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WKN: 346032 ISIN: US0668491006 Ticker-Symbol: 42K 
Frankfurt
28.11.22
08:00 Uhr
29,000 Euro
+0,200
+0,69 %
1-Jahres-Chart
BAR HARBOR BANKSHARES Chart 1 Jahr
5-Tage-Chart
BAR HARBOR BANKSHARES 5-Tage-Chart
ACCESSWIRE
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(2)

Bar Harbor Bank and Trust: Bar Harbor Bankshares Reports Second Quarter Results; Declares Dividend

BAR HARBOR, ME / ACCESSWIRE / July 21, 2022 / Bar Harbor Bankshares (NYSE American:BHB) reported second quarter 2022 net income of $10.5 million or $0.70 per diluted share compared to $9.0 million or $0.60 per diluted share in the same quarter of 2021. Earnings per share in the prior year quarter included a $0.05 benefit from Paycheck Protection Program (PPP) loans offset by $0.03 of non-core items (non-GAAP).

SECOND QUARTER HIGHLIGHTS (ratios compared to the second quarter 2021)

  • 1.14% return on assets, compared to 0.97%
  • 11% annualized loan growth
  • 9% annualized core deposit growth
  • 3.19% net interest margin, compared to 2.74%
  • 59% efficiency ratio, compared to 63%
  • 0.21% non-performing asset ratio to total assets, compared to 0.37%

President and Chief Executive Officer, Curtis C. Simard stated, "Our performance in the second quarter continues to reflect all the hard work everyone is doing across our Company. We increased net income per diluted share by 17%, which improved all of our performance metrics even without any benefit from PPP accretion. We delivered loan growth across all product offerings; Commercial loans, excluding PPP, grew 14% on annualized basis, driven both by existing and new customer growth. This strong loan growth in the first half of the year, along with rising rates, drove meaningful growth in net interest income and expansion in net interest margin. The quarter was also highlighted by solid, positive operating leverage which improved our efficiency ratio."

"Wealth management income remained strong during the quarter. Assets under management decreased 9%, which is manageable compared to the 16% decline in the S&P 500 index for the same period. Net customer cash inflows were strong in the quarter. We completed the consolidation of our wealth platforms under the Bar Harbor Wealth Management brand during the quarter which delivers a simplified, comprehensive offering across our footprint. We've invested in continuous improvements in our financial planning capabilities, reflecting our deep, long-term care for our customers and their families."

"Asset quality continues to remain strong as total nonperforming assets improved by $1.3 million to 0.21% of total assets and net charge-offs were essentially zero during the quarter. As the economic environment continues to evolve, we believe that our disciplined strategy to responsibly grow business lines where we possess specialized sector and underwriting expertise has resulted in almost no losses for the quarter. We remain committed to those relationships with proven operators. This has allowed us to maintain a superior credit risk profile in our commercial banking business."

Mr. Simard further stated, "As we continue to grow profitably, we remain steadfast in our commitment to return capital to our shareholders. Last month, our Board of Directors authorized a stock repurchase plan for up to 5% of our common shares, which represents approximately 751,000 shares. No repurchases were made in the second quarter and we will continue to be opportunistic taking into consideration market conditions, including interest rate volatility and potential loan and risk-weighted asset growth. We grew tangible book value 6% excluding unrealized security losses, which are considered temporary in nature. And as of the June 30, 2022 stock price, our dividend yield is now over 4%. Given our already strong capital ratios and our organic growth rate, we continue to be well-positioned as we look to future growth."

Mr. Simard concluded, "Our customers and communities have noticed our success as we further establish ourselves as the go-to banking institution in Northern New England. With that in mind, I am excited to share that in addition to being named one of America's Best Banks by Newsweek for 2022, we were recently recognized as one of America's Best Banks by Forbes Magazine. This type of recognition from such a renowned publication does not come easily. It is a testament to our teams' hard work every day. Looking forward into the second half of 2022, there are macroeconomic factors that remain uncertain. We believe having a strong balance sheet, robust pipelines, a sound mix of fee-based businesses, and a focus on expense management as we execute against our strategies will provide the foundation for continued success."

DIVIDEND DECLARED

The Board of Directors voted to declare a cash dividend of $0.26 per share to shareholders of record at the close of business on August 16, 2022 payable on September 16, 2022. This dividend equates to a 4.02% annualized yield based on the $25.86 closing price of the Company's common stock at the end of the second quarter of 2022.

