0000743367false00007433672024-07-182024-07-18

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 18, 2024

BAR HARBOR BANKSHARES

(Exact Name of Registrant as Specified in its Charter)

Maine

001-13349

01-0393663

(State or Other Jurisdiction
of Incorporation)

(Commission File No.)

(I.R.S. Employer
Identification No.)

PO Box 400

04609-0400

82 Main Street

(Zip Code)

Bar Harbor, Maine

(Address of Principal Executive Offices)

Registrant’s telephone number, including area code: (207) 288-3314

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $2.00 per share

BHB

NYSE American

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02 Results of Operations and Financial Condition.

On July 18, 2024, Bar Harbor Bankshares, or the Company, issued a press release reporting our financial results for the quarter ended June 30, 2024, or the Earnings Release. The full text of the Earnings Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K, or this Report, and incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information furnished under this Item 2.02 of this Report and the exhibit attached hereto are deemed to be “furnished” and shall not be deemed “filed” for the purpose of Section 18 of the Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Act, or the Exchange Act.

Item 7.01 Regulation FD Disclosure.

On July 18, 2024, we announced in the Earnings Release that our Board of Directors declared a quarterly cash dividend of $0.30 per share to shareholders of record at the close of business on August 15, 2024 and will be payable on September 13, 2024.

The disclosure contained in Item 2.02 of this Report, including the Earnings Release furnished as Exhibit 99.1 to this Report, is incorporated into this Item 7.01 by reference.

In accordance with General Instruction B.2 of Form 8-K, the information furnished under this Item 7.01 of this Report and the exhibit attached hereto are deemed to be “furnished” and shall not be deemed “filed” for the purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

    

Description

99.1

Press Release dated July 18, 2024

104

Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

Bar Harbor Bankshares

July 18, 2024

By:

/s/ Curtis C. Simard

Curtis C. Simard

President and CEO

Exhibit 99.1

Graphic

Bar Harbor Bankshares Reports Second Quarter 2024 Results; Declares Dividend

BAR HARBOR, MAINE – July 18, 2024 - Bar Harbor Bankshares (NYSE American: BHB) (the “Company”) reported second quarter 2024 GAAP net income of $10.3 million and $0.67 per diluted share and core (Non-GAAP) net income of $10.0 million or $0.66 per diluted share compared to GAAP and core (Non-GAAP) net income $10.8 million or $0.71 per diluted share in the same quarter of 2023.  

SECOND QUARTER 2024 HIGHLIGHTS

Return on assets of 1.04%
Commercial loan growth of 14% annualized
Net interest margin (“NIM”) of 3.09%
Non-accruing loans to total loans ratio of 0.20%
14% growth in trust and investment fee income

Bar Harbor Bankshares’ President and Chief Executive Officer, Curtis C. Simard, stated, “We delivered another solid quarter, demonstrating our commitment to consistent, sustainable long-term performance. Our continued perseverance is seen in our results as we have been able to defend our NIM relative to our peers. Our wealth management team continues to perform well with strong client retention and new client acquisitions of over $100.0 million which will fund over the next several quarters.  I am proud of our teamwork, dedication to risk management, and purposeful expense control, which when paired with our strong calling culture will continue to drive our success in the second half of the year.”

DIVIDEND DECLARED

The Board of Directors of the Company voted to declare a cash dividend of $0.30 per share to shareholders of record at the close of business on August 15, 2024 payable on September 13, 2024.  This dividend equates to a 4.46% annualized yield based on the $26.88 closing share price of the Company’s common stock on June 28, 2024, the last trading day of the second quarter 2024.

FINANCIAL CONDITION (June 30, 2024 compared to March 31, 2024)

Total assets grew $75.2 million at the end of the second quarter 2024 compared to the first quarter 2024 primarily due to loan growth and higher cash balances, partially offset by lower securities available for sale at the end of the second quarter.

Total cash and cash equivalents were $101.8 million, compared to $76.2 million at end of the first quarter 2024. Interest-earning deposits held with other banks totaled $62.2 million compared to $45.4 million at end of the first quarter and yielded 5.65% and 5.88%, respectively.

Total loans grew $52.5 million or 7% on an annualized basis. Commercial loans grew by $68.6 million or 14% annualized primarily driven by a $59.9 million, or 15% increase in commercial real estate and a $8.7 million, or 8%, increase in commercial and industrial loans. Residential loans decreased by $18.5 million, or 8% annualized, compared to the first quarter 2024 as we continue to focus on our held-for-sale mortgage business and allocate portfolio balances to higher yielding commercial loans.  Consumer loans increased $3.9 million, or 16% annualized, driven by new home equity line originations in the second quarter 2024.  

Securities available for sale decreased to $512.9 million compared to $527.6 million in the first quarter 2024 driven by pay downs of $22.0 million, called securities of $3.5 million, matured securities of $3.0 million and net amortization of $408 thousand, partially offset by security purchases of $18.1 million. Federal Home Loan Bank (“FHLB”) stock increased to $14.8 million in the second quarter 2024 compared to $10.0 million in the first quarter 2024 driven by higher FHLB borrowings. Fair value adjustments decreased the security portfolio by $68.5 million at quarter-end of this quarter compared to $64.9 million at the end of the first quarter. The weighted average yield of the total securities portfolio for the second quarter 2024 was 4.00% compared to 4.02% at the end of the previous quarter primarily due to a run-off of lower coupon fixed-rate securities. As of the end of the first and second quarters 2024, respectively, our securities portfolio maintained an average life of nine years with an effective duration of five years and all securities remain classified as available for sale to provide flexibility in asset funding and other opportunities as they arise.

