Bar Harbor Bankshares Reports Fourth Quarter 2024 Results; Declares Dividend
Bar Harbor Bankshares (NYSE American:BHB) reported Q4 2024 net income of $11.0 million ($0.72 per diluted share), up from $9.9 million ($0.65 per diluted share) in Q4 2023. Key highlights include a 1.09% return on assets, 14% annualized commercial loan growth, and a 3.17% net interest margin.
Total assets grew to $4.1 billion, with commercial loans increasing by $63.9 million (15% annualized). The company maintained strong asset quality with a non-accruing loans ratio of 0.22%. Wealth management showed robust performance with a 9% year-over-year fee income growth, managing $3.3 billion in assets and adding over 130 new clients in 2024.
The Board declared a cash dividend of $0.30 per share, payable on March 20, 2025, representing a 3.92% annualized yield based on the December 31, 2024 closing price of $30.58.
Bar Harbor Bankshares (NYSE American:BHB) ha riportato un reddito netto per il quarto trimestre del 2024 di 11,0 milioni di dollari (0,72 dollari per azione diluita), in aumento rispetto ai 9,9 milioni di dollari (0,65 dollari per azione diluita) del quarto trimestre del 2023. I punti salienti includono un 1,09% di ritorno sugli attivi, una crescita annualizzata dei prestiti commerciali del 14% e un margine di interesse netto del 3,17%.
Il totale degli attivi è cresciuto fino a 4,1 miliardi di dollari, con prestiti commerciali aumentati di 63,9 milioni di dollari (15% annualizzato). L’azienda ha mantenuto una qualità degli attivi solida con un rapporto di prestiti non accrual dell’0,22%. La gestione patrimoniale ha mostrato una performance robusta con una crescita del reddito da commissioni del 9% su base annua, gestendo 3,3 miliardi di dollari in attivi e aggiungendo oltre 130 nuovi clienti nel 2024.
Il Consiglio ha dichiarato un dividendo in contante di 0,30 dollari per azione, pagabile il 20 marzo 2025, rappresentando un rendimento annualizzato del 3,92% basato sul prezzo di chiusura del 31 dicembre 2024 di 30,58 dollari.
Bar Harbor Bankshares (NYSE American:BHB) reportó una utilidad neta del cuarto trimestre de 2024 de 11.0 millones de dólares (0.72 dólares por acción diluida), un aumento desde los 9.9 millones de dólares (0.65 dólares por acción diluida) en el cuarto trimestre de 2023. Los aspectos destacados incluyen un 1.09% de retorno sobre los activos, un crecimiento de préstamos comerciales anualizado del 14% y un margen de interés neto del 3.17%.
Los activos totales crecieron hasta 4.1 mil millones de dólares, con los préstamos comerciales aumentando en 63.9 millones de dólares (15% anualizado). La empresa mantuvo una fuerte calidad de activos con una proporción de préstamos no acumulados del 0.22%. La gestión de patrimonio mostró un rendimiento robusto con un crecimiento del 9% en ingresos por comisiones año tras año, manejando 3.3 mil millones de dólares en activos y agregando más de 130 nuevos clientes en 2024.
La Junta declaró un dividendo en efectivo de 0.30 dólares por acción, pagadero el 20 de marzo de 2025, representando un rendimiento anualizado del 3.92% basado en el precio de cierre del 31 de diciembre de 2024 de 30.58 dólares.
바 하버 뱅크쉐어스(NYSE American:BHB)는 2024년 4분기 순이익으로 1,100만 달러 (희석주당 0.72달러)를 보고했으며, 이는 2023년 4분기 990만 달러 (희석주당 0.65달러)에서 증가한 수치입니다. 주요 하이라이트로는 1.09%의 자산 수익률, 연 14%의 상업 대출 성장 및 3.17%의 순이자 마진이 포함됩니다.
총 자산은 41억 달러로 성장하였고, 상업 대출은 6390만 달러(연 15%) 증가하였습니다. 회사는 0.22%의 부실 대출 비율로 강력한 자산 품질을 유지하였습니다. 자산 관리 부문은 연간 9%의 수수료 수익 성장을 보이며 33억 달러의 자산을 관리하고 2024년에 130명 이상의 신규 고객을 추가하였습니다.
이사회는 주당 0.30달러의 현금 배당금을 선언하였으며, 이는 2025년 3월 20일에 지급될 예정입니다. 이는 2024년 12월 31일 종가 30.58달러를 기준으로 할 때 연 3.92%의 수익률을 나타냅니다.
Bar Harbor Bankshares (NYSE American:BHB) a annoncé un revenu net pour le quatrième trimestre de 2024 de 11,0 millions de dollars (0,72 dollar par action diluée), en hausse par rapport à 9,9 millions de dollars (0,65 dollar par action diluée) au quatrième trimestre 2023. Les points clés incluent un rendement de 1,09% sur les actifs, une croissance des prêts commerciaux annualisée de 14% et une marge d'intérêt nette de 3,17%.
Les actifs totaux ont augmenté jusqu'à 4,1 milliards de dollars, avec des prêts commerciaux en hausse de 63,9 millions de dollars (15% annualisé). L'entreprise a maintenu une solide qualité d'actifs avec un ratio de prêts non acquittés de 0,22%. La gestion de patrimoine a montré une performance robuste avec une croissance des revenus de frais de 9% d'une année sur l'autre, gérant 3,3 milliards de dollars d'actifs et ajoutant plus de 130 nouveaux clients en 2024.
Le conseil a déclaré un dividende en espèces de 0,30 dollar par action, payable le 20 mars 2025, représentant un rendement annualisé de 3,92% basé sur le prix de clôture du 31 décembre 2024 de 30,58 dollars.
Bar Harbor Bankshares (NYSE American:BHB) meldete für das vierte Quartal 2024 einen Nettogewinn von 11,0 Millionen US-Dollar (0,72 US-Dollar pro verwässerter Aktie), ein Anstieg von 9,9 Millionen US-Dollar (0,65 US-Dollar pro verwässerter Aktie) im vierten Quartal 2023. Zu den wichtigsten Höhepunkten gehören eine 1,09% Rendite auf Vermögenswerte, 14% annualisierte Wachstumsrate bei Geschäftskrediten und eine Nettomarge von 3,17%.
Die Gesamtvermögen wuchsen auf 4,1 Milliarden US-Dollar, wobei die Geschäftskredite um 63,9 Millionen US-Dollar (15% annualisiert) zunahmen. Das Unternehmen hielt eine starke Vermögensqualität mit einem Verhältnis von nicht akkurierenden Krediten von 0,22%. Das Vermögensmanagement zeigte eine robuste Leistung mit einem Wachstum der Gebühreneinnahmen von 9% im Vergleich zum Vorjahr, verwaltete 3,3 Milliarden US-Dollar an Vermögenswerten und gewann über 130 neue Kunden im Jahr 2024 hinzu.
Der Vorstand erklärte eine Bardividende von 0,30 US-Dollar pro Aktie, zahlbar am 20. März 2025, was einer annualisierten Rendite von 3,92% basierend auf dem Schlusskurs am 31. Dezember 2024 von 30,58 US-Dollar entspricht.
- Net income increased to $11.0 million from $9.9 million YoY
- Commercial loan growth of 14% annualized
- Wealth management fee income grew 9% YoY
- Strong asset quality with non-accruing loans ratio of 0.22%
- Total assets grew to $4.1 billion
- Net interest margin remained flat at 3.17% YoY
- Interest expense increased 8.2% to $18.4 million YoY
- Customer service fees decreased 4.9% YoY
- Book value per share declined to $30.00 from $30.12 QoQ
Insights
Bar Harbor Bankshares delivered a notably strong fourth quarter, demonstrating effective execution of its growth strategy while maintaining robust asset quality. The
Three key strategic developments stand out:
- The expansion into C&I lending through strategic hires signals a prudent diversification away from CRE concentration, potentially reducing sector-specific risks while targeting higher-yielding opportunities.
