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Bar Harbor Bankshares Reports Fourth Quarter Results; Declares Dividend

News Provided by Accesswire2023-01-23
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BAR HARBOR, ME / ACCESSWIRE / January 19, 2023 / Bar Harbor Bankshares (NYSE American:BHB) (the "Company") reported fourth quarter 2022 net income of $12.5 million or $0.83 per diluted share compared to $9.8 million or $0.65 per diluted share in the same quarter of 2021. Earnings per share in the prior year quarter included a $0.05 per diluted share benefit from Paycheck Protection Program ("PPP") loans. For the full year of 2022, net income was $43.6 million or $2.88 per diluted share compared to $39.3 million and $2.61 per diluted share for 2021, an increase of 11%.

FOURTH QUARTER HIGHLIGHTS (all comparisons to the fourth quarter 2021 unless otherwise noted)

  • 1.30% return on assets, compared to 1.02%
  • 12.73% return on equity, compared to 9.16%
  • 11% annualized commercial loan growth, 19% commercial loan growth for 2022, compared to 2021
  • 3.76% net interest margin, compared to 2.79%
  • 58% efficiency ratio (non-GAAP measure), compared to 61%
  • 0.17% non-performing assets ratio to total assets, compared to 0.27%

Bar Harbor Bankshares' President and Chief Executive Officer, Curtis C. Simard stated, "We are excited about all of our accomplishments in 2022, and most recently, for ending the year with such a strong quarter that demonstrated stable performance across all divisions. The results this past quarter once again highlight the strength of our balance sheet and the ability of our teams to deliver on core deposits, loans and wealth management in our markets. Our performance metrics showed significant favorable expansion throughout all of 2022 and included 19% in total commercial loan growth for the year while adhering to selective criteria and only experienced operators. We ended the year with a return on assets of 1.30% and net income was up 28% over the fourth quarter of 2021. Our credit quality remains solid as we posted net recoveries for the quarter and we continue to diligently manage expenses despite wage inflation while delivering positive operating leverage. Return on equity was 12.73% in the quarter, up from 9.16% in the same quarter of 2021 on higher earnings and a more stable fair market value related to the securities portfolio, which we continue to classify all as held to maturity preserving our flexibility."

Mr. Simard further commented, "While we did see a decline in overall deposit balances during the quarter, it was primarily in institutional accounts with low activity, which tend to be most rate sensitive. We continue to work with each customer on rates rather than make sweeping movements which allows us to focus on expanding those relationships as we review individual requests. Despite the developing rate pressure on deposits, we benefitted from the higher rate environment as our assets repriced, allowing for an additional 29 basis points of expansion in the margin to 3.76%. As we move into 2023, we have organically moved towards a slightly less asset sensitive position given the mix in loan growth during 2022."

Mr. Simard went on to say, "Assets under management increased 7% during the quarter versus the S&P 500 which was up 4% for the same period. Our wealth team added more than $132 million in new account assets this past year. We have a strong, relationship centric wealth management group that we believe has positioned us to realize an organic lift as the market returns."

Mr. Simard concluded, "Looking ahead in 2023, we are well positioned for success regardless of the rate environment. We are proud to be operating as an organization focused in Northern New England, committed to the needs of our customers while delivering shareholder value."

DIVIDEND DECLARED

The Company's Board of Directors voted to declare a cash dividend of $0.26 per share to shareholders of record at the close of business on February 16, 2023 payable on March 16, 2023. This dividend equates to a 3.25% annualized yield based on the $32.04 closing share price of the Company's common stock on December 30, 2022, the last trading day of the fourth quarter 2022.

FINANCIAL CONDITION

The Company had asset growth of 2% or $69 million quarter over quarter to $3.9 billion at the end of fourth quarter 2022. Loans grew 2% or $52 million to $2.9 billion at the end of the fourth quarter driven by an 11% net annualized increase in commercial loans and 1% annualized growth in residential real estate.

