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Bar Harbor Bankshares Reports Second Quarter Results; Dividend Declared

BAR HARBOR, Maine--(BUSINESS WIRE)--

Bar Harbor Bankshares (NYSE American: BHB or the “Company”) reported second quarter 2019 net income of $6.1 million, or $0.39 diluted earnings per share. Net income in the second quarter of 2018 totaled $8.5 million or $0.55 diluted earnings per share. Core earnings (non-GAAP measure) in the second quarter 2019 totaled $6.3 million or $0.41 diluted earnings per share and $8.7 million or $0.56 diluted earnings per share in the same period of 2018.

SECOND QUARTER FINANCIAL HIGHLIGHTS

  • 8% annualized growth in total loans, led by 24% in commercial loans
  • 14% annualized growth in demand deposits
  • 5% growth in non-interest income, compared to second quarter 2018
  • 0.62% non-accruing loans to total loans
  • 10% annualized growth in book value per share

President and Chief Executive Officer, Curtis C. Simard stated, “Our financial performance in the second quarter was centered on growth in loans, deposits and non-interest income. We grew non-interest bearing demand deposits at a strong double-digit rate as the retail delivery team continues to focus on lasting customer relationships and lower cost non-maturity deposits. Loan growth was led by a surge in the commercial loan pipeline across all regions and specifically in the Portland area as our Loan Production Office is fully-up and running. We are concentrating on more tightly structured opportunities with proven borrowers to ensure that we hold true to our risk management discipline at all points of the economic cycle and regardless of competitive fervor.”

Mr. Simard further stated, “Last week we announced our branch acquisition in central Maine, which will be immediately accretive to earnings and reduce our loan to deposit ratio allowing for future growth through core funding. As we look forward, we are focused on revenue growth through relationship profitability as the Company continues to grow into the infrastructure that has now been put into place. That said, we will be executing on expense efficiencies in the third quarter, which will include relationship and product profitability, organizational opportunities and review of our branch network. This review is a function of our commitment to a balance between growth and earnings as the Company delivers on our long-term goals.”

Mr. Simard concluded, “The path to meeting our objectives includes an emphasis on fee based businesses. Our Wealth Management teams, which include Bar Harbor Trust Services, Charter Trust, and Bar Harbor Financial Services, are critical to this goal and will be further enhanced by Wealth Management business that is included with our recently announced branch acquisition. We are pleased to have hired Jason Edgar as the President of Wealth Management who will lead the teams as one collective business. Jason has strong roots in New England and has been a proven leader in the Wealth Management space for over 20 years. He will be instrumental in further enhancing revenue growth as we explore existing and future prospects, and strive to achieve full potential within this business.”

DIVIDEND DECLARED
The Board of Directors voted to declare a cash dividend of $0.22 per share to shareholders of record at the close of business on August 13, 2019, payable on September 13, 2019. This dividend equates to a 3.3% annualized yield based on the $26.59 closing price of the Company’s common stock at the end of the second quarter of 2019.

FINANCIAL CONDITION
Total assets increased in the second quarter by $58.4 million, or 6% annualized, to $3.7 billion. Loan balances in the second quarter 2019 were up $51.3 million from the first quarter or 8% annualized. Loan growth was led by commercial real estate and commercial and industrial loans, which grew during the second quarter at annualized rates of 29% and 9%, respectively. Our loan to deposit ratio increased to 104% in the second quarter 2019 from 102% in the first quarter 2019 given the robust loan growth.

The second quarter 2019 allowance for loan losses to total loans ratio remains strong at 0.57% with a coverage ratio to non-accruing loans at 91%, up from 84% as of the first quarter. Non-accruing loans decreased $644 thousand in the second quarter 2019 due to favorable settlements of several relationships approximating the carrying values of the loans. The ratio of non-accruing loans to total loans decreased to 0.62% from 0.66% at the end of the first quarter 2019.

