Bar Harbor Bankshares Reports Third Quarter 2024 Results; Declares Dividend
Bar Harbor Bankshares (NYSE American:BHB) reported third quarter 2024 GAAP and core net income of $12.1 million or $0.80 per diluted share, compared to $11.1 million or $0.73 per diluted share in Q3 2023. Key highlights include:
- Return on assets of 1.20%
- Core deposit growth of 18% annualized
- Net interest margin of 3.15%
- Non-accruing loans to total loans ratio of 0.23%
- Wealth management related fee income growth of 17% year over year
The company declared a cash dividend of $0.30 per share, payable on December 13, 2024. Total assets remained steady at $4.0 billion, with consistent loan growth and increased deposits. The allowance for credit losses stood at $29.0 million. Total deposits increased to $3.3 billion, while senior borrowings decreased to $186.2 million.
Bar Harbor Bankshares (NYSE American:BHB) ha riportato un reddito netto GAAP e core del terzo trimestre 2024 di 12,1 milioni di dollari o 0,80 dollari per azione diluita, rispetto a 11,1 milioni di dollari o 0,73 dollari per azione diluita nel terzo trimestre 2023. I punti salienti includono:
- Rendimento sugli attivi dell'1,20%
- Crescita dei depositi core dell'18% annuo
- Margine di interesse netto del 3,15%
- Rapporto prestiti non in sofferenza su prestiti totali dello 0,23%
- Crescita delle entrate da commissioni legate alla gestione patrimoniale del 17% su base annua
La società ha dichiarato un dividendo in contante di 0,30 dollari per azione, pagabile il 13 dicembre 2024. Gli attivi totali sono rimasti stabili a 4,0 miliardi di dollari, con una crescita costante dei prestiti e un aumento dei depositi. L'accantonamento per perdite su crediti ammontava a 29,0 milioni di dollari. I depositi totali sono aumentati a 3,3 miliardi di dollari, mentre i prestiti senior sono diminuiti a 186,2 milioni di dollari.
Bar Harbor Bankshares (NYSE American:BHB) reportó ingresos netos GAAP y core del tercer trimestre de 2024 de 12,1 millones de dólares o 0,80 dólares por acción diluida, en comparación con 11,1 millones de dólares o 0,73 dólares por acción diluida en el tercer trimestre de 2023. Los aspectos destacados incluyen:
- Retorno sobre activos del 1,20%
- Crecimiento de depósitos core del 18% anualizado
- Margen de interés neto del 3,15%
- Relación de préstamos no morosos sobre préstamos totales del 0,23%
- Crecimiento de ingresos por comisiones de gestión de patrimonio del 17% año tras año
La empresa declaró un dividendo en efectivo de 0,30 dólares por acción, pagadero el 13 de diciembre de 2024. Los activos totales permanecieron estables en 4,0 mil millones de dólares, con un crecimiento consistente de préstamos y depósitos en aumento. La reserva para pérdidas crediticias era de 29,0 millones de dólares. Los depósitos totales aumentaron a 3,3 mil millones de dólares, mientras que los préstamos senior disminuyeron a 186,2 millones de dólares.
바 하버 은행주식회사 (NYSE American:BHB)는 2024년 3분기 GAAP 및 핵심 순이익이 1,210만 달러 혹은 희석 주당 0.80달러로 보고했으며, 이는 2023년 3분기의 1,110만 달러 또는 희석 주당 0.73달러와 비교됩니다. 주요 하이라이트는 다음과 같습니다:
- 자산 수익률 1.20%
- 연율 약 18%의 핵심 예금 증가
- 순이자 마진 3.15%
- 총 대출 대비 연체 대출 비율 0.23%
- 자산 관리 관련 수수료 수입 17% 증가
회사는 주당 0.30달러의 현금 배당금을 선언했으며, 2024년 12월 13일에 지급될 예정입니다. 총 자산은 40억 달러로 안정적으로 유지되었으며, 대출 증가와 예금 증가가 지속되고 있습니다. 신용 손실에 대한 충당금은 2,900만 달러에 달했습니다. 총 예금은 33억 달러로 증가한 반면, 선순위 차입금은 1억 8620만 달러로 감소하였습니다.
Bar Harbor Bankshares (NYSE American:BHB) a rapporté un revenu net GAAP et core de 12,1 millions de dollars pour le troisième trimestre 2024 ou 0,80 dollars par action diluée, comparé à 11,1 millions de dollars ou 0,73 dollars par action diluée au T3 2023. Les points forts incluent :
- Retour sur actifs de 1,20%
- Croissance des dépôts principaux de 18 % annualisée
- Marche d'intérêt net de 3,15 %
- Ratio de prêts non en souffrance sur prêts totaux de 0,23%
- Croissance des revenus liés aux frais de gestion de patrimoine de 17 % d'une année sur l'autre
L'entreprise a déclaré un dividende en espèces de 0,30 dollars par action, payable le 13 décembre 2024. Les actifs totaux sont restés stables à 4,0 milliards de dollars, avec une croissance des prêts constante et des dépôts en hausse. La provision pour pertes de crédit s'élevait à 29,0 millions de dollars. Les dépôts totaux ont augmenté pour atteindre 3,3 milliards de dollars, tandis que les emprunts seniors ont diminué à 186,2 millions de dollars.
Bar Harbor Bankshares (NYSE American:BHB) berichtete von einem GAAP- und Kernnettoeinkommen von 12,1 Millionen Dollar im dritten Quartal 2024 bzw. 0,80 Dollar pro verwässerter Aktie, was im Vergleich zu 11,1 Millionen Dollar oder 0,73 Dollar pro verwässerter Aktie im dritten Quartal 2023 steht. Zu den wichtigsten Punkten gehören:
- Rendite auf Vermögenswerte von 1,20%
- Kern-Einlagenwachstum von jährlich 18%
- Nettozinsspanne von 3,15%
- Verhältnis von nicht ausstehenden Krediten zu Gesamtkrediten von 0,23%
- Wachstum der Gebühreneinnahmen aus Vermögensverwaltung von 17% im Jahresvergleich
Das Unternehmen erklärte eine Bardividende von 0,30 Dollar pro Aktie, die am 13. Dezember 2024 zahlbar ist. Die Gesamtaktiva blieben stabil bei 4,0 Milliarden Dollar, mit einem konstanten Wachstum der Kredite und erhöhten Einlagen. Die Rückstellungen für Kreditverluste beliefen sich auf 29,0 Millionen Dollar. Die Gesamteinlagen stiegen auf 3,3 Milliarden Dollar, während die vorrangigen Kredite auf 186,2 Millionen Dollar sanken.
