BAR HARBOR BANKSHARES

For the period ended Jun 30, 2025. Filed Aug 6, 2025.

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, 2025 · Filed Aug 6, 2025

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 · 2025 · 2024 · · · 2025 · · 2024
Net income		$6,092	$10,257	$16,303	$20,352
Non-recurring items:
Loss (gain) on available-for-sale debt securities (6)		4,942	(50)	4,942	(50)
Gain on sale of premises and equipment, net		3	(248)	93	(263)
Acquisition, conversion and other expenses		1,205	—	1,444	20
Income tax expense (1)		(1,492)	71	(1,572)	(61)
Total non-recurring items		4,658	(227)	4,907	(354)
Total adjusted income(2)	(A)	$10,750	$10,030	$21,210	$19,998

Net interest income	(B)	$29,895	$27,759	$58,902	$55,814
Plus: Non-interest income		4,646	9,457	13,564	17,843
Total Revenue		34,541	37,216	72,466	73,657
Loss (gain) on available-for-sale debt securities (6)		4,942	(50)	4,942	(50)
Total adjusted revenue(2)	(C)	$39,483	$37,166	$77,408	$73,607

Total non-interest expense		$26,538	$23,842	$51,189	$47,330
Non-recurring expenses:
Gain on sale of premises and equipment, net		(3)	248	(93)	263
Acquisition, conversion and other expenses		(1,205)	—	(1,444)	(20)
Total non-recurring expenses		(1,208)	248	(1,537)	243
Adjusted non-interest expense(2)	(D)	$25,330	$24,090	$49,652	$47,573

Total revenue		34,541	37,216	72,466	73,657
Total non-interest expense		26,538	23,842	51,189	47,330
Pre-tax, pre-provision net revenue(2)	(S)	$8,003	$13,374	$21,277	$26,327

Adjusted revenue(2)		39,483	37,166	77,408	73,607
Adjusted non-interest expense(2)		25,330	24,090	49,652	47,573
Adjusted pre-tax, pre-provision net revenue(2)	(U)	$14,153	$13,076	$27,756	$26,034

(in millions)
Average earning assets	(E)	$3,777	$3,665	$3,780	$3,644
Average assets	(F)	4,071	3,960	4,075	3,952
Average shareholders' equity	(G)	469	436	468	436
Average tangible shareholders' equity(2)(3)	(H)	346	312	345	312
Tangible shareholders' equity, period-end(2)(3)	(I)	346	315	346	315
Tangible assets, period-end(2)(3)	(J)	3,989	3,910	3,989	3,910


· · · · Three Months Ended June 30, · Six Months Ended June 30,
· · Calculations · · 2025 · · 2024 · · · 2025 · · 2024
(in thousands) · · · · · · · · ·
Common shares outstanding, period-end	(K)	15,322	15,232	15,322	15,232
Average diluted shares outstanding	(L)	15,372	15,275	15,382	15,273

Adjusted earnings per share, diluted(2)	(A/L)	$0.70	$0.66	$1.38	$1.31
Tangible book value per share, period-end(2)	(I/K)	22.58	20.68	22.58	20.68
Total tangible shareholders' equity/total tangible assets(2)	(I/J)	8.67	8.06	8.67	8.06

Performance ratios(4)
Return on assets		0.60%	1.04	0.81%	1.04%
Core return on assets(2)	(A/F)	1.06	1.02	1.05	1.02
Pre-tax, pre-provision return on assets(2)	(S/F)	0.79	1.36	1.05	1.34
Adjusted pre-tax, pre-provision return on assets(2)	(U/F)	1.39	1.33	1.37	1.32
Return on equity		5.21	9.46	7.03	9.39
Core return on equity(2)	(A/G)	9.19	9.25	9.14	9.28
Return on tangible equity		7.26	13.44	9.74	13.35
Adjusted return on tangible equity(1)(2)	(A+Q)/H	12.66	13.15	12.61	13.12
Efficiency ratio(1)(2)(5)	(D-O-Q)/(C+N)	62.10	62.78	62.05	62.75
Net interest margin, fully taxable equivalent(2)	(B+P)/E	3.23	3.09	3.20	3.12

Supplementary data (in thousands)
Taxable equivalent adjustment for efficiency ratio	(N)	$706	$528	$1,423	$1,051
Franchise taxes included in non-interest expense	(O)	141	191	272	261
Tax equivalent adjustment for net interest margin	(P)	560	389	1,128	777
Intangible amortization	(Q)	233	233	466	466

(1)	Assumes a marginal tax rate of 24.26% in the first and second quarters of 2025, 23.82% in the second quarter 2024 and 24.01% for the first quarter 2024.

(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.

(6)	The $4.9 million loss represents a $4.4 million loss on corporate debt securities and $549 thousand on a matured debt security.

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