Bar Harbor Bankshares (NYSE:
BHB) reported second quarter 2017 net income of $6.6
million, or 42 cents per share. Core earnings totaled $8.1 million,
or 52 cents per share. Net income increased 56% over the prior
quarter and core earnings increased 21% reflecting the strength of
the expanded operations. Merger-related and systems conversion
costs in the second quarter of 2017 totaled $0.10 per share
(after-tax).
SECOND QUARTER FINANCIAL HIGHLIGHTS (comparisons are to
prior quarter unless otherwise stated):
- 11% increase in net interest
income
- 10% increase in fee income
- 20 bps improvement in core ROA to .94%
(non-GAAP measure)
- 56.0% efficiency ratio (non-GAAP
measure)
- 7.1% annualized deposit growth
- 0.22% non-performing loans to total
loans
President and Chief Executive Officer, Curtis C. Simard stated,
“The second quarter results are reflective of the momentum and
drive we experienced across all our markets. We remain focused on
executing profitability strategies while maintaining our commitment
to our communities. Not only did we experience strong and
disciplined improvement in all performance metrics, we successfully
completed our systems conversion on time and according to plan.
This has been an active quarter in every way, and I am proud of
what our teams have accomplished. It is a direct reflection of our
commitment and what defines our culture.”
Mr. Simard further stated “We continue to strengthen our balance
sheet by delivering positive operating leverage through revenue
diversification and maximizing operational efficiencies. All the
while, our commitment to credit risk and asset quality remains a
top priority as the second quarter ratio of non-performing loans to
total loans came in at a mere 22 basis points.”
RESULTS OF OPERATIONSGAAP earnings increased to $6.6
million in the second quarter from $4.2 million in the linked
quarter driven by higher interest income and fee income, and lower
merger related expenses. Core income, which is a non-GAAP measure
excluding tax-effected acquisition and system related costs, was
$8.1 million in the second quarter compared to $6.2 million in the
prior quarter. Second quarter earnings includes a full quarter
earnings from the Lake Sunapee Bank Group merger that closed on
January 13, 2017. Net interest income was affected positively by a
6 basis point increase in net interest spread. The yield on earning
assets also benefited from purchase loan accretion.
Total non-interest income increased $0.5 million to $6.6 million
compared to $5.9 million in the prior quarter. Trust and investment
management fees increased $0.5 million in the current quarter as we
continue to leverage the expanded operations from the merger.
Customer service fees increased $0.6 million compared to the prior
quarter as a result of a higher number of ATM transactions and a
full quarter impact from the acquired operations.
Non-interest expense decreased $0.8 million in the current
quarter primarily due to lower merger related and system conversion
costs. The efficiency ratio (a non-GAAP financial measure) was
56.0% compared to 63.0% in the prior quarter and 60.0% in the
second quarter of 2016. This decrease reflects disciplined cost
control and execution against anticipated cost saves with the
acquisition.
The effective tax was 31.6% in the second quarter compared to
26.0% in the first quarter, reflecting higher pretax income. The
first quarter also benefited from a merger related discrete tax
adjustment that reduced the quarterly rate based on the revaluation
of the Company’s net deferred tax assets to the New Hampshire state
rate.
FINANCIAL CONDITIONTotal assets measured $3.5 billion at
June 30, 2017. While total loan growth was relatively flat due to a
large commercial real estate loan payoff just prior to quarter end,
total average balances increased for the quarter. Commercial and
industrial product lines increased 46.3% from the prior quarter,
which are generally variable rate in nature and are favorable in
the current interest rate environment.
The Company’s book value per share increased to $22.53 from
$22.17 in the first quarter while tangible book value per share, a
non-GAAP financial measure, increased to $15.44 from $15.07. The
loan to deposit ratio improved to 107% from 109% in the prior
quarter primarily due to growth in time deposits as we continue to
leverage and deepen the expanded customer base. Asset quality
continues to be strong as the ratio of non-accruing loans to total
loans decreased to 0.22% from 0.25% in the previous quarter and net
charge-offs to total loans remains close to zero at 0.03%.
BACKGROUNDBar Harbor Bankshares (NYSE MKT: 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
125 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 STATEMENTSThis document contains
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. There are several factors that could
cause actual results to differ significantly from expectations
described in the forward-looking statements. For a discussion of
such factors, please see the Company’s most recent reports on Forms
10-K and 10-Q filed with the Securities and Exchange Commission and
available on the SEC’s website at www.sec.gov. The Company does not undertake any
obligation to update forward-looking statements.