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The allowance for credit losses increased $500 thousand to $28.9 million at the end of the second quarter 2024 compared to $28.4 million at the end of the first quarter 2024.  Our allowance for credit losses continues to be driven by a combination of portfolio loan growth, nominal credit movement and general macroeconomic trends.  Non-accruing loans decreased during the second quarter 2024 to $6.3 million from $6.9 million in the first quarter 2024. Charge-offs and specific reserves on non-accruing loans continue to be nominal, supported by relatively strong collateral values.  

Total deposits remained at $3.1 billion at the end of the second quarter 2024. We continued to see a shift from non-maturity deposits to certificate of deposit accounts (“CDs”), as CDs increased $23.9 million in the second quarter versus the first quarter 2024. The increase was primarily driven by $6.8 million in personal CDs, $6.4 million in brokered deposits, $6.3 million in non-personal CDs, and $4.4 million in Certificate of Deposit Account Registry Service, also known as CDARS, deposits. Non-maturity deposits decreased 2% on an annualized basis or $10.6 million. Senior borrowings increased $59.9 million to $329.3 million from the first quarter 2024 driven by funding loan growth and liquidity.

The Company's book value per share was $28.81 as of June 30, 2024 compared to $28.64 as of March 31, 2024.  Unrealized losses on securities, net of taxes, reduced book value per share by $3.44 and $3.26 at the end of those respective periods.  Tangible book value per share (Non-GAAP) was $20.68 at the end of the second quarter 2024, compared to $20.48 at the end of the first quarter 2024.

RESULTS OF OPERATIONS (June 30, 2024 compared to June 30, 2023)

Net interest margin was 3.09% compared to 3.22% in the second quarter 2023. The decrease was primarily driven by higher cost of funds, partially offset by lower borrowing costs. The yield on loans grew 42 basis points to 5.41% in the second quarter 2024, up from 4.99% in the same quarter 2023.  Costs of interest-bearing deposits increased to 2.35% from 1.45% in the second quarter 2023 driven by the competitive pricing within the interest rate environment and change in deposit mix as we continue to experience a shift from non-maturity deposits to CDs. Borrowings decreased $69.5 million from the second quarter 2023 compounded with a 16 basis point decrease in yields on interest bearing liabilities to 4.57% in the second quarter 2024.

Total interest and dividend income increased by 9.2% to $46.8 million in the second quarter 2023 primarily driven by the repricing of adjustable-rate loans and originations of higher fixed-rate loans within the commercial portfolio. The yield on commercial real estate loans grew to 5.61% at the end of the second quarter 2024 from 5.21% in the second quarter 2023. Commercial and industrial yield grew to 6.76% at the end of the second quarter 2024 compared to 6.42% at the end of the second quarter 2023. Yields on earning assets continue to grow to 5.18% compared to 4.77% in the second quarter 2023.

   

The provision for credit losses was $585 thousand compared to $750 thousand in the second quarter 2023 as net charge-offs to total loans continue to remain nominal. Credit quality continues to be strong as non-accruing loans to total loans was 0.20% at the end of the second quarter 2024 compared to 0.22% in the second quarter 2023. Total delinquent and non-accruing loans to total loans was 0.30% at the end of the second quarter 2024 to compared to 0.33% in the second quarter 2023.

Non-interest income was $9.6 million in the second quarter 2024 compared to $9.0 million in the same quarter 2023. Wealth management income grew 10% to $4.2 million compared to $3.8 million in the in the second quarter 2023.  Assets under management grew 12% in the second quarter 2024 to $2.6 billion from $2.3 billion in the second quarter 2023 driven by higher security valuations and a 2% growth in the managed accounts.  Mortgage banking income increased $180 thousand compared to the second quarter 2023 driven by increased margins on our held–for-sale mortgage business.

Non-interest expense was $24.0 million in the second quarter 2024 compared to $23.4 million in the second quarter 2023 driven by salary and benefits, and other expenses, partially offset by the gain on sale of our Avery Lane office and lower professional services fees.  Salary and benefit expenses increased 5%, or $637 thousand, from the comparative quarter 2023 driven in part by stock compensation due to increases in stock price and lower loan origination fee deferrals in the second quarter 2024. Other expenses increased to $4.4 million from $4.2 million in the second quarter 2023 primarily due to increases in charitable contributions to the community, software expenses, and debit and ATM card expenses.

