EX-99.1 2 bhb-20241022xex99d1.htm EX-99.1

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Bar Harbor银行股份报告2024年第三季度业绩；宣布分红

缅因州巴港 – 2024年10月22日 - Bar Harbor银行股份（纽交所美国代码：BHB）（“该公司”）报告2024年第三季度的美国通用会计准则（GAAP）和核心（非通用会计准则）净利润1210万美元，每股稀释盈利0.80美元，相比之下，2023年同季度的美国通用会计准则（GAAP）和核心（非通用会计准则）净利润为1110万美元，每股稀释盈利0.73美元。

2024年第三季度亮点

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资产回报率为1.20%

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年化18%的核心存款增长

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净利息收益率为3.15%

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非计息贷款占总贷款比率为0.23%

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财富管理相关的费用收入同比增长17%

Bar Harbor Bankshares的总裁兼首席执行官Curtis C. Simard表示，“尽管在利率环境方面存在许多观点分歧，我们的团队仍在交付始终如一且坚韧不拔的业绩。无论宏观经济环境的不确定性如何，我们始终坚守纪律，专注于推进市场份额的增长。即使在扣除下文所述的一次性税收受益后，第三季度的盈利增长依然强劲达到8%。”

在基本面方面，我们吸引了一大批核心存款，这在夏季是比较典型的，考虑到我们的业务范围，但得益于我们的零售团队向1554名新客户开立账户，这进一步提高了我们管理总融资成本的效率，有助于在客户对贷款收益方向的预期发生变化的情况下拓展利润空间。我们在财富管理领域的建立存在已成为收入稳定性的固有部分，财富管理费收入同比增长17%。总之，长期以来在增长与收益之间保持平衡的承诺已被证明是一个稳固的基础，鉴于行业整体和未来经济情绪的不断变化。无限团队合作精神与对风险管理的同等奉献精神的结合将继续推动我们在年底之前的成功。”

宣布分红

公司董事会投票决定向截至2024年11月14日营业结束时的股东宣布每股派发0.30美元的现金股息，股息将于2024年12月13日支付。根据2024年9月30日，即2024年第三季度最后一个交易日，公司普通股的收盘价30.84美元，此股息相当于年化收益率为3.89%。

财务状况（2024年9月30日与2024年6月30日相比）

总资产于2024年第三季度末保持稳定，为40亿美元，与第二季度2024年相比，主要由于贷款增长持续、存款和可供出售的证券增加，抵消了第三季度末较低的借款和现金。

2024年第三季度末总现金及现金等价物为8120万美元，而2024年第二季度末为10180万美元。与2024年第二季度末相比，存放于其他银行的计息存款分别为4130万美元和6220万美元，对应收益率分别为5.54%和5.65%。现金余额变化受贷款放款和证券购买的影响。

贷款总额按年增长了1760万美元，增长了2%。商业贷款增长1%，主要因房地产业的4270万美元，或10%的年化增长部分抵消了商业与工业贷款的3870万美元，或37%的年化减少，这是由偿还、走私和向免税和其他转变引起的。住宅房地产减少1820万美元，与2024年第二季度相比下降了8%，因为我们专注于以更高收益的商业贷款增长组合。消费贷款增加了370万美元，或15%的年化增长，主要受2024年第三季度在家庭权益额度开支和已建立的额度提款持续增长的推动。

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可供出售的证券比2024年第二季度的51290万美元增加至53590万美元，部分原因是1640万美元的购买，部分偿还了1040万美元，净摊销为41.8万美元，同时到期和赎回的证券为9.6万美元。联邦住房贷款银行（“FHLB”）的股票在2024年第三季度降至760万美元，而在2024年第二季度为1480万美元，主要原因是FHLB借款减少了12050万美元。公允价值调整导致在2024年第三季度末，证券投资组合减少了5230万美元，而在第二季度末为6850万美元。2024年第三季度证券组合的加权平均收益率为3.96%，而上一季末为4.00%，主要是由于利率环境和收益率曲线结构的变化。截至2024年第二季度和第三季度末，我们的证券组合的平均寿命分别为九年和八年，有效久期均为五年，所有证券均继续分类为可供出售，以提供资产融资和其他机会的灵活性。