- The
$20 million reduction in subordinated debt, combined with the optimization of FHLB borrowings, shows proactive liability management that should benefit future earnings through lower funding costs. - The wealth management division's impressive growth to
$3.3 billion in managed assets, with 130 new clients in 2024, provides a stable, recurring revenue stream that helps offset interest rate sensitivity.
The bank's deposit beta management has been particularly noteworthy, with the cost of interest-bearing deposits increasing by only
The strategic focus on treasury management services enhancement should further support deposit gathering efforts and fee income growth, creating a more resilient revenue mix. The bank's ability to maintain a stable
BAR HARBOR, ME / ACCESSWIRE / January 23, 2025 / Bar Harbor Bankshares (NYSE American:BHB) (the "Company") reported fourth quarter 2024 GAAP and core (Non-GAAP) net income of
FOURTH QUARTER 2024 HIGHLIGHTS
Return on assets of
1.09% Commercial loan growth of
14% annualizedNet interest margin of
3.17% Non-accruing loans to total loans ratio of
0.22% Wealth management related fee income growth of
9% year over year
Bar Harbor Bankshares' President and Chief Executive Officer, Curtis C. Simard, stated, "Our team has set forth and delivered another year of execution on our definitive strategy of balancing growth with earnings. We continue to demonstrate that our Bank is built for uncertainties, whether economic or rate environment, rooted in an authentic culture. We were honored in December by Newsweek as one of "America's Best Regional Banks" for the second consecutive year. This distinction reflects the dedication, talent, and teamwork of our employees. Over 9,000 financial institutions were evaluated. We stood out for our financial strength and exceptional service. This recognition is a validation of the trust our customers and communities place in us daily. In addition, Forbes recognized our institution as one of the "World's Best Banks" and "Best-in-State Banks," as well as Newsweek naming us one of "America's Best Banks." These accolades reflect the focus on delivering exceptionally well and best demonstrate confidently operating with accountability.
Over the past several years, our commercial team has delivered consistent and strong loan growth, adhering to conservative structures and appropriate pricing to maintain our margin goals. The results of our efforts underscore the importance of disciplined growth and the value of building lasting relationships. Like many community banks, much of the Commercial growth has been strategically concentrated in our Commercial Real Estate (CRE) segment. As we enter 2025, we remain committed to this critical lending segment for continued growth and embark on a strategic initiative to accelerate the growth in our Commercial & Industrial (C&I) Lending segment. As you may have read, we announced the addition of two exceptional professionals to our Middle Market Commercial Banking team: Larry Wold and Heather Whitfield. With more than 35 years of experience each, they bring extensive C&I expertise and market presence that will enhance and strengthen our existing C&I Lending capabilities in 2025 ultimately better diversifying and balancing the overall Commercial portfolio. We believe we may be entering a period of talent shift as experienced candidates are becoming available.
We also added to our Treasury Management team both on the front line and in operations support as they have proven to be a tremendous partner growing both fee income and attracting new deposit customers. Our Wealth Management division grew both with existing customers and new business relationships generated by longstanding team members and catalyst recruits. Our Wealth Management team combined with brokerage services manages
As we enter 2025, we continue to actively manage the balance sheet, investing excess liquidity diligently without compromising our credit or interest rate risk appetites. We are excited about this new year and feel we are well positioned financially, culturally and reputation wise."
DIVIDEND DECLARED
The Board of Directors of the Company voted to declare a cash dividend of
FINANCIAL CONDITION (Quarter results for December 31, 2024 compared to September 30, 2024)
Total assets grew to
Total cash and cash equivalents were
Total loans grew
Federal Home Loan Bank ("FHLB") stock increased to
Securities available for sale decreased to
The allowance for credit losses on loans decreased
Total deposits remained flat at
Senior borrowings increased
The Company's book value per share was
RESULTS OF OPERATIONS (Quarter results for December 31, 2024 compared to December 31, 2023)
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 decreased
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; (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 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
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
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| At or for the Quarters Ended |
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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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| Dec 31, |
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| 2024 |
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| 2024 |
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| 2024 |
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| 2024 |
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| 2023 |
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PER SHARE DATA |
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Net earnings, diluted |
| $ | 0.72 |
|
| $ | 0.80 |
|
| $ | 0.67 |
|
| $ | 0.66 |
|
| $ | 0.65 |
|
Core earnings, diluted (1) |
|
| 0.72 |
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|
