Form 8-K
8-K — BAR HARBOR BANKSHARES
Accession: 0001104659-26-085415
Filed: 2026-07-21
Period: 2026-07-21
CIK: 0000743367
SIC: 6022 (STATE COMMERCIAL BANKS)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — bhb-20260721x8k.htm (Primary)
EX-99.1 (bhb-20260721xex99d1.htm)
GRAPHIC (bhb-20260721xex99d1001.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: bhb-20260721x8k.htm · Sequence: 1
BAR HARBOR BANKSHARES_July 21, 2026
0000743367false00007433672026-07-212026-07-21
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 21, 2026
BAR HARBOR BANKSHARES
(Exact Name of Registrant as Specified in its Charter)
Maine
001-13349
01-0393663
(State or Other Jurisdiction
of Incorporation)
(Commission File No.)
(I.R.S. Employer
Identification No.)
PO Box 400
04609-0400
82 Main Street
(Zip Code)
Bar Harbor, Maine
(Address of Principal Executive Offices)
Registrant’s telephone number, including area code: (207) 288-3314
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, par value $2.00 per share
BHB
NYSE American
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On July 21, 2026, Bar Harbor Bankshares issued a press release reporting its financial results for the quarter ended June 30, 2026, the full text of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
On July 21, 2026, Bar Harbor Bankshares announced that its Board of Directors declared a quarterly cash dividend of $0.34 per share to shareholders of record at the close of business on August 20, 2026 and payable on September 18, 2026.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
99.1
Press Release dated July 21, 2026
104
Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
Bar Harbor Bankshares
July 21, 2026
By:
/s/ Curtis C. Simard
Curtis C. Simard
President and CEO
EX-99.1
EX-99.1
Filename: bhb-20260721xex99d1.htm · Sequence: 2
Exhibit 99.1
Bar Harbor Bankshares Reports Second Quarter 2026 Results; Declares Dividend
BAR HARBOR, MAINE – July 21, 2026 - Bar Harbor Bankshares (NYSE American: BHB) (the “Company”) reported second quarter 2026 GAAP net income of $15.2 million, or $0.91 per diluted share, and core earnings (Non-GAAP) of $15.4 million, or $0.92 per diluted share, compared to 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, in the first quarter of 2026.
SECOND QUARTER 2026 HIGHLIGHTS (all comparisons to first quarter 2026, unless otherwise noted)
• Net interest margin of 3.61%, compared to 3.54%
• 1.31% return on assets; 1.33% core return on assets (Non-GAAP)
• 11.16% return on equity; 11.30% core return on equity (Non-GAAP)
• 55.76% efficiency ratio (Non-GAAP), compared to 56.92%
Bar Harbor Bankshares’ President and Chief Executive Officer, Curtis C. Simard, stated, “During the quarter we affirmed our commitment to consistently delivering strong financial results and long-term shareholder value while remaining dedicated to our customers. This commitment is clear not only in our results, but has also gained us recognition by Forbes Magazine as one of America’s “Best-in-State Banks” for the fifth consecutive year. We continue to grow capital organically and have essentially earned back our dilution from our acquisition last year within a year. Halfway through 2026, we are proud of what we have accomplished so far and are well-positioned for what’s ahead.”
DIVIDEND DECLARED
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 August 20, 2026, payable on September 18, 2026. The dividend equates to a 3.60% annualized yield based on the $37.76 closing share price of the Company’s common stock on June 30, 2026, the last trading day of the second quarter 2026.
FINANCIAL CONDITION (Quarter results for June 30, 2026 compared to March 31, 2026)
Total assets increased slightly to $4.7 billion at the end of the second quarter 2026, the 1% increase was primarily due to loan growth as well as increased interest-earning deposits with other banks.
Total cash and cash equivalents were $104.4 million at the end of the second quarter 2026, compared to $82.2 million at the end of the first quarter 2026. Interest-earning deposits with other banks increased to $58.1 million at the end of the second quarter 2026, compared to $46.6 million at the end of the first quarter 2026. While end of quarter balances were higher due to timing, averages remained consistent with a yield of 3.92% and 3.90%, respectively.
Available-for-sale debt securities were $601.8 million compared to $598.0 million at the end of the first quarter 2026. Portfolio unrealized losses were $45.0 million at quarter-end compared to $45.7 million at the end of the first quarter 2026. During the quarter there were purchases of $27.4 million, paydowns and calls of $21.0 million and net accretion of $429 thousand. The quarter-to-date weighted average yield of the securities portfolio was 4.06% compared to 4.05% at the end of the first quarter 2026. As of the second quarter 2026 and the first quarter 2026, our securities portfolio had an average life of 7.2 years and 7.6 years respectively, with an effective duration of 5.2 years and 5.4 years, respectively. At the end of the second quarter 2026, all securities remain classified as available for sale.
Federal Home Loan Bank stock increased $3.8 million to $13.4 million at the end of the second quarter 2026 compared to $9.6 million at the end of the first quarter 2026, primarily driven by the increase in wholesale borrowings.