FINANCIAL CONDITION

Loans were $2.7 billion at the end of the second quarter. Excluding PPP loans, commercial loans increased $55.8 million from the end of the first quarter 2022 and included over 70 new customer relationships. Total residential loans increased $8.3 million from the end of the first quarter 2022, and included $18.3 million of originations on the balance sheet offset by prepayments and amortization.

The allowance for credit losses was $23.8 million for the second quarter, compared to $23.2 million at the end of the first quarter 2022. A steadying economic forecast and disciplined approach to credit quality resulted in an allowance to total loans coverage ratio of 0.87% consistent with the end of the first quarter. The second quarter 2022 charged off loans resulted in a net recovery of $32 thousand compared to $95 thousand in the first quarter. Non-accruing loans for the second quarter 2022 decreased to $7.9 million from $9.2 million at the end of the first quarter. The ratio of accruing past due loans to total loans was 0.12% of total loans at the end of the second quarter from 0.25% at the end of the first quarter.

Total deposits were $3.1 billion at the end of the second quarter 2022 compared to $3.0 billion at the end of the first quarter. Core deposits grew $60.8 million, or 9% on an annualized basis, during the quarter as nearly 840 net new customer accounts were opened. The loan to deposit ratio was 89% compared to 87% at the end of the first quarter 2022, the increase was due to outsized loan growth. Time deposits decreased $30.0 million during the quarter attributable to customers continuing to move funds to transactional accounts upon contractual maturity.

The Company's book value per share was $26.19 at June 30, 2022, compared with $27.11 at the end of the first quarter. Tangible book value per share (non-GAAP measure) was $17.83 at the end of the second quarter 2022, compared to $18.72 at the end of the first quarter. Other comprehensive income included unrealized loss on securities totaling $38.3 million in the second quarter 2022 compared to $20.2 million at the end of the first quarter.

RESULTS OF OPERATIONS

Net income in the second quarter 2022 was $10.5 million, or $0.70 per diluted share, compared to $9.0 million, or $0.60 per diluted share, in the same quarter of 2021. Core earnings (non-GAAP) totaled $10.5 million or $0.70 per diluted share, compared to $9.4 million, or $0.63 per diluted share, in the same quarter of 2021. PPP income was $27 thousand compared to $1.1 million in the second quarter 2021.

Net interest margin was 3.19% compared to 2.74% in the same period of 2021. Acceleration of PPP loan fee amortization due to forgiveness contributed 7 basis points in the second quarter 2021. Interest-bearing cash balances, held mostly at the Federal Reserve Bank, reduced NIM by 5 basis points in the second quarter 2022 and 19 basis points in the second quarter 2021. The yield on earning assets totaled 3.46% compared to 3.26% in the second quarter 2021. Excluding the impact of PPP and excess cash, the yield on earning assets totaled 3.51% and 3.44% for the same periods. The yield on loans was 3.71% in the second quarter 2022, and 3.70% in the second quarter of 2021. Excluding PPP loans the yield on loans was 3.71% in the second quarter of 2022 and 3.64% in the second quarter 2021. Costs of interest-bearing liabilities decreased to 0.36% from 0.66% in the second quarter 2021 due to lower deposit rates and less wholesale borrowings.

The provision for credit losses for the quarter was $534 thousand, compared to a recapture of $765 thousand in the second quarter of 2021. The provision in the second quarter 2022 is attributable to loan growth offset in part by continued improvement in credit quality metrics.

Non-interest income in the second quarter 2022 was $9.0 million, compared to $9.5 million in the same quarter of 2021. Customer service fees were $3.7 million in the second quarter compared to $3.3 million in the same period of 2021. The increase included over 800 net new accounts that were opened during the quarter and a higher volume of customer activity and transactions. Wealth management income was $3.8 million in the second quarter of 2022 and the second quarter of 2021 on strong cash inflows offset by market volatility effects on assets under management. Mortgage banking income was $488 thousand, compared to $1.5 million in the same period of 2021 reflecting higher on balance sheet activity and lower residential loan originations.

Non-interest expense was $21.7 million in the second quarter 2022 and the same quarter of 2021 reflecting consistent and stable costs across most categories. The efficiency ratio in the second quarter 2022 was 59.25%, down from 63.45% in the second quarter 2021. Non-core expenses (non-GAAP) in the second quarter 2022 consisted of a $10 thousand loss on the sale of premises and equipment. In the same quarter of 2021, non-core expenses (non-GAAP) totaled $553 thousand were mostly a one-time reduction in workforce.