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BACKGROUND

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

FORWARD-LOOKING STATEMENTS

All statements, other than statements of historical fact, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When used in this release the words “believe,” “anticipate,” “expect,” “may,” “will,” “assume,” “should,” “predict,” “could,” “would,” “intend,” “targets,” “estimates,” “projects,” “plans,” and “potential,” and other similar words and expressions of the future, are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking, including statements relating to Company’s balance sheet management, our credit trends, our overall credit performance, and the Company’s strategic plans, objectives, and intentions. All forward-looking statements are subject to risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the Company to differ materially from any results, performance, or achievements expressed or implied by such forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, including, but not limited to: (1) changes in general business and economic conditions on a national basis and in our markets throughout Northern New England; (2) changes in consumer behavior due to political, business, and economic conditions, including inflation and concerns about liquidity; (3) the possibility that our asset quality could decline or that we experience greater loan losses than anticipated; (4) the impact of liquidity needs on our results of operations and financial condition; (5) changes in the size and nature of our competition; (6) the effect of interest rate increases on the cost of deposits; (7) unanticipated weakness in loan demand, pricing or collectability; (8) the possibility that future credit losses are higher than currently expected due to changes in economic assumptions or adverse economic developments; (9) operational risks including, but not limited to, changes in information technology, cybersecurity incidents, fraud, natural disasters, climate change, war, terrorism, civil unrest, and future pandemics; (10) lack of strategic growth opportunities or our failure to execute on available opportunities; (11) our ability to effectively manage problem credits; (12) our ability to successfully develop new products and implement efficiency initiatives on time and with the results projected; (13) our ability to retain executive officers and key employees and their customer and community relationships; (14) regulatory, litigation, and reputational risks and the applicability of insurance coverage; (15) changes in the reliability of our vendors, internal control systems or information systems; (16) the potential impact of climate change; (17) changes in legislation or regulation and accounting principles, policies, and guidelines; (18) reductions in the market value or outflows of wealth management assets under management; and (19) changes in the assumptions used in making such forward-looking statements. Additional factors which could affect the forward-looking statements can be found in the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) and available on the SEC’s website at http://www.sec.gov. The Company believes the forward-looking statements contained herein are reasonable; however, many of such risks, uncertainties, and other factors are beyond the Company’s ability to control or predict and undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. Therefore, the Company can give no assurance that its future results will be as estimated. The Company does not intend to, and disclaims any obligation to, update or revise any forward-looking statement.

NON-GAAP FINANCIAL MEASURES

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

The Company utilizes the non-GAAP measure of core earnings in evaluating operating trends, including components for core revenue and expense. These measures exclude amounts which the Company views as unrelated to its normalized operations, including

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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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BAR HARBOR BANKSHARES

SELECTED FINANCIAL HIGHLIGHTS - UNAUDITED

At or for the Quarters Ended

 

    

Jun 30,

    

    

Mar 31,

    

Dec 31,

    

Sep 30,

    

Jun 30,

2024

2024

2023

2023

2023

PER SHARE DATA

Net earnings, diluted

 

$

0.67

 

$

0.66

 

$

0.65

 

$

0.73

 

$

0.71

Core earnings, diluted (1)

 

0.66

 

0.66

 

0.68

 

0.73

 

0.71

Total book value

 

28.81

 

28.64

 

28.48

 

26.67

 

27.12

Tangible book value (1)

 

20.68

 

20.48

 

20.28

 

18.45

 

18.88

Market price at period end

 

26.88

 

26.48

 

29.36

 

23.63

 

24.64

Dividends

 

0.30

 

0.28

 

0.28

 

0.28

 

0.28

PERFORMANCE RATIOS (2)

Return on assets

 

1.04

%  

1.03

%  

1.00

%  

1.11

%  

1.10

%

Core return on assets (1)

 

1.02

 

1.03

 

1.04

 

1.11

 

1.09

Pre-tax, pre-provision return on assets

1.36

1.32

1.34

1.49

1.47

Core pre-tax, pre-provision return on assets (1)

1.33

1.32

1.39

1.49

1.46

Return on equity

 

9.46

 

9.31

 

9.43

 

10.72

 

10.49

Core return on equity (1)

 

9.25

 

9.32

 

9.82

 

10.72

 

10.42

Return on tangible equity

13.44

13.25

13.65

15.65

15.28

Core return on tangible equity (1)

 

13.15

 

13.26

 

14.21

 

15.65

 

15.19

Net interest margin, fully taxable equivalent (1) (3)

 

3.09

 

3.14

 

3.17

 

3.18

 

3.22

Efficiency ratio (1)

 

62.96

 

62.91

 

61.38

 

58.59

 

60.25

FINANCIAL DATA (In millions)

Total assets

 

$

4,034

 

$

3,959

 

$

3,971

 

$

3,984

 

$

4,029

Total earning assets (4)

 

3,726

 

3,663

 

3,664

 

3,687

 

3,716

Total investments

 

528

 

538

 

547

 

524

 

556

Total loans

 

3,064

 

3,012

 

2,999

 

2,993

 

3,007

Allowance for credit losses

 

29

 

28

 

28

 

28

 

27

Total goodwill and intangible assets

 

124

 

124

 

124

 

125

 

125

Total deposits

 

3,140

 

3,127

 

3,141

 

3,140

 

3,090

Total shareholders' equity

 

439

 

436

 

432

 

404

 

411

Net income

 

10

 

10

 

10

 

11

 

11

Core earnings (1)

 

10

 

10

 

10

 

11

 

11

ASSET QUALITY AND CONDITION RATIOS

Net charge-offs (recoveries)(5)/average loans

 

0.01

%  

0.01

%  

0.07

%  

%  

%

Allowance for credit losses/total loans

 

0.94

 

0.94

 

0.94

 

0.94

 

0.91

Loans/deposits

 

98

 

96

 

95

 

95

 

97

Shareholders' equity to total assets

 

10.88

 

11.01

 

10.88

 

10.15

 

10.20

Tangible shareholders' equity to tangible assets

 

8.06

 

8.13

 