- Third quarter 2024 net income increased to $12.1 million from $11.1 million in Q3 2023
- Core deposit growth of 18% annualized
- Wealth management related fee income growth of 17% year over year
- Total deposits increased by $120.6 million to $3.3 billion
- Assets under management grew 20% to $2.8 billion from $2.3 billion in Q3 2023
- Net interest margin slightly decreased to 3.15% from 3.18% in Q3 2023
- Total interest expense increased by 23% to $19.6 million compared to Q3 2023
- Non-interest expense increased to $24.8 million from $22.8 million in Q3 2023
Insights
Bar Harbor Bankshares reported solid Q3 2024 results, with GAAP and core net income of
- Return on assets of
1.20% - Core deposit growth of
18% annualized - Net interest margin of
3.15% - Non-accruing loans to total loans ratio of
0.23% - Wealth management fee income growth of
17% year-over-year
The bank's performance demonstrates resilience in a challenging interest rate environment. Notable strengths include disciplined growth in core deposits, efficient management of funding costs and strong performance in wealth management. The
Bar Harbor Bankshares' Q3 results reveal several positive trends for investors:
- Deposit growth:
18% annualized core deposit growth showcases the bank's ability to attract and retain customers, particularly noteworthy given the competitive banking landscape. - Wealth management: The
17% year-over-year growth in wealth management fee income and20% growth in assets under management to$2.8 billion highlight a diversified revenue stream less sensitive to interest rate fluctuations. - Credit quality: The low non-accruing loans ratio of
0.23% and decreased total delinquent and non-accruing loans (0.33% vs.0.39% year-over-year) indicate strong asset quality and risk management.
These factors contribute to the bank's resilience and potential for sustained performance. However, investors should monitor the impact of the competitive deposit pricing environment on the bank's net interest margin and overall profitability.
BAR HARBOR, ME / ACCESSWIRE / October 22, 2024 / Bar Harbor Bankshares (NYSE American:BHB) (the "Company") reported third quarter 2024 GAAP and core (Non-GAAP) net income of
THIRD QUARTER 2024 HIGHLIGHTS
Return on assets of
1.20% Core deposit growth of
18% annualizedNet interest margin of
3.15% Non-accruing loans to total loans ratio of
0.23% Wealth management related fee income growth of
17% year over year
Bar Harbor Bankshares' President and Chief Executive Officer, Curtis C. Simard, stated, "Our teams continue to deliver consistent and resilient performance despite the many perspectives argued in the interest rate environment. Disciplined calling and focus on advancing market shares has guided our efforts regardless of the macroeconomic environment uncertainty. Even after backing out the one-time tax benefit described below, the earnings growth reported in the third quarter came in at a strong
As to fundamentals, we achieved an influx of core deposits which is somewhat typical for the summer months given our footprint, but is accentuated by our retail teams originating 1,554 accounts to new customers. This allowed us to more efficiently manage our total funding costs helping to expand the margin in the face of shifting customer expectations with regard to loan yield direction. Our established presence in wealth management has remained an intrinsic part of earnings consistency with wealth fee income up
DIVIDEND DECLARED
The Board of Directors of the Company voted to declare a cash dividend of
FINANCIAL CONDITION (September 30, 2024 compared to June 30, 2024)
Total assets remained steady at
Total cash and cash equivalents were
Total loans grew
Securities available for sale increased to
The allowance for credit losses continued to build, standing at
Total deposits increased
Senior borrowings decreased
The Company's book value per share was
RESULTS OF OPERATIONS (September 30, 2024 compared to September 30, 2023)
The net interest margin was
Total interest and dividend income increased by
Total interest expense increased by
The provision for credit losses was
Non-interest income was
Non-interest expense was
Income tax expense for the third quarter 2024 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
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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 |
| ||||||||||||||
Sep 30, |
| Jun 30, |
| Mar 31, |
| Dec 31, |
| Sep 30, |
| ||||||
2024 |
| 2024 |
| 2024 |
| 2023 |
| 2023 |
| ||||||
PER SHARE DATA |
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| |||||
Net earnings, diluted | $ | 0.80 |
| $ | 0.67 |
| $ | 0.66 |
| $ | 0.65 |
| $ | 0.73 |
|
Core earnings, diluted (1) |
| 0.80 |
|
| 0.66 |
|
| 0.66 |
|
| 0.68 |
|
| 0.73 |
|
Total book value |
| 30.12 |
|
| 28.81 |
|
| 28.64 |
|
| 28.48 |
|
| 26.67 |
|
Tangible book value (1) |
| 22.02 |
|
| 20.68 |
|
| 20.48 |
|
| 20.28 |
|
| 18.45 |
|
Market price at period end |
| 30.84 |
|
| 26.88 |
|
| 26.48 |
|
| 29.36 |
|
| 23.63 |
|
Dividends |
| 0.30 |
|
| 0.30 |
|
| 0.28 |
|
| 0.28 |
|
| 0.28 |
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|
|
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|
|
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|
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|
|
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| |
PERFORMANCE RATIOS (2) |
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Return on assets |
| 1.20 | % |
| 1.04 | % |
| 1.03 | % |
| 1.00 | % |
| 1.11 | % |
Core return on assets (1) |
| 1.20 |
|
| 1.02 |
|
| 1.03 |
|
| 1.04 |
|
| 1.11 |
|
Pre-tax, pre-provision return on assets |
| 1.37 |
|
| 1.36 |
|
| 1.32 |
|
| 1.34 |
|
| 1.49 |
|
Core pre-tax, pre-provision return on assets (1) |
| 1.37 |
|
| 1.33 |
|
| 1.32 |
|
| 1.39 |
|
| 1.49 |
|
Return on equity |
| 10.68 |
|
| 9.46 |
|
| 9.32 |
|
| 9.43 |
|
| 10.72 |
|
Core return on equity (1) |
| 10.68 |
|
| 9.25 |
|
| 9.32 |
|
| 9.82 |
|
| 10.72 |
|
Return on tangible equity |
| 14.90 |
|
| 13.44 |
|
| 13.26 |
|
| 13.65 |
|
| 15.65 |
|
Core return on tangible equity (1) |
| 14.90 |
|
| 13.15 |
|
| 13.27 |
|
| 14.21 |
|
| 15.65 |
|
Net interest margin, fully taxable equivalent (1) (3) |
| 3.15 |
|
| 3.09 |
|
| 3.14 |
|
| 3.17 |
|
| 3.18 |
|
Efficiency ratio (1) |
| 62.09 |
|
| 62.78 |
|
| 62.71 |
|
| 61.22 |
|
| 58.37 |
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| |
FINANCIAL DATA (In millions) |
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Total assets | $ | 4,030 |
| $ | 4,034 |
| $ | 3,959 |
| $ | 3,971 |
| $ | 3,984 |
|
Total earning assets (4) |
| 3,720 |
|
| 3,726 |
|
| 3,663 |
|
| 3,664 |
|
| 3,687 |
|
Total investments |
| 543 |
|
| 528 |
|
| 538 |
|
| 547 |
|
| 524 |
|
Total loans |
| 3,082 |
|
| 3,064 |
|
| 3,012 |
|
| 2,999 |
|
| 2,993 |
|
Allowance for credit losses |
| 29 |
|
| 29 |
|
| 28 |
|
| 28 |
|
| 28 |
|
Total goodwill and intangible assets |
| 124 |
|
| 124 |
|
| 124 |
|
| 124 |
|
| 125 |
|
Total deposits |
| 3,261 |
|
| 3,140 |
|
| 3,127 |
|
| 3,141 |
|
| 3,140 |
|
Total shareholders' equity |
| 460 |
|
| 439 |
|
| 436 |
|
| 432 |
|
| 404 |
|
Net income |
| 12 |
|
| 10 |
|
| 10 |
|
| 10 |
|
| 11 |
|
Core earnings (1) |
| 12 |
|
| 10 |
|
| 10 |
|
| 10 |
|
| 11 |
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| |
ASSET QUALITY AND CONDITION RATIOS |
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Net charge-offs (recoveries)(5)/average loans |
| 0.01 | % |
| 0.01 | % |
| 0.01 | % |
| 0.07 | % |
| - | % |
Allowance for credit losses/total loans |
| 0.94 |
|
| 0.94 |
|
| 0.94 |
|
| 0.94 |
|
| 0.94 |
|
Loans/deposits |
| 95 |
|
| 98 |
|
| 96 |
|
| 95 |
|
| 95 |
|
Shareholders' equity to total assets |
| 11.41 |
|
| 10.88 |
|
| 11.01 |
|
| 10.88 |
|
| 10.15 |
|
Tangible shareholders' equity to tangible assets |
| 8.61 |
|
| 8.06 |
|
| 8.13 |
|
| 8.00 |
|
| 7.25 |
|
(1) Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures in tables I-J for additional information.