Non-accruing loans for the fourth quarter 2022 decreased 16.7% or $1.3 million to $6.5 million from $7.8 million at the end of the third quarter. The ratio of accruing past due loans to total loans decreased to 0.09% of total loans at the end of the fourth quarter 2022 from 0.10% at the end of the third quarter. The fourth quarter 2022 resulted in $155 thousand net recovery of charged off loans compared to a net charge off of $44 thousand in the third quarter. The allowance for credit losses increased $842 thousand to $25.9 million for the fourth quarter, compared to $25.0 million at the end of the third quarter 2022, due largely to significant loan growth during the quarter and growth in commercial construction unused lines of credit.

Total deposits were $3.0 billion at the end of the fourth quarter 2022 down 3% or $92.2 million. Core deposits decreased $81 million or 3% driven by a $55.2 million decrease in business checking, demand deposit accounts and non-personal money market balances. Time deposits decreased $10.8 million during the quarter as customers continue to move funds to transactional accounts upon contractual maturity. Excess cash and short-term borrowings were used as funding during the fourth quarter 2022 as loan growth outpaced deposit growth.

The Company's book value per share was $26.09 at the end of the fourth quarter of 2022, compared with $25.22 at the end of the third quarter. Tangible book value per share (non-GAAP measure) was $17.78 at the end of the fourth quarter 2022, compared to $16.89 at the end of the third quarter, an annualized increase of 21%. Other comprehensive income included unrealized loss on securities totaling $55.2 million in the fourth quarter 2022 compared to $58.7 million at the end of the third quarter.

RESULTS OF OPERATIONS

Net income increased 28% in the fourth quarter 2022 to $12.5 million, or $0.83 per diluted share, compared to $9.8 million, or $0.65 per diluted share, in the same quarter of 2021. PPP income contributed $0.05 to earnings per share in the fourth quarter of 2021.

Net interest margin increased 97 basis points or 34% to 3.76% compared to 2.79% in the same period of 2021. The increase was driven by a 125 basis point increase in average yields as existing variable rate loans repriced along with growth in earning assets, offset in part by a higher cost of funds. PPP loan fee amortization due to forgiveness contributed 10 basis points in the fourth quarter of 2021. In addition, excess interest-bearing cash balances in the fourth quarter of 2021 reduced net interest margin by 27 basis points. The yield on loans was 4.56% in the fourth quarter 2022, up from 3.58% in the same quarter of 2021 or 3.45% when excluding interest from PPP loans. Costs of interest-bearing liabilities increased to 0.78% from 0.41% in the fourth quarter 2021 due primarily to a shift to wholesale borrowings to fund loans as deposit balances declined by 12% from a run-off of larger balance accounts seeking higher interest rates.

The provision for credit losses for the fourth quarter 2022 was $687 thousand, compared to $126 thousand in the fourth quarter of 2021, driven primarily by the 7% annualized loan growth. The provision for credit losses on unfunded commitments increased $1.4 million in the current quarter driven largely by the growth in unfunded commercial construction lines of credit.

Non-interest income in the fourth quarter 2022 was $8.2 million, compared to $11.2 million in the same quarter of 2021. Customer service fees grew to $3.6 million in the fourth quarter of 2022 from $3.5 million in the same quarter of 2021 on a higher number of transactional accounts. Wealth management income in the fourth quarter 2022 was $3.4 million, compared to $3.8 million in prior year due primarily to lower AUM stemming from a decline market valuations. Mortgage banking income was $153 thousand, compared to $1.6 million in the same period of 2021 reflecting increased on balance sheet activity related to higher interest rates. Additionally, the fourth quarter of 2021 included $890 thousand of gains on the sales of securities.

Non-interest expense was $24.6 million in the fourth quarter 2022 and $22.9 million in the same quarter of 2021. Salaries and employee benefits increased by $1.1 million primarily due to the revaluation of long-term incentive accruals driven by the Company's higher stock price at the end of the fourth quarter 2022. The provision for unfunded commitments increased $1.2 million over the prior year quarter due to an increase in commercial construction activity. The efficiency ratio (non-GAAP) in the fourth quarter 2022 was 58%, down from 61%, or 63% excluding PPP loan income in the fourth quarter 2021. Non-core expenses (non-GAAP) in the fourth quarter of 2021 consisted mostly of a $1.1 million prepayment penalty on debt extinguishment and a $515 thousand loss on sale of premises and equipment.