8.00

 

7.25

 

7.32


(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

    

Jun 30,

    

Mar 31,

    

Dec 31,

    

Sep 30,

    

Jun 30,

(in thousands)

2024

2024

2023

2023

2023

Assets

 

  

 

  

 

  

 

  

 

  

Cash and due from banks

$

39,673

$

30,770

$

42,221

$

41,210

$

46,532

Interest-earning deposits with other banks

 

62,163

 

45,449

 

52,621

 

81,606

 

77,253

Total cash and cash equivalents

 

101,836

 

76,219

 

94,842

 

122,816

 

123,785

Securities available for sale

 

512,928

 

527,603

 

534,574

 

509,453

 

538,178

Federal Home Loan Bank stock

 

14,755

 

9,960

 

12,788

 

14,834

 

17,784

Total securities

 

527,683

 

537,563

 

547,362

 

524,287

 

555,962

Loans held for sale

3,897

3,137

2,189

2,016

3,669

Total loans

 

3,064,181

 

3,011,672

 

2,999,049

 

2,992,791

 

3,007,480

Less: Allowance for credit losses

 

(28,855)

 

(28,355)

 

(28,142)

 

(28,011)

 

(27,362)

Net loans

 

3,035,326

 

2,983,317

 

2,970,907

 

2,964,780

 

2,980,118

Premises and equipment, net

 

51,628

 

47,849

 

48,287

 

47,790

 

47,412

Other real estate owned

 

 

 

 

 

Goodwill

 

119,477

 

119,477

 

119,477

 

119,477

 

119,477

Other intangible assets

 

4,404

 

4,637

 

4,869

 

5,102

 

5,335

Cash surrender value of bank-owned life insurance

 

81,221

 

80,642

 

80,037

 

79,469

 

78,967

Deferred tax asset, net

 

24,750

 

23,849

 

22,979

 

28,328

 

24,181

Other assets

 

83,978

 

82,285

 

79,936

 

89,876

 

89,641

Total assets

$

4,034,200

$

3,958,975

$

3,970,885

$

3,983,941

$

4,028,547

Liabilities and shareholders' equity

 

  

 

  

 

  

 

  

 

  

Non-interest bearing demand

$

553,067

$

544,495

$

569,714

$

618,421

$

602,667

Interest-bearing demand

 

882,068

 

888,591

 

946,978

 

929,481

 

911,488

Savings

 

544,980

 

551,493

 

553,963

 

572,271

 

588,769

Money market

 

359,208

 

365,289

 

370,242

 

361,839

 

351,762

Time

 

801,143

 

777,208

 

700,260

 

658,482

 

635,559

Total deposits

 

3,140,466

 

3,127,076

 

3,141,157

 

3,140,494

 

3,090,245

Senior borrowings

 

329,349

 

269,437

 

271,044

 

307,070

 

398,972

Subordinated borrowings

 

60,541

 

60,501

 

60,461

 

60,422

 

60,371

Total borrowings

 

389,890

 

329,938

 

331,505

 

367,492

 

459,343

Other liabilities

 

64,937

 

66,247

 

66,164

 

71,747

 

68,243

Total liabilities

 

3,595,293

 

3,523,261

 

3,538,826

 

3,579,733

 

3,617,831

Total shareholders’ equity

 

438,907

 

435,714

 

432,059

 

404,208

 

410,716

Total liabilities and shareholders’ equity

$

4,034,200

$

3,958,975

$

3,970,885

$

3,983,941

$

4,028,547

Net shares outstanding

 

15,232

 

15,212

 

15,172

 

15,156

 

15,144

B


BAR HARBOR BANKSHARES

CONSOLIDATED LOAN & DEPOSIT ANALYSIS - UNAUDITED

LOAN ANALYSIS

Annualized

Growth %

    

Jun 30,

    

Mar 31,

    

Dec 31,

    

Sep 30,

    

Jun 30,

    

Quarter

Year 

(in thousands)

2024

2024

2023

2023

2023

to Date

to Date

Commercial real estate

$

1,634,658

$

1,574,802

$

1,552,061

$

1,548,835

$

1,551,748

 

15

%  

11

%

Commercial and industrial

 

421,297

 

412,567

 

400,169

 

391,347

 

388,430

 

8

 

11

Total commercial loans

 

2,055,955

 

1,987,369

 

1,952,230

 

1,940,182

 

1,940,178

 

14

 

11

Residential real estate

 

854,718

 

873,213

 

889,904

 

896,757

 

907,741

 

(8)

 

(7)

Consumer

 

99,776

 

95,838

 

97,001

 

95,160

 

96,947

 

16

 

6

Tax exempt and other

 

53,732

 

55,252

 

59,914

 

60,692

 

62,614

 

(11)

 

(21)

Total loans

$

3,064,181

$

3,011,672

$

2,999,049

$

2,992,791

$

3,007,480

 

7

%  

4

%

DEPOSIT ANALYSIS

Annualized

Growth %

    

Jun 30,

    

Mar 31,

    

Dec 31,

    

Sep 30,

    

Jun 30,

    

Quarter

Year 

(in thousands)

2024

2024

2023

2023

2023

to Date

to Date

Non-interest bearing demand

$

553,067

$

544,495

$

569,714

$

618,421

$

602,667

 

6

%  

(6)

%

Interest-bearing demand

 

882,068

 

888,591

 