信贷损失准备继续增加，截至2024年第三季度末为2900万美元，而在2024年第二季度末为2890万美元。我们的信贷损失准备继续受组合贷款增长、名义信贷变动和宏观经济趋势的推动。逾期贷款在2024年第三季度增至710万美元，而在2024年第二季度为630万美元，其中商业房地产和消费者分期付款变动部分抵消了商业分期和住宅房地产的减少。非应计贷款的增加主要集中在一项有良好担保的自住商业房地产贷款（75.9万美元），在审核后并未设立特定准备。2024年第三季度的非应计贷款占总贷款的比例为0.23%，而第二季度为0.20%，仍低于同行群体的中值和平均水平。不应计贷款的核销和特定准备仍然很少，由于担保价值相对较高提供支持。

存款总额从2024年第二季度的31亿美元增加了12060万元，至2024年第三季度的33亿美元。非存期存款按年计增长15%，或10440万美元，达到24亿美元，其中非付息需求增加了5190万美元，付息需求增加了3180万美元，货币市场结余增加了2140万美元。付息存款的平均收益率提高了10个百分点，达到2.45%。

截至2024年第三季度末，高级借款由2024年第二季度的14310万元减少至18620万元，原因是存款增加和可供支持贷款增长和投资购买的现金余额增加。 FHLb借款由2024年第二季度末的12050万元减少至13380万元。与2024年第二季度末的25430万元相比，联邦储备银行银行长期融资计划下的借款减少了2000万美元，至2024年第三季度末的4500万美元。总借款成本从2024年第二季度末的4.57%降至2024年第三季度末的4.38%。

截至2024年9月30日，公司每股账面价值为30.12美元，而2024年6月30日为28.81美元。第三季度末无形账面价值为（非GAAP）22.02美元，而2024年第二季度末为20.68美元。

2024年9月30日的运营结果与2023年9月30日相比

净利息收益率在2024年第三季度为3.15%，低于2023年第三季度的3.18%。主要受资金成本增加42%的影响，原因是利率环境及存款增长，部分抵消了较低的借款余额和成本。贷款收益率从2023年同季度的5.02%增长了52个基点，至2024年第三季度的5.54%。2023年第三季度利息支出成本从1.81%增长了64个基点，至2024年第三季度的2.45%，主要受利率环境内持续竞争性定价的影响。

总利息和股息收入增长了9.5%，至第三季度2024年的4860万美元，主要是由于浮动利率贷款的重新定价和商业贷款组合中更高固定利率贷款的产生。商业房地产贷款收益率从2023年第三季度的5.34%增长至2024年第三季度的5.67%。商业与工业贷款收益率从2023年第三季度的6.56%增长至2024年第三季度的6.98%。收益资产收益率从2023年第三季度的4.90%增长至5.24%。

总利息支出在2024年第三季度增加了23%，达到1960万美元，相比于2023年第三季度的1590万美元，主要是由于资金成本增加以及存款增加12060万美元，以及存款组合从非活期存款转向定期存款。2024年较2013年第三季度，非活期存款减少3820万美元，定期存款增加15890万美元。借款从2013年第三季度减少12090万美元，第三季度的收益率降低了21个基点至4.38%。

信贷损失准备金为22.8万美元，与2023年第三季度的67.3万美元相比，净核销保持稳定，信用质量继续保持强劲。2024年第三季度逾期贷款总额降至0.10%。

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

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

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

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

BACKGROUND

Bar Harbor Bankshares (NYSE American: BHB) is the parent company of its wholly-owned subsidiary, Bar Harbor Bank & Trust. Founded in 1887, Bar Harbor Bank & Trust is a true community bank serving the financial needs of its clients for over 135 years. Bar Harbor Bank & Trust provides full-service community banking with office locations in all three Northern New England states of Maine, New Hampshire and Vermont. For more information, visit www.barharbor.bank.