Total loans increased $28.9 million to $3.6 billion in the second quarter 2026 compared to the first quarter 2026 driven primarily by an increase in commercial real estate loans. Commercial real estate loans increased $20.3 million driven by $59.0 million in originations during the quarter, partially offset by $18.3 million in loans that matured and paid off during the quarter. Commercial and industrial loans increased $15.7 million and included $33.4 million of originations during the quarter. Residential real estate loans decreased $10.4
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million during the quarter due to $29.1 million in payoffs and $11.0 million in paydowns, partially offset by $29.7 million in originations. Loans held for sale were $10.2 million in the second quarter 2026 compared to $11.5 million in the first quarter 2026 as we originated $24.9 million in loans held for sale and sold $26.2 million in loans during the quarter.
The allowance for credit losses (“ACL”) on loans was $32.2 million at the end of the second quarter 2026, compared to $34.3 million at the end of the first quarter 2026. The change in the allowance was primarily driven by a $3.3 million partial charge-off related to a previously non-accruing relationship that was moved into other real estate owned and that carried significant specific reserves at the end of the first quarter 2026.
Premises and equipment increased in the second quarter 2026 to $61.2 million compared to $58.9 million at the end of the first quarter 2026, driven by on-going renovation projects.
Bank owned life insurance decreased $1.1 million primarily reflecting the recognition of a death benefit during the quarter.
Total deposits remained consistent at $3.9 billion at the end of the second quarter 2026. During the quarter we witnessed a shift in our deposit mix from interest-bearing accounts to non-interest bearing demand deposits. Non-interest bearing demand deposits increased $26.8 million driven by 1,893 new account openings. Interest-bearing deposits decreased across all categories primarily driven by seasonality and tax payments.
Total borrowings increased $65.5 million in the second quarter 2026 to $281.2 million compared to $215.7 million in the first quarter 2026. The increase was driven by higher wholesale borrowings to fund loan originations.
The Company's book value per share was $32.80 at the end of the second quarter 2026 compared to $32.13 at the end of the first quarter 2026. Tangible book value per share (non-GAAP) was $23.43 at the end of the second quarter 2026, compared to $22.71 at the end of the first quarter 2026.
RESULTS OF OPERATIONS (Quarter results for June 30, 2026 compared to June 30, 2025)
The net interest margin was 3.61% in the second quarter 2026 compared to 3.23% in the same quarter 2025. As loan balances grew year-over-year the yield on loans expanded 4 basis points to 5.52% compared to 5.48% in the same period of 2025. Interest-bearing deposit costs decreased year-over-year to 1.88% compared to 2.28% in the same period of 2025.
Total interest and dividend income increased by 15% or $7.2 million to $55.9 million in the second quarter 2026 compared to $48.7 million in the second quarter 2025. Yields on earning assets grew to 5.29% in the second quarter 2026 compared to 5.23% in the second quarter 2025. The increase is driven by the securities yield expansion of 20 basis points to 4.06% in the second quarter 2026 compared to 3.86% in the same period of 2025. The increase is primarily due to $115.6 million in acquired investments from the acquisition of Woodsville Guaranty Savings Bank (“Woodsville”). The loan yield increased in part due to the acquisition of $413.4 million in loans from Woodsville but also includes $48.1 million in organic growth. Residential loan yield expansion was the primary driver as the yield increased to 4.62% for the second quarter 2026 from 4.14% in the second quarter of 2025. Total loan yield growth was partially offset by a decrease in the commercial and industrial yield to 6.17% for the second quarter 2026 from 6.41% in the second quarter 2025 driven by the decrease in rates of adjustable-rate loans.
Total interest expense decreased $806 thousand in the second quarter 2026 compared to the second quarter 2025. Deposit costs were down $873 thousand year-over-year as the cost of interest-bearing deposits decreased to 1.88% in the second quarter 2026 from 2.28% in the same period of 2025. Borrowing costs increased $67 thousand, or 2% year-over-year, driven by the subordinated debt acquired from Woodsville.
The provision for credit losses on loans in the second quarter 2026 was $1.3 million compared to $528 thousand in the same period of 2025. The allowance for credit losses to total loans coverage ratio for the second quarter 2026 remains well-funded and was 0.89% compared to 0.96% in the first quarter of 2026 and 0.92% in the second quarter of 2025.
Non-interest income increased $7.1 million in the second quarter 2026 to $11.7 million compared to $4.6 million in the same quarter 2025. The increase was primarily driven by increases in customer service fees in the second quarter 2026 compared to the same period of 2025 and a loss on sales of securities of $25 thousand compared to $4.9 million for the same period of 2025. Trust management fee income increased $314 thousand driven by the 12%, or $330.0 million, increase in assets under management compared to the same period of 2025. Bank owned life insurance income increased $815 thousand in the second quarter of 2026 compared to the second quarter of 2025 primarily due to a death benefit during the quarter.