NON-GAAP FINANCIAL MEASURESThis document contains certain
non-GAAP financial measures in addition to results presented in
accordance with Generally Accepted Accounting Principles (“GAAP”).
These non-GAAP measures provide supplemental perspectives on
operating results, performance trends, and financial condition.
They 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 included beginning on page J in the accompanying
financial tables. In all cases, it should be understood that
non-GAAP per share measures do not depict amounts that accrue
directly to the benefit of shareholders.
The Company utilizes the non-GAAP measure of core earnings in
evaluating operating trends, including components for core revenue
and expense. These measures exclude items which the Company does
not view as related to its normalized operations. These items
include securities gains/losses, merger costs, restructuring costs,
and systems conversion costs. Non-core adjustments are presented
net of an adjustment for income tax expense. This adjustment is
determined as the difference between the GAAP tax rate and the
effective tax rate applicable to core income. The efficiency ratio
is adjusted for non-core revenue and expense items and for tax
preference items. The Company also calculates measures related to
tangible equity, which adjust equity (and assets where applicable)
to exclude intangible assets due to the importance of these
measures to the investment community. Charges related to merger of
Lake Sunapee Bank Group consists primarily of severance and
retention cost, systems conversion and integration costs, and
professional fees. The Company’s disclosure of organic growth of
loans in 2017 is also adjusted for the Lake Sunapee Bank Group
merger.
TABLE
INDEX
CONSOLIDATED FINANCIAL SCHEDULES (UNAUDITED)
A
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 (1)(3) Jun 30,2017 (3) Mar 31,2017
Dec 31,2016 Sep 30,2016
Jun 30,2016
PER SHARE DATA Net earnings, diluted $ 0.42 $
0.29 $ 0.28 $ 0.40 $ 0.47 Core earnings, diluted (1) (2) 0.52 0.43
0.41 0.34 0.39 Total book value 22.53 22.17 17.19 18.09 18.27
Tangible book value (2) 15.44 15.07 16.61 17.51 17.67 Market price
at period end 30.82 33.08 31.55 24.48 23.40 Dividends 0.187 0.187
0.187 0.183 0.180
PERFORMANCE RATIOS Return on assets
0.76 % 0.50 % 0.59 % 0.86 % 1.04 % Core return on assets (1) (2)
0.94 0.74 0.87 0.73 0.85 Return on equity 7.55 5.34 6.36 8.78 10.67
Core return on equity (1) (2) 9.32 7.88 9.34 7.49 8.72 Core return
on tangible equity (1) (2) 13.78 12.24 9.66 7.75 9.03 Net interest
margin, fully taxable equivalent (FTE) (4) 3.16 3.11 2.89 2.84 3.04
Net interest margin (FTE), excluding purchased loan accretion (4)
3.02 3.01 2.89 2.84 3.04 Efficiency ratio (2) 0.56 0.63 0.61 0.62
0.6
GROWTH (Year-to-date) Total commercial loans,
(annualized) (2) (5.4 )% 20.0 % 14.9 % 3.3 % (0.1 )% Total loans,
(annualized) (2) 0.7 13.3 15.0 15.0 16.9 Total deposits,
(annualized) (2) 7.1 (10.2 ) 6.5 17.7 11.3
FINANCIAL DATA
(In millions) Total assets $ 3,503 $ 3,427 $ 1,755 $ 1,718 $
1,688 Total earning assets 3,139 3,139 1,683 1,649 1,608 Total
investments 763 767 554 561 559 Total loans 2,377 2,372 1,129 1,088
1,049 Allowance for loan losses 11 11 10 10 10 Total goodwill and
intangible assets 109 109 5 5 5 Total deposits 2,213 2,174 1,050
1,034 990 Total shareholders' equity 347 341 157 164 165 Net income
7 4 3 4 4 Core income (4) 8 6 4 3 4
ASSET QUALITY AND
CONDITION RATIOS Net charge-offs (current quarter
annualized)/average loans (5) 0.03 % 0.06 % (0.03 )% (0.03 )% 0.03
% Allowance for loan losses/total loans (5) 0.48 0.46 0.92 0.93