| 0.80 |
|
|
| 0.66 |
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|
| 0.66 |
|
|
| 0.68 |
|
Total book value |
|
| 30.00 |
|
|
| 30.12 |
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|
| 28.81 |
|
|
| 28.64 |
|
|
| 28.48 |
|
Tangible book value (1) |
|
| 21.93 |
|
|
| 22.02 |
|
|
| 20.68 |
|
|
| 20.48 |
|
|
| 20.28 |
|
Market price at period end |
|
| 30.58 |
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|
| 30.84 |
|
|
| 26.88 |
|
|
| 26.48 |
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|
| 29.36 |
|
Dividends |
|
| 0.30 |
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|
| 0.30 |
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|
| 0.30 |
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|
| 0.28 |
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|
| 0.28 |
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PERFORMANCE RATIOS (2) |
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Return on assets |
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| 1.09 | % |
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| 1.20 | % |
|
| 1.04 | % |
|
| 1.03 | % |
|
| 1.00 | % |
Core return on assets (1) |
|
| 1.09 |
|
|
| 1.20 |
|
|
| 1.02 |
|
|
| 1.03 |
|
|
| 1.04 |
|
Pre-tax, pre-provision return on assets |
|
| 1.44 |
|
|
| 1.37 |
|
|
| 1.36 |
|
|
| 1.32 |
|
|
| 1.34 |
|
Core pre-tax, pre-provision return on assets (1) |
|
| 1.45 |
|
|
| 1.37 |
|
|
| 1.33 |
|
|
| 1.32 |
|
|
| 1.39 |
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Return on equity |
|
| 9.52 |
|
|
| 10.68 |
|
|
| 9.46 |
|
|
| 9.32 |
|
|
| 9.43 |
|
Core return on equity (1) |
|
| 9.57 |
|
|
| 10.68 |
|
|
| 9.25 |
|
|
| 9.32 |
|
|
| 9.82 |
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Return on tangible equity |
|
| 13.23 |
|
|
| 14.90 |
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|
| 13.44 |
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|
| 13.26 |
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|
| 13.65 |
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Core return on tangible equity (1) |
|
| 13.29 |
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|
| 14.90 |
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|
| 13.15 |
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|
| 13.27 |
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|
| 14.21 |
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Net interest margin, fully taxable equivalent (1) (3) |
|
| 3.17 |
|
|
| 3.15 |
|
|
| 3.09 |
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|
| 3.14 |
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|
| 3.17 |
|
Efficiency ratio (1) |
|
| 59.84 |
|
|
| 62.09 |
|
|
| 62.78 |
|
|
| 62.71 |
|
|
| 61.22 |
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FINANCIAL DATA (In millions) |
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Total assets |
| $ | 4,083 |
|
| $ | 4,030 |
|
| $ | 4,034 |
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| $ | 3,959 |
|
| $ | 3,971 |
|
Total earning assets (4) |
|
| 3,782 |
|
|
| 3,720 |
|
|
| 3,726 |
|
|
| 3,663 |
|
|
| 3,664 |
|
Total investments |
|
| 533 |
|
|
| 543 |
|
|
| 528 |
|
|
| 538 |
|
|
| 547 |
|
Total loans |
|
| 3,147 |
|
|
| 3,082 |
|
|
| 3,064 |
|
|
| 3,012 |
|
|
| 2,999 |
|
Allowance for credit losses |
|
| 29 |
|
|
| 29 |
|
|
| 29 |
|
|
| 28 |
|
|
| 28 |
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Total goodwill and intangible assets |
|
| 123 |
|
|
| 124 |
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|
| 124 |
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|
| 124 |
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|
| 124 |
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Total deposits |
|
| 3,268 |
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|
| 3,261 |
|
|
| 3,140 |
|
|
| 3,127 |
|
|
| 3,141 |
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Total shareholders' equity |
|
| 458 |
|
|
| 460 |
|
|
| 439 |
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|
| 436 |
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|
| 432 |
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Net income |
|
| 11 |
|
|
| 12 |
|
|
| 10 |
|
|
| 10 |
|
|
| 10 |
|
Core earnings (1) |
|
| 11 |
|
|
| 12 |
|
|
| 10 |
|
|
| 10 |
|
|
| 10 |
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|
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ASSET QUALITY AND CONDITION RATIOS |
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Net charge-offs (recoveries)(5)/average loans |
|
| 0.02 | % |
|
| 0.01 | % |
|
| 0.01 | % |
|
| 0.01 | % |
|
| 0.07 | % |
Allowance for credit losses on loans/total loans |
|
| 0.91 |
|
|
| 0.94 |
|
|
| 0.94 |
|
|
| 0.94 |
|
|
| 0.94 |
|
Loans/deposits |
|
| 96 |
|
|
| 95 |
|
|
| 98 |
|
|
| 96 |
|
|
| 95 |
|
Shareholders' equity to total assets |
|
| 11.23 |
|
|
| 11.41 |
|
|
| 10.88 |
|
|
| 11.01 |
|
|
| 10.88 |
|
Tangible shareholders' equity to tangible assets |
|
| 8.46 |
|
|
| 8.61 |
|
|
| 8.06 |
|
|
| 8.13 |
|
|
| 8.00 |
|
(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
| Dec 31, |
|
| Sep 30, |
|
| Jun 30, |
|
| Mar 31, |
|
| Dec 31, |
| ||||||
(in thousands) |
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2023 |
| |||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Cash and due from banks |
| $ | 34,266 |
|
| $ | 39,877 |
|
| $ | 39,673 |
|
| $ | 30,770 |
|
| $ | 42,221 |
|
Interest-earning deposits with other banks |
|
| 37,896 |
|
|
| 41,343 |
|
|
| 62,163 |
|
|
| 45,449 |
|
|
| 52,621 |
|
Total cash and cash equivalents |
|
| 72,162 |
|
|
| 81,220 |
|
|
| 101,836 |
|
|
| 76,219 |
|
|
| 94,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Securities available for sale |
|
| 521,018 |
|
|
| 535,892 |
|
|
| 512,928 |
|
|
| 527,603 |
|
|
| 534,574 |
|
Federal Home Loan Bank stock |
|
| 12,237 |
|
|
| 7,600 |
|
|
| 14,755 |
|
|
| 9,960 |
|
|
| 12,788 |
|
Total securities |