Non-interest expenses increased $2.7 million to $29.2 million in the second quarter 2026 compared to $26.5 million in the second quarter 2025. The increase was driven by higher salaries and employee benefits costs of $16.8 million in the second quarter 2026 compared to
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$14.3 million in the second quarter 2025 as full-time equivalents increased to 530 from 455 as of June 30, 2025. Occupancy and equipment increased $746 thousand driven primarily by higher maintenance contract costs from the acquisition of Woodsville. Amortization of intangible assets increased $349 thousand, reflecting incremental amortization associated with the Woodsville acquisition. Acquisition, conversion and other expenses decreased $1.2 million from the second quarter of 2025 as expenses related to the acquisition neared completion. Other expenses increased $896 thousand for the second quarter 2026 compared to the second quarter 2025 primarily due to expenses related to other real estate owned.
Income tax expense was $4.0 million for the second quarter 2026 compared to $1.4 million for the second quarter of 2025. Our GAAP effective tax rate for the second quarter 2026 was 20.8% and 18.5% in the second quarter 2025.
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, 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.
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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.
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CONTACTS
Josephine Iannelli; EVP, Chief Financial Officer & Treasurer; (207) 288-3314
TABLE
INDEX
CONSOLIDATED FINANCIAL SCHEDULES (UNAUDITED)
A
Selected Financial Highlights
B
Balance Sheets
C
Loan and Deposit Analysis
D
Statements of Income
E
Statements of Income (Five Quarter Trend)
F
Average Yields and Costs
G
Average Balances
H
Asset Quality Analysis
I-J
Reconciliation of Non-GAAP Financial Measures (Five Quarter Trend) and Supplementary Data
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BAR HARBOR BANKSHARES
SELECTED FINANCIAL HIGHLIGHTS - UNAUDITED
At or for the Quarters Ended
Jun 30,
Mar 31,
Dec 31,
Sept 30,
Jun 30,
2026
2026
2025
2025
2025
PER SHARE DATA
Net earnings, diluted
$
0.91
$
0.81
$
0.70
$
0.54
$
0.40
Core earnings, diluted (1)
0.92
0.88
0.93
0.95
0.70
Total book value
32.80
32.13
31.88
31.22
30.60
Tangible book value (1)
23.43
22.71
22.41
21.70
22.58
Market price at period end
37.76
32.45
31.05
30.46
29.96
Dividends
0.34
0.32
0.32
0.32
0.32
PERFORMANCE RATIOS (2)
Return on assets
1.31
%
1.18
%
1.00
%
0.78
%
0.60
%
Core return on assets (1)
1.33
1.28
1.32
1.35
1.06
Pre-tax, pre-provision return on assets (1)
1.76
1.52
1.29
1.30
0.79
Core pre-tax, pre-provision return on assets (1)
1.79
1.65
1.71
1.71
1.39
Return on equity
11.16
10.13
8.76
6.99
5.21
Core return on equity (1)
11.30
11.03
11.55
12.16
9.19
Return on tangible equity (1)
16.11
14.77
12.94
10.07
7.26
Core return on tangible equity (1)
16.31
16.03
16.91
17.23
12.66
Net interest margin, fully taxable equivalent (1) (3)
3.61
3.54
3.62
3.56
3.23
Efficiency ratio (1)
55.76
56.92
57.24
56.70
62.10
FINANCIAL DATA (In millions)
Total assets
$
4,743
$
4,676
$
4,684
$
4,717
$
4,112
Total earning assets (4)
4,343
4,297
4,297
4,336
3,789
Total available-for-sale debt securities
602
598
597
598
529
Total loans
3,614
3,585
3,606
3,584
3,153
Allowance for credit losses
32
34
34
34
29
Total goodwill and intangible assets
157
158
158
159
123
Total deposits
3,854
3,868
3,821
3,948
3,292
Total shareholders' equity
550
538
533
521
469
Net income
15
14
12
9
6
Core earnings (1)
15
15
16
15
11
ASSET QUALITY AND CONDITION RATIOS
Net charge-offs (recoveries)(5)/average loans
0.38
%
—
%
0.03
%
0.04
%
0.03
%
Allowance for credit losses on loans/total loans
0.89
0.96
0.94
0.95
0.92
Loans/deposits
94
93
94
91
96
Shareholders' equity to total assets
11.59
11.50
11.37
11.04
11.40
Tangible shareholders' equity to tangible assets
8.56
8.42
8.27
7.94
8.67
(1) Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures in tables I-J for additional information.
(2) All performance ratios are based on average balance sheet amounts, where applicable.
(3) Fully taxable equivalent considers the impact of tax-advantaged investment securities and loans.
(4) Earning assets includes non-accruing loans and interest-bearing deposits with other banks. Securities are valued at amortized cost.
(5) Current quarter annualized.
