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WKN: 346032 ISIN: US0668491006 Ticker-Symbol: 42K 
Frankfurt
27.01.23
08:00 Uhr
27,800 Euro
+0,200
+0,72 %
1-Jahres-Chart
BAR HARBOR BANKSHARES Chart 1 Jahr
5-Tage-Chart
BAR HARBOR BANKSHARES 5-Tage-Chart
RealtimeGeldBriefZeit
27,40028,20019:01
ACCESSWIRE
338 Leser
Artikel bewerten:
(2)

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

BAR HARBOR, ME / ACCESSWIRE / October 19, 2022 / Bar Harbor Bankshares (NYSE American:BHB) reported third quarter 2022 net income of $11.4 million or $0.76 per diluted share compared to $11.0 million or $0.73 per diluted share in the same quarter of 2021. Earnings per share in the prior year quarter included a $0.14 per diluted share benefit from Paycheck Protection Program (PPP) loans.

THIRD QUARTER HIGHLIGHTS (all comparisons to the third quarter 2021)

  • 1.20% return on assets, compared to 1.16%
  • 18% annualized loan growth
  • 12% annualized core deposit growth
  • 3.47% net interest margin, compared to 3.02%
  • 58% efficiency ratio, compared to 59%
  • 0.20% non-performing assets ratio to total assets, compared to 0.33%

President and Chief Executive Officer, Curtis C. Simard stated, "We are pleased to report our third quarter 2022 results which reflect another strong quarter in loan growth, asset quality, and expansion in net interest margin as well as in all other profitability metrics. We increased net income by 27% over the third quarter of 2021 excluding the benefit from PPP loans. Total revenue was $38.7 million; a 9% increase from the prior quarter driven primarily by both growth in average assets and the expansion in net interest income due to our asset-sensitive position. Return on assets expanded 25 basis points excluding income from PPP loans in 2021. This quarter's earnings reflect strategically designed core run rates based on non-maturity deposits and commercial loan growth. We continue to practice disciplined expense management despite inflationary challenges seen across the US work force today. These combined efforts create positive operating leverage, which in part, drove the efficiency ratio down to 58%, compared to 59% or 63% excluding PPP loan accretion in the third quarter 2021.

"Loan growth was generated across all of our footprint and across all industry sectors and business lines. The economy in Northern New England continues to be resilient despite pressures from the broader economy. While the commercial loan market is active, we continue to be selective in those opportunities with proven operators who similarly are increasingly focused on bank execution. Overall on an annualized basis commercial loans grew by 25% and residential loans grew 9%, as much of the mortgage production during the quarter was shifted to the balance sheet taking advantage of the higher rate environment.

"On the liability side, we are growing core deposits at a strong double digit rate and gaining market share. This has allowed us to increase our deposit funding reliance and diligently manage our funding costs, which also contributed to our expanded margin.

Mr. Simard went on to say, "As always, our asset quality remains a pillar of our foundation as we continue to see negligible net charge-offs this quarter. Non-performing assets to total assets continues to be minimal at 0.20%. At the end of the third quarter, the allowance for credit losses (ACL) was 0.88% of total loans, up from 0.87% at the end of the second 2022 quarter primarily as a result of more conservative economic forecasting and outsized loan growth.

"We've grown our tangible book value per share, excluding the impact of unrealized security losses, at a compound annual growth rate of 8% on strong earnings offset in part by favorable dividend payments to investors. We should also note that while we have not classified any of our portfolio as held to maturity, we do have the ability to hold the investments to maturity and fully expect any unrealized loss positions to be recovered over time. We continue to manage the investment portfolio as a balance sheet tool versus a line of business, and to this point, classifying investments as available for sale preserves our flexibility.

Mr. Simard concluded, "Looking ahead, while the economy remains uncertain, our customer base remains strong, and we continue to be well positioned to support the needs within our communities regardless of the economic environment. We are actively managing the balance sheet, and, as we have proven in the past, we will continue to lend through the uncertainty while managing our market sensitivity position."

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 November 16, 2022 payable on December 16, 2022. This dividend equates to a 3.92% annualized yield based on the $26.52 closing share price of the Company's common stock on September 30, 2022, the last trading day of the third quarter 2022.

FINANCIAL CONDITION

Loans were $2.8 billion at the end of the third quarter. Commercial loans increased $106.4 million from the end of the second quarter 2022 and included 65 new customer relationships. Total residential loans increased $20.0 million from the end of the second quarter 2022, and included $35.1 million of originations on the balance sheet offset by prepayments and amortization.

