Bar Harbor Bankshares Reports First Quarter 2025 Results; Declares 7% Increase in Dividend
Bar Harbor Bankshares (NYSE American:BHB) reported Q1 2025 results with GAAP net income of $10.2 million ($0.66 per diluted share) and core net income of $10.5 million ($0.68 per diluted share). Key highlights include:
- Signed definitive merger agreement to acquire Woodsville Guaranty Bancorp
- Net interest margin at 3.17%
- 6% growth in wealth management assets under management
- 7% dividend increase to $0.32 per share
Financial metrics show:
- Total assets stable at $4.1 billion
- Total loans at $3.1 billion (3% annualized decrease)
- Total deposits remained flat at $3.3 billion
- Book value per share increased to $30.51 from $30.00 in Q4 2024
The bank maintained strong asset quality with an allowance for credit losses to total loans ratio of 0.92%. Non-interest income reached $8.9 million, with wealth management assets growing 6% to $2.8 billion.
Bar Harbor Bankshares (NYSE American:BHB) ha comunicato i risultati del primo trimestre 2025 con un utile netto GAAP di 10,2 milioni di dollari (0,66 dollari per azione diluita) e un utile netto core di 10,5 milioni di dollari (0,68 dollari per azione diluita). I punti salienti includono:
- Accordo definitivo per l'acquisizione di Woodsville Guaranty Bancorp
- Margine di interesse netto al 3,17%
- Crescita del 6% degli asset under management nel wealth management
- Aumento del dividendo del 7% a 0,32 dollari per azione
I dati finanziari mostrano:
- Attività totali stabili a 4,1 miliardi di dollari
- Prestiti totali a 3,1 miliardi di dollari (diminuzione annualizzata del 3%)
- Depositi totali invariati a 3,3 miliardi di dollari
- Valore contabile per azione aumentato a 30,51 dollari da 30,00 dollari nel quarto trimestre 2024
La banca ha mantenuto una solida qualità degli attivi con un rapporto tra accantonamenti per perdite su crediti e prestiti totali dello 0,92%. Il reddito non da interessi ha raggiunto 8,9 milioni di dollari, con gli asset del wealth management in crescita del 6% a 2,8 miliardi di dollari.
Bar Harbor Bankshares (NYSE American:BHB) reportó los resultados del primer trimestre de 2025 con un ingreso neto GAAP de 10,2 millones de dólares (0,66 dólares por acción diluida) y un ingreso neto core de 10,5 millones de dólares (0,68 dólares por acción diluida). Los aspectos destacados incluyen:
- Firma de un acuerdo definitivo para adquirir Woodsville Guaranty Bancorp
- Margen de interés neto del 3,17%
- Crecimiento del 6% en activos bajo gestión en gestión patrimonial
- Incremento del dividendo del 7% a 0,32 dólares por acción
Las métricas financieras muestran:
- Activos totales estables en 4,1 mil millones de dólares
- Préstamos totales en 3,1 mil millones de dólares (disminución anualizada del 3%)
- Depósitos totales sin cambios en 3,3 mil millones de dólares
- Valor en libros por acción aumentó a 30,51 desde 30,00 en el cuarto trimestre de 2024
El banco mantuvo una sólida calidad de activos con una provisión para pérdidas crediticias sobre préstamos totales del 0,92%. Los ingresos no por intereses alcanzaron 8,9 millones de dólares, con un crecimiento del 6% en activos de gestión patrimonial hasta 2,8 mil millones de dólares.
Bar Harbor Bankshares (NYSE American:BHB)는 2025년 1분기 실적을 발표했으며, GAAP 순이익은 1,020만 달러(희석 주당 0.66달러), 핵심 순이익은 1,050만 달러(희석 주당 0.68달러)를 기록했습니다. 주요 내용은 다음과 같습니다:
- Woodsville Guaranty Bancorp 인수를 위한 최종 합병 계약 체결
- 순이자 마진 3.17%
- 자산관리 운용자산 6% 성장
- 배당금 7% 인상, 주당 0.32달러
재무 지표는 다음과 같습니다:
- 총자산 41억 달러로 안정적 유지
- 총대출 31억 달러(연간 기준 3% 감소)
- 총예금 33억 달러로 변동 없음
- 주당 장부가치 2024년 4분기 30.00달러에서 30.51달러로 상승
은행은 총대출 대비 대손충당금 비율 0.92%로 자산 건전성을 유지했습니다. 비이자 수익은 890만 달러에 달했으며, 자산관리 운용자산은 6% 증가하여 28억 달러에 이르렀습니다.
Bar Harbor Bankshares (NYSE American:BHB) a publié ses résultats du premier trimestre 2025 avec un bénéfice net GAAP de 10,2 millions de dollars (0,66 dollar par action diluée) et un bénéfice net de base de 10,5 millions de dollars (0,68 dollar par action diluée). Les points clés sont :
- Signature d'un accord définitif de fusion pour acquérir Woodsville Guaranty Bancorp
- Marge d'intérêt nette de 3,17 %
- Croissance de 6 % des actifs sous gestion en gestion de patrimoine
- Augmentation du dividende de 7 % à 0,32 dollar par action
Les indicateurs financiers montrent :
- Actifs totaux stables à 4,1 milliards de dollars
- Prêts totaux à 3,1 milliards de dollars (baisse annualisée de 3 %)
- Dépôts totaux stables à 3,3 milliards de dollars
- Valeur comptable par action passée de 30,00 dollars au T4 2024 à 30,51 dollars
La banque a maintenu une solide qualité d'actifs avec un ratio de provisions pour pertes sur prêts de 0,92 %. Les revenus hors intérêts ont atteint 8,9 millions de dollars, avec une croissance de 6 % des actifs en gestion de patrimoine à 2,8 milliards de dollars.
Bar Harbor Bankshares (NYSE American:BHB) meldete die Ergebnisse für das erste Quartal 2025 mit einem GAAP-Nettogewinn von 10,2 Millionen US-Dollar (0,66 US-Dollar je verwässerter Aktie) und einem Kern-Nettogewinn von 10,5 Millionen US-Dollar (0,68 US-Dollar je verwässerter Aktie). Wichtige Highlights sind:
- Abschluss eines endgültigen Fusionsvertrags zur Übernahme von Woodsville Guaranty Bancorp
- Nettozinsmarge bei 3,17 %
- 6 % Wachstum der verwalteten Vermögenswerte im Wealth Management
- 7 % Dividendenerhöhung auf 0,32 US-Dollar je Aktie
Finanzkennzahlen zeigen:
- Gesamtvermögen stabil bei 4,1 Milliarden US-Dollar
- Gesamtdarlehen bei 3,1 Milliarden US-Dollar (jährlicher Rückgang von 3 %)
- Gesamteinlagen unverändert bei 3,3 Milliarden US-Dollar
- Buchwert je Aktie stieg von 30,00 US-Dollar im 4. Quartal 2024 auf 30,51 US-Dollar
Die Bank behielt eine starke Vermögensqualität mit einer Rückstellung für Kreditausfälle im Verhältnis zu den Gesamtdarlehen von 0,92 % bei. Die Zinserträge ohne Zinsen erreichten 8,9 Millionen US-Dollar, während die verwalteten Vermögenswerte im Wealth Management um 6 % auf 2,8 Milliarden US-Dollar wuchsen.