(2) All performance ratios are based on average balance sheet amounts, where applicable.
(3) Fully taxable equivalent considers the impact of tax-advantaged investment securities and loans.
(4) Earning assets includes non-accruing loans and interest-bearing deposits with other banks. Securities are valued at amortized cost.
(5) Current quarter annualized.
BAR HARBOR BANKSHARES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
Sep 30, |
| Jun 30, |
| Mar 31, |
| Dec 31, |
| Sep 30, |
| ||||||
(in thousands) | 2024 |
| 2024 |
| 2024 |
| 2023 |
| 2023 |
| |||||
Assets |
|
|
|
|
|
|
|
|
|
| |||||
Cash and due from banks | $ | 39,877 |
| $ | 39,673 |
| $ | 30,770 |
| $ | 42,221 |
| $ | 41,210 |
|
Interest-earning deposits with other banks |
| 41,343 |
|
| 62,163 |
|
| 45,449 |
|
| 52,621 |
|
| 81,606 |
|
Total cash and cash equivalents |
| 81,220 |
|
| 101,836 |
|
| 76,219 |
|
| 94,842 |
|
| 122,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Securities available for sale |
| 535,892 |
|
| 512,928 |
|
| 527,603 |
|
| 534,574 |
|
| 509,453 |
|
Federal Home Loan Bank stock |
| 7,600 |
|
| 14,755 |
|
| 9,960 |
|
| 12,788 |
|
| 14,834 |
|
Total securities |
| 543,492 |
|
| 527,683 |
|
| 537,563 |
|
| 547,362 |
|
| 524,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Loans held for sale |
| 1,272 |
|
| 3,897 |
|
| 3,137 |
|
| 2,189 |
|
| 2,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total loans |
| 3,081,735 |
|
| 3,064,181 |
|
| 3,011,672 |
|
| 2,999,049 |
|
| 2,992,791 |
|
Less: Allowance for credit losses |
| (29,023 | ) |
| (28,855 | ) |
| (28,355 | ) |
| (28,142 | ) |
| (28,011 | ) |
Net loans |
| 3,052,712 |
|
| 3,035,326 |
|
| 2,983,317 |
|
| 2,970,907 |
|
| 2,964,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Premises and equipment, net |
| 51,644 |
|
| 51,628 |
|
| 47,849 |
|
| 48,287 |
|
| 47,790 |
|
Other real estate owned |
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
Goodwill |
| 119,477 |
|
| 119,477 |
|
| 119,477 |
|
| 119,477 |
|
| 119,477 |
|
Other intangible assets |
| 4,171 |
|
| 4,404 |
|
| 4,637 |
|
| 4,869 |
|
| 5,102 |
|
Cash surrender value of bank-owned life insurance |
| 81,824 |
|
| 81,221 |
|
| 80,642 |
|
| 80,037 |
|
| 79,469 |
|
Deferred tax asset, net |
| 20,923 |
|
| 24,750 |
|
| 23,849 |
|
| 22,979 |
|
| 28,328 |
|
Other assets |
| 73,192 |
|
| 83,978 |
|
| 82,285 |
|
| 79,936 |
|
| 89,876 |
|
Total assets | $ | 4,029,927 |
| $ | 4,034,200 |
| $ | 3,958,975 |
| $ | 3,970,885 |
| $ | 3,983,941 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand | $ | 604,963 |
| $ | 553,067 |
| $ | 544,495 |
| $ | 569,714 |
| $ | 618,421 |
|
Interest-bearing demand |
| 913,910 |
|
| 882,068 |
|
| 888,591 |
|
| 946,978 |
|
| 929,481 |
|
Savings |
| 544,235 |
|
| 544,980 |
|
| 551,493 |
|
| 553,963 |
|
| 572,271 |
|
Money market |
| 380,624 |
|
| 359,208 |
|
| 365,289 |
|
| 370,242 |
|
| 361,839 |
|
Time |
| 817,354 |
|
| 801,143 |
|
| 777,208 |
|
| 700,260 |
|
| 658,482 |
|
Total deposits |
| 3,261,086 |
|
| 3,140,466 |
|
| 3,127,076 |
|
| 3,141,157 |
|
| 3,140,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Senior borrowings |
| 186,207 |
|
| 329,349 |
|
| 269,437 |
|
| 271,044 |
|
| 307,070 |
|
Subordinated borrowings |
| 60,580 |
|
| 60,541 |
|
| 60,501 |
|
| 60,461 |
|
| 60,422 |
|
Total borrowings |
| 246,787 |
|
| 389,890 |
|
| 329,938 |
|
| 331,505 |
|
| 367,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Other liabilities |
| 62,138 |
|
| 64,937 |
|
| 66,247 |
|
| 66,164 |
|
| 71,747 |
|
Total liabilities |
| 3,570,011 |
|
| 3,595,293 |
|
| 3,523,261 |
|
| 3,538,826 |
|
| 3,579,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total shareholders' equity |
| 459,916 |
|
| 438,907 |
|
| 435,714 |
|
| 432,059 |
|
| 404,208 |
|
Total liabilities and shareholders' equity | $ | 4,029,927 |
| $ | 4,034,200 |
| $ | 3,958,975 |
| $ | 3,970,885 |
| $ | 3,983,941 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net shares outstanding |
| 15,268 |
|
| 15,232 |
|
| 15,212 |
|
| 15,172 |
|
| 15,156 |
|
BAR HARBOR BANKSHARES
CONSOLIDATED LOAN & DEPOSIT ANALYSIS - UNAUDITED
LOAN ANALYSIS
|
|
|
|
|
|
|
|
|
|
| Annualized |
| |||||||||
|
|
|
|
|
|
|
|
|
| Growth % |
| ||||||||||
| Sep 30, |
| Jun 30, |
| Mar 31, |
| Dec 31, |
| Sep 30, |
| Quarter |
| Year |
| |||||||
(in thousands) | 2024 |
| 2024 |
| 2024 |
| 2023 |
| 2023 |
| to Date |
| to Date |
| |||||||
Commercial real estate | $ | 1,677,310 |
| $ | 1,634,658 |
| $ | 1,574,802 |
| $ | 1,552,061 |
| $ | 1,548,835 |
|
| 10 | % |
| 11 | % |
Commercial and industrial |
