第99.1展示文本
Bar Harbor銀行股份報告2024年第三季度業績；宣佈分紅
緬因州巴港 – 2024年10月22日 - Bar Harbor銀行股份（紐交所美國代碼：BHB）（「該公司」）報告2024年第三季度的美國通用會計準則（GAAP）和核心（非通用會計準則）淨利潤1210萬美元，每股稀釋盈利0.80美元，相比之下，2023年同季度的美國通用會計準則（GAAP）和核心（非通用會計準則）淨利潤爲1110萬美元，每股稀釋盈利0.73美元。
2024年第三季度亮點
| • | 資產回報率爲1.20% |
| • | 年化18%的核心存款增長 |
| • | 淨利息收益率爲3.15% |
| • | 非計息貸款佔總貸款比率爲0.23% |
| • | 财富管理相關的費用收入同比增長17% |
Bar Harbor Bankshares的總裁兼首席執行官Curtis C. Simard表示，「儘管在利率環境方面存在許多觀點分歧，我們的團隊仍在交付始終如一且堅韌不拔的業績。無論宏觀經濟環境的不確定性如何，我們始終堅守紀律，專注於推進市場份額的增長。即使在扣除下文所述的一次性稅收受益後，第三季度的盈利增長依然強勁達到8%。」
在基本面方面，我們吸引了一大批覈心存款，這在夏季是比較典型的，考慮到我們的業務範圍，但得益於我們的零售團隊向1554名新客戶開立帳戶，這進一步提高了我們管理總融資成本的效率，有助於在客戶對貸款收益方向的預期發生變化的情況下拓展利潤空間。 我們在财富管理領域的建立存在已成爲收入穩定性的固有部分，财富管理費收入同比增長17%。 總之，長期以來在增長與收益之間保持平衡的承諾已被證明是一個穩固的基礎，鑑於行業整體和未來經濟情緒的不斷變化。 無限團隊合作精神與對風險管理的同等奉獻精神的結合將繼續推動我們在年底之前的成功。”
宣佈分紅
公司董事會投票決定向截至2024年11月14日營業結束時的股東宣佈每股派發0.30美元的現金股息，股息將於2024年12月13日支付。根據2024年9月30日，即2024年第三季度最後一個交易日，公司普通股的收盤價30.84美元，此股息相當於年化收益率爲3.89%。
財務狀況（2024年9月30日與2024年6月30日相比）
總資產於2024年第三季度末保持穩定，爲40億美元，與第二季度2024年相比，主要由於貸款增長持續、存款和可供出售的證券增加，抵消了第三季度末較低的借款和現金。
2024年第三季度末總現金及現金等價物爲8120萬美元，而2024年第二季度末爲10180萬美元。與2024年第二季度末相比，存放於其他銀行的計息存款分別爲4130萬美元和6220萬美元，對應收益率分別爲5.54%和5.65%。現金餘額變化受貸款放款和證券購買的影響。
貸款總額按年增長了1760萬美元，增長了2%。商業貸款增長1%，主要因房地產業的4270萬美元，或10%的年化增長部分抵消了商業與工業貸款的3870萬美元，或37%的年化減少，這是由償還、走私和向免稅和其他轉變引起的。住宅房地產減少1820萬美元，與2024年第二季度相比下降了8%，因爲我們專注於以更高收益的商業貸款增長組合。消費貸款增加了370萬美元，或15%的年化增長，主要受2024年第三季度在家庭權益額度開支和已建立的額度提款持續增長的推動。
bar harbor bankshares - 巴港銀行股份 | 第1頁 | www.barharbor.bank |
可供出售的證券比2024年第二季度的51290萬美元增加至53590萬美元，部分原因是1640萬美元的購買，部分償還了1040萬美元，淨攤銷爲41.8萬美元，同時到期和贖回的證券爲9.6萬美元。聯邦住房貸款銀行（「FHLB」）的股票在2024年第三季度降至760萬美元，而在2024年第二季度爲1480萬美元，主要原因是FHLB借款減少了12050萬美元。公允價值調整導致在2024年第三季度末，證券投資組合減少了5230萬美元，而在第二季度末爲6850萬美元。2024年第三季度證券組合的加權平均收益率爲3.96%，而上一季末爲4.00%，主要是由於利率環境和收益率曲線結構的變化。截至2024年第二季度和第三季度末，我們的證券組合的平均壽命分別爲九年和八年，有效久期均爲五年，所有證券均繼續分類爲可供出售，以提供資產融資和其他機會的靈活性。
信貸損失準備繼續增加，截至2024年第三季度末爲2900萬美元，而在2024年第二季度末爲2890萬美元。我們的信貸損失準備繼續受組合貸款增長、名義信貸變動和宏觀經濟趨勢的推動。逾期貸款在2024年第三季度增至710萬美元，而在2024年第二季度爲630萬美元，其中商業房地產和消費者分期付款變動部分抵消了商業分期和住宅房地產的減少。 非應計貸款的增加主要集中在一項有良好擔保的自住商業房地產貸款（75.9萬美元），在審核後並未設立特定準備。2024年第三季度的非應計貸款佔總貸款的比例爲0.23%，而第二季度爲0.20%，仍低於同行群體的中值和平均水平。不應計貸款的核銷和特定準備仍然很少，由於擔保價值相對較高提供支持。