The allowance for credit losses was $25.0 million for the third quarter, compared to $23.8 million at the end of the second quarter 2022. The increase in the ACL balance is largely due to significant loan growth during the quarter. The third quarter 2022 charged off loans resulted in a net charge-off of $44 thousand compared to a net recovery of $32 thousand in the second quarter. Non-accruing loans for the third quarter 2022 decreased to $7.8 million from $7.9 million at the end of the second quarter. The ratio of accruing past due loans to total loans was 0.10% of total loans at the end of the third quarter from 0.12% at the end of the second quarter.

Total deposits were $3.1 billion at the end of the third quarter 2022 as well as at the end of the second quarter. Core deposits grew $84.8 million, or 12% on an annualized basis. Time deposits decreased $27.7 million during the quarter attributable to customers continuing to move funds to transactional accounts upon contractual maturity. Excess cash and short-term borrowings were used as funding during the third quarter as loan growth outpaced deposit growth. The loan to deposit ratio was 91% compared to 89% at the end of the second quarter 2022.

The Company's book value per share was $25.22 at September 30, 2022, compared with $26.19 at the end of the second quarter. Tangible book value per share (non-GAAP measure) was $16.89 at the end of the third quarter 2022, compared to $17.83 at the end of the second quarter. Other comprehensive income included unrealized loss on securities totaling $58.7 million in the third quarter 2022 compared to $38.3 million at the end of the second quarter.

RESULTS OF OPERATIONS

Net income in the third quarter 2022 was $11.4 million, or $0.76 per diluted share, compared to $11.0 million, or $0.73 per diluted share, in the same quarter of 2021. In the third quarter 2022, there was no PPP income compared to $2.7 million in the third quarter 2021.

Net interest margin was 3.47% compared to 3.02% in the same period of 2021. Acceleration of PPP loan fee amortization due to forgiveness contributed 28 basis points in the third quarter 2021. Interest-bearing cash balances reduced net interest margin by 2 basis points in the third quarter 2022 and 26 basis points the prior year quarter. The yield on loans was 4.04% in the third quarter 2022, and 3.98% in the third quarter of 2021 or 3.62% when excluding interest from PPP loans. Costs of interest-bearing liabilities decreased to 0.48% from 0.50% in the third quarter 2021 primarily due to having a lower percentage of wholesale borrowings to total debt.

The provision for credit losses for the quarter was $1.3 million, compared to a recapture of $174 thousand in the third quarter of 2021. The provision in the current period is mainly attributable to outsized loan growth, while the recapture in the prior year quarter was due to improvement in economic forecasts.

Non-interest income in the third quarter 2022 was $8.8 million, compared to $11.4 million in the same quarter of 2021. Customer service fees grew to $3.8 million from $3.7 million on a higher number of transactional accounts. Wealth management income in the third quarter 2022 was $3.5 million, compared to $3.9 million in the same quarter of 2021 due to market adjustments that reduced assets under management. Mortgage banking income was $315 thousand, compared to $850 thousand in the same period of 2021 reflecting lower originations and higher on balance sheet activity.

Non-interest expense was $23.0 million in the third quarter 2022 and $23.4 million in the same quarter of 2021. Salaries and employee benefits increased by $500 thousand primarily due to annual merit increases in the second quarter 2022 and revaluation long-term incentive accruals to the Company's higher stock price at the end of the third quarter 2022. The efficiency ratio in the third quarter 2022 was 58%, down from 59%, 63% excluding PPP loan income in the third quarter 2021. Non-core expenses (non-GAAP) were $31 thousand compared to $1.9 million in the third quarter of 2021, which mostly consisted of a $1.8 million loss on debt extinguishment.