| 382,554 |
|
| 421,297 |
|
| 412,567 |
|
| 400,169 |
|
| 391,347 |
|
| (37 | ) |
| (6 | ) |
Total commercial loans |
| 2,059,864 |
|
| 2,055,955 |
|
| 1,987,369 |
|
| 1,952,230 |
|
| 1,940,182 |
|
| 1 |
|
| 7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Residential real estate |
| 836,566 |
|
| 854,718 |
|
| 873,213 |
|
| 889,904 |
|
| 896,757 |
|
| (8 | ) |
| (8 | ) |
Consumer |
| 103,415 |
|
| 99,776 |
|
| 95,838 |
|
| 97,001 |
|
| 95,160 |
|
| 15 |
|
| 9 |
|
Tax exempt and other |
| 81,890 |
|
| 53,732 |
|
| 55,252 |
|
| 59,914 |
|
| 60,692 |
|
| * |
|
| 49 |
|
Total loans | $ | 3,081,735 |
| $ | 3,064,181 |
| $ | 3,011,672 |
| $ | 2,999,049 |
| $ | 2,992,791 |
|
| 2 | % |
| 4 | % |
*Indicates ratio greater than
DEPOSIT ANALYSIS
|
|
|
|
|
|
|
|
|
|
| Annualized |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
| Growth % |
| ||||||||||
| Sep 30, |
| Jun 30, |
| Mar 31, |
| Dec 31, |
| Sep 30, |
| Quarter |
| Year |
| ||||||||
(in thousands) |
| 2024 |
| 2024 |
| 2024 |
| 2023 |
| 2023 |
| to Date |
| to Date |
| |||||||
Non-interest bearing demand |
| $ | 604,963 |
| $ | 553,067 |
| $ | 544,495 |
| $ | 569,714 |
| $ | 618,421 |
|
| 38 | % |
| 8 | % |
Interest-bearing demand |
|
| 913,910 |
|
| 882,068 |
|
| 888,591 |
|
| 946,978 |
|
| 929,481 |
|
| 14 |
|
| (5 | ) |
Savings |
|
| 544,235 |
|
| 544,980 |
|
| 551,493 |
|
| 553,963 |
|
| 572,271 |
|
| (1 | ) |
| (2 | ) |
Money market |
|
| 380,624 |
|
| 359,208 |
|
| 365,289 |
|
| 370,242 |
|
| 361,839 |
|
| 24 |
|
| 4 |
|
Total non-maturity deposits |
|
| 2,443,732 |
|
| 2,339,323 |
|
| 2,349,868 |
|
| 2,440,897 |
|
| 2,482,012 |
|
| 18 |
|
| - |
|
Time |
|
| 817,354 |
|
| 801,143 |
|
| 777,208 |
|
| 700,260 |
|
| 658,482 |
|
| 8 |
|
| 22 |
|
Total deposits |
| $ | 3,261,086 |
| $ | 3,140,466 |
| $ | 3,127,076 |
| $ | 3,141,157 |
| $ | 3,140,494 |
|
| 15 | % |
| 5 | % |
BAR HARBOR BANKSHARES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
| Three Months Ended |
|
| Nine Months Ended |
| |||||||||||
| September 30, |
|
| September 30, |
| |||||||||||
(in thousands, except per share data) |
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
Interest and dividend income |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Loans |
| $ | 42,042 |
|
| $ | 38,412 |
|
| $ | 122,146 |
|
| $ | 109,889 |
|
Securities and other |
|
| 6,538 |
|
|
| 6,723 |
|
|
| 19,095 |
|
|
| 18,478 |
|
Total interest and dividend income |
|
| 48,580 |
|
|
| 45,135 |
|
|
| 141,241 |
|
|
| 128,367 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
| 16,174 |
|
|
| 11,415 |
|
|
| 45,486 |
|
|
| 25,270 |
|
Borrowings |
|
| 3,448 |
|
|
| 4,534 |
|
|
| 10,983 |
|
|
| 14,215 |
|
Total interest expense |
|
| 19,622 |
|
|
| 15,949 |
|
|
| 56,469 |
|
|
| 39,485 |
|
Net interest income |
|
| 28,958 |
|
|
| 29,186 |
|
|
| 84,772 |
|
|
| 88,882 |
|
Provision for credit losses |
|
| 228 |
|
|
| 673 |
|
|
| 1,102 |
|
|
| 2,221 |
|
Net interest income after provision for credit losses |
|
| 28,730 |
|
|
| 28,513 |
|
|
| 83,670 |
|
|
| 86,661 |
|
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust and investment management fee income |
|
| 4,129 |
|
|
| 3,522 |
|
|
| 11,992 |
|
|
| 10,882 |
|
Customer service fees |
|
| 3,788 |
|
|
| 3,926 |
|
|
| 11,235 |
|
|
| 11,377 |
|
Gain on sales of securities, net |
|
| - |
|
|
| - |
|
|
| 50 |
|
|
| 34 |
|
Mortgage banking income |
|
| 681 |
|
|
| 415 |
|
|
| 1,496 |
|
|
| 1,072 |
|
Bank-owned life insurance income |
|
| 570 |
|
|
| 515 |
|
|
| 1,714 |
|
|
| 2,166 |
|
Customer derivative income |
|
| 265 |
|
|
| 43 |
|
|
| 433 |
|
|
| 258 |
|
Other income |
|
| 220 |
|
|
| 186 |
|
|
| 576 |
|
|
| 588 |
|
Total non-interest income |
|
| 9,653 |
|
|
| 8,607 |
|
|
| 27,496 |
|
|
| 26,377 |
|
Non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
| 14,383 |
|
|
| 13,011 |
|
|
| 41,491 |
|
|
| 39,005 |
|
Occupancy and equipment |
|
| 4,453 |
|
|
| 4,469 |
|
|
| 13,308 |
|
|
| 13,275 |
|
Gain on sales of premises and equipment, net |
|
| - |
|
|
| - |
|
|
| (263 | ) |
|
| (99 | ) |
Outside services |
|
| 386 |
|
|
| 376 |
|
|
| 1,186 |
|
|
| 1,156 |
|
Professional services |
|
| 441 |
|
|
| 436 |
|
|
| 1,079 |
|
|
| 1,217 |
|
Communication |
|
| 189 |
|
|
| 170 |
|
|
| 570 |
|
|
| 507 |
|
Marketing |
|
| 434 |
|
|
| 326 |
|
|
| 1,522 |
|
|
| 1,211 |
|
Amortization of intangible assets |
|
| 233 |
|
|
| 233 |
|
|
| 699 |
|
|
| 699 |
|
Acquisition, conversion and other expenses |
|
| - |
|
|
| - |
|
|
| 20 |
|
|
| 20 |
|
Provision for unfunded commitments |
|
| 35 |
|
|
| 45 |
|
|
| (150 | ) |
|
| (85 | ) |