- 7% dividend increase to $0.32 per share, improving yield to 4.34%
- 6% growth in wealth management assets to $2.8 billion
- Strategic acquisition of Woodsville Guaranty Bancorp expanding market presence
- Strong asset quality maintained with 0.92% loan loss coverage ratio
- Stable net interest margin at 3.17%
- 3% annualized decrease in total loans
- Non-interest expenses increased by $1.2 million year-over-year
- 5% decrease in customer service fees
- Decline in residential real estate yield from 4.22% to 4.09%
- Net income decreased from $11.0 million in Q4 2024 to $10.2 million in Q1 2025
Insights
Bar Harbor's Q1 shows stability with strategic acquisition, 7% dividend increase, and strong asset quality despite slight quarter-over-quarter earnings decline.
Bar Harbor Bankshares delivered a solid first quarter performance demonstrating the resilience of its business model in a challenging interest rate environment. The $10.2 million GAAP net income (
The
Most significantly, the definitive merger agreement to acquire Woodsville Guaranty Bancorp represents a strategic expansion in northern New England that complements Bar Harbor's existing footprint. This transaction should enhance deposit funding capabilities and create operational synergies in contiguous markets.
The bank's asset quality metrics remain robust with minimal charge-offs and stable allowance for credit losses at
The wealth management division continues to be a growth driver with
While the shift from non-interest bearing to interest-bearing deposits presents a modest margin challenge, management's proactive balance sheet strategy has effectively mitigated potential negative impacts.
Bar Harbor's strategic positioning strengthens with Woodsville acquisition, dividend boost, and stable margins despite deposit mix headwinds.
Bar Harbor's Q1 results reveal a financial institution skillfully executing on multiple strategic fronts despite macroeconomic headwinds. The acquisition of Woodsville Guaranty represents classic strategic complementarity – adjacent markets with similar customer profiles that can leverage Bar Harbor's operational infrastructure while providing stable deposit funding.
The bank's balance sheet management deserves particular attention. While total assets remained stable at
Deposit stability in this environment is noteworthy, though the
The
Tangible book value per share increased to
Looking ahead, the integration of Woodsville merits close attention, as the
BAR HARBOR, ME / ACCESS Newswire / April 17, 2025 / Bar Harbor Bankshares (NYSE American:BHB) (the "Company") reported first quarter 2025 GAAP net income of
FIRST QUARTER 2025 HIGHLIGHTS (all comparisons to fourth quarter 2024, unless otherwise noted)
Signed a Definitive Merger Agreement to acquire Woodsville Guaranty Bancorp, Inc.
Net interest margin remains strong at
3.17% 6% growth in assets under management by wealth management7% increase in dividend declared
Bar Harbor Bankshares' President and Chief Executive Officer, Curtis C. Simard, stated, "Despite the volatility in the capital markets, our teams continue to demonstrate that exceptional customer service, continuous calling, and proactive modeling drive financial strength. Our commercial lending team delivered
This quarter we announced an agreement to acquire Guaranty Bancorp, Inc., the parent company of Woodsville Guaranty Savings Bank ("Woodsville"). Woodsville operates in markets similar to ours and is adjacent to our Northwestern New Hampshire and Vermont locations. Like us, they have deep community relationships with a loyal customer base and efficient deposits which will help fund future growth. This acquisition will continue to strengthen our presence in northern New England, complementing our existing branch network."
Mr. Simard concluded, "I am proud of the culture we have built at Bar Harbor Bank & Trust. Our values foster a strong foundation built on opportunity and authenticity. We look forward to welcoming our new colleagues who share a similar culture."
DIVIDEND DECLARED
The Board of Directors of the Company voted to declare an increase in the cash dividend to
FINANCIAL CONDITION (Quarter results for March 31, 2025 compared to December 31, 2024)
Total assets remained stable at
Total cash and cash equivalents were
Total loans remained at
Federal Home Loan Bank ("FHLB") stock decreased to
Securities available for sale was
The allowance for credit losses on available for sale securities increased to
The allowance for credit losses on loans decreased
Total deposits remained flat at
Senior borrowings decreased
The Company's book value per share was
RESULTS OF OPERATIONS (Quarter results for March 31, 2025 compared to March 31, 2024)
The net interest margin remained stable at
Total interest and dividend income increased by
Total interest expense increased by
The provision for credit losses on loans was a recapture of
Non-interest income was
Non-interest expenses increased
Income tax expense was
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.
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.
###
CONTACTS
Josephine Iannelli; EVP, Chief Financial Officer & Treasurer; (207) 288-3314
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TABLE |
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INDEX | CONSOLIDATED FINANCIAL SCHEDULES (UNAUDITED) |
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A | Selected Financial Highlights |
B | Balance Sheets |
C | Loan and Deposit Analysis |
D | Statements of Income |
E | Statements of Income (Five Quarter Trend) |
F | Average Yields and Costs |
G | Average Balances |
H | Asset Quality Analysis |
I-J | Reconciliation of Non-GAAP Financial Measures (Five Quarter Trend) and Supplementary Data |
BAR HARBOR BANKSHARES
SELECTED FINANCIAL HIGHLIGHTS - UNAUDITED
| At or for the Quarters Ended |
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| Mar 31, |
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| Dec 31, |
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| Sep 30, |
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| Jun 30, |
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| Mar 31, |
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| 2025 |
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| 2024 |
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| 2024 |
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| 2024 |
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| 2024 |
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PER SHARE DATA |
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Net earnings, diluted | $ | 0.66 |
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| $ | 0.72 |
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| $ | 0.80 |
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| $ | 0.67 |
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| $ | 0.66 |
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Core earnings, diluted (1) |
| 0.68 |
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| 0.72 |
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| 0.80 |
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| 0.66 |
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| 0.66 |
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Total book value |
| 30.51 |
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| 30.00 |
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| 30.12 |
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| 28.81 |
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| 28.64 |
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Tangible book value (1) |
| 22.47 |
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| 21.93 |
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| 22.02 |
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| 20.68 |
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| 20.48 |
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Market price at period end |
| 29.50 |
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| 30.58 |
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| 30.84 |
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| 26.88 |
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| 26.48 |
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Dividends |
| 0.30 |
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| 0.30 |
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| 0.30 |
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| 0.30 |
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| 0.28 |
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PERFORMANCE RATIOS (2) |
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Return on assets |
| 1.02 | % |
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| 1.09 | % |
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| 1.20 | % |
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| 1.04 | % |
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| 1.03 | % |
Core return on assets (1) |
| 1.04 |
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| 1.09 |
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| 1.20 |
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|
| 1.02 |
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| 1.03 |
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Pre-tax, pre-provision return on assets (1) |
| 1.32 |
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|
| 1.44 |
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| 1.37 |
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| 1.36 |
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| 1.32 |
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Core pre-tax, pre-provision return on assets (1) |
| 1.35 |
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| 1.45 |
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| 1.37 |
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| 1.33 |
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| 1.32 |
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Return on equity |
| 8.88 |
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| 9.52 |
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| 10.68 |
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| 9.46 |
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| 9.32 |
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Core return on equity (1) |
| 9.09 |
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| 9.57 |
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| 10.68 |
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| 9.25 |
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| 9.32 |
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Return on tangible equity |
| 12.27 |
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| 13.23 |
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| 14.90 |
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| 13.44 |
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| 13.26 |
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Core return on tangible equity (1) |
| 12.57 |
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| 13.29 |
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| 14.90 |
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| 13.15 |
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| 13.27 |
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Net interest margin, fully taxable equivalent (1) (3) |
| 3.17 |
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| 3.17 |
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| 3.15 |
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| 3.09 |
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| 3.14 |
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Efficiency ratio (1) |
| 62.00 |
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| 59.84 |
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| 62.09 |
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| 62.78 |
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| 62.71 |
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FINANCIAL DATA (In millions) |
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Total assets | $ | 4,063 |
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| $ | 4,083 |
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| $ | 4,030 |
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| $ | 4,034 |
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| $ | 3,959 |
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Total earning assets (4) |
| 3,761 |
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| 3,782 |
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| 3,720 |
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| 3,726 |
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| 3,663 |
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Total investments |
| 514 |
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| 521 |
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| 536 |
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| 513 |
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| 528 |
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Total loans |
| 3,124 |
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| 3,147 |
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| 3,082 |
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| 3,064 |
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|
| 3,012 |
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Allowance for credit losses on loans and securities available for sale |
| 30 |
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| 29 |
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| 29 |
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| 29 |
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| 28 |
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Total goodwill and intangible assets |
| 123 |
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| 123 |
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| 124 |
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| 124 |
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| 124 |
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Total deposits |
| 3,297 |
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| 3,268 |
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| 3,261 |
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| 3,140 |
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| 3,127 |
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Total shareholders' equity |
| 466 |
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| 458 |
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| 460 |
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| 439 |
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| 436 |
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Net income |
| 10 |
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| 11 |
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| 12 |
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| 10 |
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| 10 |
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Core earnings (1) |
| 10 |
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| 11 |
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| 12 |
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|
| 10 |
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| 10 |
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ASSET QUALITY AND CONDITION RATIOS |
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Net charge-offs (recoveries)(5)/average loans |
| 0.01 | % |
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| 0.02 | % |
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| 0.01 | % |
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| 0.01 | % |
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| 0.01 | % |
Allowance for credit losses on loans/total loans |
| 0.92 |
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| 0.91 |
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|
| 0.94 |
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|
| 0.94 |
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| 0.94 |
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Loans/deposits |
| 95 |
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|
| 96 |
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|
| 95 |
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|
| 98 |
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|
| 96 |
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Shareholders' equity to total assets |
| 11.50 |
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| 11.23 |
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| 11.41 |
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| 10.88 |
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| 11.01 |
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Tangible shareholders' equity to tangible assets |
| 8.73 |
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| 8.46 |
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| 8.61 |
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| 8.06 |
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| 8.13 |
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(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.