0.94 Loans/deposits 107 109 108 105 106 Shareholders' equity to
total assets 9.91 9.95 8.93 9.57 9.79 Tangible shareholders' equity
to tangible assets (2) 7.01 6.99 8.65 9.29
9.50
(1) Adjusted measurements are non-GAAP financial measures that
are adjusted to exclude net non-operating charges primarily related
to acquisitions, and gain on sale of securities. 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 annualized and are based on average balance
sheet amounts, where applicable. (4) Fully taxable equivalent
considers the impact of tax advantaged investment securities and
loans. (5) Generally accepted accounting principles require that
loans acquired in a business combination be recorded at fair value,
whereas loans from business activities are recorded at cost. The
fair value of loans acquired in a business combination includes
expected loan losses, and there is no loan loss allowance recorded
for these loans at the time of acquisition. Accordingly, the ratio
of the loan loss allowance to total loans is reduced as a result of
the existence of such loans, and this measure is not directly
comparable to prior periods. Similarly, net loan charge-offs are
normally reduced for loans acquired in a business combination since
these loans are recorded net of expected loan losses. Therefore,
the ratio of net loan charge-offs to average loans is reduced as a
result of the existence of such loans, and this measure is not
directly comparable to prior periods. Other institutions may have
loans acquired in a business combination, and therefore there may
be no direct comparability of these ratios between and among other
institutions.
BAR HARBOR BANKSHARES CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In thousands) June 30,
2017 March 31, 2017 (1) December 31, 2016
Assets Cash and
due from banks $ 28,112 $ 29,245 $ 8,219 Interest-bearing deposit
with the Federal Reserve Bank 90,881 12,781 220
Total cash and cash equivalents 118,993 3,385,456 8,439
Securities available for sale, at fair value 718,364 724,224
528,856 Federal Home Loan Bank stock 44,168 42,404
25,331 Total securities 762,532 766,628 554,187 Commercial
real estate 738,584 779,635 418,119 Commercial and industrial
350,002 309,995 151,240 Residential real estate 1,160,832 1,155,436
506,612 Consumer 127,229 127,370 53,093 Total
loans 2,376,647 2,372,436 1,129,064 Less: Allowance for loan losses
(11,442 ) (10,884 ) (10,419 ) Net loans 2,365,205 2,361,552
1,118,645 Premises and equipment, net 48,590 45,581 23,419
Other real estate owned 122 363 90 Goodwill 100,255 99,901 4,935
Other intangible assets 9,047 9,282 377 Cash surrender value of
bank-owned life insurance 57,233 56,627 24,450 Deferred tax asset,
net 13,211 14,158 5,990 Other assets 28,223 31,364
14,817 Total assets $ 3,503,411 $ 3,427,483 $
1,755,349
Liabilities and shareholders' equity
Demand and other non-interest bearing deposits $ 332,339 $ 349,896
$ 98,856 NOW deposits 451,171 242,876 175,150 Savings deposits
360,306 511,091 77,623 Money market deposits 285,312 349,491
282,234 Time deposits 783,876 720,899 416,437
Total deposits 2,213,004 2,174,253 1,050,300 Senior
borrowings 872,021 842,150 531,596 Subordinated borrowings 43,063
43,078 5,000 Total borrowings 915,084 885,228
536,596 Other liabilities 28,201 26,954 11,713
Total liabilities 3,156,289 3,086,435 1,598,609 Total
common shareholders' equity 347,122 341,048 156,740
Total liabilities and shareholders' equity $ 3,503,411
$ 3,427,483 $ 1,755,349
Net shares
outstanding (2) 15,407 15,385 9,116
(1) The Company completed the merger with Lake Sunapee Bank
Group on January 13, 2017.(2) Adjusted for 3-for-2 stock-split
March 2017.