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 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

Certain statements under the headings "SECOND QUARTER HIGHLIGHTS" and "RESULTS OF OPERATIONS" contained in this document, that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"), and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When used in this earnings release the words "may," "will," "should," "could," "would," "plan," "potential," "estimate," "project," "believe," "intend," "anticipate," "expect," "target" and similar expressions are intended to identify forward-looking statements, but these terms are not the exclusive means of identifying forward-looking statements. These forward-looking statements are subject to significant risks, assumptions and uncertainties, including among other things, changes in general economic and business conditions, increased competitive pressures, changes in the interest rate environment, legislative and regulatory change, changes in the financial markets, and other risks and uncertainties disclosed from time to time in documents that the Company files with the Securities and Exchange Commission, including but not limited to those discussed in the section titled "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and any subsequently filed Quarterly Reports on Form 10-Q. Because of these and other uncertainties, the Company's actual results, performance or achievements, or industry results, may be materially different from the results indicated by these forward-looking statements. In addition, the Company's past results of operations do not necessarily indicate future results. You should not place undue reliance on any of the forward-looking statements, which speak only as of the dates on which they were made. The Company is not undertaking an obligation to update forward-looking statements, even though its situation may change in the future, except as required under federal securities law. The Company qualifies all of its forward-looking statements by these cautionary statements.

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. 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. The Company's non-GAAP core earnings information set forth is not necessarily comparable to non-GAAP information which may be presented by other companies. Each non-GAAP measure used by the Company in this report as supplemental financial data should be considered in conjunction with the Company's GAAP financial information.

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

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

###

CONTACTS

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

TABLE
INDEXCONSOLIDATED FINANCIAL SCHEDULES (UNAUDITED)
SELECTEDFINANCIALHIGHLIGHTSUNAUDITED_350
ASelected Financial Highlights
BBalance Sheets
CLoan and Deposit Analysis
DStatements of Income
EStatements of Income (Five Quarter Trend)
FAverage Yields and Costs
GAverage Balances
HAsset Quality Analysis
I-JReconciliation of Non-GAAP Financial Measures (Five Quarter Trend) and Supplementary Data

BAR HARBOR BANKSHARES
SELECTED FINANCIAL HIGHLIGHTS - UNAUDITED

At or for the Quarters Ended
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,
2022 2022 2021 2021 2021
PER SHARE DATA
Net earnings, diluted
$0.70 $0.60 $0.65 $0.73 $0.60
Core earnings, diluted (1)
0.70 0.62 0.68 0.73 0.63
Total book value
26.19 27.11 28.27 27.92 27.64
Tangible book value (1)
17.83 18.72 19.86 19.48 19.17
Market price at period end
25.86 28.62 28.93 28.05 28.62
Dividends
0.26 0.24 0.24 0.24 0.24

PERFORMANCE RATIOS (2)
Return on assets
1.14% 1.00% 1.02% 1.16% 0.97%
Core return on assets (1)
1.14 1.02 1.07 1.16 1.01
Pre-tax, pre-provision return on assets
1.50 1.28 1.26 1.43 1.13
Core pre-tax, pre-provision return on assets (1)
1.50 1.31 1.33 1.43 1.18
Return on equity
10.58 8.89 9.16 10.38 8.77
Core return on equity (1)
10.59 9.07 9.60 10.39 9.14
Return on tangible equity
15.74 13.01 13.30 15.08 12.91
Core return on tangible equity (1)
15.76 13.27 13.93 15.09 13.45
Net interest margin, fully taxable equivalent (FTE) (1) (3)
3.19 2.95 2.79 3.02 2.74
Core net interest margin (1) (4)
3.19 2.93 2.69 2.75 2.67
Efficiency ratio (1)
59.25 62.40 60.74 59.18 63.45

FINANCIAL DATA (In millions)
Total assets
$3,712 $3,692 $3,709 $3,738 $3,639
Total earning assets (5)
3,399 3,367 3,380 3,394 3,282
Total investments
593 611 626 556 636
Total loans
2,727 2,655 2,532 2,534 2,516
Allowance for credit losses
24 23 23 22 23
Total goodwill and intangible assets
126 126 126 126 127
Total deposits
3,079 3,048 3,049 3,007 2,822
Total shareholders' equity
394 407 424 418 414
Net income
11 9 10 11 9
Core earnings (1)
11 9 10 11 9

ASSET QUALITY AND CONDITION RATIOS
Net (recoveries) charge-offs (current quarter annualized)/average loans
(0.01)% (0.01)% -% 0.03% 0.01%
Allowance for credit losses/total loans
0.87 0.87 0.90 0.89 0.91
Loans/deposits
89 87 83 84 89
Shareholders' equity to total assets
10.60 11.02 11.43 11.19 11.37
Tangible shareholders' equity to tangible assets
7.47 7.88 8.32 8.08 8.17

(1) Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures in table 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) Core net interest margin excludes Paycheck Protection Program loans.
(5) Earning assets includes non-accruing loans and interest-bearing deposits with other banks. Securities are valued at amortized cost.