|
| 533,255 |
|
|
| 543,492 |
|
|
| 527,683 |
|
|
| 537,563 |
|
|
| 547,362 |
|
Less: Allowance for credit losses on securities available for sale |
|
| (568 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Net securities |
|
| 532,687 |
|
|
| 543,492 |
|
|
| 527,683 |
|
|
| 537,563 |
|
|
| 547,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Loans held for sale |
|
| 1,235 |
|
|
| 1,272 |
|
|
| 3,897 |
|
|
| 3,137 |
|
|
| 2,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total loans |
|
| 3,147,096 |
|
|
| 3,081,735 |
|
|
| 3,064,181 |
|
|
| 3,011,672 |
|
|
| 2,999,049 |
|
Less: Allowance for credit losses on loans |
|
| (28,744 | ) |
|
| (29,023 | ) |
|
| (28,855 | ) |
|
| (28,355 | ) |
|
| (28,142 | ) |
Net loans |
|
| 3,118,352 |
|
|
| 3,052,712 |
|
|
| 3,035,326 |
|
|
| 2,983,317 |
|
|
| 2,970,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Premises and equipment, net |
|
| 51,237 |
|
|
| 51,644 |
|
|
| 51,628 |
|
|
| 47,849 |
|
|
| 48,287 |
|
Other real estate owned |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Goodwill |
|
| 119,477 |
|
|
| 119,477 |
|
|
| 119,477 |
|
|
| 119,477 |
|
|
| 119,477 |
|
Other intangible assets |
|
| 3,938 |
|
|
| 4,171 |
|
|
| 4,404 |
|
|
| 4,637 |
|
|
| 4,869 |
|
Cash surrender value of bank-owned life insurance |
|
| 81,858 |
|
|
| 81,824 |
|
|
| 81,221 |
|
|
| 80,642 |
|
|
| 80,037 |
|
Deferred tax asset, net |
|
| 23,330 |
|
|
| 20,923 |
|
|
| 24,750 |
|
|
| 23,849 |
|
|
| 22,979 |
|
Other assets |
|
| 79,051 |
|
|
| 73,192 |
|
|
| 83,978 |
|
|
| 82,285 |
|
|
| 79,936 |
|
Total assets |
| $ | 4,083,327 |
|
| $ | 4,029,927 |
|
| $ | 4,034,200 |
|
| $ | 3,958,975 |
|
| $ | 3,970,885 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand |
| $ | 575,649 |
|
| $ | 604,963 |
|
| $ | 553,067 |
|
| $ | 544,495 |
|
| $ | 569,714 |
|
Interest-bearing demand |
|
| 910,191 |
|
|
| 913,910 |
|
|
| 882,068 |
|
|
| 888,591 |
|
|
| 946,978 |
|
Savings |
|
| 545,816 |
|
|
| 544,235 |
|
|
| 544,980 |
|
|
| 551,493 |
|
|
| 553,963 |
|
Money market |
|
| 405,758 |
|
|
| 380,624 |
|
|
| 359,208 |
|
|
| 365,289 |
|
|
| 370,242 |
|
Time |
|
| 830,274 |
|
|
| 817,354 |
|
|
| 801,143 |
|
|
| 777,208 |
|
|
| 700,260 |
|
Total deposits |
|
| 3,267,688 |
|
|
| 3,261,086 |
|
|
| 3,140,466 |
|
|
| 3,127,076 |
|
|
| 3,141,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Senior borrowings |
|
| 249,981 |
|
|
| 186,207 |
|
|
| 329,349 |
|
|
| 269,437 |
|
|
| 271,044 |
|
Subordinated borrowings |
|
| 40,620 |
|
|
| 60,580 |
|
|
| 60,541 |
|
|
| 60,501 |
|
|
| 60,461 |
|
Total borrowings |
|
| 290,601 |
|
|
| 246,787 |
|
|
| 389,890 |
|
|
| 329,938 |
|
|
| 331,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Other liabilities |
|
| 66,610 |
|
|
| 62,138 |
|
|
| 64,937 |
|
|
| 66,247 |
|
|
| 66,164 |
|
Total liabilities |
|
| 3,624,899 |
|
|
| 3,570,011 |
|
|
| 3,595,293 |
|
|
| 3,523,261 |
|
|
| 3,538,826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total shareholders' equity |
|
| 458,428 |
|
|
| 459,916 |
|
|
| 438,907 |
|
|
| 435,714 |
|
|
| 432,059 |
|
Total liabilities and shareholders' equity |
| $ | 4,083,327 |
|
| $ | 4,029,927 |
|
| $ | 4,034,200 |
|
| $ | 3,958,975 |
|
| $ | 3,970,885 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net shares outstanding |
|
| 15,280 |
|
|
| 15,268 |
|
|
| 15,232 |
|
|
| 15,212 |
|
|
| 15,172 |
|
BAR HARBOR BANKSHARES
CONSOLIDATED LOAN & DEPOSIT ANALYSIS - UNAUDITED
LOAN ANALYSIS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Annualized |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth % |
| ||||||||||
| Dec 31, |
|
| Sep 30, |
|
| Jun 30, |
|
| Mar 31, |
|
| Dec 31, |
|
| Quarter |
|
| Year |
| ||||||||
(in thousands) |
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2023 |
|
| to Date |
|
| to Date |
| |||||||
Commercial real estate |
| $ | 1,741,223 |
|
| $ | 1,677,310 |
|
| $ | 1,634,658 |
|
| $ | 1,574,802 |
|
| $ | 1,552,061 |
|
|
| 15 | % |
|
| 12 | % |
Commercial and industrial |
|
| 388,599 |
|
|
| 382,554 |
|
|
| 421,297 |
|
|
| 412,567 |
|
|
| 400,169 |
|
|
| 6 |
|
|
| (3 | ) |
Total commercial loans |
|
| 2,129,822 |
|
|
| 2,059,864 |
|
|
| 2,055,955 |
|
|
| 1,987,369 |
|
|
| 1,952,230 |
|
|
| 14 |
|
|
| 9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Residential real estate |
|
| 826,492 |
|
|
| 836,566 |
|
|
| 854,718 |
|
|
| 873,213 |
|
|
| 889,904 |
|
|
| (5 | ) |
|
| (7 | ) |
Consumer |
|
| 103,803 |
|
|
| 103,415 |
|
|
| 99,776 |
|
|
| 95,838 |
|
|
| 97,001 |
|
|
| 2 |
|
|
| 7 |
|
Tax exempt and other |
|
| 86,979 |
|
|
| 81,890 |
|
|
| 53,732 |
|
|
| 55,252 |
|
|
| 59,914 |
|
|
| 25 |
|
|
| 45 |
|
Total loans |
| $ | 3,147,096 |
|
| $ | 3,081,735 |
|
| $ | 3,064,181 |
|
| $ | 3,011,672 |
|
| $ | 2,999,049 |
|
|
| 8 | % |
|
| 5 | % |
DEPOSIT ANALYSIS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Annualized |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth % |
| ||||||||||
| Dec 31, |
|
| Sep 30, |
|
| Jun 30, |
|
| Mar 31, |
|
| Dec 31, |
|
| Quarter |
|
| Year |
| ||||||||
(in thousands) |
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2023 |
|
| to Date |
|
| to Date |
| |||||||
Non-interest bearing demand |
| $ | 575,649 |
|
| $ | 604,963 |
|
| $ | 553,067 |
|
| $ | 544,495 |
|
| $ | 569,714 |
|
|
| (19 | )% |
|
| 1 | % |
Interest-bearing demand |
|
| 910,191 |
|
|
| 913,910 |
|
|
| 882,068 |
|
|
| 888,591 |
|
|
| 946,978 |
|
|
| (2 | ) |
|
| (4 | ) |
Savings |
|
| 545,816 |
|
|
| 544,235 |
|
|
| 544,980 |
|
|
| 551,493 |
|
|
| 553,963 |
|
|
| 1 |
|
|
| (1 | ) |
Money market |
|
| 405,758 |
|
|
| 380,624 |
|
|
| 359,208 |
|
|
| 365,289 |
|
|
| 370,242 |
|
|
| 26 |
|
|
| 10 |
|
Total non-maturity deposits |
|
| 2,437,414 |
|
|
| 2,443,732 |
|
|
| 2,339,323 |
|
|
| 2,349,868 |
|
|
| 2,440,897 |
|
|
| (1 | ) |
|
| - |
|
Time |
|
| 830,274 |
|
|
| 817,354 |
|
|
| 801,143 |
|
|
| 777,208 |
|
|
| 700,260 |
|
|
| 6 |
|
|
| 19 |