BAR HARBOR BANKSHARES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
Mar 31, |
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| Dec 31, |
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| Sep 30, |
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| Jun 30, |
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| Mar 31, |
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(in thousands) | 2025 |
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| 2024 |
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| 2024 |
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| 2024 |
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| 2024 |
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Assets |
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|
|
|
|
|
|
| |||||
Cash and due from banks | $ | 33,802 |
|
| $ | 34,266 |
|
| $ | 39,877 |
|
| $ | 39,673 |
|
| $ | 30,770 |
|
Interest-earning deposits with other banks |
| 54,329 |
|
|
| 37,896 |
|
|
| 41,343 |
|
|
| 62,163 |
|
|
| 45,449 |
|
Total cash and cash equivalents |
| 88,131 |
|
|
| 72,162 |
|
|
| 81,220 |
|
|
| 101,836 |
|
|
| 76,219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Securities available for sale |
| 513,961 |
|
|
| 521,018 |
|
|
| 535,892 |
|
|
| 512,928 |
|
|
| 527,603 |
|
Less: Allowance for credit losses on securities available for sale |
| (1,204 | ) |
|
| (568 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
Net securities |
| 512,757 |
|
|
| 520,450 |
|
|
| 535,892 |
|
|
| 512,928 |
|
|
| 527,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Federal Home Loan Bank stock |
| 10,695 |
|
|
| 12,237 |
|
|
| 7,600 |
|
|
| 14,755 |
|
|
| 9,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Loans held for sale |
| 1,515 |
|
|
| 1,235 |
|
|
| 1,272 |
|
|
| 3,897 |
|
|
| 3,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total loans |
| 3,124,240 |
|
|
| 3,147,096 |
|
|
| 3,081,735 |
|
|
| 3,064,181 |
|
|
| 3,011,672 |
|
Less: Allowance for credit losses on loans |
| (28,614 | ) |
|
| (28,744 | ) |
|
| (29,023 | ) |
|
| (28,855 | ) |
|
| (28,355 | ) |
Net loans |
| 3,095,626 |
|
|
| 3,118,352 |
|
|
| 3,052,712 |
|
|
| 3,035,326 |
|
|
| 2,983,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Premises and equipment, net |
| 51,659 |
|
|
| 51,237 |
|
|
| 51,644 |
|
|
| 51,628 |
|
|
| 47,849 |
|
Other real estate owned |
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Goodwill |
| 119,477 |
|
|
| 119,477 |
|
|
| 119,477 |
|
|
| 119,477 |
|
|
| 119,477 |
|
Other intangible assets |
| 3,705 |
|
|
| 3,938 |
|
|
| 4,171 |
|
|
| 4,404 |
|
|
| 4,637 |
|
Cash surrender value of bank-owned life insurance |
| 82,471 |
|
|
| 81,858 |
|
|
| 81,824 |
|
|
| 81,221 |
|
|
| 80,642 |
|
Deferred tax asset, net |
| 23,298 |
|
|
| 23,330 |
|
|
| 20,923 |
|
|
| 24,750 |
|
|
| 23,849 |
|
Other assets |
| 73,892 |
|
|
| 79,051 |
|
|
| 73,192 |
|
|
| 83,978 |
|
|
| 82,285 |
|
Total assets | $ | 4,063,226 |
|
| $ | 4,083,327 |
|
| $ | 4,029,927 |
|
| $ | 4,034,200 |
|
| $ | 3,958,975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand | $ | 547,401 |
|
| $ | 575,649 |
|
| $ | 604,963 |
|
| $ | 553,067 |
|
| $ | 544,495 |
|
Interest-bearing demand |
| 930,031 |
|
|
| 910,191 |
|
|
| 913,910 |
|
|
| 882,068 |
|
|
| 888,591 |
|
Savings |
| 551,280 |
|
|
| 545,816 |
|
|
| 544,235 |
|
|
| 544,980 |
|
|
| 551,493 |
|
Money market |
| 405,326 |
|
|
| 405,758 |
|
|
| 380,624 |
|
|
| 359,208 |
|
|
| 365,289 |
|
Time |
| 862,773 |
|
|
| 830,274 |
|
|
| 817,354 |
|
|
| 801,143 |
|
|
| 777,208 |
|
Total deposits |
| 3,296,811 |
|
|
| 3,267,688 |
|
|
| 3,261,086 |
|
|
| 3,140,466 |
|
|
| 3,127,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Senior borrowings |
| 199,982 |
|
|
| 249,981 |
|
|
| 186,207 |
|
|
| 329,349 |
|
|
| 269,437 |
|
Subordinated borrowings |
| 40,620 |
|
|
| 40,620 |
|
|
| 60,580 |
|
|
| 60,541 |
|
|
| 60,501 |
|
Total borrowings |
| 240,602 |
|
|
| 290,601 |
|
|
| 246,787 |
|
|
| 389,890 |
|
|
| 329,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Other liabilities |
| 58,502 |
|
|
| 66,610 |
|
|
| 62,138 |
|
|
| 64,937 |
|
|
| 66,247 |
|
Total liabilities |
| 3,595,915 |
|
|
| 3,624,899 |
|
|
| 3,570,011 |
|
|
| 3,595,293 |
|
|
| 3,523,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total shareholders' equity |
| 467,311 |
|
|
| 458,428 |
|
|
| 459,916 |
|
|
| 438,907 |
|
|
| 435,714 |
|
Total liabilities and shareholders' equity | $ | 4,063,226 |
|
| $ | 4,083,327 |
|
| $ | 4,029,927 |
|
| $ | 4,034,200 |
|
| $ | 3,958,975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net shares outstanding |
| 15,317 |
|
|
| 15,280 |
|
|
| 15,268 |
|
|
| 15,232 |
|
|
| 15,212 |
|
BAR HARBOR BANKSHARES
CONSOLIDATED LOAN & DEPOSIT ANALYSIS - UNAUDITED
LOAN ANALYSIS
Mar 31, |
|
| Dec 31, |
|
| Sep 30, |
|
| Jun 30, |
|