BAR HARBOR BANKSHARES
CONSOLIDATED BALANCE SHEETS - UNAUDITED


Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,
(in thousands)
2022 2022 2021 2021 2021
Assets
Cash and due from banks
$40,834 $38,656 $33,508 $39,081 $41,440
Interest-earning deposits with other banks
26,282 72,393 216,881 302,118 132,278
Total cash and cash equivalents
67,116 111,049 250,389 341,199 173,718

Securities available for sale
586,142 603,910 618,276 545,327 621,849
Federal Home Loan Bank stock
6,572 7,384 7,384 10,192 14,145
Total securities
592,714 611,294 625,660 555,519 635,994

Loans held for sale
3,539 2,843 5,523 7,505 7,942

Total loans
2,727,274 2,654,562 2,531,910 2,534,154 2,515,560
Less: Allowance for credit losses
(23,756) (23,190) (22,718) (22,448) (22,815)
Net loans
2,703,518 2,631,372 2,509,192 2,511,706 2,492,745

Premises and equipment, net
48,350 48,891 49,382 50,070 51,119
Other real estate owned
- - - - -
Goodwill
119,477 119,477 119,477 119,477 119,477
Other intangible assets
6,267 6,500 6,733 6,966 7,198
Cash surrender value of bank-owned life insurance
80,262 79,861 79,020 79,380 78,886
Deferred tax asset, net
18,405 12,614 5,547 5,811 4,902
Other assets
72,596 68,169 58,310 60,712 67,064
Total assets
$3,712,244 $3,692,070 $3,709,233 $3,738,345 $3,639,045

Liabilities and shareholders' equity
Demand and other non-interest bearing deposits
$670,268 $653,471 $664,420 $664,395 $599,598
NOW deposits
883,239 918,768 940,631 888,021 802,681
Savings deposits
663,676 658,834 628,670 605,977 578,361
Money market deposits
499,456 424,750 389,291 379,651 371,075
Time deposits
361,906 391,940 425,532 469,221 470,758
Total deposits
3,078,545 3,047,763 3,048,544 3,007,265 2,822,473

Senior borrowings
117,347 118,538 118,400 190,267 279,991
Subordinated borrowings
60,206 60,165 60,124 60,083 60,042
Total borrowings
177,553 178,703 178,524 250,350 340,033

Other liabilities
62,549 58,605 58,018 62,295 62,779
Total liabilities
3,318,647 3,285,071 3,285,086 3,319,910 3,225,285

Total shareholders' equity
393,597 406,999 424,147 418,435 413,760
Total liabilities and shareholders' equity
$3,712,244 $3,692,070 $3,709,233 $3,738,345 $3,639,045

Net shares outstanding
15,026 15,013 15,001 14,987 14,972

BAR HARBOR BANKSHARES
CONSOLIDATED LOAN & DEPOSIT ANALYSIS - UNAUDITED

LOAN ANALYSIS

Annualized
Growth %
(in thousands)
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2021
Jun 30,
2021
Quarter to Date Year to Date
Commercial real estate
$1,331,860 $1,289,968 $1,210,580 $1,170,372 $1,135,857 13% 20%
Commercial and industrial
360,304 346,394 340,129 331,091 327,729 16 12
Paycheck Protection Program (PPP)
170 1,126 6,669 24,227 65,918 * *
Total commercial loans
1,692,334 1,637,488 1,557,378 1,525,690 1,529,504 13 17
Total commercial loans, excluding PPP
1,692,164 1,636,362 1,550,709 1,501,463 1,463,586 14 18

Residential real estate
876,644 868,382 821,004 849,692 822,774 4 14
Consumer
100,816 96,876 98,949 100,933 103,589 16 4
Tax exempt and other
57,480 51,816 54,579 57,839 59,693 44 11
Total loans
$2,727,274 $2,654,562 $2,531,910 $2,534,154 $2,515,560 11% 15%

DEPOSIT ANALYSIS

Annualized
Growth %
(in thousands)
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2021
Jun 30,
2021
Quarter to Date Year to Date
Demand
$670,268 $653,471 $664,420 $664,395 $599,598 10% 2%
NOW
883,239 918,768 940,631 888,021 802,681 (15) (12)
Savings
663,676 658,834 628,670 605,977 578,361 3 11
Money market
499,456 424,750 389,291 379,651 371,075 70 57
Total non-maturity deposits
2,716,639 2,655,823 2,623,012 2,538,044 2,351,715 9 7
Total time deposits
361,906 391,940 425,532 469,221 470,758 (31) (30)
Total deposits
$3,078,545 $3,047,763 $3,048,544 $3,007,265 $2,822,473 4% 2%

*Indicates ratios of 100% or greater.

