Bar Harbor Bankshares Files Q2 2024 10-Q

TL;DR

BHB Q2 10-Q filed. Financials look steady.

AI Summary

Bar Harbor Bankshares filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and position for the second quarter of 2024. Key financial data points and disclosures related to the company's operations are presented.

Why It Matters

This filing provides investors with a detailed look at Bar Harbor Bankshares' financial health and operational performance during the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant new risks.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20240807 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• BAR HARBOR BANKSHARES (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240807 (date) — Filing date
• 0000743367 (company) — Central Index Key for Bar Harbor Bankshares

FAQ

Key Financial Figures

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

Filing Documents

• bhb-20240630x10q.htm (10-Q) — 6842KB
• bhb-20240630xex31d1.htm (EX-31.1) — 14KB
• bhb-20240630xex31d2.htm (EX-31.2) — 14KB
• bhb-20240630xex32d1.htm (EX-32.1) — 7KB
• bhb-20240630xex32d2.htm (EX-32.2) — 9KB
• bhb-20240630x10q001.jpg (GRAPHIC) — 14KB
• 0001558370-24-011348.txt ( ) — 29653KB
• bhb-20240630.xsd (EX-101.SCH) — 60KB
• bhb-20240630_cal.xml (EX-101.CAL) — 111KB
• bhb-20240630_def.xml (EX-101.DEF) — 405KB
• bhb-20240630_lab.xml (EX-101.LAB) — 652KB
• bhb-20240630_pre.xml (EX-101.PRE) — 610KB
• bhb-20240630x10q_htm.xml (XML) — 9620KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 55

Selected Financial Data

Selected Financial Data 62 Consolidated Loan and Deposit Analysis 63 Average Balances and Average Yields/Rates 64 Reconciliation of Non-GAAP Financial Measures 66 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 68 Item 4.

Controls and Procedures

Controls and Procedures 70 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 70 Item 1A.

Risk Factors

Risk Factors 70 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 71 Item 5. Other Information 71 Item 6. Exhibits 72

Signatures

Signatures 73 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," "us," and similar terms refer to Bar Harbor Bankshares and its subsidiaries, including the Bank, collectively. 2 Table of Contents 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: changes i

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) June 30, 2024 December 31, 2023 Assets Cash and cash equivalents: Cash and due from banks $ 39,673 $ 42,221 Interest-earning deposits with other banks 62,163 52,621 Total cash and cash equivalents 101,836 94,842 Securities: Securities available for sale 512,928 534,574 Federal Home Loan Bank stock 14,755 12,788 Total securities 527,683 547,362 Loans held for sale 3,897 2,189 Total loans 3,064,181 2,999,049 Less: Allowance for credit losses ( 28,855 ) ( 28,142 ) Net loans 3,035,326 2,970,907 Premises and equipment, net 51,628 48,287 Other real estate owned — — Goodwill 119,477 119,477 Other intangible assets 4,404 4,869 Cash surrender value of bank-owned life insurance 81,221 80,037 Deferred tax assets, net 24,750 22,979 Other assets 83,978 79,936 Total assets $ 4,034,200 $ 3,970,885 Liabilities Deposits: Non-interest bearing demand $ 553,067 $ 569,714 Interest-bearing demand 882,068 946,978 Savings 544,980 553,963 Money market 359,208 370,242 Time 801,143 700,260 Total deposits 3,140,466 3,141,157 Borrowings: Senior 329,349 271,044 Subordinated 60,541 60,461 Total borrowings 389,890 331,505 Other liabilities 64,937 66,164 Total liabilities 3,595,293 3,538,826 Shareholders' equity Capital stock, par value $ 2.00 ; authorized 20,000,000 shares; issued 16,428,388 shares; outstanding 15,232,425 shares and 15,172,131 shares at June 30, 2024 and December 31, 2023, respectively 32,857 32,857 Additional paid-in capital 193,486 193,114 Retained earnings 283,729 272,101 Accumulated other comprehensive loss ( 55,487 ) ( 49,862 ) Less: 1,195,963 and 1,256,257 shares of treasury stock, at cost, at June 30, 2024 and December 31, 2023, resp

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View this 10-Q filing on SEC EDGAR