| Mar 31, |
|
| Annualized |
| |||||||
(in thousands) | 2025 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| Growth % |
| ||||||
Commercial real estate | $ | 1,762,132 |
|
| $ | 1,741,223 |
|
| $ | 1,677,310 |
|
| $ | 1,634,658 |
|
| $ | 1,574,802 |
|
|
| 5 | % |
Commercial and industrial |
| 370,683 |
|
|
| 388,599 |
|
|
| 382,554 |
|
|
| 421,297 |
|
|
| 412,567 |
|
|
| (18 | ) |
Total commercial loans |
| 2,132,815 |
|
|
| 2,129,822 |
|
|
| 2,059,864 |
|
|
| 2,055,955 |
|
|
| 1,987,369 |
|
|
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Residential real estate |
| 807,514 |
|
|
| 826,492 |
|
|
| 836,566 |
|
|
| 854,718 |
|
|
| 873,213 |
|
|
| (9 | ) |
Consumer |
| 105,404 |
|
|
| 103,803 |
|
|
| 103,415 |
|
|
| 99,776 |
|
|
| 95,838 |
|
|
| 6 |
|
Tax exempt and other |
| 78,507 |
|
|
| 86,979 |
|
|
| 81,890 |
|
|
| 53,732 |
|
|
| 55,252 |
|
|
| (39 | ) |
Total loans | $ | 3,124,240 |
|
| $ | 3,147,096 |
|
| $ | 3,081,735 |
|
| $ | 3,064,181 |
|
| $ | 3,011,672 |
|
|
| (3 | )% |
DEPOSIT ANALYSIS
Mar 31, |
|
| Dec 31, |
|
| Sep 30, |
|
| Jun 30, |
|
| Mar 31, |
|
| Annualized |
| |||||||
(in thousands) | 2025 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| Growth % |
| ||||||
Non-interest bearing demand | $ | 547,401 |
|
| $ | 575,649 |
|
| $ | 604,963 |
|
| $ | 553,067 |
|
| $ | 544,495 |
|
|
| (20 | )% |
Interest-bearing demand |
| 930,031 |
|
|
| 910,191 |
|
|
| 913,910 |
|
|
| 882,068 |
|
|
| 888,591 |
|
|
| 9 |
|
Savings |
| 551,280 |
|
|
| 545,816 |
|
|
| 544,235 |
|
|
| 544,980 |
|
|
| 551,493 |
|
|
| 4 |
|
Money market |
| 405,326 |
|
|
| 405,758 |
|
|
| 380,624 |
|
|
| 359,208 |
|
|
| 365,289 |
|
|
| - |
|
Total non-maturity deposits |
| 2,434,038 |
|
|
| 2,437,414 |
|
|
| 2,443,732 |
|
|
| 2,339,323 |
|
|
| 2,349,868 |
|
|
| (1 | ) |
Time |
| 862,773 |
|
|
| 830,274 |
|
|
| 817,354 |
|
|
| 801,143 |
|
|
| 777,208 |
|
|
| 16 |
|
Total deposits | $ | 3,296,811 |
|
| $ | 3,267,688 |
|
| $ | 3,261,086 |
|
| $ | 3,140,466 |
|
| $ | 3,127,076 |
|
|
| 4 | % |
BAR HARBOR BANKSHARES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
|
| Three Months Ended |
| |||||
|
| March 31, |
| |||||
(in thousands, except per share data) |
| 2025 |
|
| 2024 |
| ||
Interest and dividend income |
|
|
|
|
|
| ||
Loans |
| $ | 41,804 |
|
| $ | 39,470 |
|
Securities available for sale |
|
| 5,597 |
|
|
| 6,065 |
|
Federal Home Loan Bank stock |
|
| 137 |
|
|
| 288 |
|
Total interest and dividend income |
|
| 47,538 |
|
|
| 45,823 |
|
Interest expense |
|
|
|
|
|
|
|
|
Deposits |
|
| 15,512 |
|
|
| 14,532 |
|
Borrowings |
|
| 3,019 |
|
|
| 3,236 |
|
Total interest expense |
|
| 18,531 |
|
|
| 17,768 |
|
Net interest income |
|
| 29,007 |
|
|
| 28,055 |
|
Provision for credit losses on securities available for sale |
|
| 636 |
|
|
| - |
|
(Benefit) provision for credit losses on loans |
|
| (57 | ) |
|
| 289 |
|
Net interest income after provision for credit losses |
|
| 28,428 |
|
|
| 27,766 |
|
Non-interest income |
|
|
|
|
|
|
|
|
Trust and investment management fee income |
|
| 3,916 |
|
|
| 3,670 |
|
Customer service fees |
|
| 3,525 |
|
|
| 3,710 |
|
Gain on sales of securities, net |
|
| - |
|
|
| - |
|
Mortgage banking income |
|
| 456 |
|
|
| 257 |
|
Bank-owned life insurance income |
|
| 614 |
|
|
| 561 |
|
Customer derivative income |
|
| 212 |
|
|
| - |
|
Other income |
|
| 195 |
|
|
| 188 |
|
Total non-interest income |
|
| 8,918 |
|
|
| 8,386 |
|
Non-interest expense |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
| 13,733 |
|
|
| 13,248 |
|
Occupancy and equipment |
|
| 3,325 |
|
|
| 3,432 |
|
Depreciation |
|
| 1,049 |
|
|
| 1,041 |
|
Loss (gain) on sales of premises and equipment, net |
|
| 90 |
|
|
| (15 | ) |
Outside services |
|
| 482 |
|
|
| 338 |
|
Professional services |
|
| 592 |
|
|
| 400 |
|
Communication |
|
| 166 |
|
|
| 189 |
|
Marketing |
|
| 518 |
|
|
| 567 |
|
Amortization of intangible assets |
|
| 233 |
|
|
| 233 |
|
FDIC assessment |
|
| 456 |
|
|
| 452 |
|
Acquisition, conversion and other expenses |
|
| 239 |
|
|
| 20 |
|
Provision for unfunded commitments |
|
| (74 | ) |
|
| (185 | ) |
Other expenses |
|
| 3,842 |
|
|
| 3,768 |
|
Total non-interest expense |
|
| 24,651 |
|
|
| 23,488 |
|
Income before income taxes |
|
| 12,695 |
|
|
| 12,664 |
|
Income tax expense |
|
| 2,484 |
|
|
| 2,569 |
|
Net income |
| $ | 10,211 |
|
| $ | 10,095 |
|
|
|
|
|
|
|
|
| |
Earnings per share: |
|
|
|
|
|
|
|
|
Basic |
| $ | 0.67 |
|
| $ | 0.66 |
|
Diluted |
|
| 0.66 |
|
|
| 0.66 |
|
|
|
|
|
|
|
|
| |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
| 15,304 |
|
|
| 15,198 |
|
Diluted |
|
| 15,393 |
|
|
| 15,270 |
|
BAR HARBOR BANKSHARES
CONSOLIDATED STATEMENTS OF INCOME (5 Quarter Trend) - UNAUDITED
| Mar 31, |
|
| Dec 31, |
|
| Sep 30, |
|
| Jun 30, |
|
| Mar 31, |
| ||||||
(in thousands, except per share data) |
