Bar Harbor Bankshares Announces Stock Repurchase Plan

Rhea-AI Summary

Bar Harbor Bankshares (NYSE American:BHB) announced a stock repurchase plan, authorizing the buyback of up to 5% of its outstanding shares, totaling approximately 751,000 shares as of May 31, 2022. The plan, which can last up to 12 months, allows repurchases through various methods at the company's discretion. Key factors influencing buybacks include stock price, securities law restrictions, and the company's financial performance. This move is intended to enhance shareholder value while maintaining flexibility for other capital uses.

Positive

• Share repurchase plan of 5% could increase shareholder value and enhance earnings per share (EPS).
• Flexibility in execution allows the company to adapt to market conditions.

Negative

• The plan does not guarantee any specific amount of stock will be repurchased, leading to potential uncertainty for investors.

BAR HARBOR, ME / ACCESSWIRE / June 23, 2022 / Bar Harbor Bankshares (NYSE American:BHB) (the "Company") announced that its Board of Directors authorized the repurchase of up to 5% of its outstanding common stock, representing approximately 751,000 shares as of May 31, 2022 under a share repurchase plan (the "Plan"). The Plan is authorized to last no longer than twelve months.

Share repurchases, if any, will be made from time to time in the open market, through block trades, or otherwise, in private negotiated transactions. The timing and amount of any share repurchases will depend on a variety of factors, including, among others, securities law restrictions (including limitations provided in Rules 10b-18 and 10b5-1 under the Securities Exchange Act of 1934), the trading price of the Company's common stock, other regulatory requirements, potential alternative uses for capital, and the Company's financial performance. The Plan does not require the Company to acquire any particular amount of common stock, and it may be modified or suspended at any time at the Company's discretion.

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 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

Statements in this press release regarding the Company's intention to repurchase shares of its common stock from time to time under the stock repurchase plan are forward looking statements. There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements. These include, among other, the market price of the Company's stock prevailing from time to time, the nature of other investment opportunities available to the Company from time to time, the Company's cash flows from operations, general economic conditions, and other factors identified in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.

CONTACT:
Josephine Iannelli; EVP, Chief Financial Officer & Treasurer; (207) 288-3314

SOURCE: Bar Harbor Bank and Trust

View source version on accesswire.com:
https://www.accesswire.com/706429/Bar-Harbor-Bankshares-Announces-Stock-Repurchase-Plan

FAQ

What is the stock repurchase plan by Bar Harbor Bankshares?

Bar Harbor Bankshares has authorized a plan to repurchase up to 5% of its outstanding shares, approximately 751,000 shares, over a period not exceeding 12 months.

When was the stock repurchase plan announced?

The stock repurchase plan was announced on June 23, 2022.

How does the stock repurchase plan affect stock price for BHB?

The stock repurchase plan may increase stock price by reducing the number of outstanding shares, potentially enhancing earnings per share and shareholder value.

What factors will influence the share buybacks for Bar Harbor Bankshares?

Factors influencing the buybacks include the trading price of the stock, securities law restrictions, alternative capital uses, and the company’s financial performance.