|
Total deposits |
| $ | 3,267,688 |
|
| $ | 3,261,086 |
|
| $ | 3,140,466 |
|
| $ | 3,127,076 |
|
| $ | 3,141,157 |
|
|
| 1 | % |
|
| 4 | % |
BAR HARBOR BANKSHARES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
|
| Three Months Ended |
|
| Year Ended |
| ||||||||||
|
| December 31, |
|
| December 31, |
| ||||||||||
(in thousands, except per share data) |
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
Interest and dividend income |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Loans |
| $ | 41,700 |
|
| $ | 39,531 |
|
| $ | 163,846 |
|
| $ | 149,420 |
|
Securities and other |
|
| 5,783 |
|
|
| 6,284 |
|
|
| 24,878 |
|
|
| 24,762 |
|
Total interest and dividend income |
|
| 47,483 |
|
|
| 45,815 |
|
|
| 188,724 |
|
|
| 174,182 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
| 16,210 |
|
|
| 12,962 |
|
|
| 61,696 |
|
|
| 38,232 |
|
Borrowings |
|
| 2,206 |
|
|
| 4,060 |
|
|
| 13,189 |
|
|
| 18,275 |
|
Total interest expense |
|
| 18,416 |
|
|
| 17,022 |
|
|
| 74,885 |
|
|
| 56,507 |
|
Net interest income |
|
| 29,067 |
|
|
| 28,793 |
|
|
| 113,839 |
|
|
| 117,675 |
|
Provision for credit losses on securities available for sale |
|
| 1,171 |
|
|
| - |
|
|
| 1,171 |
|
|
| - |
|
Provision for credit losses on loans |
|
| (147 | ) |
|
| 687 |
|
|
| 955 |
|
|
| 2,908 |
|
Net interest income after provision for credit losses |
|
| 28,043 |
|
|
| 28,106 |
|
|
| 111,713 |
|
|
| 114,767 |
|
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust and investment management fee income |
|
| 3,709 |
|
|
| 3,401 |
|
|
| 15,701 |
|
|
| 14,283 |
|
Customer service fees |
|
| 3,604 |
|
|
| 3,791 |
|
|
| 14,839 |
|
|
| 15,168 |
|
Gain on sales of securities, net |
|
| - |
|
|
| - |
|
|
| 50 |
|
|
| 34 |
|
Mortgage banking income |
|
| 597 |
|
|
| 515 |
|
|
| 2,093 |
|
|
| 1,587 |
|
Bank-owned life insurance income |
|
| 590 |
|
|
| 533 |
|
|
| 2,304 |
|
|
| 2,699 |
|
Customer derivative income |
|
| 495 |
|
|
| 151 |
|
|
| 928 |
|
|
| 409 |
|
Other income |
|
| 397 |
|
|
| 305 |
|
|
| 973 |
|
|
| 893 |
|
Total non-interest income |
|
| 9,392 |
|
|
| 8,696 |
|
|
| 36,888 |
|
|
| 35,073 |
|
Non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
| 13,358 |
|
|
| 13,511 |
|
|
| 54,849 |
|
|
| 52,516 |
|
Occupancy and equipment |
|
| 3,634 |
|
|
| 3,282 |
|
|
| 13,788 |
|
|
| 13,386 |
|
Depreciation |
|
| 1,042 |
|
|
| 1,027 |
|
|
| 4,196 |
|
|
| 4,198 |
|
Loss (gain) on sales of premises and equipment, net |
|
| 71 |
|
|
| 281 |
|
|
| (192 | ) |
|
| 182 |
|
Outside services |
|
| 372 |
|
|
| 515 |
|
|
| 1,558 |
|
|
| 1,671 |
|
Professional services |
|
| 343 |
|
|
| 369 |
|
|
| 1,422 |
|
|
| 1,586 |
|
Communication |
|
| 189 |
|
|
| 190 |
|
|
| 759 |
|
|
| 697 |
|
Marketing |
|
| 492 |
|
|
| 485 |
|
|
| 2,014 |
|
|
| 1,696 |
|
Amortization of intangible assets |
|
| 233 |
|
|
| 233 |
|
|
| 932 |
|
|
| 932 |
|
FDIC assessment |
|
| 457 |
|
|
| 457 |
|
|
| 1,808 |
|
|
| 1,743 |
|
Acquisition, conversion and other expenses |
|
| - |
|
|
| 263 |
|
|
| 20 |
|
|
| 283 |
|
Provision for unfunded commitments |
|
| (625 | ) |
|
| - |
|
|
| (775 | ) |
|
| (85 | ) |
Other expenses |
|
| 4,319 |
|
|
| 3,600 |
|
|
| 15,608 |
|
|
| 13,918 |
|
Total non-interest expense |
|
| 23,885 |
|
|
| 24,213 |
|
|
| 95,987 |
|
|
| 92,723 |
|
Income before income taxes |
|
| 13,550 |
|
|
| 12,589 |
|
|
| 52,614 |
|
|
| 57,117 |
|
Income tax expense |
|
| 2,551 |
|
|
| 2,644 |
|
|
| 9,070 |
|
|
| 12,265 |
|
Net income |
| $ | 10,999 |
|
| $ | 9,945 |
|
| $ | 43,544 |
|
| $ | 44,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| $ | 0.72 |
|
| $ | 0.66 |
|
| $ | 2.86 |
|
| $ | 2.96 |
|
Diluted |
|
| 0.72 |
|
|
| 0.65 |
|
|
| 2.84 |
|
|
| 2.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
| 15,261 |
|
|
| 15,164 |
|
|
| 15,240 |
|
|
| 15,142 |
|
Diluted |
|
| 15,346 |
|
|
| 15,221 |
|
|
| 15,311 |
|
|
| 15,195 |
|
BAR HARBOR BANKSHARES
CONSOLIDATED STATEMENTS OF INCOME (5 Quarter Trend) - UNAUDITED
| Dec 31, |
|
| Sep 30, |
|
| Jun 30, |
|
| Mar 31, |
|
| Dec 31, |
| ||||||
(in thousands, except per share data) |
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2023 |
| |||||
Interest and dividend income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Loans |
| $ | 41,700 |
|
| $ | 42,042 |
|
| $ | 40,634 |
|
| $ | 39,470 |
|
| $ | 39,531 |
|
Securities and other |
|
| 5,783 |
|
|
| 6,538 |
|
|
| 6,204 |
|
|
| 6,353 |
|
|
| 6,284 |
|
Total interest and dividend income |
|
| 47,483 |
|
|
| 48,580 |
|
|
| 46,838 |
|
|
| 45,823 |
|
|
| 45,815 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
| 16,210 |
|
|
| 16,174 |
|
|
| 14,780 |
|
|
| 14,532 |
|
|
| 12,962 |
|
Borrowings |
|
| 2,206 |
|
|
| 3,448 |
|
|
| 4,299 |
|
|
| 3,236 |
|
|
| 4,060 |
|
Total interest expense |
|
| 18,416 |
|
|
| 19,622 |
|
|
| 19,079 |
|
|
| 17,768 |
|
|
| 17,022 |
|
Net interest income |
|
| 29,067 |
|
|
| 28,958 |
|
|
| 27,759 |
|
|
| 28,055 |
|
|
| 28,793 |
|
Provision for credit losses on securities available for sale |
|
| 1,171 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Provision for credit losses on loans |
|
| (147 | ) |
|
| 228 |
|
|
| 585 |
|
|
| 289 |
|
|
| 687 |
|
Net interest income after provision for credit losses |
|
| 28,043 |
|
|
| 28,730 |
|
|
| 27,174 |
|
|
| 27,766 |
|
|
| 28,106 |
|
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust and investment management fee income |
|
| 3,709 |
|
|
| 4,129 |
|
|
| 4,193 |
|
|
| 3,670 |
|
|
| 3,401 |
|
Customer service fees |
|
| 3,604 |
|
|
| 3,788 |
|
|
| 3,737 |
|
|
| 3,710 |
|
|
| 3,791 |
|
Gain on sales of securities, net |
|
| - |
|
|
| - |
|
|
| 50 |
|
|
| - |
|
|
| - |
|
Mortgage banking income |
|
| 597 |
|
|
| 681 |
|
|
| 558 |
|
|
| 257 |
|
|
| 515 |
|
Bank-owned life insurance income |
|
| 590 |
|
|
| 570 |
|
|
| 583 |
|
|
| 561 |
|
|
| 533 |
|
Customer derivative income |
|
| 495 |
|
|
| 265 |
|
|
| 168 |
|
|
| - |
|
|
