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Bar Harbor Bankshares Reports First Quarter 2026 Results; Declares Increased Dividend; Announces Share Repurchase PlanApril 21, 2026 4:15 PM
ACCESS NewswireBAR HARBOR, ME / ACCESS Newswire / April 21, 2026 / Bar Harbor Bankshares (NYSE American:BHB) (the "Company") reported first quarter 2026 GAAP net income of $13.5 million or $0.81 per diluted share and core earnings (Non-GAAP) of $14.7 million or $0.88 per diluted share compared to GAAP net income of $11.8 million or $0.70 per diluted share and core earnings (Non-GAAP) of $15.5 million or $0.93 per diluted share in the fourth quarter of 2025.FIRST QUARTER 2026 HIGHLIGHTS (all comparisons to fourth quarter 2025, unless otherwise noted)Net interest margin of 3.54%1.18% return on assets; 1.28% core return on assets (Non-GAAP)10.13% return on equity; 11.03% core return on equity (Non-GAAP)56.92% efficiency ratio(Non-GAAP), compared to 57.24%Bar Harbor Bankshares' President and Chief Executive Officer, Curtis C. Simard, stated, "We are pleased to announce our first quarter financial results that showcase a strong start to the year. We continue our commitment to profitable growth and maintaining a stable net interest margin. Our calling culture continues to pay off, as we saw over 1,500 accounts to new customer opened during the quarter. The Company continues to build long-term shareholder value which has once again enabled us to increase our dividend per share by 6% over last year's dividend amount, and approve our annual resolution for a stock buyback program of up to 5% of the total outstanding shares. We are well-positioned and looking forward to the rest of the year ahead."DIVIDEND DECLARED AND STOCK REPURCHASE PLAN APPROVED
The Board of Directors of the Company voted to declare a cash dividend of $0.34 per share to shareholders of record at the close of business on May 21, 2026, payable on June 18, 2026. This represents an increase in the cash dividend of $0.02 per share from $0.32 per share last quarter. The dividend equates to a 4.19% annualized yield based on the $32.45 closing share price of the Company's common stock on March 31, 2026, the last trading day of the first quarter 2026. Additionally, the Board authorized the repurchase of up to 5% of the Company's outstanding common stock, representing approximately 837,000 shares as of March 31, 2026 under a share repurchase plan (the "Plan"). The Plan, which remains subject to regulatory approval, is authorized to last no longer than twelve months.FINANCIAL CONDITION (Quarter results for March 31, 2026 compared to December 31, 2025)
Total assets remained constant at $4.7 billion at the end of the first quarter 2026, the less than 1% change was primarily due to increased deposits offset by paydowns in total borrowings and loans during the quarter.Total cash and cash equivalents were $82.2 million at the end of the first quarter 2026, compared to $80.8 million at the end of the fourth quarter 2025. Interest-earning deposits with other banks increased to $46.6 million at the end of the first quarter 2026, compared to $35.9 million at the end of the fourth quarter 2025 and yielded 3.90% and 4.53%, respectively. The increase in cash balances was driven primarily by loan payoffs during the quarter.Available-for-sale debt securities were $598.0 million compared to $597.4 million at the end of the fourth quarter 2025. Portfolio unrealized losses increased to $45.7 million at quarter-end compared to $41.7 million at the end of the fourth quarter 2025 due to the interest rate environment. During the quarter there were purchases of $25.2 million, paydowns and calls of $19.3 million and net accretion of $411 thousand. The quarter-to-date weighted average yield of the securities portfolio was 4.05% compared to 4.03% at the end of the fourth quarter 2025. As of the first quarter 2026 and the fourth quarter 2025, our securities portfolio had an average life of 7.6 years and 7.1 years respectively, with an effective duration of 5.4 years and 5.2 years, respectively. At the end of the first