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, 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 wealth management growth when the market returns, 2023 success regardless of the rate environment, 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, (24) our ability to maintain appropriate environmental, social and governance (ESG) practices, oversight, an disclosures; and (25) 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
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
20222022202220222021
PER SHARE DATA





Net earnings, diluted
$0.83$0.76$0.70$0.60$0.65
Core earnings, diluted (1)
0.830.760.700.620.68
Total book value
26.0925.2226.1927.1128.27
Tangible book value (1)
17.7816.8917.8318.7219.86
Market price at period end
32.0426.5225.8628.6228.93
Dividends
0.260.260.260.240.24
PERFORMANCE RATIOS(2)
Return on assets
1.30%1.20%1.14%1.00%1.02%
Core return on assets (1)
1.301.201.141.021.07
Pre-tax, pre-provision return on assets
1.721.651.501.281.26
Core pre-tax, pre-provision return on assets (1)
1.721.651.501.311.33
Return on equity
12.7311.5510.588.899.16
Core return on equity (1)
12.7211.5410.599.079.60
Return on tangible equity
19.0317.2515.7413.0113.30
Core return on tangible equity (1)
19.0217.2415.7613.2713.93
Net interest margin, fully taxable equivalent (1) (3)
3.763.473.192.952.79
Core net interest margin (1) (4)
3.763.473.192.932.69
Efficiency ratio (1)
58.1957.6759.2562.4060.74
FINANCIAL DATA(In millions)
Total assets
$3,910$3,840$3,716$3,692$3,709
Total earning assets (5)
3,6013,5253,3993,3673,380
Total investments
574566593611626
Total loans
2,9032,8502,7272,6552,532
Allowance for credit losses
2625242323
Total goodwill and intangible assets
125126126126126
Total deposits
3,0433,1363,0793,0483,049
Total shareholders' equity
393380394407424
Net income
131111910
Core earnings (1)
131111910
ASSET QUALITY AND CONDITION RATIOS
Net (recoveries) charge-offs (6) /average loans
(0.02)%0.01%-%(0.01)%(0.02)%
Allowance for credit losses/total loans
0.890.880.870.870.90
Loans/deposits
9591898783
Shareholders' equity to total assets
10.069.8910.5911.0211.43
Tangible shareholders' equity to tangible assets
7.096.857.467.888.32

(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) 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


Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(in thousands)
20222022202220222021
Assets
Cash and due from banks
$39,933$50,760$40,834$38,656$33,508
Interest-earning deposits with other banks
52,36231,30526,28272,393216,881
Total cash and cash equivalents
92,29582,06567,116111,049250,389

Securities available for sale
559,516556,752586,142603,910618,276
Federal Home Loan Bank stock
14,8939,0356,5727,3847,384
Total securities
574,409565,787592,714611,294625,660

Loans held for sale
-9823,5392,8435,523

Total loans
2,902,6902,850,3642,727,2742,654,5622,531,910
Less: Allowance for credit losses
(25,860)(25,018)(23,756)(23,190)(22,718)
Net loans
2,876,8302,825,3462,703,5182,631,3722,509,192

Premises and equipment, net
47,62248,01048,35048,89149,382
Other real estate owned
-----
Goodwill
119,477119,477119,477119,477119,477
Other intangible assets
5,8016,0346,2676,5006,733
Cash surrender value of bank-owned life insurance
81,19780,75880,26279,86179,020
Deferred tax asset, net
24,44325,28818,40512,6145,547
Other assets
87,72986,49976,10968,16958,310
Total assets
$3,909,803$3,840,246$3,715,757$3,692,070$3,709,233
Liabilities and shareholders' equity
Demand and other non-interest bearing deposits
$676,350$700,218$670,268$653,471$664,420
NOW deposits
900,730918,822883,239918,768940,631
Savings deposits
664,514669,317663,676658,834628,670
Money market deposits
478,398513,075499,456424,750389,291
Time deposits
323,439334,248361,906391,940425,532
Total deposits
3,043,4313,135,6803,078,5453,047,7633,048,544
Senior borrowings
333,957188,757117,347118,538118,400
Subordinated borrowings
60,28960,24860,20660,16560,124
Total borrowings
394,246249,005177,553178,703178,524
Other liabilities
78,67675,59666,06258,60558,018
Total liabilities
3,516,3533,460,2813,322,1603,285,0713,285,086
Total shareholders' equity
393,450379,965393,597406,999424,147
Total liabilities and shareholders' equity
$3,909,803$3,840,246$3,715,757$3,692,070$3,709,233
Net shares outstanding
15,08315,06615,02615,01315,001