BAR HARBOR BANKSHARES CONSOLIDATED LOAN & DEPOSIT
ANALYSIS - UNAUDITED
LOAN
ANALYSIS
Organic Annualized Growth % (1) June 30, 2017 (in thousands)
Jun 30, 2017 Balance Mar 31, 2017 Balance Acquired Lake Sunapee
Bank Balance (2) Dec 31, 2016 Balance Quarter End
Year to Date Commercial real estate $ 738,584 $ 779,635 $ 345,586 $
418,119 (21.1 )% (12.0 )% Commercial and industrial 263,903
236,526 89,259 135,564 46.3 % 57.7 % Total
commercial loans 1,002,487 1,016,161 434,845 553,683 (5.4 )% 5.0 %
Residential real estate 1,160,832 1,155,436 652,255 506,612 1.9 %
0.8 % Consumer 127,229 127,370 76,489 53,093 (0.4 )% (8.9 )% Tax
exempt and other 86,099 73,469 44,611 15,676
68.8 % 329.3 % Total loans $ 2,376,647 $ 2,372,436
$ 1,208,200 $ 1,129,064 0.7 % 7.0 %
(1) Non-GAAP financial measure.(2) Acquired Lake Sunapee Bank
loans are as of January 13, 2017.
DEPOSIT
ANALYSIS
Organic Annualized Growth % (1) June 30, 2017 (in thousands)
Jun 30, 2017 Balance Mar 31, 2017 Balance Acquired Lake Sunapee
Bank Balance (2) Dec 31, 2016 Balance Quarter End
Year to Date Demand $ 332,339 $ 349,896 $ 248,051 $ 98,856 (20.1 )%
(29.5 )% NOW 451,171 242,876 39,999 175,150 343.0 % 269.5 % Money
market 285,312 349,491 103,142 282,234 (73.5 )% (70.9 )% Savings
360,306 511,091 467,735 77,623 (118.0
)% (476.8 )% Total non-maturity deposits 1,429,128 1,453,354
858,927 633,863 (6.7 )% (20.1 )% Total time deposits 783,876
720,899 291,684 416,437 34.9 % 36.4 % Total
deposits $ 2,213,004 $ 2,174,253 $ 1,150,611 $
1,050,300 7.1 % 2.3 %
(1) Non-GAAP financial measure.(2) Acquired Lake Sunapee Bank
deposits are as of January 13, 2017.
BAR HARBOR BANKSHARES CONSOLIDATED STATEMENTS OF INCOME -
UNAUDITED
Three Months Ended June 30, Six Months Ended June 30, (In
thousands, except per share data) 2017 2016 2017 2016
Interest
and dividend income Loans $ 24,226 $ 10,249 $ 45,420 $ 20,332
Securities and other 5,439 4,105 10,430 8,186
Total interest and dividend income 29,665 14,354 55,850
28,518
Interest expense Deposits 2,539 1,599 4,749 3,176
Borrowings 3,317 1,373 5,920 2,624
Total interest expense 5,856 2,972 10,669
5,800
Net interest income 23,809 11,382
45,181 22,718 Provision for loan losses 736 150 1,531
615 Net interest income after provision for loan losses 23,073
11,232 43,650 22,103
Non-interest
income Trust and investment management fee income 3,324 955
6,188 1,903 Insurance and brokerage service income 327 — 691 —
Customer service fees 1,991 252 3,351 463 Gain on sales of
securities, net — 1,699 — 3,135 Bank-owned life insurance income
386 118 785 343 Other income 530 590 1,489
1,098 Total non-interest income 6,558 3,614
12,504 6,942
Non-interest expense Salaries and
employee benefits 10,127 4,799 20,448 9,816 Occupancy and equipment
3,013 1,152 5,679 2,310 Loss on sales of premises and equipment,
net — — 95 — Outside services 716 139 1,313 249 Professional
services 489 710 929 834 Communication 290 271 658 364 Amortization
of intangible assets 188 1 345 2 Merger expenses 2,459 492 5,571
492 Other expenses 2,764 949 5,341 2,226
Total non-interest expense 20,046 8,731 40,877
16,729 Income before income taxes 9,585 6,115
15,277 12,316 Income tax expense 3,029 1,804 4,510
3,600
Net income $ 6,556 $ 4,311
$ 10,767 $ 8,716
Earnings per share:
Basic (1) $ 0.43 $ 0.48 $ 0.72 $ 0.97 Diluted (1) 0.42 0.47 0.72
0.96
Weighted average shares outstanding: Basic (1)
15,393 9,023 14,935 9,023 Diluted (1) 15,506 9,125
15,049 9,125
(1) Adjusted for 3-for-2 stock-split completed in March 2017
BAR HARBOR BANKSHARES CONSOLIDATED STATEMENTS OF INCOME
(5 Quarter Trend) - UNAUDITED
(In thousands, except per
share data) Jun 30,2017 Mar 31,2017 Dec 31,2016 Sep 30,2016 Jun
30,2016
Interest and dividend income Loans $ 24,226 $ 21,194
$ 11,026 $ 10,295 $ 10,249 Securities and other 5,439 4,991