The Company’s book value per share was $25.13 at the end of the second quarter 2019 compared to $24.54 the end of the first quarter 2019, representing a 10% annualized growth rate. Tangible book value per share (non-GAAP measure) was $18.23 at the end of the second quarter 2019 compared to $17.63 at the end of the first quarter 2019. In the second quarter, lower long-term rates continued to have a positive impact on the fair value adjustment in the securities portfolio. The fair value adjustment net of tax was a gain of $5.5 million in the second quarter 2019 compared to a loss of $1.8 million in the first quarter 2019.

RESULTS OF OPERATIONS
Net income in the second quarter 2019 was $6.1 million, or $0.39 per share, compared to $8.5 million, or $0.55 per share, in the same quarter of 2018. Interest and dividend income was up 7% to $33.8 million as quarterly yields on earning assets expanded 14 basis points on a year-over-year basis to 4.13%. Net interest margin in the second quarter 2019 decreased to 2.65% from 2.91% in the same period of 2018. The decrease reflects the impact of higher short-term interest rates and the flattening of the yield curve in 2019.

The second quarter 2019 provision for loan losses decreased to $562 thousand from $770 thousand in the same quarter 2018. We continue to have a positive quarterly trend in both recoveries and charged-off loans. The net charged-off loans to average loans ratio is at a zero annualized rate for the second quarter 2019. Asset quality continues to be strong with non-accruing loans to total loans at 0.62% in the second quarter 2019, down from 0.88% in the same quarter of 2018.

Non-interest income in the second quarter 2019 increased 5% to $7.5 million from $7.1 million in the same quarter in 2018. The increase was driven by greater customer service fees on higher transaction volume, an increase in customer derivative income due to commercial loan growth and an increase in bank-owned life insurance income given additional investments.

Non-interest expense increased to $20.9 million in the second quarter 2019 from $18.7 million in the prior year. The increase in salary and employee benefits is due to several strategic hires along with an increase in full-time equivalents to 474 from 451 in 2018. The increase in full-time equivalents is primarily related to new locations that were previously announced. Occupancy and equipment expense is also higher in 2019 compared to 2018 due to the new locations placed in service during the fourth quarter of 2018 and renovations to the Newport, New Hampshire branch in the spring of 2019.

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 130 years. Bar Harbor 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.bhbt.com.

FORWARD LOOKING STATEMENTS
Certain statements under the heading "SECOND QUARTER FINANCIAL HIGHLIGHTS" contained in this document that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("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 earnings release the words "may," "will," "should," "could," "would," "plan," "potential," "estimate," "project," "believe," "intend," "anticipate," "expect," "target" and similar expressions are intended to identify forward-looking statements, but these terms are not the exclusive means of identifying forward-looking statements. These forward-looking statements are subject to significant risks, assumptions and uncertainties, including among other things, changes in general economic and business conditions, increased competitive pressures, changes in the interest rate environment, legislative and regulatory change, changes in the financial markets, and other risks and uncertainties disclosed from time to time in documents that the Company files with the Securities and Exchange Commission, including but not limited to those discussed in the section titled "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2018. Because of these and other uncertainties, the Company’s actual results, performance or achievements, or industry results, may be materially different from the results indicated by these forward-looking statements. In addition, the Company’s past results of operations do not necessarily indicate future results. You should not place undue reliance on any of the forward-looking statements, which speak only as of the dates on which they were made. The Company is not undertaking an obligation to update forward-looking statements, even though its situation may change in the future, except as required under federal securities law. The Company qualifies all of its forward-looking statements by these cautionary statements.

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 securities gains/losses, 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.