BAR HARBOR BANKSHARES
CONSOLIDATED LOAN & DEPOSIT ANALYSIS - UNAUDITED

LOAN ANALYSIS

Annualized
Growth %

Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,QuarterYear
(in thousands)
20222022202220222021to Dateto Date
Commercial real estate
$1,495,452$1,421,962$1,331,860$1,289,968$1,210,58021%24%
Commercial and industrial
352,735376,624360,304346,394340,129(25)4
Paycheck Protection Program (PPP)
--1701,1266,669-*
Total commercial loans
1,848,1871,798,5861,692,3341,637,4881,557,3781119
Total commercial loans, excluding PPP
1,848,1871,798,5861,692,1641,636,3621,550,7091119

Residential real estate
898,192896,618876,644868,382821,00419
Consumer
100,855100,822100,81696,87698,949-2
Tax exempt and other
55,45654,33857,48051,81654,57982
Total loans
$2,902,690$2,850,364$2,727,274$2,654,562$2,531,9107%15%

DEPOSIT ANALYSIS

Annualized
Growth %

Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,QuarterYear
(in thousands)
20222022202220222021to Dateto Date
Demand
$676,350$700,218$670,268$653,471$664,420(14)%2%
NOW
900,730918,822883,239918,768940,631(8)(4)
Savings
664,514669,317663,676658,834628,670(3)6
Money market
478,398513,075499,456424,750389,291(27)23
Total non-maturity deposits
2,719,9922,801,4322,716,6392,655,8232,623,012(12)4
Total time deposits
323,439334,248361,906391,940425,532(13)(24)
Total deposits
$3,043,431$3,135,680$3,078,545$3,047,763$3,048,544(12)%-%

*Indicates ratios of 100% or greater.

BAR HARBOR BANKSHARES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED

Three Months EndedYear Ended
December 31,December 31,
(in thousands, except per share data)
2022202120222021
Interest and dividend income
Loans
$32,605$22,746$107,797$95,236
Securities and other
5,5513,77618,72915,568
Total interest and dividend income
38,15626,522126,526110,804
Interest expense
Deposits
3,1591,4347,3448,543
Borrowings
2,0431,2735,5016,688
Total interest expense
5,2022,70712,84515,231
Net interest income
32,95423,815113,68195,573
Provision for credit losses
6871262,904(1,302)
Net interest income after provision for credit losses
32,26723,689110,77796,875
Non-interest income
Trust and investment management fee income
3,4423,84414,57315,179
Customer service fees
3,6833,47014,79113,212
Gain on sales of securities, net
-890532,870
Mortgage banking income
1531,5631,5806,536
Bank-owned life insurance income
4996692,0002,179
Customer derivative income
971733101,010
Other income
3545492,0141,275
Total non-interest income
8,22811,15835,32142,261
Non-interest expense
Salaries and employee benefits
12,90011,84248,65747,117
Occupancy and equipment
4,3214,10517,57516,356
Loss on sales of premises and equipment, net
7551510378
Outside services
4354311,5781,943
Professional services
4905561,6121,756
Communication
263205880912
Marketing
4113781,5611,541
Amortization of intangible assets
233233932940
Loss on debt extinguishment
-1,083-2,851
Acquisition, conversion and other expenses
(90)(92)2661,667
Provision for unfunded commitments
1,413(49)1,758177
Other expenses
4,1843,71416,42414,870
Total non-interest expense
24,63522,92191,25390,508
Income before income taxes
15,86011,92654,84548,628
Income tax expense
3,3482,16011,2889,329
Net income
$12,512$9,766$43,557$39,299
Earnings per share:
Basic
$0.83$0.65$2.90$2.63
Diluted
0.830.652.882.61
Weighted average shares outstanding:
Basic
15,07314,99315,04014,969
Diluted
15,14715,07515,11215,045

