Bar Harbor Bankshares Q3 2024 10-Q Filed

TL;DR

BHB's Q3 2024 10-Q is in. Check financials for retained earnings, common stock, and paid-in capital.

AI Summary

Bar Harbor Bankshares filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and position for the third quarter and the year-to-date. Key financial statement items like retained earnings, common stock, and additional paid-in capital are reported as of September 30, 2024, and compared to previous periods.

Why It Matters

This filing provides investors and analysts with the latest financial health and performance data for Bar Harbor Bankshares, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• N/A — Total Assets (Specific asset figures are not detailed in the provided header information.)
• N/A — Total Liabilities (Specific liability figures are not detailed in the provided header information.)
• N/A — Net Income (Specific net income figures are not detailed in the provided header information.)

Key Players & Entities

• Bar Harbor Bankshares (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-11-07 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• bhb-20240930x10q.htm (10-Q) — 6878KB
• bhb-20240930xex31d1.htm (EX-31.1) — 14KB
• bhb-20240930xex31d2.htm (EX-31.2) — 14KB
• bhb-20240930xex32d1.htm (EX-32.1) — 7KB
• bhb-20240930xex32d2.htm (EX-32.2) — 9KB
• bhb-20240930x10q001.jpg (GRAPHIC) — 14KB
• 0001558370-24-014898.txt ( ) — 29745KB
• bhb-20240930.xsd (EX-101.SCH) — 60KB
• bhb-20240930_cal.xml (EX-101.CAL) — 111KB
• bhb-20240930_def.xml (EX-101.DEF) — 406KB
• bhb-20240930_lab.xml (EX-101.LAB) — 659KB
• bhb-20240930_pre.xml (EX-101.PRE) — 616KB
• bhb-20240930x10q_htm.xml (XML) — 9628KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 56

Selected Financial Data

Selected Financial Data 64 Consolidated Loan and Deposit Analysis 65 Average Balances and Average Yields/Rates 66 Reconciliation of Non-GAAP Financial Measures 68 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 70 Item 4.

Controls and Procedures

Controls and Procedures 72 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 72 Item 1A.

Risk Factors

Risk Factors 72 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 73 Item 5. Other Information 73 Item 6. Exhibits 74

Signatures

Signatures 75 2 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," "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: 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) September 30, 2024 December 31, 2023 Assets Cash and cash equivalents: Cash and due from banks $ 39,877 $ 42,221 Interest-earning deposits with other banks 41,343 52,621 Total cash and cash equivalents 81,220 94,842 Securities: Securities available for sale 535,892 534,574 Federal Home Loan Bank stock 7,600 12,788 Total securities 543,492 547,362 Loans held for sale 1,272 2,189 Total loans 3,081,735 2,999,049 Less: Allowance for credit losses ( 29,023 ) ( 28,142 ) Net loans 3,052,712 2,970,907 Premises and equipment, net 51,644 48,287 Other real estate owned — — Goodwill 119,477 119,477 Other intangible assets 4,171 4,869 Cash surrender value of bank-owned life insurance 81,824 80,037 Deferred tax assets, net 20,923 22,979 Other assets 73,192 79,936 Total assets $ 4,029,927 $ 3,970,885 Liabilities Deposits: Non-interest bearing demand $ 604,963 $ 569,714 Interest-bearing demand 913,910 946,978 Savings 544,235 553,963 Money market 380,624 370,242 Time 817,354 700,260 Total deposits 3,261,086 3,141,157 Borrowings: Senior 186,207 271,044 Subordinated 60,580 60,461 Total borrowings 246,787 331,505 Other liabilities 62,138 66,164 Total liabilities 3,570,011 3,538,826 Shareholders' equity Capital stock, par value $ 2.00 ; authorized 20,000,000 shares; issued 16,428,388 shares; outstanding 15,267,856 shares and 15,172,131 shares at September 30, 2024 and December 31, 2023, respectively 32,857 32,857 Additional paid-in capital 194,189 193,114 Retained earnings 291,392 272,101 Accumulated other comprehensive loss ( 43,085 ) ( 49,862 ) Less: 1,160,532 and 1,256,257 shares of treasury stock, at cost, at September 30, 2024 and December 3

View Full Filing

View this 10-Q filing on SEC EDGAR