Bar Harbor Bankshares Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Bar Harbor Bankshares submitted its Q1 2024 10-Q, detailing financial positions and instrument data.</b>

AI Summary

BAR HARBOR BANKSHARES (BHB) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Bar Harbor Bankshares filed its 10-Q for the quarter ended March 31, 2024. The filing includes financial data for various equity and debt components as of March 31, 2024, and December 31, 2023. Key financial statement items such as Retained Earnings, Common Stock, and Additional Paid-In Capital are detailed for multiple periods. The report references specific financial instruments including Treasury Stock, Other Borrowings, and Federal Reserve Bank Advances. Information on interest rate swaps related to wholesale funding and variable rate loans is provided for Q1 2024 and Q1 2023.

Why It Matters

For investors and stakeholders tracking BAR HARBOR BANKSHARES, this filing contains several important signals. This 10-Q provides a detailed look at Bar Harbor Bankshares' financial health and capital structure as of the end of the first quarter of 2024. Investors and analysts can use this filing to assess the company's financial performance, risk exposure, and strategic financial management through specific data points on assets, liabilities, and equity.

Risk Assessment

Risk Level: low — BAR HARBOR BANKSHARES shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags, indicating a routine disclosure of financial information.

Analyst Insight

Review the detailed balance sheet and income statement data within the 10-Q to understand changes in asset composition, loan portfolio performance, and profitability trends compared to prior periods.

Key Numbers

• 2024-03-31 — Reporting Date (Period of report)
• 2024-05-08 — Filing Date (Date of filing)
• Q1 2024 — Reporting Quarter (Fiscal quarter)
• 1231 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• BAR HARBOR BANKSHARES (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-08 (date) — Filing date
• 0000743367 (company) — Central Index Key
• ME (location) — State of incorporation
• 82 MAIN ST (address) — Business street address
• PO BOX 400 (address) — Business PO Box
• 2076696784 (phone) — Business phone

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — Financial data as of this date is reported.
• 2024-05-08: Filing Date — The 10-Q report was officially submitted.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance and position during a specific quarter.)

Treasury Stock

Shares of a company's own stock that it has repurchased. (Indicates a potential return of capital to shareholders or a strategy to manage share count.)

Retained Earnings

The cumulative amount of net income that a company has retained and not distributed as dividends. (Reflects the company's historical profitability and its reinvestment strategy.)

Additional Paid-In Capital

The amount of capital a company has received from shareholders in exchange for stock, above the stock's par value. (Shows the total capital raised through equity issuances beyond the nominal value of the shares.)

Key Financial Figures

• $2.00 — ich registered Common Stock, par value $2.00 per share BHB NYSE American Indic

Filing Documents

• bhb-20240331x10q.htm (10-Q) — 5237KB
• bhb-20240331xex31d1.htm (EX-31.1) — 14KB
• bhb-20240331xex31d2.htm (EX-31.2) — 14KB
• bhb-20240331xex32d1.htm (EX-32.1) — 7KB
• bhb-20240331xex32d2.htm (EX-32.2) — 9KB
• bhb-20240331x10q001.jpg (GRAPHIC) — 14KB
• 0001558370-24-007356.txt (&nbsp;) — 24093KB
• bhb-20240331.xsd (EX-101.SCH) — 59KB
• bhb-20240331_cal.xml (EX-101.CAL) — 110KB
• bhb-20240331_def.xml (EX-101.DEF) — 403KB
• bhb-20240331_lab.xml (EX-101.LAB) — 647KB
• bhb-20240331_pre.xml (EX-101.PRE) — 609KB
• bhb-20240331x10q_htm.xml (XML) — 7485KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 47

Selected Financial Data

Selected Financial Data 53 Consolidated Loan and Deposit Analysis 54 Average Balances and Average Yields/Rates 55 Reconciliation of Non-GAAP Financial Measures 56 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 58 Item 4.

Controls and Procedures

Controls and Procedures 60 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 60 Item 1A.

Risk Factors

Risk Factors 60 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 61 Item 5. Other Information 61 Item 6. Exhibits 62

Signatures

Signatures 63 Table of Contents Bar Harbor Bankshares conducts business operations principally through Bar Harbor Bank & Trust, which may be referred to as the "Bank" and which is a subsidiary of Bar Harbor Bankshares. Unless the context requires otherwise, references in this report to "the Company" "our Company, "our," "us," and similar terms refer to Bar Harbor Bankshares and its subsidiaries, including the Bank, collectively. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this Quarterly Report on Form 10-Q (this "Form 10-Q") that are not historical facts may constitute 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 (the "Exchange Act"), and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When used in this Form 10-Q 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:

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS BAR HARBOR BANKSHARES AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share data) March 31, 2024 December 31, 2023 Assets Cash and cash equivalents: Cash and due from banks $ 30,770 $ 42,221 Interest-earning deposits with other banks 45,449 52,621 Total cash and cash equivalents 76,219 94,842 Securities: Securities available for sale 527,603 534,574 Federal Home Loan Bank stock 9,960 12,788 Total securities 537,563 547,362 Loans held for sale 3,137 2,189 Total loans 3,011,672 2,999,049 Less: Allowance for credit losses ( 28,355 ) ( 28,142 ) Net loans 2,983,317 2,970,907 Premises and equipment, net 47,849 48,287 Other real estate owned — — Goodwill 119,477 119,477 Other intangible assets 4,637 4,869 Cash surrender value of bank-owned life insurance 80,642 80,037 Deferred tax assets, net 23,849 22,979 Other assets 82,285 79,936 Total assets $ 3,958,975 $ 3,970,885 Liabilities Deposits: Demand $ 544,495 $ 569,714 Interest-bearing demand deposits 888,591 946,978 Savings 551,493 553,963 Money market 365,289 370,242 Time 777,208 700,260 Total deposits 3,127,076 3,141,157 Borrowings: Senior 269,437 271,044 Subordinated 60,501 60,461 Total borrowings 329,938 331,505 Other liabilities 66,247 66,164 Total liabilities 3,523,261 3,538,826 Shareholders' equity Capital stock, par value $ 2.00 ; authorized 20,000,000 shares; issued 16,428,388 shares; outstanding 15,211,877 shares and 15,172,131 shares at March 31, 2024 and December 31, 2023, respectively 32,857 32,857 Additional paid-in capital 193,246 193,114 Retained earnings 277,991 272,101 Accumulated other comprehensive loss ( 52,568 ) ( 49,862 ) Less: 1,216,511 and 1,256,257 shares of treasury stock, at cost, at March 31, 2024 and December 31, 2023, respectively (

View Full Filing

View this 10-Q filing on SEC EDGAR