A
BAR HARBOR BANKSHARES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
Jun 30,
Mar 31,
Dec 31,
Sept 30,
Jun 30,
(in thousands)
2026
2026
2025
2025
2025
Assets
Cash and due from banks
$
46,270
$
35,595
$
44,947
$
42,743
$
50,948
Interest-earning deposits with other banks
58,118
46,620
35,890
93,971
36,087
Total cash and cash equivalents
104,388
82,215
80,837
136,714
87,035
Available-for-sale debt securities
601,772
597,977
597,424
597,810
528,690
Federal Home Loan Bank stock
13,423
9,567
11,308
8,560
12,695
Loans held for sale
10,203
11,534
5,283
5,545
2,829
Total loans
3,614,180
3,585,248
3,605,859
3,583,716
3,152,664
Less: Allowance for credit losses on loans
(32,231)
(34,315)
(34,052)
(33,940)
(28,885)
Net loans
3,581,949
3,550,933
3,571,807
3,549,776
3,123,779
Premises and equipment, net
61,170
58,914
58,188
58,828
52,647
Other real estate owned
8,170
—
—
—
—
Goodwill
141,819
141,819
141,819
141,819
119,477
Other intangible assets
15,242
15,824
16,407
16,989
3,472
Cash surrender value of bank-owned life insurance
88,728
89,817
96,250
95,554
83,074
Deferred tax asset, net
28,859
30,298
29,926
31,721
23,290
Other assets
86,779
87,330
74,642
73,936
75,017
Total assets
$
4,742,502
$
4,676,228
$
4,683,891
$
4,717,252
$
4,112,005
Liabilities and shareholders' equity
Non-interest bearing demand
$
678,081
$
651,282
$
670,786
$
692,780
$
552,074
Interest-bearing demand
1,141,043
1,152,888
1,137,730
1,137,362
931,854
Savings
635,316
649,302
635,329
647,428
542,579
Money market
481,815
493,432
464,843
488,633
370,709
Time
917,694
920,811
912,594
981,993
894,772
Total deposits
3,853,949
3,867,715
3,821,282
3,948,196
3,291,988
Senior borrowings
227,541
162,297
216,818
139,956
256,441
Subordinated borrowings
53,620
53,420
52,825
52,229
40,620
Total borrowings
281,161
215,717
269,643
192,185
297,061
Other liabilities
57,840
54,859
60,425
55,916
54,096
Total liabilities
4,192,950
4,138,291
4,151,350
4,196,297
3,643,145
Total shareholders’ equity
549,552
537,937
532,541
520,955
468,860
Total liabilities and shareholders’ equity
$
4,742,502
$
4,676,228
$
4,683,891
$
4,717,252
$
4,112,005
Net shares outstanding
16,754
16,742
16,702
16,689
15,322
B
BAR HARBOR BANKSHARES
CONSOLIDATED LOAN & DEPOSIT ANALYSIS - UNAUDITED
LOAN ANALYSIS
Organic Annualized
Growth %
Jun 30,
Mar 31,
Dec 31,
Sept 30,
Acquired WGSB
Jun 30,
Quarter
Year
(in thousands)
2026
2026
2025
2025
Balances (1)
2025
to Date
to Date
Commercial real estate
$
1,988,695
$
1,968,403
$
1,998,603
$
1,942,659
$
117,832
$
1,767,206
4
(1)
%
Commercial and industrial
433,371
417,657
393,851
405,759
25,651
400,908
15
20
Total commercial loans
2,422,066
2,386,060
2,392,454
2,348,418
143,483
2,168,114
6
2
Residential real estate
983,274
993,636
1,001,769
1,025,266
248,484
796,184
(4)
(4)
Consumer
132,570
127,681
128,029
126,345
16,215
111,036
15
7
Tax exempt and other
76,270
77,871
83,607
83,687
5,226
77,330
(8)
(18)
Total loans
$
3,614,180
$
3,585,248
$
3,605,859
$
3,583,716
$
413,408
$
3,152,664
3
%
—
%
1. Acquired Woodsville Guaranty Savings Bank (WGSB) Balances are as of August 1, 2025.
DEPOSIT ANALYSIS
Organic Annualized
Growth %
Jun 30,
Mar 31,
Dec 31,
Sept 30,
Acquired WGSB
Jun 30,
Quarter
Year
(in thousands)
2026
2026
2025
2025
Balances (1)
2025
to Date
to Date
Non-interest bearing demand
$
678,081
$
651,282
$
670,786
$
692,780
$
89,274
$
552,074
16
%
2
%
Interest-bearing demand
1,141,043
1,152,888
1,137,730
1,137,362
185,802
931,854
(4)
1
Savings
635,316
649,302
635,329
647,428
104,792
542,579
(9)
—
Money market
481,815
493,432
464,843
488,633
52,470
370,709
(9)
7
Total non-maturity deposits
2,936,255
2,946,904
2,908,688
2,966,203
432,338
2,397,216
(1)
2
Time
917,694
920,811
912,594
981,993
98,951
894,772
(1)
1
Total deposits
$
3,853,949
$
3,867,715
$
3,821,282
$
3,948,196
$
531,289
$
3,291,988
(1)
