.24

%  

5.18

%  

5.10

%  

5.02

%  

4.90

%

Funding liabilities

Deposits:

Interest-bearing demand

 

1.48

%  

1.39

%  

1.34

%  

1.33

%  

1.11

%

Savings

 

0.70

 

0.65

 

0.63

 

0.48

 

0.42

Money market

 

3.13

 

2.93

 

3.07

 

2.80

 

2.55

Time

 

4.39

 

4.33

 

4.18

 

3.93

 

3.65

Total interest-bearing deposits

 

2.45

 

2.35

 

2.26

 

2.05

 

1.81

Borrowings

 

4.38

 

4.57

 

4.35

 

4.64

 

4.59

Total interest-bearing liabilities

 

2.66

%  

2.64

%  

2.48

%  

2.37

%  

2.19

%

Net interest spread

 

2.58

 

2.54

 

2.62

 

2.65

 

2.71

Net interest margin, fully taxable equivalent(1)

 

3.15

 

3.09

 

3.14

 

3.17

 

3.18

(1)Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures in tables I-J for additional information.

F


BAR HARBOR BANKSHARES

AVERAGE BALANCES - UNAUDITED

Quarters Ended

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Sep 30,

(in thousands)

2024

2024

2024

2023

2023

Assets

    

  

    

  

    

  

    

  

    

  

Interest-earning deposits with other banks (1)

$

54,897

$

27,407

$

36,608

$

36,794

$

70,499

Securities available for sale and FHLB stock (2)

601,489

606,779

604,658

608,793

620,851

Loans:

Commercial real estate

1,645,933

1,600,253

1,558,506

1,554,961

1,550,188

Commercial and industrial

 

473,049

 

468,052

 

464,762

 

457,642

 

439,915

Residential real estate

 

851,426

 

865,412

 

884,767

 

898,147

 

909,296

Consumer

 

101,230

 

97,371

 

96,163

 

95,193

 

96,362

Total loans (3)

 

3,071,638

 

3,031,088

 

3,004,198

 

3,005,943

 

2,995,761

Total earning assets

 

3,728,024

 

3,665,274

 

3,645,464

 

3,651,530

 

3,687,111

Cash and due from banks

 

34,036

 

30,809

 

29,900

 

34,741

 

36,713

Allowance for credit losses

 

(28,893)

 

(28,567)

 

(28,122)

 

(28,057)

 

(27,473)

Goodwill and other intangible assets

 

123,761

 

123,994

 

124,225

 

124,459

 

124,926

Other assets

 

170,113

 

168,239

 

166,538

 

157,159

 

162,801

Total assets

$

4,027,041

$

3,959,749

$

3,938,005

$

3,939,832

$

3,984,078

Liabilities and shareholders' equity

 

  

 

  

 

  

 

  

 

  

Deposits:

Interest-bearing demand

$

888,325

$

858,657

$

899,349

$

916,314

$

915,072

Savings

 

547,482

 

542,950

 

552,231

 

552,932

 

579,090

Money market

 

378,855

 

355,731

 

390,720

 

365,142

 

358,742

Time

 

807,180

 

775,932

 

738,683

 

670,628

 

645,285

Total interest-bearing deposits

 

2,621,842

 

2,533,270

 

2,580,983

 

2,505,016

 

2,498,189

Borrowings

 

312,891

 

378,121

 

298,918

 

347,459

 

391,976

Total interest-bearing liabilities

 

2,934,733

 

2,911,391

 

2,879,901

 

2,852,475

 

2,890,165

Non-interest bearing demand deposits

 

577,428

 

546,448

 

554,816

 

604,638

 

610,644

Other liabilities

 

60,731

 

65,712

 

67,327

 

64,092

 

72,409

Total liabilities

 

3,572,892

 

3,523,551

 

3,502,044

 

3,521,205

 

3,573,218

Total shareholders' equity

 

454,149

 

436,198

 

435,961

 

418,627

 

410,860

Total liabilities and shareholders' equity

$

4,027,041

$

3,959,749

$

3,938,005

$

3,939,832

$

3,984,078


(1)Total average interest-bearing deposits with other banks is net of Federal Reserve daily cash letter.
(2)Average balances for securities available-for-sale 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

    

Sep 30,

    

Jun 30,

    

Mar 31,

    

Dec 31,

    

Sep 30,

 

(in thousands)

2024

2024

2024

2023

2023

 

NON-PERFORMING ASSETS

Non-accruing loans:

Commercial real estate

 

$

1,451

 

$

551

 

$

578

 

$

610

 

$

867

Commercial and industrial

 

1,218

 

1,301

 

1,152

 

363

 

1,595

Residential real estate

 

3,453

 

3,511

 

4,169

 

3,742

 

3,673

Consumer

 

978

 

914

 

971

 