quarter 2026 all securities remain classified as available for sale.Federal Home Loan Bank stock decreased $1.7 million to $9.6 million at the end of the first quarter 2026 compared to $11.3 million at the end of the fourth quarter 2025 primarily driven by the decrease in wholesale borrowings.Total loans decreased $20.6 million to $3.6 billion in the first quarter 2026 compared to the fourth quarter 2025 driven primarily by commercial real estate payoffs. Commercial real estate loans decreased $30.2 million primarily due to one early payoff of $14.4 million and $24.4 million in loans that matured and paid off during the quarter. Commercial and industrial loans increased 24% on an annualized basis and included $16.6 million of originations during the quarter. Residential real estate loans decreased $8.1 million during the quarter primarily driven by increased prepayment activity and offset in part by a $12.0 million residential loan purchase. Loans held for sale were $11.5 million in the first quarter 2026 compared to $5.3 million in the fourth quarter 2025 as we originated $23.6 million in loans held for sale and sold $16.2 million in loans during the quarter.The allowance for credit losses ("ACL") on loans remained stable at $34.3 million at the end of the first quarter 2026 compared to $34.1 million at the end of the fourth quarter 2025. The allowance for credit losses to total loans coverage ratio for the first quarter 2026 was in line with the fourth quarter 2025 at 0.96% versus 0.94%.Premises and equipment increased in the first quarter 2026 to $58.9 million compared to $58.2 million at the end of the fourth quarter 2025 driven by renovation projects.Bank owned life insurance decreased $6.4 million or 7% driven by death benefit pay outs that occurred at the end of the first quarter 2026 offset by increases in cash surrender value.Total deposits were $3.9 billion at the end of the first quarter 2026 compared to $3.8 billion at the end of the fourth quarter of 2025. The increase was driven primarily by $17.2 million in new customer non-maturity deposits. Time deposits increased $8.2 million during the quarter due to $4.8 million in new customer time deposits and an $18.0 million increase in brokered deposits, which was offset in part by maturities.Total borrowings decreased $53.9 million in the first quarter 2026 to $215.7 million compared to $269.6 million in the fourth quarter 2025. The decrease was driven by cash inflows from loan payoffs and increased deposits.The Company's book value per share was $32.13 at the end of the first quarter 2026 compared to $31.88 at the end of the fourth quarter 2025. Tangible book value per share (non-GAAP) was $22.71 at the end of the first quarter 2026, compared to $22.41 at the end of the fourth quarter 2025.RESULTS OF OPERATIONS (Quarter results for March 31, 2026 compared to March 31, 2025)
The net interest margin was 3.54% in the first quarter 2026 compared to 3.17% in the same quarter 2025. As loan balances grew year-over-year the yield on loans expanded 8 basis points to 5.50% compared to 5.42% in the same period of 2025. Interest-bearing deposit costs decreased year-over-year to 2.19% compared to 2.52% in the same period of 2025.Total interest and dividend income increased by 16% or $7.7 million to $55.3 million in the first quarter 2026 compared to $47.5 million in the prior year. Yields on earning assets grew to 5.27% in the first quarter 2026 compared to 5.16% in the first quarter 2025. The increase is driven by year-over-year loan yield expansion primarily due to the acquisition of $413.4 million in loans from the acquisition of Woodsville Guaranty Savings Bank ("Woodsville"). The yield on commercial real estate loans grew to 5.68% in the first quarter 2026 from 5.58% in the first quarter 2025. The residential loan yield increased to 4.64% for the first quarter 2026 from 4.22% in the first quarter of 2025. Total loan yield growth was partially offset by a decrease in the commercial and industrial yield to 6.13% for the first quarter 2026 from 6.57% in the first quarter 2025 driven