BAR HARBOR BANKSHARES

For the period ended Jun 30, 2024. Filed Aug 7, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 7, 2024

BHB$41.33-0.8%Stored close · as of Nov 10, 2026

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Contents

Reconciliation of Non-GAAP Financial Measures

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES** (UNAUDITED)**

The following reconciliation table provides a more detailed analysis of these, and reconciliation for, each of non-GAAP financial measures:


· · · · · · · · · · · ·
· · · · · · · · · · · · · ·
· · · · Three Months Ended June 30, · · Six Months Ended June 30,
(in thousands) · Calculations · · 2024 · · 2023 · · · 2024 · · 2023
Net income		$10,257	$10,791	$20,352	$23,803
Non-recurring items:
Gain on sale of securities, net		(50)	—	(50)	(34)
Gain on sale of premises and equipment, net		(248)	(86)	(263)	(99)
Acquisition, conversion and other expenses		—	—	20	20
Income tax expense (1)		71	20	(61)	28
Total non-recurring items		(227)	(66)	(354)	(85)
Total adjusted income(2)	(A)	$10,030	$10,725	$19,998	$23,718

Net interest income	(B)	$27,759	$28,790	$55,814	$59,696
Plus: Non-interest income		9,633	8,980	18,219	18,164
Total Revenue		37,392	37,770	74,033	77,860
Gain on sale of securities, net		(50)	—	(50)	(34)
Total adjusted revenue(2)	(C)	$37,342	$37,770	$73,983	$77,826

Total non-interest expense		$24,018	$23,392	$47,706	$46,096
Non-recurring expenses:
Gain on sale of premises and equipment, net		248	86	263	99
Acquisition, conversion and other expenses		—	—	(20)	(20)
Total non-recurring expenses		248	86	243	79
Adjusted non-interest expense(2)	(D)	$24,266	$23,478	$47,949	$46,175

Total revenue		37,392	37,770	74,033	77,860
Total non-interest expense		24,018	23,392	47,706	46,096
Pre-tax, pre-provision net revenue		$13,374	$14,378	$26,327	$31,764

Adjusted revenue(2)		37,342	37,770	73,983	77,826
Adjusted non-interest expense(2)		24,266	23,478	47,949	46,175
Adjusted pre-tax, pre-provision net revenue(2)	(U)	$13,076	$14,292	$26,034	$31,651

(in millions)
Average earning assets	(E)	$3,665	$3,637	$3,644	$3,600
Average assets	(F)	3,960	3,931	3,952	3,911
Average shareholders' equity	(G)	436	413	436	410
Average tangible shareholders' equity(2)(3)	(H)	312	288	312	410
Tangible shareholders' equity, period-end(2)(3)	(I)	312	286	315	283
Tangible assets, period-end(2)(3)	(J)	3,910	3,904	3,910	3,904


· · · · Three Months Ended June 30, · · Six Months Ended June 30,
· · Calculations · · 2024 · · 2023 · · · 2024 · · 2023
(in thousands) · · · · · · · · · · · · ·
Common shares outstanding, period-end	(K)	15,232	15,144	15,232	15,125
Average diluted shares outstanding	(L)	15,275	15,180	15,273	15,186

Adjusted earnings per share, diluted(2)	(A/L)	$0.66	$0.71	$1.31	1.57
Tangible book value per share, period-end(2)	(I/K)	20.68	18.88	20.68	18.88
Securities adjustment, net of tax(1)(4)	(M)	(52,313)	(55,307)	(52,313)	(55,307)
Tangible book value per share, excluding securities adjustment(2)(4)	(I+M)/K	24.12	22.53	24.12	22.53
Total tangible shareholders' equity/total tangible assets(2)	(I/J)	8.06	7.32	8.06	7.45

Performance ratios(5)
Return on assets		1.04%	1.10%	1.04%	1.23
Core return on assets(2)	(A/F)	1.02	1.09	1.02	1.22
Pre-tax, pre-provision return on assets		1.36	1.47	1.34	1.64
Adjusted pre-tax, pre-provision return on assets(2)	(U/F)	1.33	1.63	1.32	1.63
Return on equity		9.46	10.49	9.39	11.71
Core return on equity(2)	(A/G)	9.25	10.42	9.22	11.67
Return on tangible equity		13.44	15.28	13.35	17.10
Adjusted return on tangible equity(1)(2)	(A+Q)/H	13.15	15.19	13.12	17.04
Efficiency ratio(1)(2)(6)	(D-O-Q)/(C+N)	62.96	60.25	62.93	57.40
Net interest margin	(B+P)/E	3.09	3.22	3.12	3.39

Supplementary data (in thousands)
Taxable equivalent adjustment for efficiency ratio	(N)	$528	$539	$1,051	$1,266
Franchise taxes included in non-interest expense	(O)	191	163	261	311
Tax equivalent adjustment for net interest margin	(P)	389	382	777	750
Intangible amortization	(Q)	233	233	466	466

(1)	Assumes a marginal tax rate of 23.82% in the second quarter of 2024 and 24.01% for the first quarter 2024 and 23.80% for 2023.

(2)	Non-GAAP financial measure.

(3)	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.

(4)	Securities adjustment, net of tax represents the total unrealized losses and gains on available-for-sale securities recorded on our consolidated balance sheets within total common shareholders' equity.

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

(6)	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.

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