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

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, including statements relating to the current economic outlook, potential risks to the economy, future interest rates, our ability to grow in the future, and management's optimism about the Company's market and financial positions. 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 about the Company's future financial and operating results and the Company's 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) deterioration in the financial condition of borrowers of Bar Harbor Bank & Trust, including as a result of the negative impact of inflationary pressures on our customers and their businesses resulting in significant increases in loan losses and provisions for those losses, (2) deterioration in the financial condition of borrowers of Bar Harbor Bank & Trust, including as a result of the negative impact of inflationary pressures on our customers and their businesses resulting in significant increases in loan losses and provisions for those losses, (3) the possibility that our asset quality could decline or that we experience greater loan losses than anticipated, (4) increased levels of other real estate, primarily as a result of foreclosures, (5) the impact of liquidity needs on our results of operations and financial condition, (6) competition from financial institutions and other financial service providers, (7) the effect of interest rate increases on the cost of deposits, (8) unanticipated weakness in loan demand or loan pricing, (9) adverse conditions in the national or local economies including in Bar Harbor Bankshares' markets throughout Northern New England, (10) the effects of new outbreaks of COVID-19, including actions taken by governmental officials to curb the spread of the virus, and the resulting impact on general economic and financial market conditions and on Bar Harbor Bankshares' and its customers' business, results of operations, asset quality and financial condition, (11) the efficacy of vaccines against the COVID-19 virus, including new variants, (12) lack of strategic growth opportunities or our failure to execute on available opportunities, (13) the ability to grow and retain low-cost core deposits and retain large, uninsured deposits, (14) our ability to effectively manage problem credits, (15) our ability to successfully implement efficiency initiatives on time and with the results projected, (16) our ability to successfully develop and market new products and technology, (17) the impact of negative developments in the financial industry and United States and global capital and credit markets, (18) our ability to retain the services of key personnel, (19) our ability to adapt to technological changes, (20) risks associated with litigation, including reputational and financial risks and the applicability of insurance coverage, (21) the vulnerability of the Bar Harbor Bank & Trust's computer and information technology systems and networks, and the systems and networks of third parties with whom the Company or the Bar Harbor Bank & Trust contract, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss, and other security breaches and interruptions, (22) changes in state and federal laws, rules, regulations, or policies applicable to banks or bank or financial holding companies, including regulatory or legislative developments, (23) adverse impacts (including costs, fines, reputational harm, or other negative effects) from current or future litigation, regulatory examinations, or other legal and/or regulatory actions, and (24) general competitive, economic, political, and market conditions, including economic conditions in the local markets where we operate. Additional factors which could affect the forward-looking statements can be found in the Company's annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K filed with the Securities and Exchange Commission (the "SEC") and available on the SEC's website at http://www.sec.gov. The Company believes the forward-looking statements contained herein are reasonable; however, many of such risks, uncertainties, and other factors are beyond the Company's ability to control or predict and undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. Therefore, the Company can give no assurance that its future results will be as estimated. The Company does not intend to, and disclaims any obligation to, update or revise any forward-looking statement.

NON-GAAP FINANCIAL MEASURES

This document contains certain non-GAAP financial measures in addition to results presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These non-GAAP measures are intended to provide the reader with additional supplemental perspectives on operating results, performance trends, and financial condition. Non-GAAP financial measures are not a substitute for GAAP measures; they should be read and used in conjunction with the Company's GAAP financial information. 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)
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
Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,
2022 2022 2022 2021 2021
PER SHARE DATA
Net earnings, diluted
$0.76 $0.70 $0.60 $0.65 $0.73
Core earnings, diluted (1)
0.76 0.70 0.62 0.68 0.73
Total book value
25.22 26.19 27.11 28.27 27.92
Tangible book value (1)
16.89 17.83 18.72 19.86 19.48
Market price at period end
26.52 25.86 28.62 28.93 28.05
Dividends
0.26 0.26 0.24 0.24 0.24
PERFORMANCE RATIOS (2)
Return on assets
1.20% 1.14% 1.00% 1.02% 1.16%
Core return on assets (1)
1.20 1.14 1.02 1.07 1.16
Pre-tax, pre-provision return on assets
1.65 1.50 1.28 1.26 1.43
Core pre-tax, pre-provision return on assets (1)
1.65 1.50 1.31 1.33 1.43
Return on equity
11.55 10.58 8.89 9.16 10.38
Core return on equity (1)
11.54 10.59 9.07 9.60 10.39
Return on tangible equity
17.25 15.74 13.01 13.30 15.08
Core return on tangible equity (1)
17.24 15.76 13.27 13.93 15.09
Net interest margin, fully taxable equivalent (FTE) (1) (3)
3.47 3.19 2.95 2.79 3.02
Core net interest margin (1) (4)
3.47 3.19 2.93 2.69 2.75
Efficiency ratio (1)
57.67 59.25 62.40 60.74 59.18
FINANCIAL DATA (In millions)
Total assets
$3,840 $3,716 $3,692 $3,709 $3,738
Total earning assets (5)
3,525 3,399 3,367 3,380 3,394
Total investments
566 593 611 626 556
Total loans
2,850 2,727 2,655 2,532 2,534
Allowance for credit losses
25 24 23 23 22
Total goodwill and intangible assets
126 126 126 126 126
Total deposits
3,136 3,079 3,048 3,049 3,007
Total shareholders' equity
380 394 407 424 418
Net income
11 11 9 10 11
Core earnings (1)
11 11 9 10 11
ASSET QUALITY AND CONDITION RATIOS
Net charge-offs (recoveries)(6)/average loans
0.01% -% (0.01)% (0.02)% 0.03%
Allowance for credit losses/total loans
0.88 0.87 0.87 0.90 0.89
Loans/deposits
91 89 87 83 84
Shareholders' equity to total assets
9.89 10.59 11.02 11.43 11.19
Tangible shareholders' equity to tangible assets
6.85 7.46 7.88 8.32 8.08