946,978

 

929,481

 

911,488

 

(3)

 

(14)

Savings

 

544,980

 

551,493

 

553,963

 

572,271

 

588,769

 

(5)

 

(3)

Money market

 

359,208

 

365,289

 

370,242

 

361,839

 

351,762

 

(7)

 

(6)

Total non-maturity deposits

 

2,339,323

 

2,349,868

 

2,440,897

 

2,482,012

 

2,454,686

 

(2)

 

(8)

Time

 

801,143

 

777,208

 

700,260

 

658,482

 

635,559

 

12

 

29

Total deposits

$

3,140,466

$

3,127,076

$

3,141,157

$

3,140,494

$

3,090,245

 

2

%  

%

C


BAR HARBOR BANKSHARES

CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED

Three Months Ended

Six Months Ended

June 30, 

June 30, 

(in thousands, except per share data)

    

2024

    

2023

    

2024

    

2023

Interest and dividend income

 

  

 

  

 

  

 

  

Loans

$

40,634

$

36,917

$

80,104

$

71,477

Securities and other

 

6,204

 

5,964

 

12,557

 

11,755

Total interest and dividend income

 

46,838

 

42,881

 

92,661

 

83,232

Interest expense

 

  

 

  

 

 

Deposits

 

14,780

 

8,590

 

29,312

 

13,855

Borrowings

 

4,299

 

5,501

 

7,535

 

9,681

Total interest expense

 

19,079

 

14,091

 

36,847

 

23,536

Net interest income

 

27,759

 

28,790

 

55,814

 

59,696

Provision for credit losses

 

585

 

750

 

874

 

1,548

Net interest income after provision for credit losses

 

27,174

 

28,040

 

54,940

 

58,148

Non-interest income

 

  

 

  

 

  

 

  

Trust and investment management fee income

 

4,193

 

3,805

 

7,863

 

7,360

Customer service fees

 

3,737

 

3,774

 

7,447

 

7,451

Gain on sales of securities, net

 

50

 

 

50

 

34

Mortgage banking income

558

378

815

657

Bank-owned life insurance income

 

583

 

503

 

1,144

 

1,651

Customer derivative income

 

168

 

83

 

168

 

215

Other income

 

344

 

437

 

732

 

796

Total non-interest income

 

9,633

 

8,980

 

18,219

 

18,164

Non-interest expense

 

  

 

  

 

  

 

  

Salaries and employee benefits

 

13,860

 

13,223

 

27,108

 

25,994

Occupancy and equipment

 

4,382

 

4,392

 

8,855

 

8,806

Gain on sales of premises and equipment, net

 

(248)

 

(86)

 

(263)

 

(99)

Outside services

 

462

 

424

 

800

 

780

Professional services

 

238

 

355

 

638

 

781

Communication

 

192

 

175

 

381

 

337

Marketing

 

521

 

476

 

1,088

 

885

Amortization of intangible assets

 

233

 

233

 

466

 

466

Acquisition, conversion and other expenses

 

 

 

20

 

20

Provision for unfunded commitments

 

45

 

(185)

 

(130)

Other expenses

 

4,378

 

4,155

 

8,798

 

8,256

Total non-interest expense

 

24,018

 

23,392

 

47,706

 

46,096

Income before income taxes

 

12,789

 

13,628

 

25,453

 

30,216

Income tax expense

 

2,532

 

2,837

 

5,101

 

6,413

Net income

$

10,257

$

10,791

$

20,352

$

23,803

Earnings per share:

 

  

 

  

 

  

 

  

Basic

$

0.67

$

0.71

$

1.34

$

1.57

Diluted

 

0.67

 

0.71

 

1.33

 

1.57

Weighted average shares outstanding:

 

  

 

  

 

  

 

  

Basic

 

15,227

 

15,139

 

15,213

 

15,125

Diluted

 

15,275

 

15,180

 

15,273

 

15,186

D


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)

2024

2024

2023

2023

2023

Interest and dividend income

 

  

 

  

 

  

 

  

 

  

Loans

$

40,634

$

39,470

$

39,531

$

38,412

$

36,917

Securities and other

 

6,204

6,353

6,284

6,723

5,964

Total interest and dividend income

 

46,838

45,823

45,815

45,135

42,881

Interest expense

 

  

  

  

  

  

Deposits

 

14,780

14,532

12,962

11,415

8,590

Borrowings

 

4,299

3,236

4,060

4,534

5,501

Total interest expense

 

19,079

17,768

17,022

15,949

14,091

Net interest income

 

27,759

28,055

28,793

29,186

28,790

Provision for credit losses

 

585

289

687

673

750

Net interest income after provision for credit losses

 

27,174

27,766

28,106

28,513

28,040

Non-interest income

 

  

  

  

  

  

Trust and investment management fee income

 

4,193

3,670

3,401

3,522

3,805

Customer service fees

 

3,737

3,710

3,791

3,926

3,774

Gain on sales of securities, net

 

50

Mortgage banking income

558

257

515

415

378

Bank-owned life insurance income

 

583

561

533

515

503

Customer derivative income

 

168

151

43

83

Other income

 

344

388

459

394

437

Total non-interest income

 

9,633

8,586

8,850

8,815

8,980

Non-interest expense

 

  

  

  

  

  

Salaries and employee benefits

 

13,860

13,248

13,511

13,011

13,223

Occupancy and equipment

 