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

Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(in thousands, except per share data)
20222022202220222021
Interest and dividend income
Loans
$32,605$27,940$24,581$22,671$22,746
Securities and other
5,5515,1454,2073,8263,776
Total interest and dividend income
38,15633,08528,78826,49726,522
Interest expense
Deposits
3,1591,8011,1951,1891,434
Borrowings
2,0431,3741,0741,0101,273
Total interest expense
5,2023,1752,2692,1992,707
Net interest income
32,95429,91026,51924,29823,815
Provision for credit losses
6871,306534377126
Net interest income after provision for credit losses
32,26728,60425,98523,92123,689
Non-interest income
Trust and investment management fee income
3,4423,5483,8293,7543,844
Customer service fees
3,6833,8363,6563,6163,470
Gain on sales of securities, net
-44-9890
Mortgage banking income
1533154886241,563
Bank-owned life insurance income
499496504501669
Customer derivative income
975813718173
Other income
354526347787549
Total non-interest income
8,2288,8238,9619,30911,158
Non-interest expense
Salaries and employee benefits
12,90012,24211,36812,14711,842
Occupancy and equipment
4,3214,4584,3734,4234,105
Loss (gain) on sales of premises and equipment, net
75-10(75)515
Outside services
435393410340431
Professional services
490421528173556
Communication
263204188225205
Marketing
411518369263378
Amortization of intangible assets
233233233233233
Loss on debt extinguishment
----1,083
Acquisition, conversion and other expenses
(90)31-325(92)
Provision for unfunded commitments
1,413(26)45326(49)
Other expenses
4,1844,5584,1763,5063,714
Total non-interest expense
24,63523,03221,70021,88622,921
Income before income taxes
15,86014,39513,24611,34411,926
Income tax expense
3,3482,9652,7432,2322,160
Net income
$12,512$11,430$10,503$9,112$9,766
Earnings per share:
Basic
$0.83$0.76$0.70$0.61$0.65
Diluted
0.830.760.700.600.65
Weighted average shares outstanding:
Basic
15,07315,05815,01815,01114,993
Diluted
15,14715,11315,07715,10215,075

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

Quarters Ended
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
20222022202220222021
Earning assets





Interest-earning deposits with other banks
4.00%2.13%0.80%0.16%0.16%
Securities available for sale and FHLB stock
3.403.122.692.552.66
Loans:
Commercial real estate
4.814.263.823.503.40
Commercial and industrial
5.434.463.673.463.23
Paycheck protection program
--13.9926.4926.25
Residential real estate
3.633.453.553.553.61
Consumer
5.794.553.823.513.49
Total loans
4.564.043.713.543.58
Total earning assets
4.35%3.84%3.46%3.21%3.10%

Funding liabilities
Deposits:
NOW
0.22%0.16%0.14%0.14%0.14%
Savings
0.160.080.080.090.08
Money market
1.420.650.190.120.12
Time deposits
0.690.550.580.620.77
Total interest-bearing deposits
0.520.300.200.200.24
Borrowings
3.232.692.412.292.17
Total interest-bearing liabilities
0.78%0.48%0.36%0.35%0.41%

Net interest spread
3.573.363.102.862.69
Net interest margin, fully taxable equivalent (1)
3.763.473.192.952.79
Core net interest margin (1)
3.763.473.192.932.69