| 2025 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
| |||||
Interest and dividend income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Loans |
| $ | 41,804 |
|
| $ | 41,700 |
|
| $ | 42,042 |
|
| $ | 40,634 |
|
| $ | 39,470 |
|
Securities and other |
|
| 5,597 |
|
|
| 5,570 |
|
|
| 6,280 |
|
|
| 6,005 |
|
|
| 6,065 |
|
Federal Home Loan Bank stock |
|
| 137 |
|
|
| 213 |
|
|
| 258 |
|
|
| 199 |
|
|
| 288 |
|
Total interest and dividend income |
|
| 47,538 |
|
|
| 47,483 |
|
|
| 48,580 |
|
|
| 46,838 |
|
|
| 45,823 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
| 15,512 |
|
|
| 16,210 |
|
|
| 16,174 |
|
|
| 14,780 |
|
|
| 14,532 |
|
Borrowings |
|
| 3,019 |
|
|
| 2,206 |
|
|
| 3,448 |
|
|
| 4,299 |
|
|
| 3,236 |
|
Total interest expense |
|
| 18,531 |
|
|
| 18,416 |
|
|
| 19,622 |
|
|
| 19,079 |
|
|
| 17,768 |
|
Net interest income |
|
| 29,007 |
|
|
| 29,067 |
|
|
| 28,958 |
|
|
| 27,759 |
|
|
| 28,055 |
|
Provision for credit losses on securities available for sale |
|
| 636 |
|
|
| 1,171 |
|
|
| - |
|
|
| - |
|
|
| - |
|
Provision for credit losses on loans |
|
| (57 | ) |
|
| (147 | ) |
|
| 228 |
|
|
| 585 |
|
|
| 289 |
|
Net interest income after provision for credit losses |
|
| 28,428 |
|
|
| 28,043 |
|
|
| 28,730 |
|
|
| 27,174 |
|
|
| 27,766 |
|
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust and investment management fee income |
|
| 3,916 |
|
|
| 3,709 |
|
|
| 4,129 |
|
|
| 4,193 |
|
|
| 3,670 |
|
Customer service fees |
|
| 3,525 |
|
|
| 3,604 |
|
|
| 3,788 |
|
|
| 3,737 |
|
|
| 3,710 |
|
Gain on sales of securities, net |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 50 |
|
|
| - |
|
Mortgage banking income |
|
| 456 |
|
|
| 597 |
|
|
| 681 |
|
|
| 558 |
|
|
| 257 |
|
Bank-owned life insurance income |
|
| 614 |
|
|
| 590 |
|
|
| 570 |
|
|
| 583 |
|
|
| 561 |
|
Customer derivative income |
|
| 212 |
|
|
| 495 |
|
|
| 265 |
|
|
| 168 |
|
|
| - |
|
Other income |
|
| 195 |
|
|
| 397 |
|
|
| 220 |
|
|
| 168 |
|
|
| 188 |
|
Total non-interest income |
|
| 8,918 |
|
|
| 9,392 |
|
|
| 9,653 |
|
|
| 9,457 |
|
|
| 8,386 |
|
Non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
| 13,733 |
|
|
| 13,358 |
|
|
| 14,383 |
|
|
| 13,860 |
|
|
| 13,248 |
|
Occupancy and equipment |
|
| 3,325 |
|
|
| 3,634 |
|
|
| 3,405 |
|
|
| 3,317 |
|
|
| 3,432 |
|
Depreciation |
|
| 1,049 |
|
|
| 1,042 |
|
|
| 1,048 |
|
|
| 1,065 |
|
|
| 1,041 |
|
Loss (gain) on sales of premises and equipment, net |
|
| 90 |
|
|
| 71 |
|
|
| - |
|
|
| (248 | ) |
|
| (15 | ) |
Outside services |
|
| 482 |
|
|
| 372 |
|
|
| 386 |
|
|
| 462 |
|
|
| 338 |
|
Professional services |
|
| 592 |
|
|
| 343 |
|
|
| 441 |
|
|
| 238 |
|
|
| 400 |
|
Communication |
|
| 166 |
|
|
| 189 |
|
|
| 189 |
|
|
| 192 |
|
|
| 189 |
|
Marketing |
|
| 518 |
|
|
| 492 |
|
|
| 434 |
|
|
| 521 |
|
|
| 567 |
|
Amortization of intangible assets |
|
| 233 |
|
|
| 233 |
|
|
| 233 |
|
|
| 233 |
|
|
| 233 |
|
FDIC assessment |
|
| 456 |
|
|
| 457 |
|
|
| 451 |
|
|
| 448 |
|
|
| 452 |
|
Acquisition, conversion and other expenses |
|
| 239 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 20 |
|
Provision for unfunded commitments |
|
| (74 | ) |
|
| (625 | ) |
|
| 35 |
|
|
| - |
|
|
| (185 | ) |
Other expenses |
|
| 3,842 |
|
|
| 4,319 |
|
|
| 3,767 |
|
|
| 3,754 |
|
|
| 3,768 |
|
Total non-interest expense |
|
| 24,651 |
|
|
| 23,885 |
|
|
| 24,772 |
|
|
| 23,842 |
|
|
| 23,488 |
|
Income before income taxes |
|
| 12,695 |
|
|
| 13,550 |
|
|
| 13,611 |
|
|
| 12,789 |
|
|
| 12,664 |
|
Income tax expense |
|
| 2,484 |
|
|
| 2,551 |
|
|
| 1,418 |
|
|
| 2,532 |
|
|
| 2,569 |
|
Net income |
| $ | 10,211 |
|
| $ | 10,999 |
|
| $ | 12,193 |
|
| $ | 10,257 |
|
| $ | 10,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| $ | 0.67 |
|
| $ | 0.72 |
|
| $ | 0.80 |
|
| $ | 0.67 |
|
| $ | 0.66 |
|
Diluted |
|
| 0.66 |
|
|
| 0.72 |
|
|
| 0.80 |
|
|
| 0.67 |
|
|
| 0.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
| 15,304 |
|
|
| 15,261 |
|
|
| 15,261 |
|
|
| 15,227 |
|
|
| 15,198 |
|
Diluted |
|
| 15,393 |
|
|
| 15,346 |
|
|
| 15,326 |
|
|
| 15,275 |
|
|
| 15,270 |
|
BAR HARBOR BANKSHARES
AVERAGE YIELDS AND COSTS (Fully Taxable Equivalent (Non-GAAP) - Annualized) - UNAUDITED
|
| Quarters Ended |
| |||||||||||||||||
|
| Mar 31, |
|
| Dec 31, |
|
| Sep 30, |
|
| Jun 30, |
|
| Mar 31, |
| |||||
|
| 2025 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
| |||||
Earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest-earning deposits with other banks |
|
| 4.55 | % |
|
| 4.92 | % |
|
| 5.54 | % |
|
| 5.65 | % |
|
| 5.88 | % |
Securities available for sale |
|
| 3.80 |
|
|
| 3.69 |
|
|
| 3.86 |
|
|
| 3.95 |
|
|
| 3.89 |
|
Federal Home Loan Bank stock |
|
| 4.78 |
|
|
| 12.07 |
|
|
| 10.10 |
|
|
| 6.49 |
|
|
| 12.15 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