| 151 |
|
Other income |
|
| 397 |
|
|
| 220 |
|
|
| 168 |
|
|
| 188 |
|
|
| 305 |
|
Total non-interest income |
|
| 9,392 |
|
|
| 9,653 |
|
|
| 9,457 |
|
|
| 8,386 |
|
|
| 8,696 |
|
Non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
| 13,358 |
|
|
| 14,383 |
|
|
| 13,860 |
|
|
| 13,248 |
|
|
| 13,511 |
|
Occupancy and equipment |
|
| 3,634 |
|
|
| 3,405 |
|
|
| 3,317 |
|
|
| 3,432 |
|
|
| 3,282 |
|
Depreciation |
|
| 1,042 |
|
|
| 1,048 |
|
|
| 1,065 |
|
|
| 1,041 |
|
|
| 1,027 |
|
Loss (gain) on sales of premises and equipment, net |
|
| 71 |
|
|
| - |
|
|
| (248 | ) |
|
| (15 | ) |
|
| 281 |
|
Outside services |
|
| 372 |
|
|
| 386 |
|
|
| 462 |
|
|
| 338 |
|
|
| 515 |
|
Professional services |
|
| 343 |
|
|
| 441 |
|
|
| 238 |
|
|
| 400 |
|
|
| 369 |
|
Communication |
|
| 189 |
|
|
| 189 |
|
|
| 192 |
|
|
| 189 |
|
|
| 190 |
|
Marketing |
|
| 492 |
|
|
| 434 |
|
|
| 521 |
|
|
| 567 |
|
|
| 485 |
|
Amortization of intangible assets |
|
| 233 |
|
|
| 233 |
|
|
| 233 |
|
|
| 233 |
|
|
| 233 |
|
FDIC assessment |
|
| 457 |
|
|
| 451 |
|
|
| 448 |
|
|
| 452 |
|
|
| 457 |
|
Acquisition, conversion and other expenses |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 20 |
|
|
| 263 |
|
Provision for unfunded commitments |
|
| (625 | ) |
|
| 35 |
|
|
| - |
|
|
| (185 | ) |
|
| - |
|
Other expenses |
|
| 4,319 |
|
|
| 3,767 |
|
|
| 3,754 |
|
|
| 3,768 |
|
|
| 3,600 |
|
Total non-interest expense |
|
| 23,885 |
|
|
| 24,772 |
|
|
| 23,842 |
|
|
| 23,488 |
|
|
| 24,213 |
|
Income before income taxes |
|
| 13,550 |
|
|
| 13,611 |
|
|
| 12,789 |
|
|
| 12,664 |
|
|
| 12,589 |
|
Income tax expense |
|
| 2,551 |
|
|
| 1,418 |
|
|
| 2,532 |
|
|
| 2,569 |
|
|
| 2,644 |
|
Net income |
| $ | 10,999 |
|
| $ | 12,193 |
|
| $ | 10,257 |
|
| $ | 10,095 |
|
| $ | 9,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| $ | 0.72 |
|
| $ | 0.80 |
|
| $ | 0.67 |
|
| $ | 0.66 |
|
| $ | 0.66 |
|
Diluted |
|
| 0.72 |
|
|
| 0.80 |
|
|
| 0.67 |
|
|
| 0.66 |
|
|
| 0.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
| 15,261 |
|
|
| 15,261 |
|
|
| 15,227 |
|
|
| 15,198 |
|
|
| 15,164 |
|
Diluted |
|
| 15,346 |
|
|
| 15,326 |
|
|
| 15,275 |
|
|
| 15,270 |
|
|
| 15,221 |
|
BAR HARBOR BANKSHARES
AVERAGE YIELDS AND COSTS (Fully Taxable Equivalent (Non-GAAP) - Annualized) - UNAUDITED
|
| Quarters Ended |
| |||||||||||||||||
|
| Dec 31, |
|
| Sep 30, |
|
| Jun 30, |
|
| Mar 31, |
|
| Dec 31, |
| |||||
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2023 |
| |||||
Earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest-earning deposits with other banks |
|
| 4.92 | % |
|
| 5.54 | % |
|
| 5.65 | % |
|
| 5.88 | % |
|
| 6.42 | % |
Securities available for sale and FHLB stock |
|
| 3.79 |
|
|
| 3.96 |
|
|
| 4.00 |
|
|
| 4.02 |
|
|
| 3.85 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
| 5.61 |
|
|
| 5.67 |
|
|
| 5.61 |
|
|
| 5.47 |
|
|
| 5.46 |
|
Commercial and industrial |
|
| 6.62 |
|
|
| 6.98 |
|
|
| 6.76 |
|
|
| 6.68 |
|
|
| 6.66 |
|
Residential real estate |
|
| 4.13 |
|
|
| 4.11 |
|
|
| 4.13 |
|
|
| 4.09 |
|
|
| 3.94 |
|
Consumer |
|
| 6.89 |
|
|
| 7.23 |
|
|
| 7.26 |
|
|
| 7.22 |
|
|
| 7.14 |
|
Total loans |
|
| 5.40 |
|
|
| 5.49 |
|
|
| 5.41 |
|
|
| 5.31 |
|
|
| 5.24 |
|
Total earning assets |
|
| 5.14 | % |
|
| 5.24 | % |
|
| 5.18 | % |
|
| 5.10 | % |
|
| 5.02 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Funding liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
| 1.42 | % |
|
| 1.48 | % |
|
| 1.39 | % |
|
| 1.34 | % |
|
| 1.33 | % |
Savings |
|
| 0.72 |
|
|
| 0.70 |
|
|
| 0.65 |
|
|
| 0.63 |
|
|
| 0.48 |
|
Money market |
|
| 2.94 |
|
|
| 3.13 |
|
|
| 2.93 |
|
|
| 3.07 |
|
|
| 2.80 |
|
Time |
|
| 4.30 |
|
|
| 4.39 |
|
|
| 4.33 |
|
|
| 4.18 |
|
|
| 3.93 |
|
Total interest-bearing deposits |
|
| 2.41 |
|
|
| 2.45 |
|
|
| 2.35 |
|
|
| 2.26 |
|
|
| 2.05 |
|
Borrowings |
|
| 4.20 |
|
|
| 4.38 |
|
|
| 4.57 |
|
|
| 4.35 |
|
|
| 4.64 |
|
Total interest-bearing liabilities |
|
| 2.54 | % |
|
| 2.66 | % |
|
| 2.64 | % |
|
| 2.48 | % |
|
| 2.37 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net interest spread |
|
| 2.60 |
|
|
| 2.58 |
|
|
| 2.54 |
|
|
| 2.62 |
|
|
| 2.65 |
|
Net interest margin, fully taxable equivalent(1) |
|
| 3.17 |
|
|
| 3.15 |
|
|
| 3.09 |
|
|
| 3.14 |
|
|
| 3.17 |
|
(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 |
| |||||||||||||||||
|
| Dec 31, |
|
| Sep 30, |
|
| Jun 30, |
|
| Mar 31, |
|
| Dec 31, |
| |||||
(in thousands) |
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2023 |
| |||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest-earning deposits with other banks (1) |
| $ | 24,000 |
|
| $ | 54,897 |
|
| $ | 27,407 |
|
| $ | 36,608 |
|
| $ | 36,794 |
|
Securities available for sale and FHLB stock (2) |
|
| 598,478 |
|
|
| 601,489 |
|
|
| 606,779 |
|
|
| 604,658 |
|
|
| 608,793 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
| 1,699,869 |
|
|
| 1,645,933 |
|
|
| 1,600,253 |
|
|
| 1,558,506 |
|
|
| 1,554,961 |
|
Commercial and industrial |
|
| 458,157 |
|
|
| 473,049 |
|
|
| 468,052 |
|
|
| 464,762 |
|
|
| 457,642 |
|
Residential real estate |
|
| 836,375 |
|
|
| 851,426 |
|
|
| 865,412 |
|
|
| 884,767 |
|
|
| 898,147 |
|
Consumer |
|
| 103,681 |
|
|
| 101,230 |
|
|
| 97,371 |
|
|
| 96,163 |
|
|
| 95,193 |
|
Total loans (3) |
|
| 3,098,082 |
|
|
| 3,071,638 |
|
|
| 3,031,088 |
|
|
| 3,004,198 |
|
|
| 3,005,943 |
|
Total earning assets |
|
| 3,720,560 |
|
|
| 3,728,024 |
|
|
| 3,665,274 |
|
|
| 3,645,464 |
|
|
| 3,651,530 |
|
Cash and due from banks |
|
| 32,771 |
|
|
| 34,036 |
|
|
| 30,809 |
|
|
| 29,900 |
|
|
| 34,741 |
|
Allowance for credit losses |
|
| (29,021 | ) |
|
| (28,893 | ) |
|
| (28,567 | ) |
|
| (28,122 | ) |
|
| (28,057 | ) |
Goodwill and other intangible assets |
|
| 123,527 |
|
|
| 123,761 |
|
|
| 123,994 |
|
|
| 124,225 |
|
|
| 124,459 |
|
Other assets |
|
| 171,351 |
|
|
| 170,113 |
|
|
| 168,239 |
|
|