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

BAR HARBOR BANKSHARES
AVERAGE BALANCES - UNAUDITED

Quarters Ended
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(in thousands)
20222022202220222021
Assets
Interest-earning deposits with other banks (1)
$26,360$59,556$63,317$140,383$325,260
Securities available for sale and FHLB stock (2)
641,787642,475637,881629,811578,323
Loans:
Commercial real estate
1,447,3841,351,5991,296,1621,264,7981,189,803
Commercial and industrial
403,304421,963412,518393,759386,156
Paycheck protection program
-947882,99914,824
Residential real estate
897,637882,158863,172856,252844,872
Consumer
100,182101,17598,58897,594100,723
Total loans (3)
2,848,5072,756,9892,671,2282,615,4022,536,378
Total earning assets
3,516,6543,459,0203,372,4263,385,5963,439,961
Cash and due from banks
36,89140,33035,05132,74237,818
Allowance for credit losses
(25,497)(24,061)(23,228)(23,256)(22,525)
Goodwill and other intangible assets
125,391125,626126,090126,090126,324
Other assets
164,749171,394178,037190,846200,097
Total assets
$3,818,188$3,772,309$3,688,376$3,712,018$3,781,675
Liabilities and shareholders' equity
Deposits:
NOW
$899,388$905,668$893,239$930,556$913,326
Savings
664,016668,255657,047640,672620,599
Money market
501,564491,683457,088414,130395,341
Time deposits
334,297349,787375,782406,730450,559
Total interest-bearing deposits
2,399,2652,415,3932,383,1562,392,0882,379,825
Borrowings
251,263202,296178,519178,958232,492
Total interest-bearing liabilities
2,650,5282,617,6892,561,6752,571,0462,612,317
Non-interest-bearing demand deposits
703,471690,134661,412660,717684,895
Other liabilities
74,27671,93467,06964,61961,480
Total liabilities
3,428,2753,379,7573,290,1563,296,3823,358,692
Total shareholders' equity
389,913392,552398,220415,636422,983
Total liabilities and shareholders' equity
$3,818,188$3,772,309$3,688,376$3,712,018$3,781,675

(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
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(in thousands)
20222022202220222021
NON-PERFORMING ASSETS
Non-accruing loans:





Commercial real estate
$1,222$1,587$1,483$1,633$2,890
Commercial installment
2643486329051,056
Residential real estate
4,1514,8584,8825,6125,192
Consumer installment
9119818811,0631,053
Total non-accruing loans
6,5487,7747,8789,21310,191
Other real estate owned
-----
Total non-performing assets
$6,548$7,774$7,878$9,213$10,191
Total non-accruing loans/total loans
0.23%0.27%0.29%0.35%0.40%
Total non-performing assets/total assets
0.170.200.210.250.27
PROVISION AND ALLOWANCE FOR CREDIT LOSSES
Balance at beginning of period
$25,018$23,756$23,190$22,718$22,448
Charged-off loans
(136)(85)(62)(83)(154)
Recoveries on charged-off loans
2914194178298
Net loans recovered (charged-off)
155(44)3295144
Provision for credit losses
6871,306534377126
Balance at end of period
$25,860$25,018$23,756$23,190$22,718
Allowance for credit losses/total loans
0.89%0.88%0.87%0.87%0.90%
Allowance for credit losses/non-accruing loans
395322300252223
NET LOAN RECOVERIES (CHARGE-OFFS)
Commercial real estate
$-$7$59$54$216
Commercial installment
28512122553
Residential real estate
(56)(5)6768
Consumer installment
(74)(58)(45)(60)(133)
Total, net
$155$(44)$32$95$144
Net (recoveries) charge-offs (QTD annualized)/average loans
(0.02)%0.01%-%(0.01)%(0.02)%
Net (recoveries) charge-offs (YTD annualized)/average loans
(0.01)-(0.01)(0.01)0.01
DELINQUENT AND NON-ACCRUING LOANS/ TOTAL LOANS
30-89 Days delinquent
0.08%0.09%0.09%0.22%0.31%
90+ Days delinquent and still accruing
0.010.010.030.030.01
Total accruing delinquent loans
0.090.100.120.250.32
Non-accruing loans
0.230.270.290.350.40
Total delinquent and non-accruing loans
0.32%0.37%0.41%0.60%0.72%