by the decrease in rates of adjustable-rate loans.Total interest expense decreased $153 thousand in the first quarter 2026 compared to the first quarter 2025. Deposit costs were down $623 thousand year-over-year. Borrowing costs increased $470 thousand, or 16% year-over-year, driven by the subordinated debt acquired from Woodsville.The provision for credit losses on loans in the first quarter 2026 was $305 thousand compared to a recapture of $57 thousand in the same period of 2025. The provision reflects minimal net charge-offs of $42 thousand while credit quality remains strong. There was no provision for investment losses in the current year compared to a $636 thousand provision in the first quarter 2025. We had a loss on available-for-sale debt securities of $1.0 million during the first quarter 2026. The loss relates to a write-down on a previously identified corporate bond with continued deteriorated credit quality that the Company does not intend to hold until recovery of the amortized cost basis.Non-interest income increased $1.5 million in the first quarter 2026 to $10.4 million compared to $8.9 million in the same quarter 2025 primarily driven by a $1.3 million gain on death benefit from bank owned life insurance. Trust management fee income increased $199 thousand driven by the 7%, or $183.5 million, increase in assets under management compared to the same period of 2025. As noted above there was an additional write-down on one corporate debt security resulting in a loss on available-for-sale debt securities of $1.0 million during the first quarter 2026.Non-interest expenses increased $5.2 million to $29.8 million in the first quarter 2026 compared to $24.7 million in the first quarter 2025 driven by $1.5 million in expenses related to the Woodsville acquisition. Salaries and benefits increased $2.0 million to $15.8 million in the first quarter 2026 compared to $13.7 million in the first quarter 2025 primarily due to additional salary costs associated with the retained Woodsville personnel. Occupancy and equipment increased $711 thousand driven primarily by higher maintenance contract costs from the acquisition of Woodsville. Amortization of intangibles increased $349 thousand due to the acquisition of Woodsville. Other expenses increased $854 thousand for the first quarter 2026 compared to the first quarter 2025 primarily due to increases in software expenses. Loss on sale of premises and equipment was $134 thousand in the first quarter 2026 driven by a building sale.Income tax expense was $3.6 million for the first quarter 2026 compared to $2.5 million for the first quarter of 2025, respectively. Our GAAP effective tax rate for the first quarter 2026 was 21.09% and 19.57% in the first quarter 2025 and the effective tax rate on core earnings (Non-GAAP) was 21.89% and 22.98%, respectively.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 ongoing armed conflicts, inflation, current or future United States government shutdowns, 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) changes in legislation or regulation and accounting principles, policies, and guidelines; (17) reductions in the market value or outflows of wealth management assets under management; (18) the impacts of tariffs, sanctions, and other trade policies of the United States and its global trading counterparts; 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 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.###CONTACTSJosephine Iannelli; EVP, Chief Financial Officer & Treasurer; (207) 288-3314TABLE INDEXCONSOLIDATED FINANCIAL SCHEDULES (UNAUDITED) ASelected Financial HighlightsBBalance SheetsCLoan and Deposit AnalysisDStatements of IncomeEStatements of Income (Five Quarter Trend)FAverage Yields and CostsGAverage BalancesHAsset Quality AnalysisI-JReconciliation of Non-GAAP Financial Measures (Five Quarter Trend) and Supplementary DataBAR HARBOR BANKSHARES