  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. 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.
  6. Current quarter annualized.

BAR HARBOR BANKSHARES
CONSOLIDATED BALANCE SHEETS - UNAUDITED

Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,
(in thousands)
2022 2022 2022 2021 2021
Assets
Cash and due from banks
$50,760 $40,834 $38,656 $33,508 $39,081
Interest-earning deposits with other banks
31,305 26,282 72,393 216,881 302,118
Total cash and cash equivalents
82,065 67,116 111,049 250,389 341,199
Securities available for sale
556,752 586,142 603,910 618,276 545,327
Federal Home Loan Bank stock
9,035 6,572 7,384 7,384 10,192
Total securities
565,787 592,714 611,294 625,660 555,519
Loans held for sale
982 3,539 2,843 5,523 7,505
Total loans
2,850,364 2,727,274 2,654,562 2,531,910 2,534,154
Less: Allowance for credit losses
(25,018) (23,756) (23,190) (22,718) (22,448)
Net loans
2,825,346 2,703,518 2,631,372 2,509,192 2,511,706
Premises and equipment, net
48,010 48,350 48,891 49,382 50,070
Other real estate owned
- - - - -
Goodwill
119,477 119,477 119,477 119,477 119,477
Other intangible assets
6,034 6,267 6,500 6,733 6,966
Cash surrender value of bank-owned life insurance
80,758 80,262 79,861 79,020 79,380
Deferred tax asset, net
25,288 18,405 12,614 5,547 5,811
Other assets
86,499 76,109 68,169 58,310 60,712
Total assets
$3,840,246 $3,715,757 $3,692,070 $3,709,233 $3,738,345
Liabilities and shareholders' equity
Demand and other non-interest bearing deposits
$700,218 $670,268 $653,471 $664,420 $664,395
NOW deposits
918,822 883,239 918,768 940,631 888,021
Savings deposits
669,317 663,676 658,834 628,670 605,977
Money market deposits
513,075 499,456 424,750 389,291 379,651
Time deposits
334,248 361,906 391,940 425,532 469,221
Total deposits
3,135,680 3,078,545 3,047,763 3,048,544 3,007,265
Senior borrowings
188,757 117,347 118,538 118,400 190,267
Subordinated borrowings
60,248 60,206 60,165 60,124 60,083
Total borrowings
249,005 177,553 178,703 178,524 250,350
Other liabilities
75,596 66,062 58,605 58,018 62,295
Total liabilities
3,460,281 3,322,160 3,285,071 3,285,086 3,319,910
Total shareholders' equity
379,965 393,597 406,999 424,147 418,435
Total liabilities and shareholders' equity
$3,840,246 $3,715,757 $3,692,070 $3,709,233 $3,738,345
Net shares outstanding
15,066 15,026 15,013 15,001 14,987

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)
2022 2022 2022 2021 2021 to Date to Date
Commercial real estate
$1,421,962 $1,331,860 $1,289,968 $1,210,580 $1,170,372 27% 23%
Commercial and industrial
376,624 360,304 346,394 340,129 331,091 18 14
Paycheck Protection Program (PPP)
- 170 1,126 6,669 24,227 * *
Total commercial loans
1,798,586 1,692,334 1,637,488 1,557,378 1,525,690 25 21
Total commercial loans, excluding PPP
1,798,586 1,692,164 1,636,362 1,550,709 1,501,463 25 21
Residential real estate
896,618 876,644 868,382 821,004 849,692 9 12
Consumer
100,822 100,816 96,876 98,949 100,933 - 3
Tax exempt and other
54,338 57,480 51,816 54,579 57,839 (22) (1)
Total loans
$2,850,364 $2,727,274 $2,654,562 $2,531,910 $2,534,154 18% 17%