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

At or for the Quarters Ended
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(in thousands)
20222022202220222021
Net income
$12,512$11,430$10,503$9,112$9,766
Non-core items:
Gain on sale of securities, net
-(44)-(9)(890)
Loss (gain) on sale of premises and equipment, net
75-10(75)515
Loss on debt extinguishment
----1,083
Acquisition, conversion and other expenses
(90)31-325(92)
Income tax expense (1)
43(2)(56)(144)
Total non-core items
(11)(10)8185472
Core earnings (2)
(A)
$12,501$11,420$10,511$9,297$10,238
Net interest income
(B)
$32,954$29,910$26,519$24,298$23,815
Non-interest income
8,2288,8238,9619,30911,158
Total revenue
41,18238,73335,48033,60734,973
Gain on sale of securities, net
-(44)-(9)(890)
Total core revenue (2)
(C)
$41,182$38,689$35,480$33,598$34,083
Total non-interest expense
24,63523,03221,70021,88622,921
Non-core expenses:
(Loss) gain on sale of premises and equipment, net
(75)-(10)75(515)
Loss on debt extinguishment
----(1,083)
Acquisition, conversion and other expenses
90(31)-(325)92
Total non-core expenses
15(31)(10)(250)(1,506)
Core non-interest expense (2)
(D)
$24,650$23,001$21,690$21,636$21,415
Total revenue
41,18238,73335,48033,60734,973
Total non-interest expense
24,63523,03221,70021,88622,921
Pre-tax, pre-provision net revenue
$16,547$15,701$13,780$11,721$12,052
Core revenue (2)
41,18238,68935,48033,59834,083
Core non-interest expense (2)
24,65023,00121,69021,63621,415
Core pre-tax, pre-provision net revenue (2)
(U)
$16,532$15,688$13,790$11,962$12,668
(in millions)
Average earning assets
(E)
$3,517$3,459$3,372$3,386$3,440
Average paycheck protection program (PPP) loans
(R)
--1315
Average earning assets, excluding PPP loans
(S)
3,5173,4593,3713,3833,425
Average assets
(F)
3,8183,7723,6883,7123,782
Average shareholders' equity
(G)
390393398416423
Average tangible shareholders' equity (2) (3)
(H)
265267272290297
Tangible shareholders' equity, period-end (2) (3)
(I)
268254268281298
Tangible assets, period-end (2) (3)
(J)
3,7853,7153,5873,5663,583

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

At or for the Quarters Ended
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,
(in thousands)
20222022202220222021
Common shares outstanding, period-end
(K)15,08315,06615,02615,01315,001
Average diluted shares outstanding
(L)15,14715,11315,07715,10215,075
Core earnings per share, diluted (2)
(A/L)$0.83$0.76$0.70$0.62$0.68
Tangible book value per share, period-end (2)
(I/K)17.7816.8917.8318.7219.86
Securities adjustment, net of tax (1) (4)
(M)(55,246)(58,715)(38,304)(20,225)1,985
Tangible book value per share, excluding securities adjustment (2) (4)
(I+M)/K21.4420.7920.3820.0719.73
Tangible shareholders' equity/total tangible assets (2)
(I/J)7.096.857.477.888.32
Performance ratios(5)
GAAP return on assets
1.30%1.20%1.14%1.00%1.02%
Core return on assets (2)
(A/F)1.301.201.141.021.07
Pre-tax, pre-provision return on assets
1.721.651.501.281.26
Core pre-tax, pre-provision return on assets (2)
(U/F)1.721.651.501.311.33
GAAP return on equity
12.7311.5510.588.899.16
Core return on equity (2)
(A/G)12.7211.5410.599.079.60
Return on tangible equity
19.0317.2515.7413.0113.30
Core return on tangible equity (1) (2)
(A+Q)/H19.0217.2415.7613.2713.93
Efficiency ratio (2) (6)
(D-O-Q)/(C+N)58.1957.6759.2562.4060.74
Net interest margin, fully taxable equivalent (2)
(B+P)/E3.763.473.192.952.79
Core net interest margin (2) (7)
(B+P-T)/S3.763.473.192.932.69
Supplementary data (in thousands)
Taxable equivalent adjustment for efficiency ratio
(N)$520$533$491$476$573
Franchise taxes included in non-interest expense
(O)149149144141132
Tax equivalent adjustment for net interest margin
(P)365379334320369
Intangible amortization
(Q)233233233233233
Interest and fees on PPP loans
(T)--27196981

(1) Assumes a marginal tax rate of 23.53% in the fourth quarter of 2022 and 23.41% for the previous four quarters.
(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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