3,820 3,828 4,105 Total interest and dividend
income 29,665 26,185 14,846 14,123 14,354
Interest expense
Deposits 2,539 2,210 1,768 1,755 1,599 Borrowings 3,317
2,603 1,421 1,369 1,373 Total interest expense
5,856 4,813 3,189 3,124 2,972
Net
interest income 23,809 21,372 11,657 10,999 11,382 Provision
for loan losses 736 795 225 139 150 Net
interest income after provision for loan losses 23,073
20,577 11,432 10,860 11,232
Non-interest
income Trust and investment management fee income 3,324 2,864
951 975 955 Insurance and brokerage service income 327 364 — — —
Customer service fees 1,991 1,360 188 215 252 Gain on sales of
securities, net — — 9 1,354 1,699 Bank-owned life insurance income
386 399 163 197 118 Other income 530 959 724
631 590 Total non-interest income 6,558 5,946
2,035 3,372 3,614
Non-interest expense
Salaries and employee benefits 10,127 10,321 5,127 4,832 4,799
Occupancy and equipment 3,013 2,666 1,144 1,156 1,152 Loss on sales
of premises and equipment,net — 95 32 216 — Outside services 716
597 337 181 139 Professional services 489 440 405 250 710
Communication 290 368 94 128 271 Amortization of intangible assets
188 157 1 1 1 Merger expenses 2,459 3,112 1,838 320 492 Other
expenses 2,764 2,695 1,269 1,506 949
Total non-interest expense 20,046 20,831 10,457
8,750 8,731 Income before income taxes 9,585
5,692 3,010 5,482 6,115 Income tax expense 3,029 1,481
426 1,850 1,804
Net income $ 6,556
$ 4,211 $ 2,584 $ 3,632 $ 4,311
Earnings per share: Basic (1) $ 0.43 $ 0.29 $ 0.28 $ 0.40 $
0.48 Diluted (1) 0.42 0.29 0.28 0.40 0.47
Weighted
average shares outstanding: Basic (1) 15,393 14,471 9,096 9,064
9,032 Diluted (1) 15,506 14,591
9,215 9,162 9,129
(1) Adjusted for 3-for-2 stock split completed in March 2017
BAR HARBOR BANKSHARES AVERAGE YIELDS AND COSTS (Fully
Taxable Equivalent - Annualized) - UNAUDITED
Quarters
Ended Jun 30,2017 Mar 31,2017 Dec 31,2016 Sep 30,2016 Jun
30,2016
Earning assets Loans 4.14 % 4.00 % 3.94 % 3.89 %
4.03 % Securities and other 3.19 3.01 3.01
3.07 3.37 Total earning assets 3.91 % 3.76 % 3.65 %
3.62 % 3.80 %
Funding liabilities Interest bearing
deposits 0.56 % 0.52 % 0.76 % 0.78 % 0.76 % Borrowings 1.41
1.25 1.05 1.06 0.99 Total
interest-bearing liabilities 0.85 % 0.76 % 0.86 % 0.88 % 0.85 %
Net interest
spread 3.06 3.00 2.79 2.74 2.95 Net interest margin
3.16 3.11 2.89
2.84 3.04
BAR
HARBOR BANKSHARES AVERAGE BALANCES - UNAUDITED
Quarters Ended (In thousands) Jun 30,2017 Mar 31,2017 Dec 31,2016
Sep 30,2016 Jun 30,2016
Assets Total loans (1) $ 2,377,141 $
2,346,340 $ 1,119,065 $ 1,058,253 $ 1,028,748 Securities and other
(2) 761,546 746,653 556,365 551,456
546,917 Total earning assets 3,138,687 3,092,994 1,675,430
1,609,709 1,575,665 Cash and due from banks 87,332 25,556 5,976
5,819 5,400 Allowance for loan losses (11,292 ) (10,584 ) (10,336 )
(10,095 ) (10,036 ) Goodwill and other intangible assets 109,108
109,261 5,324 5,347 5,370 Other assets 110,129 122,396
71,807 78,755 75,177 Total assets $
3,433,964 $ 3,339,623 $ 1,748,201 $ 1,689,535
$ 1,651,576
Liabilities and shareholders'
equity Total interest-bearing deposits $ 1,811,226 $ 1,798,014
$ 930,983 $ 897,703 $ 845,042 Borrowings 941,789 856,328
537,818 514,999 557,593 Total
interest-bearing liabilities 2,753,015 2,654,343 1,468,801
1,412,702 1,402,635 Non-interest-bearing demand deposits 320,503
350,497 108,961 103,971 80,119 Other liabilities 13,145
19,334 7,929 7,376 7,147 Total
liabilities 3,086,663 3,024,174 1,585,691 1,524,049 1,489,901
Total shareholders' equity 347,301 315,449 162,510 165,486
161,675 Total liabilities
and shareholders' equity $ 3,433,964 $ 3,339,623 $
1,748,201 $ 1,689,535 $ 1,651,576
(1) Total loans include non-accruing loans.(2) Average balances
for securities available-for-sale are based on amortized cost.