Other expenses |
|
| 4,218 |
|
|
| 3,742 |
|
|
| 12,640 |
|
|
| 11,604 |
|
Total non-interest expense |
|
| 24,772 |
|
|
| 22,808 |
|
|
| 72,102 |
|
|
| 68,510 |
|
Income before income taxes |
|
| 13,611 |
|
|
| 14,312 |
|
|
| 39,064 |
|
|
| 44,528 |
|
Income tax expense |
|
| 1,418 |
|
|
| 3,208 |
|
|
| 6,519 |
|
|
| 9,621 |
|
Net income |
| $ | 12,193 |
|
| $ | 11,104 |
|
| $ | 32,545 |
|
| $ | 34,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| $ | 0.80 |
|
| $ | 0.73 |
|
| $ | 2.14 |
|
| $ | 2.31 |
|
Diluted |
|
| 0.80 |
|
|
| 0.73 |
|
|
| 2.13 |
|
|
| 2.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
| 15,261 |
|
|
| 15,155 |
|
|
| 15,229 |
|
|
| 15,135 |
|
Diluted |
|
| 15,326 |
|
|
| 15,196 |
|
|
| 15,292 |
|
|
| 15,189 |
|
BAR HARBOR BANKSHARES
CONSOLIDATED STATEMENTS OF INCOME (5 Quarter Trend) - UNAUDITED
Sep 30, |
| Jun 30, |
| Mar 31, |
| Dec 31, |
| Sep 30, |
| ||||||
(in thousands, except per share data) | 2024 |
| 2024 |
| 2024 |
| 2023 |
| 2023 |
| |||||
Interest and dividend income |
|
|
|
|
|
|
|
|
|
| |||||
Loans | $ | 42,042 |
| $ | 40,634 |
| $ | 39,470 |
| $ | 39,531 |
| $ | 38,412 |
|
Securities and other |
| 6,538 |
|
| 6,204 |
|
| 6,353 |
|
| 6,284 |
|
| 6,723 |
|
Total interest and dividend income |
| 48,580 |
|
| 46,838 |
|
| 45,823 |
|
| 45,815 |
|
| 45,135 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
| 16,174 |
|
| 14,780 |
|
| 14,532 |
|
| 12,962 |
|
| 11,415 |
|
Borrowings |
| 3,448 |
|
| 4,299 |
|
| 3,236 |
|
| 4,060 |
|
| 4,534 |
|
Total interest expense |
| 19,622 |
|
| 19,079 |
|
| 17,768 |
|
| 17,022 |
|
| 15,949 |
|
Net interest income |
| 28,958 |
|
| 27,759 |
|
| 28,055 |
|
| 28,793 |
|
| 29,186 |
|
Provision for credit losses |
| 228 |
|
| 585 |
|
| 289 |
|
| 687 |
|
| 673 |
|
Net interest income after provision for credit losses |
| 28,730 |
|
| 27,174 |
|
| 27,766 |
|
| 28,106 |
|
| 28,513 |
|
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust and investment management fee income |
| 4,129 |
|
| 4,193 |
|
| 3,670 |
|
| 3,401 |
|
| 3,522 |
|
Customer service fees |
| 3,788 |
|
| 3,737 |
|
| 3,710 |
|
| 3,791 |
|
| 3,926 |
|
Gain on sales of securities, net |
| - |
|
| 50 |
|
| - |
|
| - |
|
| - |
|
Mortgage banking income |
| 681 |
|
| 558 |
|
| 257 |
|
| 515 |
|
| 415 |
|
Bank-owned life insurance income |
| 570 |
|
| 583 |
|
| 561 |
|
| 533 |
|
| 515 |
|
Customer derivative income |
| 265 |
|
| 168 |
|
| - |
|
| 151 |
|
| 43 |
|
Other income |
| 220 |
|
| 168 |
|
| 188 |
|
| 305 |
|
| 186 |
|
Total non-interest income |
| 9,653 |
|
| 9,457 |
|
| 8,386 |
|
| 8,696 |
|
| 8,607 |
|
Non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
| 14,383 |
|
| 13,860 |
|
| 13,248 |
|
| 13,511 |
|
| 13,011 |
|
Occupancy and equipment |
| 4,453 |
|
| 4,382 |
|
| 4,473 |
|
| 4,309 |
|
| 4,469 |
|
(Gain) loss on sales of premises and equipment, net |
| - |
|
| (248 | ) |
| (15 | ) |
| 281 |
|
| - |
|
Outside services |
| 386 |
|
| 462 |
|
| 338 |
|
| 515 |
|
| 376 |
|
Professional services |
| 441 |
|
| 238 |
|
| 400 |
|
| 369 |
|
| 436 |
|
Communication |
| 189 |
|
| 192 |
|
| 189 |
|
| 190 |
|
| 170 |
|
Marketing |
| 434 |
|
| 521 |
|
| 567 |
|
| 485 |
|
| 326 |
|
Amortization of intangible assets |
| 233 |
|
| 233 |
|
| 233 |
|
| 233 |
|
| 233 |
|
Acquisition, conversion and other expenses |
| - |
|
| - |
|
| 20 |
|
| 263 |
|
| - |
|
Provision for unfunded commitments |
| 35 |
|
| - |
|
| (185 | ) |
| - |
|
| 45 |
|
Other expenses |
| 4,218 |
|
| 4,202 |
|
| 4,220 |
|
| 4,057 |
|
| 3,742 |
|
Total non-interest expense |
| 24,772 |
|
| 23,842 |
|
| 23,488 |
|
| 24,213 |
|
| 22,808 |
|
Income before income taxes |
| 13,611 |
|
| 12,789 |
|
| 12,664 |
|
| 12,589 |
|
| 14,312 |
|
Income tax expense |
| 1,418 |
|
| 2,532 |
|
| 2,569 |
|
| 2,644 |
|
| 3,208 |
|
Net income | $ | 12,193 |
| $ | 10,257 |
| $ | 10,095 |
| $ | 9,945 |
| $ | 11,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic | $ | 0.80 |
| $ | 0.67 |
| $ | 0.66 |
| $ | 0.66 |
| $ | 0.73 |
|
Diluted |
| 0.80 |
|
| 0.67 |
|
| 0.66 |
|
| 0.65 |
|
| 0.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| 15,261 |
|
| 15,227 |
|
| 15,198 |
|
| 15,164 |
|
| 15,155 |
|
Diluted |
| 15,326 |
|
| 15,275 |
|
| 15,270 |
|
| 15,221 |
|
| 15,196 |
|
BAR HARBOR BANKSHARES
AVERAGE YIELDS AND COSTS (Fully Taxable Equivalent (Non-GAAP) - Annualized) - UNAUDITED
Quarters Ended |
| ||||||||||||||
Sep 30, |
| Jun 30, |
| Mar 31, |
| Dec 31, |
| Sep 30, |
| ||||||
2024 |
| 2024 |
| 2024 |
| 2023 |
| 2023 |
| ||||||
Earning assets |
|
|
|
|
|
|
|
|
|
| |||||
Interest-earning deposits with other banks |