FORWARD-LOOKING STATEMENTS

All statements, other than statements of historical fact, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When used in this release the words “believe,” “anticipate,” “expect,” “may,” “will,” “assume,” “should,” “predict,” “could,” “would,” “intend,” “targets,” “estimates,” “projects,” “plans,” and “potential,” and other similar words and expressions of the future, are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking, including statements relating to Company’s balance sheet management, our credit trends, our overall credit performance, and the Company’s strategic plans, objectives, and intentions. All forward-looking statements are subject to risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the Company to differ materially from any results, performance, or achievements expressed or implied by such forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, including, but not limited to: (1) changes in general business and economic conditions on a national basis and in our markets throughout Northern New England; (2) changes in consumer behavior due to political, business, and economic conditions, including inflation and concerns about liquidity; (3) the possibility that our asset quality could decline or that we experience greater loan losses than anticipated; (4) the impact of liquidity needs on our results of operations and financial condition; (5) changes in the size and nature of our competition; (6) the effect of interest rate increases on the cost of deposits; (7) unanticipated weakness in loan demand, pricing or collectability; (8) the possibility that future credit losses are higher than currently expected due to changes in economic assumptions or adverse economic developments; (9) operational risks including, but not limited to, changes in information technology, cybersecurity incidents, fraud, natural disasters, climate change, war, terrorism, civil unrest, and future pandemics; (10) lack of strategic growth opportunities or our failure to execute on available opportunities; (11) our ability to effectively manage problem credits; (12) our ability to successfully develop new products and implement efficiency initiatives on time and with the results projected; (13) our ability to retain executive officers and key employees and their customer and community relationships; (14) regulatory, litigation, and reputational risks and the applicability of insurance coverage; (15) changes in the reliability of our vendors, internal control systems or information systems; (16) the potential impact of climate change; (17) changes in legislation or regulation and accounting principles, policies, and guidelines; (18) reductions in the market value or outflows of wealth management assets under management; and (19) changes in the assumptions used in making such forward-looking statements. Additional factors which could affect the forward-looking statements can be found in the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) and available on the SEC’s website at http://www.sec.gov. The Company believes the forward-looking statements contained herein are reasonable; however, many of such risks, uncertainties, and other factors are beyond the Company’s ability to control or predict and undue reliance should not be placed on any forward-looking statements, which are based on current

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expectations and speak only as of the date that they are made. Therefore, the Company can give no assurance that its future results will be as estimated. The Company does not intend to, and disclaims any obligation to, update or revise any forward-looking statement.

NON-GAAP FINANCIAL MEASURES

This document contains certain non-GAAP financial measures in addition to results presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These non-GAAP measures are intended to provide the reader with additional supplemental perspectives on operating results, performance trends, and financial condition. Non-GAAP financial measures are not a substitute for GAAP measures; they should be read and used in conjunction with the Company's GAAP financial information. Because non-GAAP financial measures presented in this document are not measurements determined in accordance with GAAP and are susceptible to varying calculations, these non-GAAP financial measures, as presented, may not be comparable to other similarly titled measures presented by other companies. A reconciliation of non-GAAP financial measures to GAAP measures is provided below. In all cases, it should be understood that non-GAAP measures do not depict amounts that accrue directly to the benefit of shareholders. An item which management excludes when computing non-GAAP core earnings can be of substantial importance to the Company's results for any particular quarter or year. Each non-GAAP measure used by the Company in this report as supplemental financial data should be considered in conjunction with the Company's GAAP financial information.

The Company utilizes the non-GAAP measure of core earnings in evaluating operating trends, including components for core revenue and expense. These measures exclude amounts which the Company views as unrelated to its normalized operations, including gains/losses on securities, premises, equipment and other real estate owned, acquisition costs, restructuring costs, legal settlements, and systems conversion costs. Non-GAAP adjustments are presented net of an adjustment for income tax expense.

The Company also calculates core earnings per share based on its measure of core earnings. The Company views these amounts as important to understanding its operating trends, particularly due to the impact of accounting standards related to acquisition activity. Analysts also rely on these measures in estimating and evaluating the Company's performance. Management also believes that the computation of non-GAAP core earnings and core earnings per share may facilitate the comparison of the Company to other companies in the financial services industry. The Company also adjusts certain equity related measures to exclude intangible assets due to the importance of these measures to the investment community.