DEPOSIT ANALYSIS

Annualized
Growth %

Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Quarter Year
(in thousands)
2022 2022 2022 2021 2021 to Date to Date
Demand
$700,218 $670,268 $653,471 $664,420 $664,395 18% 7%
NOW
918,822 883,239 918,768 940,631 888,021 16 (3)
Savings
669,317 663,676 658,834 628,670 605,977 3 9
Money market
513,075 499,456 424,750 389,291 379,651 11 42
Total non-maturity deposits
2,801,432 2,716,639 2,655,823 2,623,012 2,538,044 12 9
Total time deposits
334,248 361,906 391,940 425,532 469,221 (31) (29)
Total deposits
$3,135,680 $3,078,545 $3,047,763 $3,048,544 $3,007,265 7% 4%

*Indicates ratios of 100% or greater.

BAR HARBOR BANKSHARES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED


Three Months Ended Nine Months Ended

September 30, September 30,
(in thousands, except per share data)
2022 2021 2022 2021
Interest and dividend income
Loans
$27,940 $25,094 $75,192 $72,490
Securities and other
5,145 3,821 13,178 11,792
Total interest and dividend income
33,085 28,915 88,370 84,282
Interest expense
Deposits
1,801 1,555 4,185 7,109
Borrowings
1,374 1,778 3,458 5,415
Total interest expense
3,175 3,333 7,643 12,524
Net interest income
29,910 25,582 80,727 71,758
Provision for credit losses
1,306 (174) 2,217 (1,428)
Net interest income after provision for credit losses
28,604 25,756 78,510 73,186
Non-interest income
Trust and investment management fee income
3,548 3,868 11,131 11,335
Customer service fees
3,836 3,515 11,108 9,742
Gain on sales of securities, net
44 1,930 53 1,980
Mortgage banking income
315 850 1,427 4,973
Bank-owned life insurance income
496 494 1,501 1,510
Customer derivative income
58 341 213 837
Other income
526 352 1,660 726
Total non-interest income
8,823 11,350 27,093 31,103
Non-interest expense
Salaries and employee benefits
12,242 11,743 35,757 35,275
Occupancy and equipment
4,458 4,029 13,254 12,251
Loss (gain) on sales of premises and equipment, net
- (146) (65) (137)
Outside services
393 547 1,143 1,512
Professional services
421 491 1,122 1,200
Communication
204 188 617 707
Marketing
518 339 1,150 1,163
Amortization of intangible assets
233 233 699 707
Loss on debt extinguishment
- 1,768 - 1,768
Acquisition, conversion and other expenses
31 318 356 1,759
Other expenses
4,532 3,862 12,585 11,382
Total non-interest expense
23,032 23,372 66,618 67,587
Income before income taxes
14,395 13,734 38,985 36,702
Income tax expense
2,965 2,706 7,940 7,169
Net income
$11,430 $11,028 $31,045 $29,533
Earnings per share:
Basic
$0.76 $0.74 $2.07 $1.97
Diluted
0.76 0.73 2.06 1.96
Weighted average shares outstanding:
Basic
15,058 14,983 15,029 14,961
Diluted
15,113 15,051 15,100 15,035