| 5.54 | % |
| 5.65 | % |
| 5.88 | % |
| 6.42 | % |
| 5.02 | % |
Securities available for sale and FHLB stock |
| 3.96 |
|
| 4.00 |
|
| 4.02 |
|
| 3.85 |
|
| 3.87 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
| 5.67 |
|
| 5.61 |
|
| 5.47 |
|
| 5.46 |
|
| 5.34 |
|
Commercial and industrial |
| 6.98 |
|
| 6.76 |
|
| 6.68 |
|
| 6.66 |
|
| 6.56 |
|
Residential real estate |
| 4.11 |
|
| 4.13 |
|
| 4.09 |
|
| 3.94 |
|
| 3.84 |
|
Consumer |
| 7.23 |
|
| 7.26 |
|
| 7.22 |
|
| 7.14 |
|
| 6.88 |
|
Total loans |
| 5.49 |
|
| 5.41 |
|
| 5.31 |
|
| 5.24 |
|
| 5.11 |
|
Total earning assets |
| 5.24 | % |
| 5.18 | % |
| 5.10 | % |
| 5.02 | % |
| 4.90 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Funding liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
| 1.48 | % |
| 1.39 | % |
| 1.34 | % |
| 1.33 | % |
| 1.11 | % |
Savings |
| 0.70 |
|
| 0.65 |
|
| 0.63 |
|
| 0.48 |
|
| 0.42 |
|
Money market |
| 3.13 |
|
| 2.93 |
|
| 3.07 |
|
| 2.80 |
|
| 2.55 |
|
Time |
| 4.39 |
|
| 4.33 |
|
| 4.18 |
|
| 3.93 |
|
| 3.65 |
|
Total interest-bearing deposits |
| 2.45 |
|
| 2.35 |
|
| 2.26 |
|
| 2.05 |
|
| 1.81 |
|
Borrowings |
| 4.38 |
|
| 4.57 |
|
| 4.35 |
|
| 4.64 |
|
| 4.59 |
|
Total interest-bearing liabilities |
| 2.66 | % |
| 2.64 | % |
| 2.48 | % |
| 2.37 | % |
| 2.19 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net interest spread |
| 2.58 |
|
| 2.54 |
|
| 2.62 |
|
| 2.65 |
|
| 2.71 |
|
Net interest margin, fully taxable equivalent(1) |
| 3.15 |
|
| 3.09 |
|
| 3.14 |
|
| 3.17 |
|
| 3.18 |
|
(1) Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures in tables I-J for additional information.
BAR HARBOR BANKSHARES
AVERAGE BALANCES - UNAUDITED
Quarters Ended |
| ||||||||||||||
Sep 30, |
| Jun 30, |
| Mar 31, |
| Dec 31, |
| Sep 30, |
| ||||||
(in thousands) | 2024 |
| 2024 |
| 2024 |
| 2023 |
| 2023 |
| |||||
Assets |
|
|
|
|
|
|
|
|
|
| |||||
Interest-earning deposits with other banks (1) | $ | 54,897 |
| $ | 27,407 |
| $ | 36,608 |
| $ | 36,794 |
| $ | 70,499 |
|
Securities available for sale and FHLB stock (2) |
| 601,489 |
|
| 606,779 |
|
| 604,658 |
|
| 608,793 |
|
| 620,851 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
| 1,645,933 |
|
| 1,600,253 |
|
| 1,558,506 |
|
| 1,554,961 |
|
| 1,550,188 |
|
Commercial and industrial |
| 473,049 |
|
| 468,052 |
|
| 464,762 |
|
| 457,642 |
|
| 439,915 |
|
Residential real estate |
| 851,426 |
|
| 865,412 |
|
| 884,767 |
|
| 898,147 |
|
| 909,296 |
|
Consumer |
| 101,230 |
|
| 97,371 |
|
| 96,163 |
|
| 95,193 |
|
| 96,362 |
|
Total loans (3) |
| 3,071,638 |
|
| 3,031,088 |
|
| 3,004,198 |
|
| 3,005,943 |
|
| 2,995,761 |
|
Total earning assets |
| 3,728,024 |
|
| 3,665,274 |
|
| 3,645,464 |
|
| 3,651,530 |
|
| 3,687,111 |
|
Cash and due from banks |
| 34,036 |
|
| 30,809 |
|
| 29,900 |
|
| 34,741 |
|
| 36,713 |
|
Allowance for credit losses |
| (28,893 | ) |
| (28,567 | ) |
| (28,122 | ) |
| (28,057 | ) |
| (27,473 | ) |
Goodwill and other intangible assets |
| 123,761 |
|
| 123,994 |
|
| 124,225 |
|
| 124,459 |
|
| 124,926 |
|
Other assets |
| 170,113 |
|
| 168,239 |
|
| 166,538 |
|
| 157,159 |
|
| 162,801 |
|
Total assets | $ | 4,027,041 |
| $ | 3,959,749 |
| $ | 3,938,005 |
| $ | 3,939,832 |
| $ | 3,984,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand | $ | 888,325 |
| $ | 858,657 |
| $ | 899,349 |
| $ | 916,314 |
| $ | 915,072 |
|
Savings |
| 547,482 |
|
| 542,950 |
|
| 552,231 |
|
| 552,932 |
|
| 579,090 |
|
Money market |
| 378,855 |
|
| 355,731 |
|
| 390,720 |
|
| 365,142 |
|
| 358,742 |
|
Time |
| 807,180 |
|
| 775,932 |
|
| 738,683 |
|
| 670,628 |
|
| 645,285 |
|
Total interest-bearing deposits |
| 2,621,842 |
|
| 2,533,270 |
|
| 2,580,983 |
|
| 2,505,016 |
|
| 2,498,189 |
|
Borrowings |
| 312,891 |
|
| 378,121 |
|
| 298,918 |
|
| 347,459 |
|
| 391,976 |
|
Total interest-bearing liabilities |
| 2,934,733 |
|
| 2,911,391 |
|
| 2,879,901 |
|
| 2,852,475 |
|
| 2,890,165 |
|
Non-interest bearing demand deposits |
| 577,428 |
|
| 546,448 |
|
| 554,816 |
|
| 604,638 |
|
| 610,644 |
|
Other liabilities |
| 60,731 |
|
| 65,712 |
|
| 67,327 |
|
| 64,092 |
|
| 72,409 |
|
Total liabilities |
| 3,572,892 |
|
| 3,523,551 |
|
| 3,502,044 |
|
| 3,521,205 |
|
| 3,573,218 |
|
Total shareholders' equity |
| 454,149 |
|
| 436,198 |
|
| 435,961 |
|
| 418,627 |
|
| 410,860 |
|
Total liabilities and shareholders' equity | $ | 4,027,041 |
| $ | 3,959,749 |
| $ | 3,938,005 |
| $ | 3,939,832 |
| $ | 3,984,078 |
|
(1) Total average interest-bearing deposits with other banks is net of Federal Reserve daily cash letter.