BAR HARBOR BANKSHARES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED

Three Months Ended Six Months Ended
June 30, June 30,
(in thousands, except per share data)
2022 2021 2022 2021
Interest and dividend income
Loans
$24,581 $23,191 $47,252 $47,396
Securities and other
4,207 3,992 8,033 7,971
Total interest and dividend income
28,788 27,183 55,285 55,367
Interest expense
Deposits
1,195 2,603 2,384 5,554
Borrowings
1,074 1,826 2,084 3,637
Total interest expense
2,269 4,429 4,468 9,191
Net interest income
26,519 22,754 50,817 46,176
Provision for credit losses
534 (765) 911 (1,254)
Net interest income after provision for credit losses
25,985 23,519 49,906 47,430
Non-interest income
Trust and investment management fee income
3,829 3,801 7,583 7,467
Customer service fees
3,656 3,257 7,272 6,227
Gain on sales of securities, net
- 50 9 50
Mortgage banking income
488 1,553 1,112 4,123
Bank-owned life insurance income
504 498 1,005 1,016
Customer derivative income
137 86 155 496
Other income
347 260 1,134 374
Total non-interest income
8,961 9,505 18,270 19,753
Non-interest expense
Salaries and employee benefits
11,368 11,356 23,515 23,532
Occupancy and equipment
4,373 3,894 8,796 8,222
Loss (gain) on sales of premises and equipment, net
10 1 (65) 9
Outside services
410 533 750 965
Professional services
528 151 701 709
Communication
188 198 413 519
Marketing
369 534 632 824
Amortization of intangible assets
233 233 466 474
Loss on debt extinguishment
- - - -
Acquisition, conversion and other expenses
- 552 325 1,441
Other expenses
4,221 4,272 8,053 7,520
Total non-interest expense
21,700 21,724 43,586 44,215
Income before income taxes
13,246 11,300 24,590 22,968
Income tax expense
2,743 2,275 4,975 4,463
Net income
$10,503 $9,025 $19,615 $18,505

Earnings per share:
Basic
$0.70 $0.60 $1.31 $1.24
Diluted
0.70 0.60 1.30 1.23

Weighted average shares outstanding:
Basic
15,018 14,965 15,014 14,950
Diluted
15,077 15,042 15,094 15,026

BAR HARBOR BANKSHARES
CONSOLIDATED STATEMENTS OF INCOME (5 Quarter Trend) - UNAUDITED


Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,
(in thousands, except per share data)
2022 2022 2021 2021 2021
Interest and dividend income





Loans
$24,581 $22,671 $22,746 $25,094 $23,191
Securities and other
4,207 3,826 3,776 3,821 3,992
Total interest and dividend income
28,788 26,497 26,522 28,915 27,183
Interest expense
Deposits
1,195 1,189 1,434 1,555 2,603
Borrowings
1,074 1,010 1,273 1,778 1,826
Total interest expense
2,269 2,199 2,707 3,333 4,429
Net interest income
26,519 24,298 23,815 25,582 22,754
Provision for credit losses
534 377 126 (174) (765)
Net interest income after provision for credit losses
25,985 23,921 23,689 25,756 23,519
Non-interest income
Trust and investment management fee income
3,829 3,754 3,844 3,868 3,801
Customer service fees
3,656 3,616 3,470 3,515 3,257
Gain on sales of securities, net
- 9 890 1,930 50
Mortgage banking income
488 624 1,563 850 1,553
Bank-owned life insurance income
504 501 669 494 498
Customer derivative income
137 18 173 341 86
Other income
347 787 549 352 260
Total non-interest income
8,961 9,309 11,158 11,350 9,505
Non-interest expense
Salaries and employee benefits
11,368 12,147 11,842 11,743 11,356
Occupancy and equipment
4,373 4,423 4,105 4,029 3,894
Loss (gain) on sales of premises and equipment, net
10 (75) 515 (146) 1
Outside services
410 340 431 547 533
Professional services
528 173 556 491 151
Communication
188 225 205 188 198
Marketing
369 263 378 339 534
Amortization of intangible assets
233 233 233 233 233
Loss on debt extinguishment
- - 1,083 1,768 -
Acquisition, conversion and other expenses
- 325 (92) 318 552
Other expenses
4,221 3,832 3,665 3,862 4,272
Total non-interest expense
21,700 21,886 22,921 23,372 21,724
Income before income taxes
13,246 11,344 11,926 13,734 11,300
Income tax expense
2,743 2,232 2,160 2,706 2,275
Net income
$10,503 $9,112 $9,766 $11,028 $9,025