%
2
%
1. Acquired Woodsville Guaranty Savings Bank (WGSB) Balances are as of August 1, 2025.
C
BAR HARBOR BANKSHARES
CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED
Three Months Ended
Six Months Ended
June 30,
June 30,
(in thousands, except per share data)
2026
2025
2026
2025
Interest and dividend income
Loans
$
49,151
$
42,726
$
97,809
$
84,530
Securities available for sale
6,319
5,474
12,523
10,757
Federal Home Loan Bank stock
183
212
338
349
Interest-earning deposits with other banks
253
276
486
590
Total interest and dividend income
55,906
48,688
111,156
96,226
Interest expense
Deposits
14,638
15,511
29,527
31,023
Borrowings
3,349
3,282
6,838
6,301
Total interest expense
17,987
18,793
36,365
37,324
Net interest income
37,919
29,895
74,791
58,902
Provision for credit losses on available-for-sale debt securities
—
—
—
636
Provision for credit losses on loans
1,250
528
1,555
471
Net interest income after provision for credit losses
36,669
29,367
73,236
57,795
Non-interest income
Trust and investment management fee income
4,577
4,263
8,692
8,179
Customer service fees
4,715
3,589
8,817
7,114
(Loss) gain on available-for-sale debt securities, net
(25)
(4,942)
(1,033)
(4,942)
Mortgage banking income
741
605
1,423
1,061
Bank-owned life insurance income
1,417
602
3,404
1,216
Customer derivative income
76
104
405
316
Other income
231
425
438
620
Total non-interest income
11,732
4,646
22,146
13,564
Non-interest expense
Salaries and employee benefits
16,833
14,274
32,606
28,007
Occupancy and equipment
4,292
3,546
8,328
6,871
Depreciation
1,088
1,023
2,222
2,072
Loss (gain) on premises and equipment, net
—
3
134
93
Outside services
528
457
992
939
Professional services
388
514
737
1,106
Communication
211
194
459
360
Marketing
570
682
1,175
1,200
Amortization of intangible assets
582
233
1,164
466
FDIC assessment
537
464
1,114
920
Acquisition, conversion and other expenses
(36)
1,205
1,419
1,444
Provision for unfunded commitments
(650)
—
(876)
(74)
Other expenses
4,839
3,943
9,535
7,785
Total non-interest expense
29,182
26,538
59,009
51,189
Income before income taxes
19,219
7,475
36,373
20,170
Income tax expense
3,998
1,383
7,615
3,867
Net income
$
15,221
$
6,092
$
28,758
$
16,303
Earnings per share:
Basic
$
0.91
$
0.40
$
1.72
$
1.06
Diluted
0.91
0.40
1.71
1.06
Weighted average shares outstanding:
Basic
16,751
15,321
16,740
15,312
Diluted
16,808
15,372
16,806
15,382
D
BAR HARBOR BANKSHARES
CONSOLIDATED STATEMENTS OF INCOME (5 Quarter Trend) - UNAUDITED
Jun 30,
Mar 31,
Dec 31,
Sept 30,
Jun 30,
(in thousands, except per share data)
2026
2026
2025
2025
2025
Interest and dividend income
Loans
$
49,151
$
48,658
$
50,164
$
48,426
$
42,726
Securities and other
6,319
6,204
6,327
6,355
5,474
Federal Home Loan Bank stock
183
155
235
217
212
Interest-earning deposits with other banks
253
233
645
924
276
Total interest and dividend income
55,906
55,250
57,371
55,922
48,688
Interest expense
Deposits
14,638
14,889
16,083
16,419
15,511
Borrowings
3,349
3,489
2,671
2,544
3,282
Total interest expense
17,987
18,378
18,754
18,963
18,793
Net interest income
37,919
36,872
38,617
36,959
29,895
Provision for credit losses on available-for-sale debt securities
—
—
—
—
—
Provision (benefit) for credit losses on loans
1,250
305
416
3,749
528
Net interest income after provision for credit losses
36,669
36,567
38,201
33,210
29,367
Non-interest income
Trust and investment management fee income
4,577
4,115
3,984
3,903
4,263
Customer service fees
4,715
4,102
4,528
4,311
3,589
(Loss) gain on available-for-sale debt securities, net (1)
(25)
(1,008)
(428)
41
(4,942)
Mortgage banking income
741
682
485
423
605
Bank-owned life insurance income
1,417
1,987
695
665
602
Customer derivative income
76
329
735
962
104
Other income
231
207
326
262
425
Total non-interest income
11,732
10,414
10,325
10,567
4,646
Non-interest expense
Salaries and employee benefits
16,833
15,773
16,588
15,939
14,274
Occupancy and equipment
4,292
4,036
3,780
3,879
3,546
Depreciation
1,088
1,134
1,153
1,078
1,023
Loss (gain) on premises and equipment, net
—
134
370
(206)
3
Outside services
528
464
564
514
457
Professional services
388
349
407
296
514
Communication
211
248
271
246
194
Marketing
570
605
181
655
682
Amortization of intangible assets
582
582
582
466
233
FDIC assessment
537
577
539
462
464
Acquisition, conversion and other expenses
(36)
1,455
4,170
4,978
1,205
Provision for unfunded commitments
(650)
(226)
725
145
—
Other expenses
4,839
4,696
4,469
4,287
3,943
Total non-interest expense
29,182
29,827
33,799
32,739
26,538
Income before income taxes
19,219
17,154
14,727
11,038
7,475
Income tax expense
3,998
3,617
2,966
2,183
1,383
Net income
$
15,221
$
13,537
$
11,761
$
8,855
$
6,092
Earnings per share:
Basic
$
0.91
$
0.81
$
0.70
$
0.55
$
0.40
Diluted
0.91
0.81
0.70
0.54
0.40
Weighted average shares outstanding:
Basic
16,751
16,728
16,696
16,231
15,321
Diluted
16,808
16,804
16,757
16,284
15,372
(1) 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.