BAR HARBOR BANKSHARES ASSET QUALITY ANALYSIS -
UNAUDITED
At or for the Quarters Ended (in thousands)
Jun 30,2017 Mar 31,2017 Dec 31,2016 Sep 30,2016 Jun 30,2016
NON-PERFORMING ASSETS Non-accruing loans: Commercial real
estate $ 2,090 $ 2,354 $ 2,564 $ 2,478 $ 1,900 Commercial
installment 270 451 315 276 190 Residential real estate 2,783 3,066
3,419 3,429 3,157 Consumer installment 160 160 198
219 225 Total non-accruing loans 5,303 6,031
6,496 6,402 5,472 Other real estate owned 122 363 90
189 209 Total non-performing assets $ 5,425
$ 6,394 $ 6,586 $ 6,591 $ 5,681
Total non-accruing loans/total loans 0.22 % 0.25 % 0.58 %
0.59 % 0.52 % Total non-performing assets/total assets 0.15 0.19
0.38 0.38 0.34
PROVISION AND ALLOWANCE FOR LOAN
LOSSES Balance at beginning of period $ 10,884 $ 10,419 $
10,103 $ 9,891 $ 9,814 Charged-off loans (214 ) (344 ) (28 ) (120 )
(99 ) Recoveries on charged-off loans 35 14 119
193 26 Net loans charged-off (178 ) (330 ) 91
73 (73 ) Provision for loan losses 736 795 225
139 150 Balance at end of period $ 11,442 $
10,884 $ 10,419 $ 10,103 $ 9,891
Allowance for loan losses/total loans 0.48 % 0.46 % 0.92 % 0.93 %
0.94 % Allowance for loan losses/non-accruing loans 216 181 160 158
181
NET LOAN CHARGE-OFFS Commercial real estate $ (6
) $ (103 ) $ 5 $ (77 ) $ 7 Commercial installment (138 ) (17 ) 89
156 2 Residential real estate (13 ) (198 ) 8 (11 ) (83 ) Consumer
installment (22 ) (12 ) (11 ) 5 1 Total, net $ (178 )
$ (330 ) $ 91 $ 73 $ (73 ) Net charge-offs
(QTD annualized)/average loans 0.03 % 0.06 % (0.03 )% (0.03 )% 0.03
% Net charge-offs (YTD annualized)/average loans 0.04 0.06 (0.03 )
0.01 0.03
DELINQUENT AND NON-ACCRUING LOANS/TOTAL
LOANS 30-89 Days delinquent 0.55 % 0.33 % 0.54 % 0.15 % 0.32 %
90+ Days delinquent and still accruing — — — —
0.01 Total accruing delinquent loans 0.55 0.33 0.54
0.15 0.33 Non-accruing loans 0.22 0.25 0.58
0.59 0.52 Total delinquent and non-accruing loans
0.77 % 0.58 % 1.12 % 0.74 % 0.85 %
BAR HARBOR
BANKSHARES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND
SUPPLEMENTARY DATA- UNAUDITED At or for the
Quarters Ended (in thousands) Jun 30,2017 Mar
31,2017 Dec 31,2016 Sep 30,2016
Jun 30,2016 Net income $ 6,556 $ 4,211 $ 2,584 $ 3,632 $
4,311 Adj: Security Gains — — (9 ) (1,354 ) (1,699 ) Adj: Loss on
sale of fixed assets, net — 95 32 216 — Adj: Merger and acquisition
expense 2,459 3,112 1,838 320 492 Adj: Income taxes (37.57% in
2017, 35.0% in 2016) (924 ) (1,205 ) (651 ) 286 422
Total core income (4) (A) $ 8,091 $ 6,213 $
3,794 $ 3,100 $ 3,526 Net-interest
income $ 23,809 $ 21,372 $ 11,657 $ 10,999 $ 11,382 Plus:
Non-interest income 6,558 5,946 2,035
3,372 3,614 Total Revenue 30,367 27,318 13,692 14,371
14,996 Adj: Net security gains — — (9 ) (1,354
) (1,699 ) Total core revenue (4) (B) $ 30,367 $ 27,318
$ 13,683 $ 13,017 $ 13,297 Total