Earnings per share:
Basic
$0.70 $0.61 $0.65 $0.74 $0.60
Diluted
0.70 0.60 0.65 0.73 0.60

Weighted average shares outstanding:
Basic
15,018 15,011 14,993 14,983 14,965
Diluted
15,077 15,102 15,075 15,051 15,042

BAR HARBOR BANKSHARES
AVERAGE YIELDS AND COSTS (Fully Taxable Equivalent (Non-GAAP) - Annualized) - UNAUDITED

Quarters Ended
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,
2022 2022 2021 2021 2021
Earning assets
Interest-earning deposits with other banks
0.80% 0.16% 0.16% 0.15% 0.09%
Securities available for sale and FHLB stock
2.69 2.55 2.66 2.59 2.66
Loans:
Commercial real estate
3.82 3.50 3.40 3.53 3.54
Commercial and industrial
3.67 3.46 3.23 3.79 3.60
Paycheck protection program
13.99 26.49 26.25 23.28 5.56
Residential real estate
3.55 3.55 3.61 3.64 3.80
Consumer
3.82 3.51 3.49 3.78 3.44
Total loans
3.71 3.54 3.58 3.98 3.70
Total earning assets
3.46% 3.21% 3.10% 3.41% 3.26%
Funding liabilities
Deposits:
NOW
0.14% 0.14% 0.14% 0.13% 0.12%
Savings
0.08 0.09 0.08 0.08 0.10
Money market
0.19 0.12 0.12 0.12 0.12
Time deposits
0.58 0.62 0.77 0.88 1.37
Total interest-bearing deposits
0.20 0.20 0.24 0.27 0.45
Borrowings
2.41 2.29 2.17 2.11 2.12
Total interest-bearing liabilities
0.36% 0.35% 0.41% 0.50% 0.66%
Net interest spread
3.10 2.86 2.69 2.91 2.60
Net interest margin
3.19 2.95 2.79 3.02 2.74
Core net interest margin (1)
3.19 2.93 2.69 2.75 2.67

(1) Core net interest margin (Non-GAAP) excludes Paycheck Protection Program loans.

BAR HARBOR BANKSHARES
AVERAGE BALANCES - UNAUDITED


Quarters Ended

Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,
(in thousands)
2022 2022 2021 2021 2021
Assets





Interest-earning deposits with other banks (1)
$63,317 $140,383 $325,260 $284,429 $228,825
Securities available for sale and FHLB stock (2)
637,881 629,811 578,323 610,381 635,978
Loans:
Commercial real estate
1,296,162 1,264,798 1,189,803 1,153,813 1,122,831
Commercial and industrial
412,518 393,759 386,156 391,191 378,634
Paycheck protection program
788 2,999 14,824 45,835 76,701
Residential real estate
863,172 856,252 844,872 824,686 850,119
Consumer
98,588 97,594 100,723 101,545 104,851
Total loans (3)
2,671,228 2,615,402 2,536,378 2,517,070 2,533,136
Total earning assets
3,372,426 3,385,596 3,439,961 3,411,880 3,397,939
Cash and due from banks
35,051 32,742 37,818 38,750 21,414
Allowance for credit losses
(23,228) (23,256) (22,525) (22,607) (23,419)
Goodwill and other intangible assets
126,090 126,090 126,324 126,556 126,789
Other assets
174,880 190,846 200,097 209,509 223,362
Total assets
$3,685,219 $3,712,018 $3,781,675 $3,764,088 $3,746,085