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)
2022 2022 2022 2021 2021
Interest and dividend income
Loans
$27,940 $24,581 $22,671 $22,746 $25,094
Securities and other
5,145 4,207 3,826 3,776 3,821
Total interest and dividend income
33,085 28,788 26,497 26,522 28,915
Interest expense
Deposits
1,801 1,195 1,189 1,434 1,555
Borrowings
1,374 1,074 1,010 1,273 1,778
Total interest expense
3,175 2,269 2,199 2,707 3,333
Net interest income
29,910 26,519 24,298 23,815 25,582
Provision for credit losses
1,306 534 377 126 (174)
Net interest income after provision for credit losses
28,604 25,985 23,921 23,689 25,756
Non-interest income
Trust and investment management fee income
3,548 3,829 3,754 3,844 3,868
Customer service fees
3,836 3,656 3,616 3,470 3,515
Gain on sales of securities, net
44 - 9 890 1,930
Mortgage banking income
315 488 624 1,563 850
Bank-owned life insurance income
496 504 501 669 494
Customer derivative income
58 137 18 173 341
Other income
526 347 787 549 352
Total non-interest income
8,823 8,961 9,309 11,158 11,350
Non-interest expense
Salaries and employee benefits
12,242 11,368 12,147 11,842 11,743
Occupancy and equipment
4,458 4,373 4,423 4,105 4,029
Loss (gain) on sales of premises and equipment, net
- 10 (75) 515 (146)
Outside services
393 410 340 431 547
Professional services
421 528 173 556 491
Communication
204 188 225 205 188
Marketing
518 369 263 378 339
Amortization of intangible assets
233 233 233 233 233
Loss on debt extinguishment
- - - 1,083 1,768
Acquisition, conversion and other expenses
31 - 325 (92) 318
Other expenses
4,532 4,221 3,832 3,665 3,862
Total non-interest expense
23,032 21,700 21,886 22,921 23,372
Income before income taxes
14,395 13,246 11,344 11,926 13,734
Income tax expense
2,965 2,743 2,232 2,160 2,706
Net income
$11,430 $10,503 $9,112 $9,766 $11,028
Earnings per share:
Basic
$0.76 $0.70 $0.61 $0.65 $0.74
Diluted
0.76 0.70 0.60 0.65 0.73
Weighted average shares outstanding:
Basic
15,058 15,018 15,011 14,993 14,983
Diluted
15,113 15,077 15,102 15,075 15,051

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,
2022 2022 2022 2021 2021
Earning assets





Interest-earning deposits with other banks
2.13% 0.80% 0.16% 0.16% 0.15%
Securities available for sale and FHLB stock
3.12 2.69 2.55 2.66 2.59
Loans:
Commercial real estate
4.26 3.82 3.50 3.40 3.53
Commercial and industrial
4.46 3.67 3.46 3.23 3.79
Paycheck protection program
- 13.99 26.49 26.25 23.28
Residential real estate
3.45 3.55 3.55 3.61 3.64
Consumer
4.55 3.82 3.51 3.49 3.78
Total loans
4.04 3.71 3.54 3.58 3.98
Total earning assets
3.84% 3.46% 3.21% 3.10% 3.41%
Funding liabilities
Deposits:
NOW
0.16% 0.14% 0.14% 0.14% 0.13%
Savings
0.08 0.08 0.09 0.08 0.08
Money market
0.65 0.19 0.12 0.12 0.12
Time deposits
0.55 0.58 0.62 0.77 0.88
Total interest-bearing deposits
0.30 0.20 0.20 0.24 0.27
Borrowings
2.69 2.41 2.29 2.17 2.11
Total interest-bearing liabilities
0.48% 0.36% 0.35% 0.41% 0.50%
Net interest spread
3.36 3.10 2.86 2.69 2.91
Net interest margin
3.47 3.19 2.95 2.79 3.02
Core net interest margin (1)
3.47 3.19 2.93 2.69 2.75

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

BAR HARBOR BANKSHARES
AVERAGE BALANCES - UNAUDITED


Quarters Ended

Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,
(in thousands)
2022 2022 2022 2021 2021
Assets
Interest-earning deposits with other banks (1)
$59,556 $63,317 $140,383 $325,260 $284,429
Securities available for sale and FHLB stock (2)
642,475 637,881 629,811 578,323 610,381
Loans:
Commercial real estate
1,351,599 1,296,162 1,264,798 1,189,803 1,153,813
Commercial and industrial
421,963 412,518 393,759 386,156 391,191
Paycheck protection program
94 788 2,999 14,824 45,835
Residential real estate
882,158 863,172 856,252 844,872 824,686
Consumer
101,175 98,588 97,594 100,723 101,545
Total loans (3)
2,756,989 2,671,228 2,615,402 2,536,378 2,517,070
Total earning assets
3,459,020 3,372,426 3,385,596 3,439,961 3,411,880
Cash and due from banks
40,330 35,051 32,742 37,818 38,750
Allowance for credit losses
(24,061) (23,228) (23,256) (22,525) (22,607)
Goodwill and other intangible assets
125,626 126,090 126,090 126,324 126,556
Other assets
171,394 178,037 190,846 200,097 209,509
Total assets
$3,772,309 $3,688,376 $3,712,018 $3,781,675 $3,764,088
Liabilities and shareholders' equity
Deposits:
NOW
$905,668 $893,239 $930,556 $913,326 $860,206
Savings
668,255 657,047 640,672 620,599 591,440
Money market
491,683 457,088 414,130 395,341 381,755
Time deposits
349,787 375,782 406,730 450,559 471,934
Total interest-bearing deposits
2,415,393 2,383,156 2,392,088 2,379,825 2,305,335
Borrowings
202,296 178,519 178,958 232,492 334,097
Total interest-bearing liabilities
2,617,689 2,561,675 2,571,046 2,612,317 2,639,432
Non-interest-bearing demand deposits
690,134 661,412 660,717 684,895 641,769
Other liabilities
71,934 67,069 64,619 61,480 61,436
Total liabilities
3,379,757 3,290,156 3,296,382 3,358,692 3,342,637
Total shareholders' equity
392,552 398,220 415,636 422,983 421,451
Total liabilities and shareholders' equity
$3,772,309 $3,688,376 $3,712,018 $3,781,675 $3,764,088