 

TABLE
INDEX

CONSOLIDATED FINANCIAL SCHEDULES (UNAUDITED)

A

Selected Financial Highlights

B

Footnotes to Selected Financial Highlights

C

Balance Sheets

D

Loan and Deposit Analysis

E

Statements of Income

F

Statements of Income (Five Quarter Trend)

G

Average Yields and Costs

H

Average Balances

I

Asset Quality Analysis

J

Reconciliation of Non-GAAP Financial Measures (Five Quarter Trend) and Supplementary Data

 

BAR HARBOR BANKSHARES

SELECTED FINANCIAL HIGHLIGHTS - UNAUDITED

 

 

At or for the Quarters Ended

 

 

Jun 30,
2019

 

Mar 31,
2019

 

Dec 31,
2018

 

Sep 30,
2018

 

Jun 30,
2018

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

Net earnings, diluted

 

$

0.39

 

 

$

0.47

 

 

$

0.49

 

 

$

0.58

 

 

$

0.55

 

Core earnings, diluted (1) (2)

 

0.41

 

 

0.47

 

 

0.59

 

 

0.58

 

 

0.56

 

Total book value

 

25.13

 

 

24.54

 

 

23.87

 

 

23.06

 

 

22.97

 

Tangible book value (2)

 

18.23

 

 

17.63

 

 

16.94

 

 

16.11

 

 

16.00

 

Market price at period end

 

26.59

 

 

25.87

 

 

22.43

 

 

28.72

 

 

30.29

 

Dividends

 

0.22

 

 

0.20

 

 

0.20

 

 

0.20

 

 

0.20

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS (3)

 

 

 

 

 

 

 

 

 

 

Return on assets

 

0.67

%

 

0.83

%

 

0.85

%

 

1.01

%

 

0.97

%

Core return on assets (1) (2)

 

0.70

 

 

0.83

 

 

1.03

 

 

1.01

 

 

1.00

 

Return on equity

 

6.33

 

 

7.83

 

 

8.31

 

 

9.92

 

 

9.65

 

Core return on equity (1) (2)

 

6.57

 

 

7.83

 

 

10.01

 

 

9.98

 

 

9.86

 

Core return on tangible equity (1) (2)

 

9.30

 

 

11.19

 

 

14.46

 

 

14.52

 

 

14.43

 

Net interest margin, fully taxable equivalent (FTE) (2) (4)

 

2.65

 

 

2.77

 

 

2.78

 

 

2.81

 

 

2.91

 

Net interest margin (FTE), excluding purchased loan accretion (2) (4)

2.56

 

 

2.67

 

 

2.70

 

 

2.71

 

 

2.80

 

Efficiency ratio (2)

 

68.48

 

 

63.94

 

 

59.91

 

 

57.88

 

 

58.83

 

 

 

 

 

 

 

 

 

 

 

 

GROWTH (Year-to-date, annualized) (2)

 

 

 

 

 

 

 

 

 

 

Total commercial loans

 

10.1

%

 

(3.3

)%

 

1.4

%

 

2.8

%

 

5.7

%

Total loans

 

7.1

 

 

5.9

 

 

0.2

 

 

(0.1

)

 

 

Total deposits

 

(0.1

)

 

(2.8

)

 

5.6

 

 

2.2

 

 

1.9

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA (In millions)

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

3,688

 

 

$

3,629

 

 

$

3,608

 

 

$

3,561

 

 

$

3,541

 

Total earning assets (2) (5)

 

3,355

 

 

3,312

 

 

3,263

 

 

3,253

 

 

3,250

 

Total investments

 

784

 

 

782

 

 

761

 

 

747

 

 

749

 

Total loans

 

2,578

 

 

2,527

 

 

2,490

 

 

2,484

 

 

2,485

 

Allowance for loan losses

 

15

 

 

14

 

 

14

 

 

13

 

 

13

 

Total goodwill and intangible assets

 

107

 

 

107

 

 

108

 

 

108

 

 

108

 

Total deposits

 

2,481

 

 

2,466

 

 

2,483

 

 

2,390

 

 

2,375

 

Total shareholders' equity

 

391

 

 

381

 