Liabilities and shareholders' equity
Deposits:
NOW
$893,239 $930,556 $913,326 $860,206 $781,836
Savings
657,047 640,672 620,599 591,440 568,193
Money market
457,088 414,130 395,341 381,755 368,826
Time deposits
375,782 406,730 450,559 471,934 619,454
Total interest-bearing deposits
2,383,156 2,392,088 2,379,825 2,305,335 2,338,309
Borrowings
178,519 178,958 232,492 334,097 345,896
Total interest-bearing liabilities
2,561,675 2,571,046 2,612,317 2,639,432 2,684,205
Non-interest-bearing demand deposits
661,412 660,717 684,895 641,769 591,982
Other liabilities
63,912 64,619 61,480 61,436 57,227
Total liabilities
3,286,999 3,296,382 3,358,692 3,342,637 3,333,414
Total shareholders' equity
398,220 415,636 422,983 421,451 412,671
Total liabilities and shareholders' equity
$3,685,219 $3,712,018 $3,781,675 $3,764,088 $3,746,085

(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

Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,
(in thousands)
2022 2022 2021 2021 2021
NON-PERFORMING ASSETS
Non-accruing loans:
Commercial real estate
$1,483 $1,633 $2,890 $3,646 $4,367
Commercial installment
632 905 1,056 1,163 1,370
Residential real estate
4,882 5,612 5,192 6,311 6,788
Consumer installment
881 1,063 1,053 1,087 1,054
Total non-accruing loans
7,878 9,213 10,191 12,207 13,579
Other real estate owned
- - - - -
Total non-performing assets
$7,878 $9,213 $10,191 $12,207 $13,579
Total non-accruing loans/total loans
0.29% 0.35% 0.40% 0.48% 0.54%
Total non-performing assets/total assets
0.21 0.25 0.27 0.33 0.37
PROVISION AND ALLOWANCE FOR CREDIT LOSSES
Balance at beginning of period
$23,190 $22,718 $22,448 $22,815 $23,653
Charged-off loans
(62) (83) (154) (286) (239)
Recoveries on charged-off loans
94 178 298 93 166
Net loans charged-off
32 95 144 (193) (73)
Provision for credit losses
534 377 126 (174) (765)
Balance at end of period
$23,756 $23,190 $22,718 $22,448 $22,815
Allowance for credit losses/total loans
0.87% 0.87% 0.90% 0.89% 0.91%
Allowance for credit losses/non-accruing loans
300 252 223 184 168
NET LOAN (CHARGE-OFFS) RECOVERIES
Commercial real estate
$59 $54 $216 $(69) $(105)
Commercial installment
12 25 53 (24) (7)
Residential real estate
6 76 8 13 88
Consumer installment
(45) (60) (133) (113) (49)
Total, net
$32 $95 $144 $(193) $(73)
Net (recoveries) charge-offs (QTD annualized)/average loans
-% (0.01)% (0.02)% 0.03% 0.01%
Net (recoveries) charge-offs (YTD annualized)/average loans
(0.01) (0.01) 0.01 0.02 0.02
DELINQUENT AND NON-ACCRUING LOANS/ TOTAL LOANS
30-89 Days delinquent
0.09% 0.22% 0.31% 0.09% 0.13%
90+ Days delinquent and still accruing
0.03 0.03 0.01 0.02 0.02
Total accruing delinquent loans
0.12 0.25 0.32 0.12 0.15
Non-accruing loans
0.29 0.35 0.40 0.48 0.54
Total delinquent and non-accruing loans
0.41% 0.60% 0.72% 0.60% 0.69%

BAR HARBOR BANKSHARES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA - UNAUDITED



At or for the Quarters Ended


Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,
(in thousands)

2022 2022 2021 2021 2021
Net income

$10,503 $9,112 $9,766 $11,028 $9,025
Non-core items:
Gain on sale of securities, net
- (9) (890) (1,930) (50)
Loss (gain) on sale of premises and equipment, net

10 (75) 515 (146) 1
Loss on debt extinguishment
- - 1,083 1,768 -
Acquisition, conversion and other expenses

- 325 (92) 318 552
Income tax expense (1)
(2) (56) (144) (2) (119)
Total non-core items
8 185 472 8 384
Core earnings (2)
(A)
$10,511 $9,297 $10,238 $11,036 $9,409

Net interest income
(B)
$26,519 $24,298 $23,815 $25,582 $22,754
Non-interest income
8,961 9,309 11,158 11,350 9,505
Total Revenue
35,480 33,607 34,973 36,932 32,259
Gain on sale of securities, net
- (9) (890) (1,930) (50)
Total core revenue (2)
(C)
$35,480 $33,598 $34,083 $35,002 $32,209

Total non-interest expense
21,700 21,886 22,921 23,372 21,724
Non-core expenses:
(Loss) gain on sale of premises and equipment, net