(2) Average balances for securities available-for-sale are based on amortized cost.
(3)Total average loans include non-accruing loans and loans held for sale.
BAR HARBOR BANKSHARES
ASSET QUALITY ANALYSIS - UNAUDITED
At or for the Quarters Ended |
| ||||||||||||||
Sep 30, |
| Jun 30, |
| Mar 31, |
| Dec 31, |
| Sep 30, |
| ||||||
(in thousands) | 2024 |
| 2024 |
| 2024 |
| 2023 |
| 2023 |
| |||||
NON-PERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
| |||||
Non-accruing loans: |
|
|
|
|
|
|
|
|
|
| |||||
Commercial real estate | $ | 1,451 |
| $ | 551 |
| $ | 578 |
| $ | 610 |
| $ | 867 |
|
Commercial and industrial |
| 1,218 |
|
| 1,301 |
|
| 1,152 |
|
| 363 |
|
| 1,595 |
|
Residential real estate |
| 3,453 |
|
| 3,511 |
|
| 4,169 |
|
| 3,742 |
|
| 3,673 |
|
Consumer |
| 978 |
|
| 914 |
|
| 971 |
|
| 813 |
|
| 635 |
|
Total non-accruing loans |
| 7,100 |
|
| 6,277 |
|
| 6,870 |
|
| 5,528 |
|
| 6,770 |
|
Other real estate owned |
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
Total non-performing assets | $ | 7,100 |
| $ | 6,277 |
| $ | 6,870 |
| $ | 5,528 |
| $ | 6,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total non-accruing loans/total loans |
| 0.23 | % |
| 0.20 | % |
| 0.23 | % |
| 0.18 | % |
| 0.23 | % |
Total non-performing assets/total assets |
| 0.18 |
|
| 0.16 |
|
| 0.17 |
|
| 0.14 |
|
| 0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
PROVISION AND ALLOWANCE FOR CREDIT LOSSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period | $ | 28,855 |
| $ | 28,355 |
| $ | 28,142 |
| $ | 28,011 |
| $ | 27,362 |
|
Charged-off loans |
| (98 | ) |
| (106 | ) |
| (113 | ) |
| (632 | ) |
| (74 | ) |
Recoveries on charged-off loans |
| 38 |
|
| 21 |
|
| 37 |
|
| 76 |
|
| 50 |
|
Net loans (charged-off) recovered |
| (60 | ) |
| (85 | ) |
| (76 | ) |
| (556 | ) |
| (24 | ) |
Provision for credit losses |
| 228 |
|
| 585 |
|
| 289 |
|
| 687 |
|
| 673 |
|
Balance at end of period | $ | 29,023 |
| $ | 28,855 |
| $ | 28,355 |
| $ | 28,142 |
| $ | 28,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Allowance for credit losses/total loans |
| 0.94 | % |
| 0.94 | % |
| 0.94 | % |
| 0.94 | % |
| 0.94 | % |
Allowance for credit losses/non-accruing loans |
| 409 |
|
| 460 |
|
| 413 |
|
| 509 |
|
| 414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NET LOAN (CHARGE-OFFS) RECOVERIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate | $ | - |
| $ | - |
| $ | (3 | ) | $ | - |
| $ | - |
|
Commercial and industrial |
| (8 | ) |
| (2 | ) |
| (64 | ) |
| (479 | ) |
| 34 |
|
Residential real estate |
| 5 |
|
| 3 |
|
| 5 |
|
| 3 |
|
| 13 |
|
Consumer |
| (57 | ) |
| (86 | ) |
| (14 | ) |
| (80 | ) |
| (71 | ) |
Total, net | $ | (60 | ) | $ | (85 | ) | $ | (76 | ) | $ | (556 | ) | $ | (24 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net charge-offs (recoveries) (QTD annualized)/average loans |
| 0.01 | % |
| 0.01 | % |
| 0.01 | % |
| 0.07 | % |
| - | % |
Net charge-offs (recoveries) (YTD annualized)/average loans |
| 0.01 |
|
| 0.01 |
|
| 0.01 |
|
| 0.02 |
|
| 0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
DELINQUENT AND NON-ACCRUING LOANS/ TOTAL LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30-89 Days delinquent |
| 0.09 | % |
| 0.10 | % |
| 0.14 | % |
| 0.11 | % |
| 0.13 | % |
90+ Days delinquent and still accruing |
| 0.01 |
|
| - |
|
| - |
|
| 0.01 |
|
| 0.03 |
|
Total accruing delinquent loans |
| 0.10 |
|
| 0.10 |
|
| 0.14 |
|
| 0.12 |
|
| 0.16 |
|
Non-accruing loans |
| 0.23 |
|
| 0.20 |
|
| 0.23 |
|
| 0.18 |
|
| 0.23 |
|
Total delinquent and non-accruing loans |
| 0.33 | % |
| 0.30 | % |
| 0.37 | % |
| 0.30 | % |
| 0.39 | % |
BAR HARBOR BANKSHARES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA - UNAUDITED
At or for the Quarters Ended |
| |||||||||||||||
Sep 30, |
| Jun 30, |
| Mar 31, |
| Dec 31, |
| Sep 30, |
| |||||||
(in thousands) | 2024 |
| 2024 |
| 2024 |
| 2023 |
| 2023 |
| ||||||
Net income | $ | 12,193 |
| $ | 10,257 |
| $ | 10,095 |
| $ | 9,945 |
| $ | 11,104 |
| |
Non-core items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Gain on sale of securities, net |
| - |
|
| (50 | ) |
| - |
|
| - |
|
| - |
| |
(Gain) loss on sale of premises and equipment, net |
| - |
|
| (248 | ) |
| (15 | ) |
| 281 |
|
| - |
| |
Acquisition, conversion and other expenses |
| - |
|
| - |
|
| 20 |
|
| 263 |
|
| - |
| |
Income tax expense (1) |
| - |
|
| 71 |
|
| (1 | ) |
| (131 | ) |
| - |
| |
Total non-core items |
| - |
|
| (227 | ) |
| 4 |
|
| 413 |
|
| - |
| |
Core earnings (2) | (A) | $ | 12,193 |
| $ | 10,030 |
| $ | 10,099 |
| $ | 10,358 |
| $ | 11,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net interest income | (B) | $ | 28,958 |
| $ | 27,759 |
| $ | 28,055 |
| $ | 28,793 |
| $ | 29,186 |
|
Non-interest income |
| 9,653 |
|
| 9,457 |
|
| 8,586 |
|
| 8,850 |
|
| 8,815 |
| |
Total revenue |