4,382

4,473

4,309

4,469

4,392

(Gain) loss on sales of premises and equipment, net

 

(248)

(15)

281

(86)

Outside services

 

462

338

515

376

424

Professional services

 

238

400

369

436

355

Communication

 

192

189

190

170

175

Marketing

 

521

567

485

326

476

Amortization of intangible assets

 

233

233

233

233

233

Acquisition, conversion and other expenses

 

20

263

Provision for unfunded commitments

(185)

45

45

Other expenses

 

4,378

4,420

4,211

3,950

4,155

Total non-interest expense

 

24,018

 

23,688

 

24,367

 

23,016

 

23,392

Income before income taxes

 

12,789

 

12,664

 

12,589

 

14,312

 

13,628

Income tax expense

 

2,532

2,569

2,644

3,208

2,837

Net income

$

10,257

$

10,095

$

9,945

$

11,104

$

10,791

Earnings per share:

 

  

 

  

 

  

 

  

 

  

Basic

$

0.67

$

0.66

$

0.66

$

0.73

$

0.71

Diluted

 

0.67

 

0.66

 

0.65

 

0.73

 

0.71

Weighted average shares outstanding:

 

  

 

  

 

  

 

  

 

  

Basic

 

15,227

15,198

15,164

15,155

15,139

Diluted

 

15,275

15,270

15,221

15,196

15,180

E


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,

 

2024

2024

2023

2023

2023

 

Earning assets

Interest-earning deposits with other banks

5.65

%  

5.88

%  

6.42

%  

5.02

%  

5.59

%

Securities available for sale and FHLB stock

4.00

4.02

3.85

3.87

3.71

Loans:

Commercial real estate

 

5.61

5.47

5.46

5.34

5.21

Commercial and industrial

 

6.76

 

6.68

 

6.66

 

6.56

 

6.42

Residential real estate

 

4.13

 

4.09

 

3.94

 

3.84

 

3.76

Consumer

 

7.26

 

7.22

 

7.14

 

6.88

 

6.67

Total loans

 

5.41

 

5.31

 

5.24

 

5.11

 

4.99

Total earning assets

 

5.18

%  

5.10

%  

5.02

%  

4.90

%  

4.77

%

Funding liabilities

Deposits:

Interest-bearing demand

 

1.39

%  

1.34

%  

1.33

%  

1.11

%  

0.94

%

Savings

 

0.65

 

0.63

 

0.48

 

0.42

 

0.37

Money market

 

2.93

 

3.07

 

2.80

 

2.55

 

2.52

Time

 

4.33

 

4.18

 

3.93

 

3.65

 

2.82

Total interest-bearing deposits

 

2.35

 

2.26

 

2.05

 

1.81

 

1.45

Borrowings

 

4.57

 

4.35

 

4.64

 

4.59

 

4.73

Total interest-bearing liabilities

 

2.64

%  

2.48

%  

2.37

%  

2.19

%  

1.99

%

Net interest spread

 

2.54

 

2.62

 

2.65

 

2.71

 

2.78

Net interest margin, fully taxable equivalent(1)

 

3.09

 

3.14

 

3.17

 

3.18

 

3.22

(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

AVERAGE BALANCES - UNAUDITED

Quarters Ended

Jun 30,

Mar 31,

Dec 31,

Sep 30,

Jun 30,

(in thousands)

2024

2024

2023

2023

2023

Assets

    

  

    

  

    

  

    

  

    

  

Interest-earning deposits with other banks (1)

$

27,407

$

36,608

$

36,794

$

70,499

$

21,440

Securities available for sale and FHLB stock (2)

607,868

604,658

608,793

620,851

636,088

Loans:

Commercial real estate

1,600,253

1,558,506

1,554,961

1,550,188

1,536,035

Commercial and industrial

 

468,052

 

464,762

 

457,642

 

439,915

 

434,384

Residential real estate

 

865,412

 

884,767

 

898,147

 

909,296

 

911,788

Consumer

 

97,371

 

96,163

 

95,193

 

96,362

 

97,518

Total loans (3)

 

3,031,088

 

3,004,198

 

3,005,943

 

2,995,761

 

2,979,725

Total earning assets

 

3,666,363

 

3,645,464

 

3,651,530

 

3,687,111

 

3,637,253

Cash and due from banks

 

30,809

 

29,900

 

34,741

 

36,713

 

32,067

Allowance for credit losses

 

(28,567)

 

(28,122)

 

(28,057)

 

(27,473)

 

(26,932)

Goodwill and other intangible assets

 

123,994

 

124,225

 

124,459

 

124,926

 

124,926

Other assets

 

167,150

 

166,538

 

157,159

 

162,801

 

163,388

Total assets

$

3,959,749

$

3,938,005

$

3,939,832

$

3,984,078

$

3,930,702

Liabilities and shareholders' equity

 

  

 

  

 

  

 

  

 

  

Deposits:

Interest-bearing demand

$

858,657

$

899,349

$

916,314

$

915,072

$

885,091

Savings

 

542,950

 

552,231

 

552,932

 

579,090

 

602,724

Money market

 

355,731

 

390,720

 

365,142

 

358,742

 

423,013

Time

 

775,932

 

738,683

 

670,628

 

645,285

 

468,188

Total interest-bearing deposits

 

2,533,270

 

2,580,983

 

2,505,016

 