SELECTED FINANCIAL HIGHLIGHTS - UNAUDITED At or for the Quarters Ended Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, 2026 2025 2025 2025 2025 PER SHARE DATA Net earnings, diluted $0.81 $0.70 $0.54 $0.40 $0.66 Core earnings, diluted (1) 0.88 0.93 0.95 0.70 0.68 Total book value 32.13 31.88 31.22 30.60 30.51 Tangible book value (1) 22.71 22.41 21.70 22.58 22.47 Market price at period end 32.45 31.05 30.46 29.96 29.50 Dividends 0.32 0.32 0.32 0.32 0.30 PERFORMANCE RATIOS (2) Return on assets 1.18% 1.00% 0.78% 0.60% 1.02%Core return on assets (1) 1.28 1.32 1.35 1.06 1.04 Pre-tax, pre-provision return on assets (1) 1.52 1.29 1.30 0.79 1.32 Core pre-tax, pre-provision return on assets (1) 1.65 1.71 1.71 1.39 1.35 Return on equity 10.13 8.76 6.99 5.21 8.88 Core return on equity (1) 11.03 11.55 12.16 9.19 9.09 Return on tangible equity (1) 14.77 12.94 10.07 7.26 12.27 Core return on tangible equity (1) 16.03 16.91 17.23 12.66 12.57 Net interest margin, fully taxable equivalent (1) (3) 3.54 3.62 3.56 3.23 3.17 Efficiency ratio (1) 56.92 57.24 56.70 62.10 62.00 FINANCIAL DATA (In millions) Total assets $4,676 $4,684 $4,717 $4,112 $4,063 Total earning assets (4) 4,297 4,297 4,336 3,789 3,761 Total available-for-sale debt securities 598 597 598 529 514 Total loans 3,585 3,606 3,584 3,153 3,124 Allowance for credit losses 34 34 34 29 30 Total goodwill and intangible assets 158 158 159 123 123 Total deposits 3,868 3,821 3,948 3,292 3,297 Total shareholders' equity 538 533 521 469 466 Net income 14 12 9 6 10 Core earnings (1) 15 16 15 11 10 ASSET QUALITY AND CONDITION RATIOS Net charge-offs (recoveries)(5)/average loans -% 0.03% 0.04% 0.03% 0.01%Allowance for credit losses on loans/total loans 0.96 0.94 0.95 0.92 0.92 Loans/deposits 93 94 91 96 95 Shareholders' equity to total assets 11.50 11.37 11.04 11.40 11.50 Tangible shareholders' equity to tangible assets 8.42 8.27 7.94 8.67 8.73 Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures in tables I-J for additional information.All performance ratios are based on average balance sheet amounts, where applicable.Fully taxable equivalent considers the impact of tax-advantaged investment securities and loans.Earning assets includes non-accruing loans and interest-bearing deposits with other banks. Securities are valued at amortized cost.Current quarter annualized.BAR HARBOR BANKSHARES
CONSOLIDATED BALANCE SHEETS - UNAUDITED Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, (in thousands) 2026 2025 2025 2025 2025 Assets Cash and due from banks $35,595 $44,947 $42,743 $50,948 $33,802 Interest-earning deposits with other banks 46,620 35,890 93,971 36,087 54,329 Total cash and cash equivalents 82,215 80,837 136,714 87,035 88,131 Available-for-sale debt securities 597,977 597,424 597,810 528,690 513,961 Less: Allowance for credit losses on available-for-sale debt securities - - - - (1,204)Net available-for-sale debt securities 597,977 597,424 597,810 528,690 512,757 Federal Home Loan Bank stock 9,567 11,308 8,560 12,695 10,695 Loans held for sale 11,534 5,283 5,545 2,829 1,515 Total loans 3,585,248 3,605,859 3,583,716 3,152,664 3,124,240 Less: Allowance for credit losses on loans (34,315) (34,052) (33,940) (28,885) (28,614)Net loans 3,550,933 3,571,807 3,549,776 3,123,779 3,095,626 Premises and equipment, net 58,914 58,188 58,828 52,647 51,659 Other real estate owned - - - - - Goodwill 141,819 141,819 141,819 119,477 119,477 Other intangible assets 15,824 16,407 16,989 3,472 3,705 Cash surrender value of bank-owned life insurance 89,817 96,250 95,554 83,074 82,471 Deferred tax asset, net 30,298 29,926 31,721 23,290 23,298 Other assets 87,330 74,642 73,936 75,017 73,892 Total assets $4,676,228 $4,683,891 $4,717,252 $4,112,005 $4,063,226 Liabilities and shareholders' equity Non-interest bearing demand $651,282 $670,786 $692,780 $552,074 $547,401 Interest-bearing demand 1,152,888 1,137,730 1,137,362 931,854 930,031 Savings 649,302 635,329 647,428 542,579 551,280 Money market 493,432 464,843 488,633 370,709 405,326 Time 920,811 912,594 981,993 894,772 862,773 Total deposits 3,867,715 3,821,282 3,948,196 3,291,988 3,296,811 Senior borrowings 162,297 216,818 139,956 256,441 199,982 Subordinated borrowings 53,420 52,825 52,229 40,620 40,620 Total borrowings 215,717 269,643 192,185 297,061 240,602 Other liabilities 54,859 60,425 55,916 54,096 58,502 Total liabilities 4,138,291 4,151,350 4,196,297 3,643,145 3,595,915 Total shareholders' equity 537,937 532,541 520,955 468,860 467,311 Total liabilities and shareholders' equity $4,676,228 $4,683,891 $4,717,252 $4,112,005 $4,063,226 Net shares outstanding 16,742 16,702 16,689 15,322 15,317 BAR HARBOR BANKSHARES