813

 

635

Total non-accruing loans

 

7,100

 

6,277

 

6,870

 

5,528

 

6,770

Other real estate owned

 

 

 

 

 

Total non-performing assets

 

$

7,100

 

$

6,277

 

$

6,870

 

$

5,528

 

$

6,770

Total non-accruing loans/total loans

 

0.23

%  

0.20

%  

0.23

%  

0.18

%  

0.23

%

Total non-performing assets/total assets

 

0.18

 

0.16

 

0.17

 

0.14

 

0.17

PROVISION AND ALLOWANCE FOR CREDIT LOSSES

Balance at beginning of period

 

$

28,855

 

$

28,355

 

$

28,142

 

$

28,011

 

$

27,362

Charged-off loans

 

(98)

 

(106)

 

(113)

 

(632)

 

(74)

Recoveries on charged-off loans

 

38

 

21

 

37

 

76

 

50

Net loans (charged-off) recovered

 

(60)

 

(85)

 

(76)

 

(556)

 

(24)

Provision for credit losses

 

228

 

585

 

289

 

687

 

673

Balance at end of period

 

$

29,023

 

$

28,855

 

$

28,355

 

$

28,142

 

$

28,011

Allowance for credit losses/total loans

 

0.94

%  

0.94

%  

0.94

%  

0.94

%  

0.94

%

Allowance for credit losses/non-accruing loans

 

409

 

460

 

413

 

509

 

414

NET LOAN (CHARGE-OFFS) RECOVERIES

Commercial real estate

 

$

 

$

 

$

(3)

 

$

 

$

Commercial and industrial

 

(8)

 

(2)

 

(64)

 

(479)

 

34

Residential real estate

 

5

 

3

 

5

 

3

 

13

Consumer

 

(57)

 

(86)

 

(14)

 

(80)

 

(71)

Total, net

 

$

(60)

 

$

(85)

 

$

(76)

 

$

(556)

 

$

(24)

Net charge-offs (recoveries) (QTD annualized)/average loans

 

0.01

%  

0.01

%  

0.01

%  

0.07

%  

%

Net charge-offs (recoveries) (YTD annualized)/average loans

 

0.01

 

0.01

 

0.01

 

0.02

 

0.01

DELINQUENT AND NON-ACCRUING LOANS/ TOTAL LOANS

30-89 Days delinquent

 

0.09

%  

0.10

%  

0.14

%  

0.11

%  

0.13

%

90+ Days delinquent and still accruing

 

0.01

 

 

 

0.01

 

0.03

Total accruing delinquent loans

 

0.10

 

0.10

 

0.14

 

0.12

 

0.16

Non-accruing loans

 

0.23

 

0.20

 

0.23

 

0.18

 

0.23

Total delinquent and non-accruing loans

 

0.33

%  

0.30

%  

0.37

%  

0.30

%  

0.39

%

H


BAR HARBOR BANKSHARES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA – UNAUDITED

At or for the Quarters Ended

    

    

Sep 30,

    

Jun 30,

    

Mar 31,

    

Dec 31,

    

Sep 30,

(in thousands)

    

2024

2024

2024

2023

2023

Net income

$

12,193

$

10,257

$

10,095

$

9,945

$

11,104

Non-core items:

Gain on sale of securities, net

 

 

(50)

 

 

 

(Gain) loss on sale of premises and equipment, net

 

 

(248)

 

(15)

 

281

 

Acquisition, conversion and other expenses

 

 

 

20

 

263

 

Income tax expense (1)

 

 

71

 

(1)

 

(131)

 

Total non-core items

(227)

4

413

Core earnings (2)

 

(A)

$

12,193

$

10,030

$

10,099

$

10,358

$

11,104

Net interest income

 

(B)

$

28,958

$

27,759

$

28,055

$

28,793

$

29,186

Non-interest income

 

9,653

 

9,457

 

8,586

 

8,850

 

8,815

Total revenue

 

38,611

 

37,216

 

36,641

 

37,643

 

38,001

Gain on sale of securities, net

 

 

(50)

 

 

 

Total core revenue (2)

 

(C)

$

38,611

$

37,166

$

36,641

$

37,643

$

38,001

Total non-interest expense

 

24,772

 

23,842

 

23,688

 

24,367

 

23,016

Non-core expenses:

Gain (loss) on sale of premises and equipment, net

 

 

248

 

15

 

(281)

 

Acquisition, conversion and other expenses

 

 

 

(20)

 

(263)

 

Total non-core expenses

248

(5)

(544)

Core non-interest expense (2)

 

(D)

$

24,772

$

24,090

$

23,683

$

23,823

$

23,016

Total revenue

38,611

37,216

36,641

37,643

38,001

Total non-interest expense

24,772

23,842

23,688

24,367

23,016

Pre-tax, pre-provision net revenue

$

13,839

$

13,374

$

12,953

$

13,276

$

14,985

Core revenue(2)