2,498,189

 

2,379,016

Borrowings

 

378,121

 

298,918

 

347,459

 

391,976

 

466,402

Total interest-bearing liabilities

 

2,911,391

 

2,879,901

 

2,852,475

 

2,890,165

 

2,845,418

Non-interest bearing demand deposits

 

546,448

 

554,816

 

604,638

 

610,644

 

608,180

Other liabilities

 

65,712

 

67,327

 

64,092

 

72,409

 

64,346

Total liabilities

 

3,523,551

 

3,502,044

 

3,521,205

 

3,573,218

 

3,517,944

Total shareholders' equity

 

436,198

 

435,961

 

418,627

 

410,860

 

412,758

Total liabilities and shareholders' equity

$

3,959,749

$

3,938,005

$

3,939,832

$

3,984,078

$

3,930,702


(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

    

Jun 30,

    

Mar 31,

    

Dec 31,

    

Sep 30,

    

Jun 30,

 

(in thousands)

2024

2024

2023

2023

2023

 

NON-PERFORMING ASSETS

Non-accruing loans:

Commercial real estate

 

$

551

 

$

578

 

$

610

 

$

867

 

$

909

Commercial and industrial

 

1,301

 

1,152

 

363

 

1,595

 

1,814

Residential real estate

 

3,511

 

4,169

 

3,742

 

3,673

 

3,415

Consumer

 

914

 

971

 

813

 

635

 

565

Total non-accruing loans

 

6,277

 

6,870

 

5,528

 

6,770

 

6,703

Other real estate owned

 

 

 

 

 

Total non-performing assets

 

$

6,277

 

$

6,870

 

$

5,528

 

$

6,770

 

$

6,703

Total non-accruing loans/total loans

 

0.20

%  

0.23

%  

0.18

%  

0.23

%  

0.22

%

Total non-performing assets/total assets

 

0.16

 

0.17

 

0.14

 

0.17

 

0.17

PROVISION AND ALLOWANCE FOR CREDIT LOSSES

Balance at beginning of period

 

$

28,355

 

$

28,142

 

$

28,011

 

$

27,362

 

$

26,607

Charged-off loans

 

(106)

 

(113)

 

(632)

 

(74)

 

(199)

Recoveries on charged-off loans

 

21

 

37

 

76

 

50

 

204

Net loans (charged-off) recovered

 

(85)

 

(76)

 

(556)

 

(24)

 

5

Provision for credit losses

 

585

 

289

 

687

 

673

 

750

Balance at end of period

 

$

28,855

 

$

28,355

 

$

28,142

 

$

28,011

 

$

27,362

Allowance for credit losses/total loans

 

0.94

%  

0.94

%  

0.94

%  

0.94

%  

0.91

%

Allowance for credit losses/non-accruing loans

 

460

 

413

 

509

 

414

 

408

NET LOAN (CHARGE-OFFS) RECOVERIES

Commercial real estate

 

$

 

$

(3)

 

$

 

$

 

$

(72)

Commercial and industrial

 

(2)

 

(64)

 

(479)

 

34

 

139

Residential real estate

 

3

 

5

 

3

 

13

 

3

Consumer

 

(86)

 

(14)

 

(80)

 

(71)

 

(65)

Total, net

 

$

(85)

 

$

(76)

 

$

(556)

 

$

(24)

 

$

5

Net charge-offs (recoveries) (QTD annualized)/average loans

 

0.01

%  

0.01

%  

0.07

%  

%  

%

Net charge-offs (recoveries) (YTD annualized)/average loans

 

0.01

 

0.01

 

0.02

 

0.01

 

DELINQUENT AND NON-ACCRUING LOANS/ TOTAL LOANS

30-89 Days delinquent

 

0.10

%  

0.14

%  

0.11

%  

0.13

%  

0.09

%

90+ Days delinquent and still accruing

 

 

 

0.01

 

0.03

 

0.02

Total accruing delinquent loans

 

0.10

 

0.14

 

0.12

 

0.16

 

0.11

Non-accruing loans

 

0.20

 

0.23

 

0.18

 

0.23

 

0.22

Total delinquent and non-accruing loans

 

0.30

%  

0.37

%  

0.30

%  

0.39

%  

0.33

%

H


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)

    

2024

2024

2023

2023

2023

Net income

$

10,257

$

10,095

$

9,945

$

11,104

$

10,791

Non-core items:

Gain on sale of securities, net

 

(50)

 

 

 

 

(Gain) loss on sale of premises and equipment, net

 

(248)

 

(15)

 

281

 

 

(86)

Acquisition, conversion and other expenses

 

 

20

 

263

 

 

Income tax expense (1)

 

71

 

(1)

 

(131)

 

 

20

Total non-core items

(227)

4

413

(66)

Core earnings (2)

 

(A)

$

10,030

$

10,099

$

10,358

$

11,104

$

10,725

Net interest income

 

(B)

$

27,759

$

28,055

$

28,793

$

29,186

$

28,790

Non-interest income

 

9,633

 

8,586

 

8,850

 

8,815

 

8,980

Total revenue

 

37,392

 

36,641

 

37,643

 

38,001

 

37,770

Gain on sale of securities, net

 

(50)

 

 

 

 

Total core revenue (2)

 

(C)

$

37,342

$

36,641

$

37,643

$

38,001

$

37,770

Total non-interest expense

 