| 166,538 |
|
|
| 157,159 |
|
Total assets |
| $ | 4,019,188 |
|
| $ | 4,027,041 |
|
| $ | 3,959,749 |
|
| $ | 3,938,005 |
|
| $ | 3,939,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
| $ | 898,597 |
|
| $ | 888,325 |
|
| $ | 858,657 |
|
| $ | 899,349 |
|
| $ | 916,314 |
|
Savings |
|
| 543,430 |
|
|
| 547,482 |
|
|
| 542,950 |
|
|
| 552,231 |
|
|
| 552,932 |
|
Money market |
|
| 394,536 |
|
|
| 378,855 |
|
|
| 355,731 |
|
|
| 390,720 |
|
|
| 365,142 |
|
Time |
|
| 842,379 |
|
|
| 807,180 |
|
|
| 775,932 |
|
|
| 738,683 |
|
|
| 670,628 |
|
Total interest-bearing deposits |
|
| 2,678,942 |
|
|
| 2,621,842 |
|
|
| 2,533,270 |
|
|
| 2,580,983 |
|
|
| 2,505,016 |
|
Borrowings |
|
| 208,990 |
|
|
| 312,891 |
|
|
| 378,121 |
|
|
| 298,918 |
|
|
| 347,459 |
|
Total interest-bearing liabilities |
|
| 2,887,932 |
|
|
| 2,934,733 |
|
|
| 2,911,391 |
|
|
| 2,879,901 |
|
|
| 2,852,475 |
|
Non-interest bearing demand deposits |
|
| 604,017 |
|
|
| 577,428 |
|
|
| 546,448 |
|
|
| 554,816 |
|
|
| 604,638 |
|
Other liabilities |
|
| 67,533 |
|
|
| 60,731 |
|
|
| 65,712 |
|
|
| 67,327 |
|
|
| 64,092 |
|
Total liabilities |
|
| 3,559,482 |
|
|
| 3,572,892 |
|
|
| 3,523,551 |
|
|
| 3,502,044 |
|
|
| 3,521,205 |
|
Total shareholders' equity |
|
| 459,706 |
|
|
| 454,149 |
|
|
| 436,198 |
|
|
| 435,961 |
|
|
| 418,627 |
|
Total liabilities and shareholders' equity |
| $ | 4,019,188 |
|
| $ | 4,027,041 |
|
| $ | 3,959,749 |
|
| $ | 3,938,005 |
|
| $ | 3,939,832 |
|
(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 |
| |||||||||||||||||
|
| Dec 31, |
|
| Sep 30, |
|
| Jun 30, |
|
| Mar 31, |
|
| Dec 31, |
| |||||
(in thousands) |
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2023 |
| |||||
NON-PERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-accruing loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Commercial real estate |
| $ | 1,321 |
|
| $ | 1,451 |
|
| $ | 551 |
|
| $ | 578 |
|
| $ | 610 |
|
Commercial and industrial |
|
| 1,098 |
|
|
| 1,218 |
|
|
| 1,301 |
|
|
| 1,152 |
|
|
| 363 |
|
Residential real estate |
|
| 3,290 |
|
|
| 3,453 |
|
|
| 3,511 |
|
|
| 4,169 |
|
|
| 3,742 |
|
Consumer |
|
| 1,285 |
|
|
| 978 |
|
|
| 914 |
|
|
| 971 |
|
|
| 813 |
|
Total non-accruing loans |
|
| 6,994 |
|
|
| 7,100 |
|
|
| 6,277 |
|
|
| 6,870 |
|
|
| 5,528 |
|
Non-performing securities available for sale(1) |
|
| 5,760 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Other real estate owned |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Total non-performing assets |
| $ | 12,754 |
|
| $ | 7,100 |
|
| $ | 6,277 |
|
| $ | 6,870 |
|
| $ | 5,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total non-accruing loans/total loans |
|
| 0.22 | % |
|
| 0.23 | % |
|
| 0.20 | % |
|
| 0.23 | % |
|
| 0.18 | % |
Total non-performing assets/total assets |
|
| 0.31 |
|
|
| 0.18 |
|
|
| 0.16 |
|
|
| 0.17 |
|
|
| 0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
PROVISION AND ALLOWANCE FOR CREDIT LOSSES ON LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
| $ | 29,023 |
|
| $ | 28,855 |
|
| $ | 28,355 |
|
| $ | 28,142 |
|
| $ | 28,011 |
|
Charged-off loans |
|
| (150 | ) |
|
| (98 | ) |
|
| (106 | ) |
|
| (113 | ) |
|
| (632 | ) |
Recoveries on charged-off loans |
|
| 18 |
|
|
| 38 |
|
|
| 21 |
|
|
| 37 |
|
|
| 76 |
|
Net loans (charged-off) recovered |
|
| (132 | ) |
|
| (60 | ) |
|
| (85 | ) |
|
| (76 | ) |
|
| (556 | ) |
Provision for credit losses on loans |
|
| (147 | ) |
|
| 228 |
|
|
| 585 |
|
|
| 289 |
|
|
| 687 |
|
Balance at end of period |
| $ | 28,744 |
|
| $ | 29,023 |
|
| $ | 28,855 |
|
| $ | 28,355 |
|
| $ | 28,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Allowance for credit losses/total loans |
|
| 0.91 | % |
|
| 0.94 | % |
|
| 0.94 | % |
|
| 0.94 | % |
|
| 0.94 | % |
Allowance for credit losses/non-accruing loans |
|
| 411 |
|
|
| 409 |
|
|
| 460 |
|
|
| 413 |
|
|
| 509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NET LOAN (CHARGE-OFFS) RECOVERIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
| $ | - |
|
| $ | - |
|
| $ | - |
|
| $ | (3 | ) |
| $ | - |
|
Commercial and industrial |
|
| (84 | ) |
|
| (8 | ) |
|
| (2 | ) |
|
| (64 | ) |
|
| (479 | ) |
Residential real estate |
|
| 3 |
|
|
| 5 |
|
|
| 3 |
|
|
| 5 |
|
|
| 3 |
|
Consumer |
|
| (51 | ) |
|
| (57 | ) |
|
| (86 | ) |
|
| (14 | ) |
|
| (80 | ) |
Total, net |
| $ | (132 | ) |
| $ | (60 | ) |
| $ | (85 | ) |
| $ | (76 | ) |
| $ | (556 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net charge-offs (recoveries) (QTD annualized)/average loans |
|
| 0.02 | % |
|
| 0.01 | % |
|
| 0.01 | % |
|
| 0.01 | % |
|
| 0.07 | % |
Net charge-offs (recoveries) (YTD annualized)/average loans |
|
| 0.01 |
|
|
| 0.01 |
|
|
| 0.01 |
|
|
| 0.01 |
|
|
| 0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
PROVISION AND ALLOWANCE FOR CREDIT LOSSES ON SECURITIES AVAILABLE FOR SALE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
| $ | - |
|
| $ | - |
|
| $ | - |
|
| $ | - |
|
| $ | - |
|
Charged-off interest receivable on securities available for sale |
|
| (603 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Provision for credit losses on securities available for sale |
|
| 1,171 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Balance at end of period |
| $ | 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 |
| |||||||||||||||||
| Dec 31, |
|
| Sep 30, |
|
| Jun 30, |
|
| Mar 31, |
|
| Dec 31, |
| |||||||
(in thousands) |
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2023 |
| ||||||
Net income |
| $ | 10,999 |
|
| $ | 12,193 |
|
| $ | 10,257 |
|
| $ | 10,095 |
|
| $ | 9,945 |
| |
Non-core items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Gain on sale of securities, net |
|
| - |
|
|
| - |
|
|
| (50 | ) |
|
| - |
|
|
| - |
| |
Loss (gain) on sale of premises and equipment, net |
|
| 71 |
|
|
| - |
|
|
| (248 | ) |
|
| (15 | ) |
|
| 281 |
| |