E
BAR HARBOR BANKSHARES
AVERAGE YIELDS AND COSTS (Fully Taxable Equivalent (Non-GAAP) - Annualized) - UNAUDITED
Quarters Ended
Jun 30,
Mar 31,
Dec 31,
Sept 30,
Jun 30,
2026
2026
2025
2025
2025
Earning assets
Interest-earning deposits with other banks
3.92
%
3.90
%
4.53
%
4.49
%
4.68
%
Available-for-sale debt securities
4.06
4.05
4.03
4.14
3.86
Federal Home Loan Bank stock
6.33
5.68
10.72
7.71
7.20
Loans:
Commercial real estate
5.72
5.68
5.74
5.88
5.76
Commercial and industrial
6.17
6.13
6.34
6.45
6.41
Residential real estate
4.62
4.64
4.75
4.42
4.14
Consumer
7.05
6.90
7.27
7.23
6.98
Total loans
5.52
5.50
5.59
5.60
5.48
Total earning assets
5.29
%
5.27
%
5.36
%
5.36
%
5.23
%
Funding liabilities
Deposits:
Interest-bearing demand
1.32
%
1.30
%
1.39
%
1.42
%
1.44
%
Savings
0.50
0.56
0.54
0.64
0.71
Money market
2.33
2.28
2.43
2.59
2.75
Time
3.32
3.41
3.53
3.64
3.91
Total interest-bearing deposits
1.88
1.91
2.01
2.12
2.28
Borrowings
5.05
5.62
5.43
4.04
4.85
Total interest-bearing liabilities
2.13
%
2.19
%
2.20
%
2.27
%
2.51
%
Net interest spread
3.16
3.08
3.16
3.09
2.72
Net interest margin, fully taxable equivalent(1)
3.61
3.54
3.62
3.56
3.23
(1) Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures in tables I-J for additional information.
F
BAR HARBOR BANKSHARES
AVERAGE BALANCES - UNAUDITED
Quarters Ended
Jun 30,
Mar 31,
Dec 31,
Sept 30,
Jun 30,
(in thousands)
2026
2026
2025
2025
2025
Assets
Interest-earning deposits with other banks (1)
$
25,896
$
24,230
$
56,502
$
81,709
$
23,643
Available-for-sale debt securities (2)
647,755
643,647
644,929
631,572
591,462
Federal Home Loan Bank stock
11,592
11,062
8,696
11,168
11,804
Loans:
Commercial real estate
1,975,080
2,001,851
1,954,841
1,887,267
1,766,720
Commercial and industrial
492,195
486,295
480,529
483,380
469,816
Residential real estate
993,933
998,862
1,021,309
963,311
804,469
Consumer
130,890
127,693
126,953
120,941
109,023
Total loans (3)
3,592,098
3,614,701
3,583,632
3,454,899
3,150,028
Total earning assets
4,277,341
4,293,640
4,293,759
4,179,348
3,776,937
Cash and due from banks
37,089
36,278
40,291
38,709
29,861
Allowance for credit losses
(33,242)
(34,195)
(33,905)
(31,246)
(28,786)
Goodwill and other intangible assets
157,345
157,921
158,507
139,822
123,062
Other assets
215,460
215,852
211,317
191,446
169,540
Total assets
$
4,653,993
$
4,669,496
$
4,669,969
$
4,518,079
$
4,070,614
Liabilities and shareholders' equity
Deposits:
Interest-bearing demand
$
1,119,195
$
1,121,021
$
1,127,456
$
1,059,214
$
906,557
Savings
640,852
642,717
640,577
617,314
545,304
Money market
463,296
469,496
473,574
432,952
392,034
Time
902,363
922,180
939,353
961,054
883,491
Total interest-bearing deposits
3,125,706
3,155,414
3,180,960
3,070,534
2,727,386
Borrowings
265,929
251,985
195,139
250,110
271,410
Total interest-bearing liabilities
3,391,635
3,407,399
3,376,099
3,320,644
2,998,796
Non-interest bearing demand deposits
657,470
659,506
705,245
647,981
545,308
Other liabilities
57,702
60,814
56,025
46,962
57,268
Total liabilities
4,106,807
4,127,719
4,137,369
4,015,587
3,601,372
Total shareholders' equity
547,186
541,777
532,600
502,492
469,242
Total liabilities and shareholders' equity
$
4,653,993
$
4,669,496
$
4,669,969
$
4,518,079
$
4,070,614
(1) Total average interest-bearing deposits with other banks is net of Federal Reserve daily cash letter.