CONSOLIDATED LOAN & DEPOSIT ANALYSIS - UNAUDITEDLOAN ANALYSIS Organic Annualized Growth % Mar 31, Dec 31, Sept 30, Acquired WGSB Jun 30, Mar 31, Quarter (in thousands) 2026 2025 2025 Balances (1) 2025 2025 to Date Commercial real estate $1,968,403 $1,998,603 $1,942,659 $117,832 $1,767,206 $1,762,132 (6)Commercial and industrial 417,657 393,851 405,759 25,651 400,908 370,683 24 Total commercial loans 2,386,060 2,392,454 2,348,418 143,483 2,168,114 2,132,815 (1) Residential real estate 993,636 1,001,769 1,025,266 248,484 796,184 807,514 (3)Consumer 127,681 128,029 126,345 16,215 111,036 105,404 (1)Tax exempt and other 77,871 83,607 83,687 5,226 77,330 78,507 (27)Total loans $3,585,248 $3,605,859 $3,583,716 $413,408 $3,152,664 $3,124,240 (2)%Acquired Woodsville Guaranty Savings Bank (WGSB) Balances are as of August 1, 2025.DEPOSIT ANALYSIS Organic Annualized Growth % Mar 31, Dec 31, Sept 30, Acquired WGSB Jun 30, Mar 31, Quarter (in thousands) 2026 2025 2025 Balances (1) 2025 2025 to Date Non-interest bearing demand $651,282 $670,786 $692,780 $89,274 $552,074 $547,401 (12)%Interest-bearing demand 1,152,888 1,137,730 1,137,362 185,802 931,854 930,031 5 Savings 649,302 635,329 647,428 104,792 542,579 551,280 9 Money market 493,432 464,843 488,633 52,470 370,709 405,326 25 Total non-maturity deposits 2,946,904 2,908,688 2,966,203 432,338 2,397,216 2,434,038 5 Time 920,811 912,594 981,993 98,951 894,772 862,773 4 Total deposits $3,867,715 $3,821,282 $3,948,196 $531,289 $3,291,988 $3,296,811 5%Acquired Woodsville Guaranty Savings Bank (WGSB) Balances are as of August 1, 2025.BAR HARBOR BANKSHARES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED Three Months Ended March 31, (in thousands, except per share data) 2026 2025 Interest and dividend income Loans $48,658 $41,804 Securities available for sale 6,204 5,283 Federal Home Loan Bank stock 155 137 Interest-earning deposits with other banks 233 314 Total interest and dividend income 55,250 47,538 Interest expense Deposits 14,889 15,512 Borrowings 3,489 3,019 Total interest expense 18,378 18,531 Net interest income 36,872 29,007 Provision for credit losses on available-for-sale debt securities - 636 Provision for credit losses on loans 305 (57)Net interest income after provision for credit losses 36,567 28,428 Non-interest income Trust and investment management fee income 4,115 3,916 Customer service fees 4,102 3,525 (Loss) gain on available-for-sale debt securities, net (1,008) - Mortgage banking income 682 456 Bank-owned life insurance income 1,987 614 Customer derivative income 329 212 Other income 207 195 Total non-interest income 10,414 8,918 Non-interest expense Salaries and employee benefits 15,773 13,733 Occupancy and equipment 4,036 3,325 Depreciation 1,134 1,049 Loss (gain) on premises and equipment, net 134 90 Outside services 464 482 Professional services 349 592 Communication 248 166 Marketing 605 518 Amortization of intangible assets 582 233 FDIC assessment 577 456 Acquisition, conversion and other expenses 1,455 239 Provision for unfunded commitments (226) (74)Other expenses 4,696 3,842 Total non-interest expense 29,827 24,651 Income before income taxes 17,154 12,695 Income tax expense 3,617 2,484 Net income $13,537 $10,211 Earnings per share: Basic $0.81 $0.67 Diluted 0.81 0.66 Weighted average shares outstanding: Basic 16,728 15,304 Diluted 16,804 15,393 BAR HARBOR BANKSHARES