24,018

 

23,688

 

24,367

 

23,016

 

23,392

Non-core expenses:

Gain (loss) on sale of premises and equipment, net

 

248

 

15

 

(281)

 

 

86

Acquisition, conversion and other expenses

 

 

(20)

 

(263)

 

 

Total non-core expenses

248

(5)

(544)

86

Core non-interest expense (2)

 

(D)

$

24,266

$

23,683

$

23,823

$

23,016

$

23,478

Total revenue

37,392

36,641

37,643

38,001

37,770

Total non-interest expense

24,018

23,688

24,367

23,016

23,392

Pre-tax, pre-provision net revenue

$

13,374

$

12,953

$

13,276

$

14,985

$

14,378

Core revenue(2)

37,342

36,641

37,643

38,001

37,770

Core non-interest expense(2)

24,266

23,683

23,823

23,016

23,478

Core pre-tax, pre-provision net revenue(2)

(U)

$

13,076

$

12,958

$

13,820

$

14,985

$

14,292

(in millions)

 

  

 

  

 

  

 

  

 

  

Average earning assets

 

(E)

$

3,666

$

3,645

$

3,652

$

3,687

$

3,637

Average assets

 

(F)

 

3,960

 

3,938

 

3,940

 

3,984

 

3,931

Average shareholders' equity

 

(G)

 

436

 

436

 

419

 

411

 

413

Average tangible shareholders' equity (2) (3)

 

(H)

 

312

 

312

 

294

 

286

 

288

Tangible shareholders' equity, period-end (2) (3)

 

(I)

 

315

 

312

 

308

 

280

 

286

Tangible assets, period-end (2) (3)

 

(J)

 

3,910

 

3,835

 

3,847

 

3,859

 

3,904

I


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)

2024

2024

2023

2023

2023

 

Common shares outstanding, period-end

 

(K)

 

15,232

 

15,212

 

15,172

 

15,156

 

15,144

Average diluted shares outstanding

 

(L)

 

15,275

 

15,270

 

15,221

 

15,196

 

15,180

Core earnings per share, diluted (2)

 

(A/L)

$

0.66

$

0.66

$

0.68

$

0.73

$

0.71

Tangible book value per share, period-end (2)

 

(I/K)

 

20.68

 

20.48

 

20.28

 

18.45

 

18.88

Securities adjustment, net of tax (1) (4)

 

(M)

 

(52,313)

 

(49,633)

 

(47,649)

 

(66,530)

 

(55,307)

Tangible book value per share, excluding securities adjustment (2) (4)

 

(I+M)/K

 

24.12

 

23.75

 

23.42

 

22.84

 

22.53

Tangible shareholders' equity/total tangible assets (2)

 

(I/J)

 

8.06

 

8.13

 

8.00

 

7.25

 

7.32

Performance ratios (5)

GAAP return on assets

 

1.04

%  

1.03

%  

1.00

%  

1.11

%  

1.10

%

Core return on assets (2)

 

(A/F)

 

1.02

 

1.03

 

1.04

 

1.11

 

1.09

Pre-tax, pre-provision return on assets

1.36

1.32

1.34

1.49

1.47

Core pre-tax, pre-provision return on assets (2)

(U/F)

1.33

1.32

1.39

1.49

1.46

GAAP return on equity

 

9.46

 

9.31

 

9.43

 

10.72

 

10.49

Core return on equity (2)

 

(A/G)

 

9.25

 

9.32

 

9.82

 

10.72

 

10.42

Return on tangible equity

13.44

13.25

13.65

15.65

15.28

Core return on tangible equity (1) (2)

 

(A+Q)/H

 

13.15

 

13.26

 

14.21

 

15.65

 

15.19

Efficiency ratio (2) (6)

 

(D-O-Q)/(C+N)

 

62.96

 

62.91

 

61.38

 

58.59

 

60.25

Net interest margin, fully taxable equivalent (2)

 

(B+P)/E

 

3.09

 

3.14

 

3.17

 

3.18

 

3.22

Supplementary data (in thousands)

Taxable equivalent adjustment for efficiency ratio

 

(N)

$

528

$

523

$

561

$

565

$

539

Franchise taxes included in non-interest expense

 

(O)

 

191

 

70

 

141

 

186

 

163

Tax equivalent adjustment for net interest margin

 

(P)

 

389

 

388

 

395

 

405

 

382

Intangible amortization

 

(Q)

 

233

 

233

 

233

 

233

 

233


(1)Assumes a marginal tax rate of 23.82% in the second 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)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.

J


v3.24.2
Document and Entity Information
Jul. 18, 2024
Document and Entity Information [Abstract]  
Document Type 8-K
Document Period End Date Jul. 18, 2024
Entity File Number 001-13349
Entity Registrant Name BAR HARBOR BANKSHARES
Entity Incorporation, State or Country Code ME
Entity Tax Identification Number 01-0393663
Entity Address, Address Line One PO Box 400
Entity Address, Adress Line Two 82 Main Street
Entity Address, State or Province ME
Entity Address, City or Town Bar Harbor
Entity Address, Postal Zip Code 04609-0400
City Area Code 207
Local Phone Number 288-3314
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $2.00 per share
Trading Symbol BHB
Security Exchange Name NYSEAMER
Entity Emerging Growth Company false
Entity Central Index Key 0000743367
Amendment Flag false

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