38,611

37,166

36,641

37,643

38,001

Core non-interest expense(2)

24,772

24,090

23,683

23,823

23,016

Core pre-tax, pre-provision net revenue(2)

(U)

$

13,839

$

13,076

$

12,958

$

13,820

$

14,985

(in millions)

 

  

 

  

 

  

 

  

 

  

Average earning assets

 

(E)

$

3,728

$

3,665

$

3,645

$

3,652

$

3,687

Average assets

 

(F)

 

4,027

 

3,960

 

3,938

 

3,940

 

3,984

Average shareholders' equity

 

(G)

 

454

 

436

 

436

 

419

 

411

Average tangible shareholders' equity (2) (3)

 

(H)

 

330

 

312

 

312

 

294

 

286

Tangible shareholders' equity, period-end (2) (3)

 

(I)

 

336

 

315

 

312

 

308

 

280

Tangible assets, period-end (2) (3)

 

(J)

 

3,906

 

3,910

 

3,835

 

3,847

 

3,859

I


BAR HARBOR BANKSHARES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA – UNAUDITED

At or for the Quarters Ended

 

    

    

    

Sep 30,

    

Jun 30,

    

Mar 31,

    

Dec 31,

    

Sep 30,

 

(in thousands)

2024

2024

2024

2023

2023

 

Common shares outstanding, period-end

 

(K)

 

15,268

 

15,232

 

15,212

 

15,172

 

15,156

Average diluted shares outstanding

 

(L)

 

15,326

 

15,275

 

15,270

 

15,221

 

15,196

Core earnings per share, diluted (2)

 

(A/L)

$

0.80

$

0.66

$

0.66

$

0.68

$

0.73

Tangible book value per share, period-end (2)

 

(I/K)

 

22.02

 

20.68

 

20.48

 

20.28

 

18.45

Tangible shareholders' equity/total tangible assets (2)

 

(I/J)

 

8.61

 

8.06

 

8.13

 

8.00

 

7.25

Performance ratios (4)

GAAP return on assets

 

1.20

%  

1.04

%  

1.03

%  

1.00

%  

1.11

%

Core return on assets (2)

 

(A/F)

 

1.20

 

1.02

 

1.03

 

1.04

 

1.11

Pre-tax, pre-provision return on assets

1.37

1.36

1.32

1.34

1.49

Core pre-tax, pre-provision return on assets (2)

(U/F)

1.37

1.33

1.32

1.39

1.49

GAAP return on equity

 

10.68

 

9.46

 

9.32

 

9.43

 

10.72

Core return on equity (2)

 

(A/G)

 

10.68

 

9.25

 

9.32

 

9.82

 

10.72

Return on tangible equity

14.90

13.44

13.26

13.65

15.65

Core return on tangible equity (1) (2)

 

(A+Q)/H

 

14.90

 

13.15

 

13.27

 

14.21

 

15.65

Efficiency ratio (2) (5)

 

(D-O-Q)/(C+N)

 

62.09

 

62.78

 

62.91

 

61.38

 

58.59

Net interest margin, fully taxable equivalent (2)

 

(B+P)/E

 

3.15

 

3.09

 

3.14

 

3.17

 

3.18

Supplementary data (in thousands)

Taxable equivalent adjustment for efficiency ratio

 

(N)

$

686

$

528

$

523

$

561

$

565

Franchise taxes included in non-interest expense

 

(O)

 

138

 

191

 

70

 

141

 

186

Tax equivalent adjustment for net interest margin

 

(P)

 

550

 

389

 

388

 

395

 

405

Intangible amortization

 

(Q)

 

233

 

233

 

233

 

233

 

233


(1)Assumes a marginal tax rate of 23.82% in the second and third quarter 2024, 24.01% in the first quarter 2024 and the fourth quarter 2023, and 23.80% in the first three quarters of 2023.  
(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.

J


v3.24.3
Document and Entity Information
Oct. 22, 2024
Document and Entity Information [Abstract]  
Document Type 8-K
Document Period End Date Oct. 22, 2024
Entity File Number 001-13349
Entity Registrant Name BAR HARBOR BANKSHARES
Entity Incorporation, State or Country Code ME
Entity Tax Identification Number 01-0393663
Entity Address, Address Line One PO Box 400
Entity Address, Adress Line Two 82 Main Street
Entity Address, State or Province ME
Entity Address, City or Town Bar Harbor
Entity Address, Postal Zip Code 04609-0400
City Area Code 207
Local Phone Number 288-3314
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $2.00 per share
Trading Symbol BHB
Security Exchange Name NYSEAMER
Entity Emerging Growth Company false
Entity Central Index Key 0000743367
Amendment Flag false

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