| 38,611 |
|
| 37,216 |
|
| 36,641 |
|
| 37,643 |
|
| 38,001 |
| |
Gain on sale of securities, net |
| - |
|
| (50 | ) |
| - |
|
| - |
|
| - |
| |
Total core revenue (2) | (C) | $ | 38,611 |
| $ | 37,166 |
| $ | 36,641 |
| $ | 37,643 |
| $ | 38,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total non-interest expense |
| 24,772 |
|
| 23,842 |
|
| 23,688 |
|
| 24,367 |
|
| 23,016 |
| |
Non-core expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Gain (loss) on sale of premises and equipment, net |
| - |
|
| 248 |
|
| 15 |
|
| (281 | ) |
| - |
| |
Acquisition, conversion and other expenses |
| - |
|
| - |
|
| (20 | ) |
| (263 | ) |
| - |
| |
Total non-core expenses |
| - |
|
| 248 |
|
| (5 | ) |
| (544 | ) |
| - |
| |
Core non-interest expense (2) | (D) | $ | 24,772 |
| $ | 24,090 |
| $ | 23,683 |
| $ | 23,823 |
| $ | 23,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total revenue |
| 38,611 |
|
| 37,216 |
|
| 36,641 |
|
| 37,643 |
|
| 38,001 |
| |
Total non-interest expense |
| 24,772 |
|
| 23,842 |
|
| 23,688 |
|
| 24,367 |
|
| 23,016 |
| |
Pre-tax, pre-provision net revenue | $ | 13,839 |
| $ | 13,374 |
| $ | 12,953 |
| $ | 13,276 |
| $ | 14,985 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Core revenue(2) |
| 38,611 |
|
| 37,166 |
|
| 36,641 |
|
| 37,643 |
|
| 38,001 |
| |
Core non-interest expense(2) |
| 24,772 |
|
| 24,090 |
|
| 23,683 |
|
| 23,823 |
|
| 23,016 |
| |
Core pre-tax, pre-provision net revenue(2) | (U) | $ | 13,839 |
| $ | 13,076 |
| $ | 12,958 |
| $ | 13,820 |
| $ | 14,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Average earning assets | (E) | $ | 3,728 |
| $ | 3,665 |
| $ | 3,645 |
| $ | 3,652 |
| $ | 3,687 |
|
Average assets | (F) |
| 4,027 |
|
| 3,960 |
|
| 3,938 |
|
| 3,940 |
|
| 3,984 |
|
Average shareholders' equity | (G) |
| 454 |
|
| 436 |
|
| 436 |
|
| 419 |
|
| 411 |
|
Average tangible shareholders' equity (2) (3) | (H) |
| 330 |
|
| 312 |
|
| 312 |
|
| 294 |
|
| 286 |
|
Tangible shareholders' equity, period-end (2) (3) | (I) |
| 336 |
|
| 315 |
|
| 312 |
|
| 308 |
|
| 280 |
|
Tangible assets, period-end (2) (3) | (J) |
| 3,906 |
|
| 3,910 |
|
| 3,835 |
|
| 3,847 |
|
| 3,859 |
|
BAR HARBOR BANKSHARES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA - UNAUDITED
At or for the Quarters Ended |
| |||||||||||||||
Sep 30, |
| Jun 30, |
| Mar 31, |
| Dec 31, |
| Sep 30, |
| |||||||
(in thousands) | 2024 |
| 2024 |
| 2024 |
| 2023 |
| 2023 |
| ||||||
Common shares outstanding, period-end | (K) |
| 15,268 |
|
| 15,232 |
|
| 15,212 |
|
| 15,172 |
|
| 15,156 |
|
Average diluted shares outstanding | (L) |
| 15,326 |
|
| 15,275 |
|
| 15,270 |
|
| 15,221 |
|
| 15,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Core earnings per share, diluted (2) | (A/L) | $ | 0.80 |
| $ | 0.66 |
| $ | 0.66 |
| $ | 0.68 |
| $ | 0.73 |
|
Tangible book value per share, period-end (2) | (I/K) |
| 22.02 |
|
| 20.68 |
|
| 20.48 |
|
| 20.28 |
|
| 18.45 |
|
Tangible shareholders' equity/total tangible assets (2) | (I/J) |
| 8.61 |
|
| 8.06 |
|
| 8.13 |
|
| 8.00 |
|
| 7.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Performance ratios (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
GAAP return on assets |
| 1.20 | % |
| 1.04 | % |
| 1.03 | % |
| 1.00 | % |
| 1.11 | % | |
Core return on assets (2) | (A/F) |
| 1.20 |
|
| 1.02 |
|
| 1.03 |
|
| 1.04 |
|
| 1.11 |
|
Pre-tax, pre-provision return on assets |
| 1.37 |
|
| 1.36 |
|
| 1.32 |
|
| 1.34 |
|
| 1.49 |
| |
Core pre-tax, pre-provision return on assets (2) | (U/F) |
| 1.37 |
|
| 1.33 |
|
| 1.32 |
|
| 1.39 |
|
| 1.49 |
|
GAAP return on equity |
| 10.68 |
|
| 9.46 |
|
| 9.32 |
|
| 9.43 |
|
| 10.72 |
| |
Core return on equity (2) | (A/G) |
| 10.68 |
|
| 9.25 |
|
| 9.32 |
|
| 9.82 |
|
| 10.72 |
|
Return on tangible equity |
| 14.90 |
|
| 13.44 |
|
| 13.26 |
|
| 13.65 |
|
| 15.65 |
| |
Core return on tangible equity (1) (2) | (A+Q)/H |
| 14.90 |
|
| 13.15 |
|
| 13.27 |
|
| 14.21 |
|
| 15.65 |
|
Efficiency ratio (2) (5) | (D-O-Q)/(C+N) |
| 62.09 |
|
| 62.78 |
|
| 62.91 |
|
| 61.38 |
|
| 58.59 |
|
Net interest margin, fully taxable equivalent (2) | (B+P)/E |
| 3.15 |
|
| 3.09 |
|
| 3.14 |
|
| 3.17 |
|
| 3.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Supplementary data (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Taxable equivalent adjustment for efficiency ratio | (N) | $ | 686 |
| $ | 528 |
| $ | 523 |
| $ | 561 |
| $ | 565 |
|
Franchise taxes included in non-interest expense | (O) |
| 138 |
|
| 191 |
|
| 70 |
|
| 141 |
|
| 186 |
|
Tax equivalent adjustment for net interest margin | (P) |
| 550 |
|
| 389 |
|
| 388 |
|
| 395 |
|
| 405 |
|
Intangible amortization | (Q) |
| 233 |
|
| 233 |
|
| 233 |
|
| 233 |
|
| 233 |
|
(1) Assumes a marginal tax rate of
(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
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