| 5.58 |
|
|
| 5.61 |
|
|
| 5.67 |
|
|
| 5.61 |
|
|
| 5.47 |
|
Commercial and industrial |
|
| 6.57 |
|
|
| 6.62 |
|
|
| 6.98 |
|
|
| 6.76 |
|
|
| 6.68 |
|
Residential real estate |
|
| 4.22 |
|
|
| 4.13 |
|
|
| 4.11 |
|
|
| 4.13 |
|
|
| 4.09 |
|
Consumer |
|
| 7.03 |
|
|
| 6.89 |
|
|
| 7.23 |
|
|
| 7.26 |
|
|
| 7.22 |
|
Total loans |
|
| 5.42 |
|
|
| 5.40 |
|
|
| 5.49 |
|
|
| 5.41 |
|
|
| 5.31 |
|
Total earning assets |
|
| 5.16 | % |
|
| 5.14 | % |
|
| 5.24 | % |
|
| 5.18 | % |
|
| 5.10 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Funding liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
| 1.41 | % |
|
| 1.42 | % |
|
| 1.48 | % |
|
| 1.39 | % |
|
| 1.34 | % |
Savings |
|
| 0.71 |
|
|
| 0.72 |
|
|
| 0.70 |
|
|
| 0.65 |
|
|
| 0.63 |
|
Money market |
|
| 2.77 |
|
|
| 2.94 |
|
|
| 3.13 |
|
|
| 2.93 |
|
|
| 3.07 |
|
Time |
|
| 4.11 |
|
|
| 4.30 |
|
|
| 4.39 |
|
|
| 4.33 |
|
|
| 4.18 |
|
Total interest-bearing deposits |
|
| 2.31 |
|
|
| 2.41 |
|
|
| 2.45 |
|
|
| 2.35 |
|
|
| 2.26 |
|
Borrowings |
|
| 4.61 |
|
|
| 4.20 |
|
|
| 4.38 |
|
|
| 4.57 |
|
|
| 4.35 |
|
Total interest-bearing liabilities |
|
| 2.52 | % |
|
| 2.54 | % |
|
| 2.66 | % |
|
| 2.64 | % |
|
| 2.48 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net interest spread |
|
| 2.64 |
|
|
| 2.60 |
|
|
| 2.58 |
|
|
| 2.54 |
|
|
| 2.62 |
|
Net interest margin, fully taxable equivalent(1) |
|
| 3.17 |
|
|
| 3.17 |
|
|
| 3.15 |
|
|
| 3.09 |
|
|
| 3.14 |
|
(1) Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures in tables I-J for additional information.
BAR HARBOR BANKSHARES
AVERAGE BALANCES - UNAUDITED
| Quarters Ended |
| ||||||||||||||||||
| Mar 31, |
|
| Dec 31, |
|
| Sep 30, |
|
| Jun 30, |
|
| Mar 31, |
| ||||||
(in thousands) |
| 2025 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
| |||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest-earning deposits with other banks (1) |
| $ | 27,999 |
|
| $ | 24,000 |
|
| $ | 54,897 |
|
| $ | 27,407 |
|
| $ | 36,608 |
|
Securities available for sale (2) |
|
| 587,878 |
|
|
| 591,455 |
|
|
| 591,331 |
|
|
| 594,455 |
|
|
| 595,124 |
|
Federal Home Loan Bank stock |
|
| 11,623 |
|
|
| 7,023 |
|
|
| 10,158 |
|
|
| 12,324 |
|
|
| 9,534 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
| 1,759,321 |
|
|
| 1,699,869 |
|
|
| 1,645,933 |
|
|
| 1,600,253 |
|
|
| 1,558,506 |
|
Commercial and industrial |
|
| 469,331 |
|
|
| 458,157 |
|
|
| 473,049 |
|
|
| 468,052 |
|
|
| 464,762 |
|
Residential real estate |
|
| 820,837 |
|
|
| 836,375 |
|
|
| 851,426 |
|
|
| 865,412 |
|
|
| 884,767 |
|
Consumer |
|
| 104,413 |
|
|
| 103,681 |
|
|
| 101,230 |
|
|
| 97,371 |
|
|
| 96,163 |
|
Total loans (3) |
|
| 3,153,902 |
|
|
| 3,098,082 |
|
|
| 3,071,638 |
|
|
| 3,031,088 |
|
|
| 3,004,198 |
|
Total earning assets |
|
| 3,781,402 |
|
|
| 3,720,560 |
|
|
| 3,728,024 |
|
|
| 3,665,274 |
|
|
| 3,645,464 |
|
Cash and due from banks |
|
| 29,972 |
|
|
| 32,771 |
|
|
| 34,036 |
|
|
| 30,809 |
|
|
| 29,900 |
|
Allowance for credit losses |
|
| (29,143 | ) |
|
| (29,021 | ) |
|
| (28,893 | ) |
|
| (28,567 | ) |
|
| (28,122 | ) |
Goodwill and other intangible assets |
|
| 123,295 |
|
|
| 123,527 |
|
|
| 123,761 |
|
|
| 123,994 |
|
|
| 124,225 |
|
Other assets |
|
| 171,477 |
|
|
| 171,351 |
|
|
| 170,113 |
|
|
| 168,239 |
|
|
| 166,538 |
|
Total assets |
| $ | 4,077,003 |
|
| $ | 4,019,188 |
|
| $ | 4,027,041 |
|
| $ | 3,959,749 |
|
| $ | 3,938,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
| $ | 916,129 |
|
| $ | 898,597 |
|
| $ | 888,325 |
|
| $ | 858,657 |
|
| $ | 899,349 |
|
Savings |
|
| 547,672 |
|
|
| 543,430 |
|
|
| 547,482 |
|
|
| 542,950 |
|
|
| 552,231 |
|
Money market |
|
| 401,268 |
|
|
| 394,536 |
|
|
| 378,855 |
|
|
| 355,731 |
|
|
| 390,720 |
|
Time |
|
| 853,105 |
|
|
| 842,379 |
|
|
| 807,180 |
|
|
| 775,932 |
|
|
| 738,683 |
|
Total interest-bearing deposits |
|
| 2,718,174 |
|
|
| 2,678,942 |
|
|
| 2,621,842 |
|
|
| 2,533,270 |
|
|
| 2,580,983 |
|
Borrowings |
|
| 265,780 |
|
|
| 208,990 |
|
|
| 312,891 |
|
|
| 378,121 |
|
|
| 298,918 |
|
Total interest-bearing liabilities |
|
| 2,983,954 |
|
|
| 2,887,932 |
|
|
| 2,934,733 |
|
|
| 2,911,391 |
|
|
| 2,879,901 |
|
Non-interest bearing demand deposits |
|
| 560,310 |
|
|
| 604,017 |
|
|
| 577,428 |
|
|
| 546,448 |
|
|
| 554,816 |
|
Other liabilities |
|
| 66,589 |
|
|
| 67,533 |
|
|
| 60,731 |
|
|
| 65,712 |
|
|
| 67,327 |
|
Total liabilities |
|
| 3,610,853 |
|
|
| 3,559,482 |
|
|
| 3,572,892 |
|
|
| 3,523,551 |
|
|
| 3,502,044 |
|
Total shareholders' equity |
|
| 466,150 |
|
|
| 459,706 |
|
|
| 454,149 |
|
|
| 436,198 |
|
|
| 435,961 |
|
Total liabilities and shareholders' equity |
| $ | 4,077,003 |
|
| $ | 4,019,188 |
|
| $ | 4,027,041 |
|
| $ | 3,959,749 |
|
| $ | 3,938,005 |
|
(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.