Acquisition, conversion and other expenses |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 20 |
|
|
| 263 |
| |
Income tax expense (1) |
|
| (17 | ) |
|
| - |
|
|
| 71 |
|
|
| (1 | ) |
|
| (131 | ) | |
Total non-core items |
|
| 54 |
|
|
| - |
|
|
| (227 | ) |
|
| 4 |
|
|
| 413 |
| |
Core earnings (2) | (A) |
| $ | 11,053 |
|
| $ | 12,193 |
|
| $ | 10,030 |
|
| $ | 10,099 |
|
| $ | 10,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net interest income | (B) |
| $ | 29,067 |
|
| $ | 28,958 |
|
| $ | 27,759 |
|
| $ | 28,055 |
|
| $ | 28,793 |
|
Non-interest income |
|
| 9,392 |
|
|
| 9,653 |
|
|
| 9,457 |
|
|
| 8,586 |
|
|
| 8,850 |
| |
Total revenue |
|
| 38,459 |
|
|
| 38,611 |
|
|
| 37,216 |
|
|
| 36,641 |
|
|
| 37,643 |
| |
Gain on sale of securities, net |
|
| - |
|
|
| - |
|
|
| (50 | ) |
|
| - |
|
|
| - |
| |
Total core revenue (2) | (C) |
| $ | 38,459 |
|
| $ | 38,611 |
|
| $ | 37,166 |
|
| $ | 36,641 |
|
| $ | 37,643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total non-interest expense |
|
| 23,885 |
|
|
| 24,772 |
|
|
| 23,842 |
|
|
| 23,688 |
|
|
| 24,367 |
| |
Non-core expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(Loss) gain on sale of premises and equipment, net |
|
| (71 | ) |
|
| - |
|
|
| 248 |
|
|
| 15 |
|
|
| (281 | ) | |
Acquisition, conversion and other expenses |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (20 | ) |
|
| (263 | ) | |
Total non-core expenses |
|
| (71 | ) |
|
| - |
|
|
| 248 |
|
|
| (5 | ) |
|
| (544 | ) | |
Core non-interest expense (2) | (D) |
| $ | 23,814 |
|
| $ | 24,772 |
|
| $ | 24,090 |
|
| $ | 23,683 |
|
| $ | 23,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total revenue |
|
| 38,459 |
|
|
| 38,611 |
|
|
| 37,216 |
|
|
| 36,641 |
|
|
| 37,643 |
| |
Total non-interest expense |
|
| 23,885 |
|
|
| 24,772 |
|
|
| 23,842 |
|
|
| 23,688 |
|
|
| 24,367 |
| |
Pre-tax, pre-provision net revenue |
| $ | 14,574 |
|
| $ | 13,839 |
|
| $ | 13,374 |
|
| $ | 12,953 |
|
| $ | 13,276 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Core revenue(2) |
|
| 38,459 |
|
|
| 38,611 |
|
|
| 37,166 |
|
|
| 36,641 |
|
|
| 37,643 |
| |
Core non-interest expense(2) |
|
| 23,814 |
|
|
| 24,772 |
|
|
| 24,090 |
|
|
| 23,683 |
|
|
| 23,823 |
| |
Core pre-tax, pre-provision net revenue(2) | (U) |
| $ | 14,645 |
|
| $ | 13,839 |
|
| $ | 13,076 |
|
| $ | 12,958 |
|
| $ | 13,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Average earning assets | (E) |
| $ | 3,721 |
|
| $ | 3,728 |
|
| $ | 3,665 |
|
| $ | 3,645 |
|
| $ | 3,652 |
|
Average assets | (F) |
|
| 4,019 |
|
|
| 4,027 |
|
|
| 3,960 |
|
|
| 3,938 |
|
|
| 3,940 |
|
Average shareholders' equity | (G) |
|
| 460 |
|
|
| 454 |
|
|
| 436 |
|
|
| 436 |
|
|
| 419 |
|
Average tangible shareholders' equity (2) (3) | (H) |
|
| 336 |
|
|
| 330 |
|
|
| 312 |
|
|
| 312 |
|
|
| 294 |
|
Tangible shareholders' equity, period-end (2) (3) | (I) |
|
| 335 |
|
|
| 336 |
|
|
| 315 |
|
|
| 312 |
|
|
| 308 |
|
Tangible assets, period-end (2) (3) | (J) |
|
| 3,960 |
|
|
| 3,906 |
|
|
| 3,910 |
|
|
| 3,835 |
|
|
| 3,847 |
|
BAR HARBOR BANKSHARES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA - UNAUDITED
|
|
| At or for the Quarters Ended |
| |||||||||||||||||
|
|
| Dec 31, |
|
| Sep 30, |
|
| Jun 30, |
|
| Mar 31, |
|
| Dec 31, |
| |||||
(in thousands) |
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2023 |
| |||||
Common shares outstanding, period-end | (K) |
|
| 15,280 |
|
|
| 15,268 |
|
|
| 15,232 |
|
|
| 15,212 |
|
|
| 15,172 |
|
Average diluted shares outstanding | (L) |
|
| 15,346 |
|
|
| 15,326 |
|
|
| 15,275 |
|
|
| 15,270 |
|
|
| 15,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Core earnings per share, diluted (2) | (A/L) |
| $ | 0.72 |
|
| $ | 0.80 |
|
| $ | 0.66 |
|
| $ | 0.66 |
|
| $ | 0.68 |
|
Tangible book value per share, period-end (2) | (I/K) |
|
| 21.93 |
|
|
| 22.02 |
|
|
| 20.68 |
|
|
| 20.48 |
|
|
| 20.28 |
|
Tangible shareholders' equity/total tangible assets (2) | (I/J) |
|
| 8.46 |
|
|
| 8.61 |
|
|
| 8.06 |
|
|
| 8.13 |
|
|
| 8.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Performance ratios (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP return on assets |
|
|
| 1.09 | % |
|
| 1.20 | % |
|
| 1.04 | % |
|
| 1.03 | % |
|
| 1.00 | % |
Core return on assets (2) | (A/F) |
|
| 1.09 |
|
|
| 1.20 |
|
|
| 1.02 |
|
|
| 1.03 |
|
|
| 1.04 |
|
Pre-tax, pre-provision return on assets |
|
|
| 1.44 |
|
|
| 1.37 |
|
|
| 1.36 |
|
|
| 1.32 |
|
|
| 1.34 |
|
Core pre-tax, pre-provision return on assets (2) | (U/F) |
|
| 1.45 |
|
|
| 1.37 |
|
|
| 1.33 |
|
|
| 1.32 |
|
|
| 1.39 |
|
GAAP return on equity |
|
|
| 9.52 |
|
|
| 10.68 |
|
|
| 9.46 |
|
|
| 9.32 |
|
|
| 9.43 |
|
Core return on equity (2) | (A/G) |
|
| 9.57 |
|
|
| 10.68 |
|
|
| 9.25 |
|
|
| 9.32 |
|
|
| 9.82 |
|
Return on tangible equity |
|
|
| 13.23 |
|
|
| 14.90 |
|
|
| 13.44 |
|
|
| 13.26 |
|
|
| 13.65 |
|
Core return on tangible equity (1) (2) | (A+Q)/H |
|
| 13.29 |
|
|
| 14.90 |
|
|
| 13.15 |
|
|
| 13.27 |
|
|
| 14.21 |
|
Efficiency ratio (2) (5) | (D-O-Q)/(C+N) |
|
| 59.84 |
|
|
| 62.09 |
|
|
| 62.78 |
|
|
| 62.91 |
|
|
| 61.38 |
|
Net interest margin, fully taxable equivalent (2) | (B+P)/E |
|
| 3.17 |
|
|
| 3.15 |
|
|
| 3.09 |
|
|
| 3.14 |
|
|
| 3.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Supplementary data (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent adjustment for efficiency ratio | (N) |
| $ | 718 |
|
| $ | 686 |
|
| $ | 528 |
|
| $ | 523 |
|
| $ | 561 |
|
Franchise taxes included in non-interest expense | (O) |
|
| 139 |
|
|
| 138 |
|
|
| 191 |
|
|
| 70 |
|
|
| 141 |
|
Tax equivalent adjustment for net interest margin | (P) |
|
| 578 |
|
|
| 550 |
|
|
| 389 |
|
|
| 388 |
|
|
| 395 |
|
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 accesswire.com
FAQ
What was Bar Harbor Bankshares (BHB) earnings per share in Q4 2024?
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