 

371

 

 

358

 

 

356

 

Net income

 

6

 

 

7

 

 

8

 

 

9

 

 

9

 

Core income (1) (2)

 

6

 

 

7

 

 

9

 

 

9

 

 

9

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY AND CONDITION RATIOS

 

 

 

 

 

 

 

 

 

 

Net charge-offs (current quarter annualized)/average loans

 

%

 

0.03

%

 

0.03

%

 

0.04

%

 

0.06

%

Allowance for loan losses/total loans

 

0.57

 

 

0.55

 

 

0.56

 

 

0.54

 

 

0.53

 

Loans/deposits

 

104

 

 

102

 

 

100

 

 

104

 

 

105

 

Shareholders' equity to total assets

 

10.59

 

 

10.50

 

 

10.27

 

 

10.04

 

 

10.05

 

Tangible shareholders' equity to tangible assets

 

7.92

 

 

7.77

 

 

7.51

 

 

7.24

 

 

7.22

 

 

(1) Core measurements are non-GAAP financial measures that are adjusted to exclude net non-operating charges primarily related to acquisitions, system conversions and gain or loss on sale of securities and premises and equipment. Refer to the Reconciliation of Non-GAAP Financial Measures in table J for additional information.

(2) Non-GAAP financial measure.

(3) All performance ratios are based on average balance sheet amounts, where applicable.

(4) Fully taxable equivalent considers the impact of tax-advantaged investment securities and loans.

(5) Earning assets includes non-accruing loans and securities are valued at amortized cost.

BAR HARBOR BANKSHARES

CONSOLIDATED BALANCE SHEETS - UNAUDITED

(in thousands)

 

Jun 30,
2019

 

Mar 31,
2019

 

Dec 31,
2018

 

Sep 30,
2018

 

Jun 30,
2018

Assets

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

42,657

 

 

$

37,504

 

 

$

35,208

 

 

$

53,154

 

 

$

39,327

 

Interest-bearing deposits with the Federal Reserve Bank

 

17,203

 

 

16,599

 

 

63,546

 

 

19,420

 

 

22,066

 

Total cash and cash equivalents

 

59,860

 

 

54,103

 

 

98,754

 

 

72,574

 

 

61,393

 

Securities available for sale, at fair value

 

748,560

 

 

747,235

 

 

725,837

 

 

712,658

 

 

710,147

 

Federal Home Loan Bank stock

 

35,220

 

 

35,107

 

 

35,659

 

 

34,154

 

 

38,712

 

Total securities

 

783,780

 

 

782,342

 

 

761,496

 

 

746,812

 

 

748,859

 

Commercial real estate

 

881,479

 

 

821,567

 

 

826,699

 

 

840,018

 

 

838,546

 

Commercial and industrial

 

416,725

 

 

409,937

 

 

404,870

 

 

385,814

 

 

400,293

 

Residential real estate

 

1,167,759

 

 

1,184,053

 

 

1,144,698

 

 

1,140,519

 

 

1,127,895

 

Consumer

 

112,275

 

 

111,402

 

 

113,960

 

 

117,239

 

 

118,332

 

Total loans

 

2,578,238

 

 

2,526,959

 

 

2,490,227

 

 

2,483,590

 

 

2,485,066

 

Less: Allowance for loan losses

 

(14,572

)

 

(13,997

)

 

(13,866

)

 

(13,487

)

 

(13,090

)

Net loans

 

2,563,666

 

 

2,512,962

 

 

2,476,361

 

 

2,470,103

 

 

2,471,976

 

 

 

 

 

 

 

 

 

 

 

 

Premises and equipment, net

 

50,230

 

 

49,661

 

 

48,804

 

 

47,621

 

 

48,038

 

Other real estate owned

 

2,351

 

 

2,351

 

 

2,351

 

 

68

 

 

129

 

Goodwill

 

100,085

 

 

100,085

 