BAR HARBOR BANKSHARES
ASSET QUALITY ANALYSIS - UNAUDITED
|
| At or for the Quarters Ended |
| |||||||||||||||||
| Mar 31, |
|
| Dec 31, |
|
| Sep 30, |
|
| Jun 30, |
|
| Mar 31, |
| ||||||
(in thousands) |
| 2025 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
| |||||
NON-PERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-accruing loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Commercial real estate |
| $ | 1,091 |
|
| $ | 1,321 |
|
| $ | 1,451 |
|
| $ | 551 |
|
| $ | 578 |
|
Commercial and industrial |
|
| 1,354 |
|
|
| 1,098 |
|
|
| 1,218 |
|
|
| 1,301 |
|
|
| 1,152 |
|
Residential real estate |
|
| 4,557 |
|
|
| 3,290 |
|
|
| 3,453 |
|
|
| 3,511 |
|
|
| 4,169 |
|
Consumer |
|
| 1,084 |
|
|
| 1,285 |
|
|
| 978 |
|
|
| 914 |
|
|
| 971 |
|
Total non-accruing loans |
|
| 8,086 |
|
|
| 6,994 |
|
|
| 7,100 |
|
|
| 6,277 |
|
|
| 6,870 |
|
Non-performing securities available for sale(1) |
|
| 4,960 |
|
|
| 5,760 |
|
|
| - |
|
|
| - |
|
|
| - |
|
Other real estate owned |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Total non-performing assets |
| $ | 13,046 |
|
| $ | 12,754 |
|
| $ | 7,100 |
|
| $ | 6,277 |
|
| $ | 6,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total non-accruing loans/total loans |
|
| 0.26 | % |
|
| 0.22 | % |
|
| 0.23 | % |
|
| 0.20 | % |
|
| 0.23 | % |
Total non-performing assets/total assets |
|
| 0.32 |
|
|
| 0.31 |
|
|
| 0.18 |
|
|
| 0.16 |
|
|
| 0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
PROVISION AND ALLOWANCE FOR CREDIT LOSSES ON LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
| $ | 28,744 |
|
| $ | 29,023 |
|
| $ | 28,855 |
|
| $ | 28,355 |
|
| $ | 28,142 |
|
Charged-off loans |
|
| (84 | ) |
|
| (150 | ) |
|
| (98 | ) |
|
| (106 | ) |
|
| (113 | ) |
Recoveries on charged-off loans |
|
| 11 |
|
|
| 18 |
|
|
| 38 |
|
|
| 21 |
|
|
| 37 |
|
Net loans (charged-off) recovered |
|
| (73 | ) |
|
| (132 | ) |
|
| (60 | ) |
|
| (85 | ) |
|
| (76 | ) |
Provision for credit losses on loans |
|
| (57 | ) |
|
| (147 | ) |
|
| 228 |
|
|
| 585 |
|
|
| 289 |
|
Balance at end of period |
| $ | 28,614 |
|
| $ | 28,744 |
|
| $ | 29,023 |
|
| $ | 28,855 |
|
| $ | 28,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Allowance for credit losses/total loans |
|
| 0.92 | % |
|
| 0.91 | % |
|
| 0.94 | % |
|
| 0.94 | % |
|
| 0.94 | % |
Allowance for credit losses/non-accruing loans |
|
| 354 |
|
|
| 411 |
|
|
| 409 |
|
|
| 460 |
|
|
| 413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NET LOAN (CHARGE-OFFS) RECOVERIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
| $ | - |
|
| $ | - |
|
| $ | - |
|
| $ | - |
|
| $ | (3 | ) |
Commercial and industrial |
|
| (37 | ) |
|
| (84 | ) |
|
| (8 | ) |
|
| (2 | ) |
|
| (64 | ) |
Residential real estate |
|
| 4 |
|
|
| 3 |
|
|
| 5 |
|
|
| 3 |
|
|
| 5 |
|
Consumer |
|
| (40 | ) |
|
| (51 | ) |
|
| (57 | ) |
|
| (86 | ) |
|
| (14 | ) |
Total, net |
| $ | (73 | ) |
| $ | (132 | ) |
| $ | (60 | ) |
| $ | (85 | ) |
| $ | (76 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net charge-offs (recoveries) (QTD annualized)/average loans |
|
| 0.01 | % |
|
| 0.02 | % |
|
| 0.01 | % |
|
| 0.01 | % |
|
| 0.01 | % |
Net charge-offs (recoveries) (YTD annualized)/average loans |
|
| - |
|
|
| 0.01 |
|
|
| 0.01 |
|
|
| 0.01 |
|
|
| 0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
PROVISION AND ALLOWANCE FOR CREDIT LOSSES ON SECURITIES AVAILABLE FOR SALE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
| $ | 568 |
|
| $ | - |
|
| $ | - |
|
| $ | - |
|
| $ | - |
|
Charged-off interest receivable on securities available for sale |
|
| - |
|
|
| (603 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
Provision for credit losses on securities available for sale |
|
| 636 |
|
|
| 1,171 |
|
|
| - |
|
|
| - |
|
|
| - |
|
Balance at end of period |
| $ | 1,204 |
|
| $ | 568 |
|
| $ | - |
|
| $ | - |
|
| $ | - |
|
(1) Non-performing securities available for sale consists of book value of
BAR HARBOR BANKSHARES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA - UNAUDITED
|
|
| At or for the Quarters Ended |
| |||||||||||||||||
|
|
| Mar 31, |
|
| Dec 31, |
|
| Sep 30, |
|
| Jun 30, |
|
| Mar 31, |
| |||||
(in thousands) |
|
| 2025 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
| |||||
Net income |
|
| $ | 10,211 |
|
| $ | 10,999 |
|
| $ | 12,193 |
|
| $ | 10,257 |
|
| $ | 10,095 |
|
Non-core items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of securities, net |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (50 | ) |
|
| - |
|
Loss (gain) on sale of premises and equipment, net |
|
|
| 90 |
|
|
| 71 |
|
|
| - |
|
|
| (248 | ) |
|
| (15 | ) |
Acquisition, conversion and other expenses |
|
|
| 239 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 20 |
|
Income tax expense (1) |
|
|
| (80 | ) |
|
| (17 | ) |
|
| - |
|
|
| 71 |
|
|
| (1 | ) |
Total non-core items |
|
|
| 249 |
|
|
| 54 |
|
|
| - |
|
|
| (227 | ) |
|
| 4 |
|
Core earnings (2) | (A) |
| $ | 10,460 |
|
| $ | 11,053 |
|
| $ | 12,193 |
|
| $ | 10,030 |
|
| $ | 10,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net interest income | (B) |
| $ | 29,007 |
|
| $ | 29,067 |
|
| $ | 28,958 |
|
| $ | 27,759 |
|
| $ | 28,055 |
|
Non-interest income |
|
|
| 8,918 |
|
|
| 9,392 |
|
|
| 9,653 |
|
|
| 9,457 |
|
|
| 8,586 |
|
Total revenue | (C) |
|
| 37,925 |
|
|
| 38,459 |
|
|
| 38,611 |
|
|
| 37,216 |
|
|
| 36,641 |
|
Gain on sale of securities, net |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (50 | ) |
|
| - |
|
Total core revenue (2) |