  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)
2022 2022 2022 2021 2021
NON-PERFORMING ASSETS





Non-accruing loans:





Commercial real estate
$1,587 $1,483 $1,633 $2,890 $3,646
Commercial installment
348 632 905 1,056 1,163
Residential real estate
4,858 4,882 5,612 5,192 6,311
Consumer installment
981 881 1,063 1,053 1,087
Total non-accruing loans
7,774 7,878 9,213 10,191 12,207
Other real estate owned
- - - - -
Total non-performing assets
$7,774 $7,878 $9,213 $10,191 $12,207
Total non-accruing loans/total loans
0.27% 0.29% 0.35% 0.40% 0.48%
Total non-performing assets/total assets
0.20 0.21 0.25 0.27 0.33
PROVISION AND ALLOWANCE FOR CREDIT LOSSES
Balance at beginning of period
$23,756 $23,190 $22,718 $22,448 $22,815
Charged-off loans
(85) (62) (83) (154) (286)
Recoveries on charged-off loans
41 94 178 298 93
Net loans charged-off
(44) 32 95 144 (193)
Provision for credit losses
1,306 534 377 126 (174)
Balance at end of period
$25,018 $23,756 $23,190 $22,718 $22,448
Allowance for credit losses/total loans
0.88% 0.87% 0.87% 0.90% 0.89%
Allowance for credit losses/non-accruing loans
322 300 252 223 184
NET LOAN (CHARGE-OFFS) RECOVERIES
Commercial real estate
$7 $59 $54 $216 $(69)
Commercial installment
12 12 25 53 (24)
Residential real estate
(5) 6 76 8 13
Consumer installment
(58) (45) (60) (133) (113)
Total, net
$(44) $32 $95 $144 $(193)
Net charge-offs (recoveries) (QTD annualized)/average loans
0.01% -% (0.01)% (0.02)% 0.03%
Net charge-offs (recoveries) (YTD annualized)/average loans
- (0.01) (0.01) 0.01 0.02
DELINQUENT AND NON-ACCRUING LOANS/ TOTAL LOANS
30-89 Days delinquent
0.09% 0.09% 0.22% 0.31% 0.09%
90+ Days delinquent and still accruing
0.01 0.03 0.03 0.01 0.02
Total accruing delinquent loans
0.10 0.12 0.25 0.32 0.12
Non-accruing loans
0.27 0.29 0.35 0.40 0.48
Total delinquent and non-accruing loans
0.37% 0.41% 0.60% 0.72% 0.60%