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CONTACTS

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


TABLE
INDEX	CONSOLIDATED FINANCIAL SCHEDULES (UNAUDITED)


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

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BAR HARBOR BANKSHARES

SELECTED FINANCIAL HIGHLIGHTS - UNAUDITED


	At or for the Quarters Ended
	Sep 30,				Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2024				2024			2024			2023			2023
PER SHARE DATA
Net earnings, diluted	$	0.80		$	0.67		$	0.66		$	0.65		$	0.73
Core earnings, diluted ⁽¹⁾		0.80			0.66			0.66			0.68			0.73
Total book value		30.12			28.81			28.64			28.48			26.67
Tangible book value ⁽¹⁾		22.02			20.68			20.48			20.28			18.45
Market price at period end		30.84			26.88			26.48			29.36			23.63
Dividends		0.30			0.30			0.28			0.28			0.28

PERFORMANCE RATIOS ⁽²⁾
Return on assets		1.20	%		1.04	%		1.03	%		1.00	%		1.11	%
Core return on assets ⁽¹⁾		1.20			1.02			1.03			1.04			1.11
Pre-tax, pre-provision return on assets		1.37			1.36			1.32			1.34			1.49
Core pre-tax, pre-provision return on assets⁽¹⁾		1.37			1.33			1.32			1.39			1.49
Return on equity		10.68			9.46			9.32			9.43			10.72
Core return on equity ⁽¹⁾		10.68			9.25			9.32			9.82			10.72
Return on tangible equity		14.90			13.44			13.26			13.65			15.65
Core return on tangible equity ⁽¹⁾		14.90			13.15			13.27			14.21			15.65
Net interest margin, fully taxable equivalent ^{(1) (3)}		3.15			3.09			3.14			3.17			3.18
Efficiency ratio ⁽¹⁾		62.09			62.78			62.71			61.22			58.37

FINANCIAL DATA (In millions)
Total assets	$	4,030		$	4,034		$	3,959		$	3,971		$	3,984
Total earning assets ⁽⁴⁾		3,720			3,726			3,663			3,664			3,687
Total investments		543			528			538			547			524
Total loans		3,082			3,064			3,012			2,999			2,993
Allowance for credit losses		29			29			28			28			28
Total goodwill and intangible assets		124			124			124			124			125
Total deposits		3,261			3,140			3,127			3,141			3,140
Total shareholders' equity		460			439			436			432			404
Net income		12			10			10			10			11
Core earnings⁽¹⁾		12			10			10			10			11

ASSET QUALITY AND CONDITION RATIOS
Net charge-offs (recoveries)⁽⁵⁾/average loans		0.01	%		0.01	%		0.01	%		0.07	%		—	%
Allowance for credit losses/total loans		0.94			0.94			0.94			0.94			0.94
Loans/deposits		95			98			96			95			95
Shareholders' equity to total assets		11.41			10.88			11.01			10.88			10.15
Tangible shareholders' equity to tangible assets		8.61			8.06			8.13			8.00			7.25

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

(2)	All performance ratios are based on average balance sheet amounts, where applicable.

(3)	Fully taxable equivalent considers the impact of tax-advantaged investment securities and loans.

(4)	Earning assets includes non-accruing loans and interest-bearing deposits with other banks. Securities are valued at amortized cost.

(5)	Current quarter annualized.

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 100%

DEPOSIT ANALYSIS


											Annualized
											Growth %
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Quarter		Year
(in thousands)	2024		2024		2024		2023		2023		to Date		to Date
Non-interest bearing demand	$	604,963	$	553,067	$	544,495	$	569,714	$	618,421	38	%	8	%
Interest-bearing demand		913,910		882,068		888,591		946,978		929,481	14		(5)
Savings		544,235		544,980		551,493		553,963		572,271	(1)		(2)
Money market		380,624		359,208		365,289		370,242		361,839	24		4
Total non-maturity deposits		2,443,732		2,339,323		2,349,868		2,440,897		2,482,012	18		—
Time		817,354		801,143		777,208		700,260		658,482	8		22
Total deposits	$	3,261,086	$	3,140,466	$	3,127,076	$	3,141,157	$	3,140,494	15	%	5	%

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 23.82% in the second and third quarter 2024, 24.01% in the first quarter 2024 and the fourth quarter 2023, and 23.80% in the first three quarters of 2023.

(2)	Non-GAAP financial measure.

(3)	Tangible shareholders' equity is computed by taking total shareholders' equity less the intangible assets at period-end. Tangible assets is computed by taking total assets less the intangible assets at period-end.

(4)	All performance ratios are based on average balance sheet amounts, where applicable.

(5)	Efficiency ratio is computed by dividing core non-interest expense net of franchise taxes and intangible amortization divided by core revenue on a fully taxable equivalent basis.