(2) Average balances for available-for-sale debt securities are based on amortized cost.
(3) Total average loans include non-accruing loans and loans held for sale.
G
BAR HARBOR BANKSHARES
ASSET QUALITY ANALYSIS - UNAUDITED
At or for the Quarters Ended
Jun 30,
Mar 31,
Dec 31,
Sept 30,
Jun 30,
(in thousands)
2026
2026
2025
2025
2025
NON-PERFORMING ASSETS
Non-accruing loans:
Commercial real estate
$
902
$
12,620
$
1,497
$
697
$
1,033
Commercial and industrial
1,003
1,139
1,113
1,221
1,344
Residential real estate
8,314
8,206
7,719
6,541
6,411
Consumer
1,199
1,176
1,265
1,051
944
Total non-accruing loans
11,418
23,141
11,594
9,510
9,732
Non-performing available-for-sale debt securities
1,329
1,329
2,203
2,203
2,403
Other real estate owned
8,170
—
—
—
—
Total non-performing assets
$
20,917
$
24,470
$
13,797
$
11,713
$
12,135
Total non-accruing loans/total loans
0.32
%
0.65
%
0.32
%
0.27
%
0.31
%
Total non-performing assets/total assets
0.44
0.52
0.29
0.25
0.30
PROVISION AND ALLOWANCE FOR CREDIT LOSSES ON LOANS
Balance at beginning of period
$
34,315
$
34,052
$
33,940
$
28,885
$
28,614
Charged-off loans
(3,463)
(97)
(318)
(353)
(266)
Recoveries on charged-off loans
57
55
14
37
9
Net loans (charged-off) recovered
(3,406)
(42)
(304)
(316)
(257)
ACL established on PCD loans
—
—
—
1,622
—
ACL established on purchased seasoned loans
72
—
—
—
—
Provision for credit losses on loans
1,250
305
416
3,749
528
Balance at end of period
$
32,231
$
34,315
$
34,052
$
33,940
$
28,885
Allowance for credit losses/total loans
0.89
%
0.96
%
0.94
%
0.95
%
0.92
%
Allowance for credit losses/non-accruing loans
282
148
294
357
297
NET LOAN (CHARGE-OFFS) RECOVERIES
Commercial real estate
$
(3,283)
$
—
$
—
$
(224)
$
—
Commercial and industrial
(15)
35
(256)
18
(204)
Residential real estate
(21)
8
8
(112)
6
Consumer
(87)
(85)
(56)
2
(59)
Total, net
$
(3,406)
$
(42)
$
(304)
$
(316)
$
(257)
Net charge-offs (recoveries) (QTD annualized)/average loans
0.38
%
—
%
0.03
%
0.04
%
0.03
%
Net charge-offs (recoveries) (YTD annualized)/average loans
0.19
—
0.03
0.02
0.02
PROVISION AND ALLOWANCE FOR CREDIT LOSSES ON AVAILABLE-FOR-SALE DEBT SECURITIES
Balance at beginning of period
$
—
$
—
$
—
$
—
$
1,204
Charged-off interest receivable on available-for-sale debt securities
—
—
—
—
—
Provision for credit losses on available-for-sale debt securities
—
—
—
—
—
Charged-off previously provisioned allowance for credit loss
—
—
—
—
(1,204)
Balance at end of period
$
—
$
—
$
—
$
—
$
—
H
BAR HARBOR BANKSHARES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA – UNAUDITED
At or for the Quarters Ended
Jun 30,
Mar 31,
Dec 31,
Sept 30,
Jun 30,
(in thousands)
2026
2026
2025
2025
2025
Net income
(R)
$
15,221
$
13,537
$
11,761
$
8,855
$
6,092
Non-core items:
Loss (gain) on available-for-sale debt securities, net (6)
25
—
428
(41)
4,942
Loss (gain) on premises and equipment, net
—
134
370
(206)
3
(Gain) loss and other expenses on other real estate owned
273
—
—
—
—
Provision on non-PCD acquired loans
—
—
—
3,954
—
Acquisition, conversion and other expenses
(36)
1,455
4,170
4,978
1,205
Income tax expense (1)
(65)
(392)
(1,225)
(2,141)
(1,492)
Total non-core items (2)
197
1,197
3,743
6,544
4,658
Core earnings (2)
(A)
$
15,418
$
14,734
$
15,504
$
15,399
$
10,750
Net interest income
(B)
$
37,919
$
36,872
$
38,617
$
36,959
$
29,895
Non-interest income
11,732
10,414
10,325
10,567
4,646
Total revenue
49,651
47,286
48,942
47,526
34,541
Loss (gain) on available-for-sale debt securities, net (6)
25
—
428
(41)
4,942
Total core revenue (2)
(C)
$
49,676
$
47,286
$
49,370
$
47,485
$
39,483
Total non-interest expense
29,182
29,827
33,799
32,739
26,538
Non-core expenses:
(Loss) gain on premises and equipment, net
—
(134)
(370)
206
(3)
Gain (loss) and other expenses on other real estate owned
(273)
—
—
—
—
Acquisition, conversion and other expenses
36
(1,455)
(4,170)
(4,978)
(1,205)