non-interest expense $ 20,046 $ 20,831 $ 10,457 $ 8,750 $ 8,731
Less: Merger and acquisition expense (2,459 ) (3,112 )
(1,838 ) (320 ) (492 ) Core non-interest expense (4) (C) $ 17,587
$ 17,719 $ 8,619 $ 8,430 $ 8,239
(in millions, except per share data) Total average assets
(D) $ 3,434 $ 3,340 $ 1,748 $ 1,690 $ 1,652 Total average
shareholders' equity (E) 347 315 163 165 162 Total average tangible
shareholders' equity (F) 238 206 157 160 156 Total tangible
shareholders' equity, period-end (1) (G) 238 232 151 159 160 Total
tangible assets, period-end (1) (H) 3,394 3,318 1,750 1,713 1,682
Total common shares outstanding, period-end (thousands) (I)
15,407 15,385 9,116 9,084 9,045 Average diluted shares outstanding
(thousands) (J) 15,506 14,591 9,215 9,162 9,129 Core
earnings per share, diluted (A/J) $ 0.52 $ 0.43 $ 0.41 $ 0.34 $
0.39 Tangible book value per share, period-end (G/I) 15.44 15.07
16.61 17.51 17.67 Total tangible shareholders' equity/total
tangible assets (G)/(H) 7.01 6.99 8.65 9.29 9.50 Performance
ratios (2) GAAP return on assets 0.76 % 0.50 % 0.59 % 0.86 % 1.04 %
Core return on assets (4) (A/D) 0.94 0.74 0.86 0.70 0.85 GAAP
return on equity 7.55 5.34 6.36 8.78 10.67 Core return on equity
(4) (A/E) 9.32 7.88 9.29 7.15 8.72 Core return on tangible equity
(3) (4) (A/F) 13.78 12.24 9.60 7.39 9.03 Efficiency ratio (4)(5)
(C-M)/ (B+N) 0.56 0.63 0.61 0.62 0.60 Net interest margin 3.16 3.11
2.89 2.84 3.04
Supplementary data (in thousands)
Fully taxable equivalent income adjustment (N) $ 813 $ 754 $ 519 $
511 $ 526 Intangible amortization (M) 188
157 1 1
1
(1) Total tangible shareholders' equity is computed by taking
total shareholders' equity less the intangible assets at
period-end. Total tangible assets is computed by taking total
assets less the intangible assets at period-end.(2) Ratios are
annualized and based on average balance sheet amounts, where
applicable. Quarterly data may not sum to year-to-date data due to
rounding.(3) Core return on tangible equity is computed by dividing
the total core income adjusted for the tax-effected amortization of
intangible assets, assuming a marginal rate of 37.57% in 2017 and
35.0% in 2016, by tangible equity.(4) Non-GAAP financial
measure.(5) Efficiency ratio is computed by dividing total core
tangible non-interest expense by the sum of total net interest
income on a fully taxable equivalent basis and total core
non-interest income. The Company uses this non-GAAP measure to
provide important information about its operating efficiency.
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version on businesswire.com: http://www.businesswire.com/news/home/20170727006699/en/
Bar Harbor BanksharesJosephine Iannelli, 207-288-3314EVP, Chief
Financial Officer & TreasurerorMarsha Sawyer, 207-288-3314EVP,
Investor Relations
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