存款總額從2024年第二季度的31億美元增加了12060萬元，至2024年第三季度的33億美元。非存期存款按年計增長15%，或10440萬美元，達到24億美元，其中非付息需求增加了5190萬美元，付息需求增加了3180萬美元，貨幣市場結餘增加了2140萬美元。付息存款的平均收益率提高了10個百分點，達到2.45%。
截至2024年第三季度末，高級借款由2024年第二季度的14310萬元減少至18620萬元，原因是存款增加和可供支持貸款增長和投資購買的現金餘額增加。 FHLb借款由2024年第二季度末的12050萬元減少至13380萬元。與2024年第二季度末的25430萬元相比，聯邦儲備銀行銀行長期融資計劃下的借款減少了2000萬美元，至2024年第三季度末的4500萬美元。總借款成本從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，公司每股賬面價值爲30.12美元，而2024年6月30日爲28.81美元。第三季度末無形賬面價值爲（非GAAP）22.02美元，而2024年第二季度末爲20.68美元。
2024年9月30日的運營結果與2023年9月30日相比
淨利息收益率在2024年第三季度爲3.15%，低於2023年第三季度的3.18%。主要受資金成本增加42%的影響，原因是利率環境及存款增長，部分抵消了較低的借款餘額和成本。貸款收益率從2023年同季度的5.02%增長了52個點子，至2024年第三季度的5.54%。2023年第三季度利息支出成本從1.81%增長了64個點子，至2024年第三季度的2.45%，主要受利率環境內持續競爭性定價的影響。
總利息和股息收入增長了9.5%，至第三季度2024年的4860萬美元，主要是由於浮動利率貸款的重新定價和商業貸款組合中更高固定利率貸款的產生。商業房地產貸款收益率從2023年第三季度的5.34%增長至2024年第三季度的5.67%。商業與工業貸款收益率從2023年第三季度的6.56%增長至2024年第三季度的6.98%。收益資產收益率從2023年第三季度的4.90%增長至5.24%。
總利息支出在2024年第三季度增加了23%，達到1960萬美元，相比於2023年第三季度的1590萬美元，主要是由於資金成本增加以及存款增加12060萬美元，以及存款組合從非活期存款轉向定期存款。2024年較2013年第三季度，非活期存款減少3820萬美元，定期存款增加15890萬美元。借款從2013年第三季度減少12090萬美元，第三季度的收益率降低了21個點子至4.38%。
信貸損失準備金爲22.8萬美元，與2023年第三季度的67.3萬美元相比，淨覈銷保持穩定，信用質量繼續保持強勁。2024年第三季度逾期貸款總額降至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) |
| |
| |
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. |
A
BAR HARBOR BANKSHARES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
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Assets |
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| |
|
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 |
B
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 | % |
C
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 |
D
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 |
E
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. |
F
BAR HARBOR BANKSHARES
| | 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. |
G
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 | % |
H
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 |
| | | | | | | | | | | | | | | | | |
I
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. |
J