Total non-core expenses (2)
(237)
(1,589)
(4,540)
(4,772)
(1,208)
Core non-interest expense (2)
(D)
$
28,945
$
28,238
$
29,259
$
27,967
$
25,330
Total revenue
49,651
47,286
48,942
47,526
34,541
Total non-interest expense
29,182
29,827
33,799
32,739
26,538
Pre-tax, pre-provision net revenue(2)
(S)
$
20,469
$
17,459
$
15,143
$
14,787
$
8,003
Core revenue(2)
49,676
47,286
49,370
47,485
39,483
Core non-interest expense(2)
28,945
28,238
29,259
27,967
25,330
Core pre-tax, pre-provision net revenue(2)
(U)
$
20,731
$
19,048
$
20,111
$
19,518
$
14,153
(in millions)
Average earning assets
(E)
$
4,277
$
4,294
$
4,294
$
4,179
$
3,777
Average assets
(F)
4,654
4,669
4,670
4,518
4,071
Average shareholders' equity
(G)
547
542
533
502
469
Average tangible shareholders' equity (2) (3)
(H)
390
384
374
360
346
Tangible shareholders' equity, period-end (2) (3)
(I)
392
380
374
362
346
Tangible assets, period-end (2) (3)
(J)
4,585
4,519
4,526
4,563
3,989
I
BAR HARBOR BANKSHARES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA – UNAUDITED
At or for the Quarters Ended
Jun 30,
Mar 31,
Dec 31,
Sept 30,
Jun 30,
(in thousands)
2026
2026
2025
2025
2025
Common shares outstanding, period-end
(K)
16,754
16,742
16,702
16,689
15,322
Average diluted shares outstanding
(L)
16,808
16,804
16,757
16,284
15,372
Core earnings per share, diluted (2)
(A/L)
$
0.92
$
0.88
$
0.93
$
0.95
$
0.70
Tangible book value per share, period-end (2)
(I/K)
23.43
22.71
22.41
21.70
22.58
Tangible shareholders' equity/total tangible assets (2)
(I/J)
8.56
8.42
8.27
7.94
8.67
Performance ratios (4)
GAAP return on assets
1.31
%
1.18
%
1.00
%
0.78
%
0.60
%
Core return on assets (2)
(A/F)
1.33
1.28
1.32
1.35
1.06
Pre-tax, pre-provision return on assets(2)
(S/F)
1.76
1.52
1.29
1.30
0.79
Core pre-tax, pre-provision return on assets (2)
(U/F)
1.79
1.65
1.71
1.71
1.39
GAAP return on equity
11.16
10.13
8.76
6.99
5.21
Core return on equity (2)
(A/G)
11.30
11.03
11.55
12.16
9.19
Return on tangible equity (1) (2)
(R+Q)/H
16.11
14.77
12.94
10.07
7.26
Core return on tangible equity (1) (2)
(A+Q)/H
16.31
16.03
16.91
17.23
12.66
Efficiency ratio (2) (5)
(D-O-Q)/(C+N)
55.76
56.92
57.24
56.70
62.10
Net interest margin, fully taxable equivalent (2)
(B+P)/E
3.61
3.54
3.62
3.56
3.23
Supplementary data (in thousands)
Taxable equivalent adjustment for efficiency ratio
(N)
$
905
$
1,044
$
766
$
738
$
706
Franchise taxes included in non-interest expense
(O)
159
146
(22)
158
141
Tax equivalent adjustment for net interest margin
(P)
556
554
595
574
560
Intangible amortization
(Q)
582
582
582
466
233
(1) Assumes a marginal tax rate of 24.65% for the first and second quarters of 2026 and third and fourth quarters of 2025 and 24.26% in the second quarter of 2025.
(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 in the second quarter 2025 includes a $4.5 million loss on corporate debt securities and $549 thousand on a matured debt security.
J
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v3.26.1
Document and Entity Information
Jul. 21, 2026
Document and Entity Information [Abstract]
Document Type
8-K
Document Period End Date
Jul. 21, 2026
Entity File Number
001-13349
Entity Registrant Name
BAR HARBOR BANKSHARES
Entity Incorporation, State or Country Code
ME
Entity Tax Identification Number
01-0393663
Entity Address, Address Line One
PO Box 400
Entity Address, Adress Line Two
82 Main Street
Entity Address, State or Province
ME
Entity Address, City or Town
Bar Harbor
Entity Address, Postal Zip Code
04609-0400
City Area Code
207
Local Phone Number
288-3314
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Title of 12(b) Security
Common Stock, par value $2.00 per share
Trading Symbol
BHB
Security Exchange Name
NYSEAMER
Entity Emerging Growth Company
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Entity Central Index Key
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