 

100,085

 

 

100,085

 

 

100,085

 

Other intangible assets

 

7,072

 

 

7,266

 

 

7,459

 

 

7,690

 

 

7,921

 

Cash surrender value of bank-owned life insurance

 

74,871

 

 

74,352

 

 

73,810

 

 

73,316

 

 

58,811

 

Deferred tax asset, net

 

5,649

 

 

7,632

 

 

9,514

 

 

11,527

 

 

10,309

 

Other assets

 

40,071

 

 

38,441

 

 

29,853

 

 

31,196

 

 

33,534

 

Total assets

 

$

3,687,635

 

 

$

3,629,195

 

 

$

3,608,487

 

 

$

3,560,992

 

 

$

3,541,055

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and shareholders' equity

 

 

 

 

 

 

 

 

 

 

Demand and other non-interest bearing deposits

 

$

354,125

 

 

$

342,030

 

 

$

370,889

 

 

$

372,358

 

 

$

341,773

 

NOW deposits

 

472,576

 

 

470,277

 

 

484,717

 

 

471,326

 

 

449,715

 

Savings deposits

 

352,657

 

 

346,813

 

 

358,888

 

 

354,908

 

 

350,339

 

Money market deposits

 

305,506

 

 

349,833

 

 

335,951

 

 

254,142

 

 

260,642

 

Time deposits

 

996,512

 

 

956,818

 

 

932,793

 

 

937,615

 

 

972,252

 

Total deposits

 

2,481,376

 

 

2,465,771

 

 

2,483,238

 

 

2,390,349

 

 

2,374,721

 

 

 

 

 

 

 

 

 

 

 

 

Senior borrowings

 

733,084

 

 

703,283

 

 

680,823

 

 

739,224

 

 

735,924

 

Subordinated borrowings

 

42,943

 

 

42,958

 

 

42,973

 

 

42,988

 

 

43,003

 

Total borrowings

 

776,027

 

 

746,241

 

 

723,796

 

 

782,212

 

 

778,927

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

39,670

 

 

36,160

 

 

30,874

 

 

30,746

 

 

31,444

 

Total liabilities

 

3,297,073

 

 

3,248,172

 

 

3,237,908

 

 

3,203,307

 

 

3,185,092

 

 

 

 

 

 

 

 

 

 

 

 

Total shareholders' equity

 

390,562

 

 

381,023

 

 

370,579

 

 

357,685

 

 

355,963

 

Total liabilities and shareholders' equity

 

$

3,687,635

 

 

$

3,629,195

 

 

$

3,608,487

 

 

$

3,560,992

 

 

$

3,541,055

 

 

 

 

 

 

 

 

 

 

 

 

Net shares outstanding

 

15,544

 

 

15,524

 

 

15,523

 

 

15,509

 

 

15,496

 

 

BAR HARBOR BANKSHARES

CONSOLIDATED LOAN & DEPOSIT ANALYSIS - UNAUDITED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOAN ANALYSIS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2019
Annualized Growth %

(in thousands)

 

Jun 30,
2019

 

Mar 31,
2019

 

Dec 31,
2018

 

Sep 30,
2018

 

Jun 30,
2018

 

Quarter
End

 

Year to
Date

Commercial real estate

 

$

881,479

 

 

$

821,567

 

 

$

826,699

 

 

$

840,018

 

 

$

838,546

 

 

29.2

%

 

13.3

%

Commercial and industrial

 

312,029

 

 

305,185

 

 

309,544

 

 

303,984

 

 

313,680

 

 

9.0

 

 

1.6

 

Total commercial loans

 

1,193,508

 

 

1,126,752

 

 

1,136,243

 

 

1,144,002

 

 

1,152,226

 

 

23.7

 

 

10.1

 

Residential real estate

 

1,167,759

 

 

1,184,053

 

 

1,144,698

 

 

1,140,519

 

 