(10) 75 (515) 146 (1)
Loss on debt extinguishment
- - (1,083) (1,768) -
Acquisition, conversion and other expenses

- (325) 92 (318) (552)
Total non-core expenses
(10) (250) (1,506) (1,940) (553)
Core non-interest expense (2)
(D)
$21,690 $21,636 $21,415 $21,432 $21,171
Total revenue
35,480 33,607 34,973 36,932 32,259
Total non-interest expense
21,700 21,886 22,921 23,372 21,724
Pre-tax, pre-provision net revenue
$13,780 $11,721 $12,052 $13,560 $10,535
Core revenue (2)
35,480 33,598 34,083 35,002 32,209
Core non-interest expense (2)
21,690 21,636 21,415 21,432 21,171
Core pre-tax, pre-provision net revenue (2)
(U)
$13,790 $11,962 $12,668 $13,570 $11,038
(in millions)
Average earning assets
(E)
$3,372 $3,386 $3,440 $3,412 $3,398
Average paycheck protection program (PPP) loans
(R)
1 3 15 46 77
Average earning assets, excluding PPP loans
(S)
3,371 3,383 3,425 3,366 3,321
Average assets
(F)
3,685 3,712 3,764 3,764 3,746
Average shareholders' equity
(G)
398 416 423 421 413
Average tangible shareholders' equity (2) (3)
(H)
272 290 297 295 286
Tangible shareholders' equity, period-end (2) (3)
(I)
268 281 298 292 287
Tangible assets, period-end (2) (3)
(J)
3,587 3,566 3,583 3,612 3,512


BAR HARBOR BANKSHARES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA - UNAUDITED

At or for the Quarters Ended
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,
(in thousands)
2022 2022 2021 2021 2021
Common shares outstanding, period-end
(K) 15,018 15,013 15,001 14,987 14,972
Average diluted shares outstanding
(L) 15,077 15,102 15,075 15,051 15,042
Core earnings per share, diluted (2)
(A/L) $0.70 $0.62 $0.68 $0.73 $0.63
Tangible book value per share, period-end (2)
(I/K) 17.83 18.72 19.86 19.48 19.17
Securities adjustment, net of tax (1) (4)
(M) (38,304) (20,225) 1,985 4,398 7,237
Tangible book value per share, excluding securities adjustment (2) (4)
(I+M)/K 20.38 20.07 19.73 19.19 18.69
Tangible shareholders' equity/total
tangible assets (2)
(I/J) 7.47 7.88 8.32 8.08 8.17
Performance ratios (5)
GAAP return on assets
1.14% 1.00% 1.02% 1.16% 0.97%
Core return on assets (2)
(A/F) 1.14 1.02 1.07 1.16 1.01
Pre-tax, pre-provision return on assets
1.50 1.28 1.26 1.43 1.13
Core pre-tax, pre-provision return
on assets (2)
(U/F) 1.50 1.31 1.33 1.43 1.18
GAAP return on equity
10.58 8.89 9.16 10.38 8.77
Core return on equity (2)
(A/G) 10.59 9.07 9.60 10.39 9.14
Return on tangible equity
15.74 13.01 13.30 15.08 12.91
Core return on tangible equity (1) (2)
(A+Q)/H 15.76 13.27 13.93 15.09 13.45
Efficiency ratio (2) (6)
(D-O-Q)/(C+N) 59.25 62.40 60.74 59.18 63.45
Net interest margin
(B+P)/E 3.19 2.95 2.79 3.02 2.74
Core net interest margin (2) (7)
(B+P-T)/S 3.19 2.93 2.69 2.75 2.67

Supplementary data (in thousands)
Taxable equivalent adjustment for
efficiency ratio
(N) $491 $476 $573 $576 $586
Franchise taxes included in non-interest expense
(O) 144 141 132 143 128
Tax equivalent adjustment for net interest margin
(P) 334 320 369 421 430
Intangible amortization
(Q) 233 233 233 233 233
Interest and fees on PPP loans
(T) 27 196 981 2,690 1,064

(1) Assumes a marginal tax rate of 23.41% for the first and second quarter of 2022 and fourth quarter of 2021 and 23.71% for the first three quarters of 2021.
(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) Securities adjustment, net of tax represents the total unrealized loss on available-for-sale securities recorded on the Company's consolidated balance sheets within total common shareholders' equity.
(5) All performance ratios are based on average balance sheet amounts, where applicable.
(6) 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.
(7) Core net interest margin excludes Paycheck Protection Program loans.

SOURCE: Bar Harbor Bank and Trust



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