|
| $ | 37,925 |
|
| $ | 38,459 |
|
| $ | 38,611 |
|
| $ | 37,166 |
|
| $ | 36,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total non-interest expense |
|
|
| 24,651 |
|
|
| 23,885 |
|
|
| 24,772 |
|
|
| 23,842 |
|
|
| 23,688 |
|
Non-core expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) gain on sale of premises and equipment, net |
|
|
| (90 | ) |
|
| (71 | ) |
|
| - |
|
|
| 248 |
|
|
| 15 |
|
Acquisition, conversion and other expenses |
|
|
| (239 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (20 | ) |
Total non-core expenses |
|
|
| (329 | ) |
|
| (71 | ) |
|
| - |
|
|
| 248 |
|
|
| (5 | ) |
Core non-interest expense (2) | (D) |
| $ | 24,322 |
|
| $ | 23,814 |
|
| $ | 24,772 |
|
| $ | 24,090 |
|
| $ | 23,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total revenue |
|
|
| 37,925 |
|
|
| 38,459 |
|
|
| 38,611 |
|
|
| 37,216 |
|
|
| 36,641 |
|
Total non-interest expense |
|
|
| 24,651 |
|
|
| 23,885 |
|
|
| 24,772 |
|
|
| 23,842 |
|
|
| 23,688 |
|
Pre-tax, pre-provision net revenue(2) | (S) |
| $ | 13,274 |
|
| $ | 14,574 |
|
| $ | 13,839 |
|
| $ | 13,374 |
|
| $ | 12,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Core revenue(2) |
|
|
| 37,925 |
|
|
| 38,459 |
|
|
| 38,611 |
|
|
| 37,166 |
|
|
| 36,641 |
|
Core non-interest expense(2) |
|
|
| 24,322 |
|
|
| 23,814 |
|
|
| 24,772 |
|
|
| 24,090 |
|
|
| 23,683 |
|
Core pre-tax, pre-provision net revenue(2) | (U) |
| $ | 13,603 |
|
| $ | 14,645 |
|
| $ | 13,839 |
|
| $ | 13,076 |
|
| $ | 12,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average earning assets | (E) |
| $ | 3,781 |
|
| $ | 3,721 |
|
| $ | 3,728 |
|
| $ | 3,665 |
|
| $ | 3,645 |
|
Average assets | (F) |
|
| 4,077 |
|
|
| 4,019 |
|
|
| 4,027 |
|
|
| 3,960 |
|
|
| 3,938 |
|
Average shareholders' equity | (G) |
|
| 466 |
|
|
| 460 |
|
|
| 454 |
|
|
| 436 |
|
|
| 436 |
|
Average tangible shareholders' equity (2) (3) | (H) |
|
| 343 |
|
|
| 336 |
|
|
| 330 |
|
|
| 312 |
|
|
| 312 |
|
Tangible shareholders' equity, period-end (2) (3) | (I) |
|
| 343 |
|
|
| 335 |
|
|
| 336 |
|
|
| 315 |
|
|
| 312 |
|
Tangible assets, period-end (2) (3) | (J) |
|
| 3,940 |
|
|
| 3,960 |
|
|
| 3,906 |
|
|
| 3,910 |
|
|
| 3,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
BAR HARBOR BANKSHARES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA - UNAUDITED
|
| At or for the Quarters Ended |
| ||||||||||||||||||
|
| Mar 31, |
|
| Dec 31, |
|
| Sep 30, |
|
| Jun 30, |
|
| Mar 31, |
| ||||||
(in thousands) |
|
| 2025 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
| |||||
Common shares outstanding, period-end | (K) |
|
| 15,317 |
|
|
| 15,280 |
|
|
| 15,268 |
|
|
| 15,232 |
|
|
| 15,212 |
|
Average diluted shares outstanding | (L) |
|
| 15,393 |
|
|
| 15,346 |
|
|
| 15,326 |
|
|
| 15,275 |
|
|
| 15,270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Core earnings per share, diluted (2) | (A/L) |
| $ | 0.68 |
|
| $ | 0.72 |
|
| $ | 0.80 |
|
| $ | 0.66 |
|
| $ | 0.66 |
|
Tangible book value per share, period-end (2) | (I/K) |
|
| 22.47 |
|
|
| 21.93 |
|
|
| 22.02 |
|
|
| 20.68 |
|
|
| 20.48 |
|
Tangible shareholders' equity/total tangible assets (2) | (I/J) |
|
| 8.73 |
|
|
| 8.46 |
|
|
| 8.61 |
|
|
| 8.06 |
|
|
| 8.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Performance ratios (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP return on assets |
|
|
| 1.02 | % |
|
| 1.09 | % |
|
| 1.20 | % |
|
| 1.04 | % |
|
| 1.03 | % |
Core return on assets (2) | (A/F) |
|
| 1.04 |
|
|
| 1.09 |
|
|
| 1.20 |
|
|
| 1.02 |
|
|
| 1.03 |
|
Pre-tax, pre-provision return on assets(2) | (S/F) |
|
| 1.32 |
|
|
| 1.44 |
|
|
| 1.37 |
|
|
| 1.36 |
|
|
| 1.32 |
|
Core pre-tax, pre-provision return on assets (2) | (U/F) |
|
| 1.35 |
|
|
| 1.45 |
|
|
| 1.37 |
|
|
| 1.33 |
|
|
| 1.32 |
|
GAAP return on equity |
|
|
| 8.88 |
|
|
| 9.52 |
|
|
| 10.68 |
|
|
| 9.46 |
|
|
| 9.32 |
|
Core return on equity (2) | (A/G) |
|
| 9.09 |
|
|
| 9.57 |
|
|
| 10.68 |
|
|
| 9.25 |
|
|
| 9.32 |
|
Return on tangible equity |
|
|
| 12.27 |
|
|
| 13.23 |
|
|
| 14.90 |
|
|
| 13.44 |
|
|
| 13.26 |
|
Core return on tangible equity (1) (2) | (A+Q)/H |
|
| 12.57 |
|
|
| 13.29 |
|
|
| 14.90 |
|
|
| 13.15 |
|
|
| 13.27 |
|
Efficiency ratio (2) (5) | (D-O-Q)/(C+N) |
|
| 62.00 |
|
|
| 59.84 |
|
|
| 62.09 |
|
|
| 62.78 |
|
|
| 62.91 |
|
Net interest margin, fully taxable equivalent (2) | (B+P)/E |
|
| 3.17 |
|
|
| 3.17 |
|
|
| 3.15 |
|
|
| 3.09 |
|
|
| 3.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Supplementary data (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent adjustment for efficiency ratio | (N) |
| $ | 717 |
|
| $ | 718 |
|
| $ | 686 |
|
| $ | 528 |
|
| $ | 523 |
|
Franchise taxes included in non-interest expense | (O) |
|
| 131 |
|
|
| 139 |
|
|
| 138 |
|
|
| 191 |
|
|
| 70 |
|
Tax equivalent adjustment for net interest margin | (P) |
|
| 568 |
|
|
| 578 |
|
|
| 550 |
|
|
| 389 |
|
|
| 388 |
|
Intangible amortization | (Q) |
|
| 233 |
|
|
| 233 |
|
|
| 233 |
|
|
| 233 |
|
|
| 233 |
|
___________________________________
(1) Assumes a marginal tax rate of
(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.
SOURCE: Bar Harbor Bank & Trust
View the original press release on ACCESS Newswire
FAQ
What is the dividend increase announced by Bar Harbor Bankshares (BHB) in Q1 2025?
How did Bar Harbor Bankshares (BHB) perform in Q1 2025 compared to Q1 2024?
What is the significance of BHB's acquisition of Woodsville Guaranty Bancorp?
What were BHB's key asset management metrics in Q1 2025?