1,127,895

 

 

(5.5

)

 

4.0

 

Consumer

 

112,275

 

 

111,402

 

 

113,960

 

 

117,239

 

 

118,332

 

 

3.1

 

 

(3.0

)

Tax exempt

 

104,696

 

 

104,752

 

 

95,326

 

 

81,830

 

 

86,613

 

 

(0.2

)

 

19.7

 

Total loans

 

$

2,578,238

 

 

$

2,526,959

 

 

$

2,490,227

 

 

$

2,483,590

 

 

$

2,485,066

 

 

8.1

%

 

7.1

%

 

DEPOSIT ANALYSIS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2019
Annualized Growth %

(in thousands)

 

Jun 30,
2019

 

Mar 31,
2019

 

Dec 31,
2018

 

Sep 30,
2018

 

Jun 30,
2018

 

Quarter
End

 

Year to
Date

Demand

 

$

354,125

 

 

$

342,030

 

 

$

370,889

 

 

$

372,358

 

 

$

341,773

 

 

14.1

%

 

(9.0

)%

NOW

 

472,576

 

 

470,277

 

 

484,717

 

 

471,326

 

 

449,715

 

 

2.0

 

 

(5.0

)

Savings

 

352,657

 

 

346,813

 

 

358,888

 

 

354,908

 

 

350,339

 

 

6.7

 

 

(3.5

)

Money Market

 

305,506

 

 

349,833

 

 

335,951

 

 

254,142

 

 

260,642

 

 

(50.7

)

 

(18.1

)

Total non-maturity deposits

 

1,484,864

 

 

1,508,953

 

 

1,550,445

 

 

1,452,734

 

 

1,402,469

 

 

(6.4

)

 

(8.5

)

Total time deposits

 

996,512

 

 

956,818

 

 

932,793

 

 

937,615

 

 

972,252

 

 

16.6

 

 

13.7

 

Total deposits

 

$

2,481,376

 

 

$

2,465,771

 

 

$

2,483,238

 

 

$

2,390,349

 

 

$

2,374,721

 

 

2.5

%

 

(0.1

)%

 

BAR HARBOR BANKSHARES

CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

(in thousands, except per share data)

 

2019

 

2018

 

2019

 

2018

Interest and dividend income

 

 

 

 

 

 

 

 

Loans

 

$

27,660

 

 

$

25,934

 

 

$

54,524

 

 

$

51,060

 

Securities and other

 

6,125

 

 

5,784

 

 

12,488

 

 

11,435

 

Total interest and dividend income

 

33,785

 

 

31,718

 

 

67,012

 

 

62,495

 

Interest expense

 

 

 

 

 

 

 

 

Deposits

 

6,886

 

 

4,405

 

 

13,193

 

 

8,390

 

Borrowings

 

5,403

 

 

4,321

 

 

10,558

 

 

7,955

 

Total interest expense

 

12,289

 

 

8,726

 

 

23,751

 

 

16,345

 

Net interest income

 

21,496

 

 

22,992

 

 

43,261

 

 

46,150

 

Provision for loan losses

 

562

 

 

770

 

 

886

 

 

1,565

 

Net interest income after provision for loan losses

 

20,934

 

 

22,222

 

 

42,375

 

 

44,585

 

Non-interest income

 

 

 

 

 

 

 

 

Trust and investment management fee income

 

3,066

 

 

3,122

 

 

5,823

 

 

6,084

 

Customer service fees

 

2,618

 

 

2,347

 

 

4,783

 

 

4,571

 

Bank-owned life insurance income

 

519

 

 

377

 

 

1,061

 

 

823

 

Customer derivative income

 

696

 

 

545

 

 

725

 

 

545

 

Other income

 

554

 

 

730

 

 

1,228

 

 

1,336

 

Total non-interest income

 

7,453

 

 

7,121

 

 

13,620

 

 

13,359

 