CONSOLIDATED STATEMENTS OF INCOME (5 Quarter Trend) - UNAUDITED Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, (in thousands, except per share data) 2026 2025 2025 2025 2025 Interest and dividend income Loans $48,658 $50,164 $48,426 $42,726 $41,804 Securities and other 6,204 6,327 6,355 5,474 5,283 Federal Home Loan Bank stock 155 235 217 212 137 Interest-earning deposits with other banks 233 645 924 276 314 Total interest and dividend income 55,250 57,371 55,922 48,688 47,538 Interest expense Deposits 14,889 16,083 16,419 15,511 15,512 Borrowings 3,489 2,671 2,544 3,282 3,019 Total interest expense 18,378 18,754 18,963 18,793 18,531 Net interest income 36,872 38,617 36,959 29,895 29,007 Provision for credit losses on available-for-sale debt securities - - - - 636 Provision (benefit) for credit losses on loans 305 416 3,749 528 (57)Net interest income after provision for credit losses 36,567 38,201 33,210 29,367 28,428 Non-interest income Trust and investment management fee income 4,115 3,984 3,903 4,263 3,916 Customer service fees 4,102 4,528 4,311 3,589 3,525 (Loss) gain on available-for-sale debt securities, net (1) (1,008) (428) 41 (4,942) - Mortgage banking income 682 485 423 605 456 Bank-owned life insurance income 1,987 695 665 602 614 Customer derivative income 329 735 962 104 212 Other income 207 326 262 425 195 Total non-interest income 10,414 10,325 10,567 4,646 8,918 Non-interest expense Salaries and employee benefits 15,773 16,588 15,939 14,274 13,733 Occupancy and equipment 4,036 3,780 3,879 3,546 3,325 Depreciation 1,134 1,153 1,078 1,023 1,049 Loss (gain) on premises and equipment, net 134 370 (206) 3 90 Outside services 464 564 514 457 482 Professional services 349 407 296 514 592 Communication 248 271 246 194 166 Marketing 605 181 655 682 518 Amortization of intangible assets 582 582 466 233 233 FDIC assessment 577 539 462 464 456 Acquisition, conversion and other expenses 1,455 4,170 4,978 1,205 239 Provision for unfunded commitments (226) 725 145 - (74)Other expenses 4,696 4,469 4,287 3,943 3,842 Total non-interest expense 29,827 33,799 32,739 26,538 24,651 Income before income taxes 17,154 14,727 11,038 7,475 12,695 Income tax expense 3,617 2,966 2,183 1,383 2,484 Net income $13,537 $11,761 $8,855 $6,092 $10,211 Earnings per share: Basic $0.81 $0.70 $0.55 $0.40 $0.67 Diluted 0.81 0.70 0.54 0.40 0.66 Weighted average shares outstanding: Basic 16,728 16,696 16,231 15,321 15,304 Diluted 16,804 16,757 16,284 15,372 15,393 The $4.9 million loss in June 2025 includes a $4.5 million loss on corporate debt securities and $549 thousand on a matured debt security.BAR HARBOR BANKSHARES
AVERAGE YIELDS AND COSTS (Fully Taxable Equivalent (Non-GAAP) - Annualized) - UNAUDITED Quarters Ended Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, 2026 2025 2025 2025 2025 Earning assets Interest-earning deposits with other banks 3.90% 4.53% 4.49% 4.68% 4.55%Available-for-sale debt securities 4.05 4.03 4.14 3.86 3.80 Federal Home Loan Bank stock 5.68 10.72 7.71 7.20 4.78 Loans: Commercial real estate 5.68 5.74 5.88 5.76 5.58 Commercial and industrial 6.13 6.34 6.45 6.41 6.57 Residential real estate 4.64 4.75 4.42 4.14 4.22 Consumer 6.90 7.27 7.23 6.98 7.03 Total loans 5.50 5.59 5.60 5.48 5.42 Total earning assets 5.27% 5.36% 5.36% 5.23% 5.16% Funding liabilities Deposits: Interest-bearing demand 1.30% 1.39% 1.42% 1.44% 1.41%Savings 0.56 0.54 0.64 0.71 0.71 Money market 2.28 2.43 2.59 2.75 2.77 Time 3.41 3.53 3.64 3.91 4.11 Total interest-bearing deposits 1.91 2.01 2.12 2.28 2.31 Borrowings 5.62 5.43 4.04 4.85 4.61 Total interest-bearing liabilities 2.19% 2.20% 2.27% 2.51% 2.52% Net interest spread 3.08 3.16 3.09 2.72 2.64 Net interest margin, fully taxable equivalent(1) 3.54 3.62 3.56 3.23 3.17 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 Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, (in thousands) 2026 2025 2025 2025 2025 Assets Interest-earning deposits with other banks (1) $24,230 $56,502 $81,709 $23,643 $27,999 Available-for-sale debt securities (2) 643,647 644,929 631,572 591,462 587,878 Federal Home Loan Bank stock 11,062 8,696 11,168 11,804 11,623 Loans: Commercial real estate 2,001,851 1,954,841 1,887,267 1,766,720 1,759,321 Commercial and industrial 486,295 480,529 483,380 469,816 469,331 Residential real estate 998,862 1,021,309 963,311 804,469 820,837 Consumer 127,693 126,953 120,941 109,023 104,413 Total