BAR HARBOR BANKSHARES

For the period ended Sep 30, 2024. Filed Nov 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.

Sep 30, 2024 · Filed Nov 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 September 30, · · · Nine Months Ended September 30,
(in thousands) · Calculations · · 2024 · · 2023 · · · · 2024 · · 2023
Net income		$12,193	$11,104	$32,544	$34,907
Non-recurring items:
Gain on sale of securities, net		—	—	(50)	(34)
Gain on sale of premises and equipment, net		—	—	(263)	(99)
Acquisition, conversion and other expenses		—	—	20	20
Income tax expense (1)		—	—	(61)	28
Total non-recurring items		—	—	(354)	(85)
Total adjusted income(2)	(A)	$12,193	$11,104	$32,190	$34,822

Net interest income	(B)	$28,958	$29,186	$84,772	$88,882
Plus: Non-interest income		9,653	8,815	27,496	26,423
Total Revenue		38,611	38,001	112,268	115,305
Gain on sale of securities, net		—	—	(50)	(34)
Total adjusted revenue(2)	(C)	$38,611	$38,001	$112,218	$115,271

Total non-interest expense		$24,772	$23,016	$72,103	$68,556
Non-recurring expenses:
Gain on sale of premises and equipment, net		—	—	263	99
Acquisition, conversion and other expenses		—	—	(20)	(20)
Total non-recurring expenses		—	—	243	79
Adjusted non-interest expense(2)	(D)	$24,772	$23,016	$72,346	$68,635

Total revenue		38,611	38,001	112,268	115,305
Total non-interest expense		24,772	23,016	72,103	68,556
Pre-tax, pre-provision net revenue		$13,839	$14,985	$40,165	$46,749

Adjusted revenue(2)		38,611	38,001	112,218	115,271
Adjusted non-interest expense(2)		24,772	23,016	72,346	68,635
Adjusted pre-tax, pre-provision net revenue(2)	(U)	$13,839	$14,985	$39,872	$46,636

(in millions)
Average earning assets	(E)	$3,728	$3,687	$3,666	$3,622
Average assets	(F)	4,027	3,984	3,976	3,935
Average shareholders' equity	(G)	454	411	436	410
Average tangible shareholders' equity(2)(3)	(H)	330	286	312	285
Tangible shareholders' equity, period-end(2)(3)	(I)	336	280	336	280
Tangible assets, period-end(2)(3)	(J)	3,906	3,859	3,906	3,859


· · · · Three Months Ended September 30, · · · Nine Months Ended September 30,
· · Calculations · · 2024 · · 2023 · · · · 2024 · · 2023
(in thousands) · · · · · · · · · · · · · ·
Common shares outstanding, period-end	(K)	15,268	15,156	15,268	15,156
Average diluted shares outstanding	(L)	15,326	15,196	15,292	15,189

Adjusted earnings per share, diluted(2)	(A/L)	$0.80	$0.73	$2.11	$2.29
Tangible book value per share, period-end(2)	(I/K)	22.02	18.45	22.02	18.45
Total tangible shareholders' equity/total tangible assets(2)	(I/J)	8.61	7.25	8.61	7.25

Performance ratios(4)
Return on assets		1.20%	1.11%	1.09%	1.19%
Core return on assets(2)	(A/F)	1.20	1.11	1.08	1.18
Pre-tax, pre-provision return on assets		1.37	1.49	1.35	1.59
Adjusted pre-tax, pre-provision return on assets(2)	(U/F)	1.37	1.49	1.34	1.58
Return on equity		10.68	10.72	9.97	11.38
Core return on equity(2)	(A/G)	10.68	10.72	9.86	11.35
Return on tangible equity		14.90	15.65	14.16	16.61
Adjusted return on tangible equity(1)(2)	(A+Q)/H	14.90	15.65	14.01	16.57
Efficiency ratio(1)(2)(5)	(D-O-Q)/(C+N)	62.09	58.59	62.52	57.59
Net interest margin	(B+P)/E	3.15	3.18	3.14	3.32

Supplementary data (in thousands)
Taxable equivalent adjustment for efficiency ratio	(N)	$686	$565	$1,737	$1,831
Franchise taxes included in non-interest expense	(O)	138	186	399	497
Tax equivalent adjustment for net interest margin	(P)	550	405	1,327	1,155
Intangible amortization	(Q)	233	233	699	699

(1)	Assumes a marginal tax rate of 23.82% in the second and third 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)	All performance ratios are based on average balance sheet amounts, where applicable.

(5)	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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