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)
2022 2022 2022 2021 2021
Net income$
$11,430 $10,503 $9,112 $9,766 $11,028
Non-core items:
Gain on sale of securities, net
(44) - (9) (890) (1,930)
Loss (gain) on sale of premises and equipment, net
- 10 (75) 515 (146)
Loss on debt extinguishment
- - - 1,083 1,768
Acquisition, conversion and other expenses
31 - 325 (92) 318
Income tax expense (1)
3 (2) (56) (144) (2)
Total non-core items
(10) 8 185 472 8
Core earnings (2)
(A) $11,420 $10,511 $9,297 $10,238 $11,036
Net interest income
(B) $29,910 $26,519 $24,298 $23,815 $25,582
Non-interest income
8,823 8,961 9,309 11,158 11,350
Total revenue
38,733 35,480 33,607 34,973 36,932
Gain on sale of securities, net
(44) - (9) (890) (1,930)
Total core revenue (2)
(C) $38,689 $35,480 $33,598 $34,083 $35,002
Total non-interest expense
23,032 21,700 21,886 22,921 23,372
Non-core expenses:
(Loss) gain on sale of premises and equipment, net
- (10) 75 (515) 146
Loss on debt extinguishment
- - - (1,083) (1,768)
Acquisition, conversion and other expenses
(31) - (325) 92 (318)
Total non-core expenses
(31) (10) (250) (1,506) (1,940)
Core non-interest expense (2)
(D) $23,001 $21,690 $21,636 $21,415 $21,432
Total revenue
38,733 35,480 33,607 34,973 36,932
Total non-interest expense
23,032 21,700 21,886 22,921 23,372
Pre-tax, pre-provision net revenue
$15,701 $13,780 $11,721 $12,052 $13,560
Core revenue(2)
38,689 35,480 33,598 34,083 35,002
Core non-interest expense(2)
23,001 21,690 21,636 21,415 21,432
Core pre-tax, pre-provision net revenue(2)
(U) $15,688 $13,790 $11,962 $12,668 $13,570
(in millions)
Average earning assets
(E) $3,459 $3,372 $3,386 $3,440 $3,412
Average paycheck protection program (PPP) loans
(R) - 1 3 15 46
Average earning assets, excluding PPP loans
(S) 3,459 3,371 3,383 3,425 3,366
Average assets
(F) 3,772 3,688 3,712 3,782 3,764
Average shareholders' equity
(G) 393 398 416 423 421
Average tangible shareholders' equity (2) (3)
(H) 267 272 290 297 295
Tangible shareholders' equity, period-end (2) (3)
(I) 254 268 281 298 292
Tangible assets, period-end (2) (3)
(J) 3,715 3,587 3,566 3,583 3,612

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)
2022 2022 2022 2021 2021
Common shares outstanding, period-end
(K) 15,066 15,026 15,013 15,001 14,987
Average diluted shares outstanding
(L) 15,113 15,077 15,102 15,075 15,051
Core earnings per share, diluted (2)
(A/L) $0.76 $0.70 $0.62 $0.68 $0.73
Tangible book value per share, period-end (2)
(I/K) 16.89 17.83 18.72 19.86 19.48
Securities adjustment, net of tax (1) (4)
(M) (58,715) (38,304) (20,225) 1,985 4,398
Tangible book value per share, excluding securities adjustment (2) (4)
(I+M)/K 20.79 20.38 20.07 19.73 19.19
Tangible shareholders' equity/total tangible assets (2)
(I/J) 6.85 7.47 7.88 8.32 8.08
Performance ratios (5)
GAAP return on assets
1.20% 1.14% 1.00% 1.02% 1.16%
Core return on assets (2)
(A/F) 1.20 1.14 1.02 1.07 1.16
Pre-tax, pre-provision return on assets
1.65 1.50 1.28 1.26 1.43
Core pre-tax, pre-provision return on assets (2)
(U/F) 1.65 1.50 1.31 1.33 1.43
GAAP return on equity
11.55 10.58 8.89 9.16 10.38
Core return on equity (2)
(A/G) 11.54 10.59 9.07 9.60 10.39
Return on tangible equity
17.25 15.74 13.01 13.30 15.08
Core return on tangible equity (1) (2)
(A+Q)/H 17.24 15.76 13.27 13.93 15.09
Efficiency ratio (2) (6)
(D-O-Q)/(C+N) 57.67 59.25 62.40 60.74 59.18
Net interest margin
(B+P)/E 3.47 3.19 2.95 2.79 3.02
Core net interest margin (2) (7)
(B+P-T)/S 3.47 3.19 2.93 2.69 2.75
Supplementary data (in thousands)
Taxable equivalent adjustment for efficiency ratio
(N) $533 $491 $476 $573 $576
Franchise taxes included in non-interest expense
(O) 149 144 141 132 143
Tax equivalent adjustment for net interest margin
(P) 379 334 320 369 421
Intangible amortization
(Q) 233 233 233 233 233
Interest and fees on PPP loans
(T) - 27 196 981 2,690

  1. Assumes a marginal tax rate of 23.41% for the last four quarters and 23.71% for the third quarter 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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