loans (3) 3,614,701 3,583,632 3,454,899 3,150,028 3,153,902 Total earning assets 4,293,640 4,293,759 4,179,348 3,776,937 3,781,402 Cash and due from banks 36,278 40,291 38,709 29,861 29,972 Allowance for credit losses (34,195) (33,905) (31,246) (28,786) (29,143)Goodwill and other intangible assets 157,921 158,507 139,822 123,062 123,295 Other assets 215,852 211,317 191,446 169,540 171,477 Total assets $4,669,496 $4,669,969 $4,518,079 $4,070,614 $4,077,003 Liabilities and shareholders' equity Deposits: Interest-bearing demand $1,121,021 $1,127,456 $1,059,214 $906,557 $916,129 Savings 642,717 640,577 617,314 545,304 547,672 Money market 469,496 473,574 432,952 392,034 401,268 Time 922,180 939,353 961,054 883,491 853,105 Total interest-bearing deposits 3,155,414 3,180,960 3,070,534 2,727,386 2,718,174 Borrowings 251,985 195,139 250,110 271,410 265,780 Total interest-bearing liabilities 3,407,399 3,376,099 3,320,644 2,998,796 2,983,954 Non-interest bearing demand deposits 659,506 705,245 647,981 545,308 560,310 Other liabilities 60,814 56,025 46,962 57,268 66,589 Total liabilities 4,127,719 4,137,369 4,015,587 3,601,372 3,610,853 Total shareholders' equity 541,777 532,600 502,492 469,242 466,150 Total liabilities and shareholders' equity $4,669,496 $4,669,969 $4,518,079 $4,070,614 $4,077,003 Total average interest-bearing deposits with other banks is net of Federal Reserve daily cash letter.Average balances for available-for-sale debt securities are based on amortized cost.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 Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, (in thousands) 2026 2025 2025 2025 2025 NON-PERFORMING ASSETS Non-accruing loans: Commercial real estate $12,620 $1,497 $697 $1,033 $1,091 Commercial and industrial 1,139 1,113 1,221 1,344 1,354 Residential real estate 8,206 7,719 6,541 6,411 4,557 Consumer 1,176 1,265 1,051 944 1,084 Total non-accruing loans 23,141 11,594 9,510 9,732 8,086 Non-performing available-for-sale debt securities 1,329 2,203 2,203 2,403 4,960 Other real estate owned - - - - - Total non-performing assets $24,470 $13,797 $11,713 $12,135 $13,046 Total non-accruing loans/total loans 0.65% 0.32% 0.27% 0.31% 0.26%Total non-performing assets/total assets 0.52 0.29 0.25 0.30 0.32 PROVISION AND ALLOWANCE FOR CREDIT LOSSES ON LOANS Balance at beginning of period $34,052 $33,940 $28,885 $28,614 $28,744 Charged-off loans (97) (318) (353) (266) (84)Recoveries on charged-off loans 55 14 37 9 11 Net loans (charged-off) recovered (42) (304) (316) (257) (73)ACL established on PCD loans - - 1,622 - - Provision for credit losses on loans 305 416 3,749 528 (57)Balance at end of period $34,315 $34,052 $33,940 $28,885 $28,614 Allowance for credit losses/total loans 0.96% 0.94% 0.95% 0.92% 0.92%Allowance for credit losses/non-accruing loans 148 294 357 297 354 NET LOAN (CHARGE-OFFS) RECOVERIES Commercial real estate $- $- $(224) $- $- Commercial and industrial 35 (256) 18 (204) (37)Residential real estate 8 8 (112) 6 4 Consumer (85) (56) 2 (59) (40)Total, net $(42) $(304) $(316) $(257) $(73) Net charge-offs (recoveries) (QTD annualized)/average loans -% 0.03% 0.04% 0.03% 0.01%Net charge-offs (recoveries) (YTD annualized)/average loans - 0.03 0.02 0.02 0.01 PROVISION AND ALLOWANCE FOR CREDIT LOSSES ON AVAILABLE-FOR-SALE DEBT SECURITIES Balance at beginning of period $- $- $- $1,204 $568 Charged-off interest receivable on available-for-sale debt securities - - - - - Provision for credit losses on available-for-sale debt securities - - - - 636 Charged-off previously provisioned allowance for credit loss - - - (1,204) - Balance at end of period $- $- $- $- $1,204 BAR HARBOR BANKSHARES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA - UNAUDITED At or for the Quarters Ended Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, (in thousands) 2026 2025 2025 2025 2025 Net income(R) $13,537 $11,761 $8,855 $6,092 $10,211 Non-core items: Loss (gain) on available-for-sale debt securities, net (6) - 428 (41) 4,942 - Loss (gain) on premises and equipment, net 134 370 (206) 3 90 Provision on non-PCD acquired loans - - 3,954 - - Acquisition, conversion and other expenses 1,455 4,170 4,978 1,205 239 Income tax expense (1) (392) (1,225) (2,141) (1,492) (80)Total non-core items (2) 1,197 3,743 6,544 4,658 249 Core earnings (2)(A) $14,734 $15,504 $15,399 $10,750 $10,460 Net interest income(B) $36,872 $38,617 $36,959 $29,895 $29,007 Non-interest income 10,414 10,325 10,567 4,646 8,918 Total revenue 47,286 48,942 47,526 34,541 37,925 Loss (gain) on available-for-sale debt securities, net (6) - 428 (41) 4,942 - Total core revenue (2)(C) $47,286 $49,370 $47,485 $39,483 $37,925 Total non-interest expense 29,827 33,799 32,739 26,538 24,651 Non-core expenses: (Loss) gain on premises and equipment, net (134) (370) 206 (3) (90)Acquisition, conversion and other expenses (1,455) (4,170) (4,978) (1,205) (239)Total non-core expenses (2) (1,589) (4,540) (4,772) (1,208) (329)Core non-interest expense (2)(D) $28,238 $29,259 $27,967 $25,330 $24,322 Total revenue 47,286 48,942 47,526 34,541 37,925 Total non-interest expense 29,827 33,799 32,739 26,538 24,651 Pre-tax, pre-provision net revenue(2)(S) $17,459 $15,143 $14,787 $8,003 $13,274 Core revenue(2) 47,286 49,370 47,485 39,483 37,925 Core non-interest expense(2) 28,238 29,259 27,967 25,330 24,322 Core pre-tax, pre-provision net revenue(2)(U) $19,048 $20,111 $19,518 $14,153 $13,603 (in millions) Average earning assets(E) $4,294 $4,294 $4,179 $3,777 $3,781 Average assets(F) 4,669 4,670 4,518 4,071 4,077 Average shareholders' equity(G) 542 533 499 469 466 Average tangible shareholders' equity (2) (3)(H) 384 374 360 346 343 Tangible shareholders' equity, period-end (2) (3)(I) 380 374 362 346 343 Tangible assets, period-end (2) (3)(J) 4,519 4,526 4,563 3,989 3,940 BAR HARBOR BANKSHARES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA - UNAUDITED At or for the Quarters Ended Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, (in thousands) 2026 2025 2025 2025 2025 Common shares outstanding, period-end (K) 16,742 16,702 16,689 15,322 15,317 Average diluted shares outstanding (L) 16,804 16,757 16,284 15,372 15,393 Core earnings per share, diluted (2) (A/L) $0.88 $0.93 $0.95 $0.70 $0.68 Tangible book value per share, period-end (2) (I/K) 22.71 22.41 21.70 22.58 22.47 Tangible shareholders' equity/total tangible assets (2) (I/J) 8.42 8.27 7.94 8.67 8.73 Performance ratios (4) GAAP return on assets 1.18% 1.00% 0.78% 0.60% 1.02%Core return on assets (2) (A/F) 1.28 1.32 1.35 1.06 1.04 Pre-tax, pre-provision return on assets(2) (S/F) 1.52 1.29 1.30 0.79 1.32 Core pre-tax, pre-provision return on assets (2) (U/F) 1.65 1.71 1.71 1.39 1.35 GAAP return on equity 10.13 8.76 6.99 5.21 8.88 Core return on equity (2) (A/G) 11.03 11.55 12.16 9.19 9.09 Return on tangible equity (1) (2) (R+Q)/H 14.77 12.94 10.07 7.26 12.27 Core return on tangible equity (1) (2) (A+Q)/H 16.03 16.91 17.23 12.66 12.57 Efficiency ratio (2) (5) (D-OQ)/(C+N) 56.92 57.24 56.70 62.10 62.00 Net interest margin, fully taxable equivalent (2) (B+P)/E 3.54 3.62 3.56 3.23 3.17 Supplementary data (in thousands) Taxable equivalent adjustment for efficiency ratio (N) $1,044 $766 $738 $706 $717 Franchise taxes included in non-interest expense (O) 146 (22) 158 141 131 Tax equivalent adjustment for net interest margin (P) 554 595 574 560 568 Intangible amortization (Q) 582 582 466 233 233 Assumes a marginal tax rate of 24.65% for the first quarter 2026 and third and fourth quarters of 2025 and 24.26% in the first and second quarters of 2025.Non-GAAP financial measure.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.All performance ratios are based on average balance sheet amounts, where applicable.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.The $4.9 million loss in the second quarter 2025 includes a $4.5 million loss on corporate debt securities and $549 thousand on a matured debt security.SOURCE: Bar Harbor Bank & TrustView the original press release on ACCESS NewswireOriginal: Bar Harbor Bankshares Reports First Quarter 2026 Results; Declares Increased Dividend; Announces Share Repurchase Plan
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