Non-interest expense

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

11,685

 

 

10,375

 

 

22,204

 

 

21,364

 

Occupancy and equipment

 

3,300

 

 

2,925

 

 

6,686

 

 

5,998

 

Loss on sales of premises and equipment, net

 

21

 

 

 

 

21

 

 

 

Outside services

 

443

 

 

581

 

 

854

 

 

1,141

 

Professional services

 

570

 

 

360

 

 

1,114

 

 

793

 

Communication

 

283

 

 

304

 

 

518

 

 

484

 

Marketing

 

511

 

 

588

 

 

806

 

 

914

 

Amortization of intangible assets

 

207

 

 

207

 

 

414

 

 

414

 

Acquisition, conversion and other expenses

 

280

 

 

214

 

 

280

 

 

549

 

Other expenses

 

3,606

 

 

3,131

 

 

6,633

 

 

5,880

 

Total non-interest expense

 

20,906

 

 

18,685

 

 

39,530

 

 

37,537

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

7,481

 

 

10,658

 

 

16,465

 

 

20,407

 

Income tax expense

 

1,364

 

 

2,123

 

 

3,067

 

 

4,060

 

Net income

 

$

6,117

 

 

$

8,535

 

 

$

13,398

 

 

$

16,347

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.39

 

 

$

0.55

 

 

$

0.86

 

 

$

1.06

 

Diluted

 

$

0.39

 

 

$

0.55

 

 

0.86

 

 

1.05

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

15,538

 

 

15,482

 

 

15,531

 

 

15,465

 

Diluted

 

15,586

15,571

15,582

15,560

 

 

BAR HARBOR BANKSHARES

CONSOLIDATED STATEMENTS OF INCOME (5 Quarter Trend) - UNAUDITED

(in thousands, except per share data)

 

Jun 30,
2019

 

Mar 31,
2019

 

Dec 31,
2018

 

Sep 30,
2018

 

Jun 30,
2018

Interest and dividend income

 

 

 

 

 

 

 

 

 

 

Loans

 

$

27,660

 

 

$

26,864

 

 

$

26,743

 

 

$

26,212

 

 

$

25,934

 

Securities and other

 

6,125

 

 

6,363

 

 

6,029

 

 

5,972

 

 

5,784

 

Total interest and dividend income

 

33,785

 

 

33,227

 

 

32,772

 

 

32,184

 

 

31,718

 

Interest expense

 

 

 

 

 

 

 

 

 

 

Deposits

 

6,886

 

 

6,307

 

 

5,653

 

 

5,478

 

 

4,405

 

Borrowings

 

5,403

 

 

5,155

 

 

4,855

 

 

4,237

 

 

4,321

 

Total interest expense

 

12,289

 

 

11,462

 

 

10,508

 

 

9,715

 

 

8,726

 

Net interest income

 

21,496

 

 

21,765

 

 

22,264

 

 

22,469

 

 

22,992

 

Provision for loan losses

 

562

 

 

324

 

 

572

 

 

643

 

 

770

 

Net interest income after provision for loan losses

 

20,934

 

 

21,441

 

 

21,692

 

 

21,826

 

 

22,222

 

Non-interest income

 

 

 

 

 

 

 

 

 

 

Trust and investment management fee income

 

3,066

 

 

2,757

 

 

2,949

 

 

2,952

 

 

3,122

 

Customer service fees

 

2,618

 

 

2,165

 

 

2,477

 

 

2,490

 

 

2,347

 

Loss on sales of securities, net

 

 

 

 

 

(924

)

 

 

 

 

Bank-owned life insurance income

 

519

 

 

542

 

 

493

 

 

505

 

 

377

 

Customer derivative income

 

696

 

 

29

 

 

315

 

 

 

 

545

 

Other income

 

554

 

 

674

 

 

2,140

 

 

1,179

 

 

730

 

Total non-interest income

 

7,453

 

...