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Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:Bar Harbor Bankshares (BHB) is a bank holding company for Bar Harbor Bank & Trust. The Zacks Consensus Estimate for its current year earnings has been revised 4.5% downward over the last 60 days.Materion Corporation (MTRN) produces advanced engineered materials used in the semiconductor market. The Zacks Consensus Estimate for its current year earnings has been revised 1.2% downward over the last 60 days.Middlefield Banc Corp. (MBCN) ...

Bar Harbor Bankshares (BHB) came out with quarterly earnings of $0.68 per share, beating the Zacks Consensus Estimate of $0.67 per share. This compares to earnings of $0.83 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.49%. A quarter ago, it was expected that this bank would post earnings of $0.67 per share when it actually produced earnings of $0.73, delivering a surprise of 8.96%.Over the last four quarters, the company ...

BAR HARBOR BANKSHARES (Exact name of registrant as specified in its charter) Maine 01-0393663 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Item 1. Legal Proceedings 70 4 Table of Contents The accompanying notes are an integral part of these consolidated financial statements. Table of Contents For the quarterly period ended: September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | | ...

The Allowance for Credit Losses ("ACL") is comprised of the allowance for loan losses and the allowance for unfunded commitments which is accounted for as a separate liability in other liabilities on our balance sheet. The level of the ACL represents management's estimate of expected credit losses over the expected life of the loans at the balance sheet date. The ACL on unfunded commitments is recognized as a liability (other liabilities on the consolidated balance sheet), with adjustments to the reserve re ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-13349 BAR HARBOR BANKSHARES (Exact name of registrant as specified in its charter) Maine 01-0393663 (State or other jurisdiction of incorpor ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-13349 BAR HARBOR BANKSHARES (Exact name of registrant as specified in its charter) Maine 01-0393663 (State or other jurisdiction of incorporation ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-13349 BAR HARBOR BANKSHARES (Exact name of registrant as specified in its charter) Maine 01-0393663 (State or other ju ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Consolidated Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20(unaudited)) This section presents the unaudited interim consolidated financial statements for Bar Harbor Bankshares as of June 30, 2022, and for the three and six-month periods then ended, including balance sheets, statements of income, comprehensive income, changes in shareholders' equity, cash flows, and detailed notes explaining key accounting policies [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2022, total assets were $3.72 billion, a slight increase from $3.71 billion at December 31, 2021, driven by a $195.4 million increase in net loans, while shareholders' equity decreased significantly to $393.6 million from $424.1 million due to unrealized losses on available-for-sale securities Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2022 | December 31, 2021 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$3,715,757** | **$3,709,233** | **+$6,524** | | Net Loans | $2,703,518 | $2,509,192 | +$194,326 | | Total Deposits | $3,078,545 | $3,048,544 | +$30,001 | | **Total Liabilities** | **$3,322,160** | **$3,285,086** | **+$37,074** | | **Total Shareholders' Equity** | **$393,597** | **$424,147** | **-$30,550** | | Accumulated Other Comprehensive (Loss) Income | ($40,971) | $2,303 | -$43,274 | [Consolidated Statements of Income](index=8&type=section&id=Consolidated%20Statements%20of%20Income) For Q2 2022, net income increased to $10.5 million from $9.0 million in Q2 2021, primarily due to a 16.5% rise in net interest income, with diluted EPS reaching $0.70 Income Statement Summary (in thousands, except per share data) | Metric | Q2 2022 | Q2 2021 | YTD 2022 | YTD 2021 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $26,519 | $22,754 | $50,817 | $46,176 | | Provision for Credit Losses | $534 | ($765) | $911 | ($1,254) | | Non-interest Income | $8,961 | $9,505 | $18,270 | $19,753 | | Non-interest Expense | $21,700 | $21,724 | $43,586 | $44,215 | | **Net Income** | **$10,503** | **$9,025** | **$19,615** | **$18,505** | | **Diluted EPS** | **$0.70** | **$0.60** | **$1.30** | **$1.23** | [Consolidated Statements of Comprehensive Income](index=9&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) The company reported a total comprehensive loss of $9.1 million for Q2 2022 and $23.7 million for the first six months of 2022, primarily driven by significant unrealized losses on available-for-sale securities due to rising interest rates Comprehensive Income (Loss) (in thousands) | Metric | Q2 2022 | Q2 2021 | YTD 2022 | YTD 2021 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $10,503 | $9,025 | $19,615 | $18,505 | | Other Comprehensive (Loss) Income | ($19,616) | $2,819 | ($43,274) | ($858) | | **Total Comprehensive (Loss) Income** | **($9,113)** | **$11,844** | **($23,659)** | **$17,647** | [Consolidated Statements of Changes in Shareholders' Equity](index=10&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity decreased from $424.1 million at year-end 2021 to $393.6 million at June 30, 2022, primarily due to a $43.3 million other comprehensive loss that offset net income and cash dividends - Key drivers for the change in shareholders' equity in the first six months of 2022 include net income of **$19.6 million**, offset by other comprehensive loss of **$43.3 million** and cash dividends of **$7.5 million**[14](index=14&type=chunk)[220](index=220&type=chunk) [Consolidated Statements of Cash Flows](index=12&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2022, net cash provided by operating activities was $19.5 million, while net cash used in investing activities was $224.8 million, resulting in a net decrease in cash and cash equivalents of $183.3 million Cash Flow Summary - Six Months Ended June 30 (in thousands) | Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $19,546 | $12,922 | | Net Cash (Used in) from Investing Activities | ($224,777) | $21,318 | | Net Cash from (Used in) Financing Activities | $21,958 | ($86,529) | | **Net Change in Cash & Cash Equivalents** | **($183,273)** | **($52,289)** | [Notes to Unaudited Consolidated Interim Financial Statements](index=15&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Interim%20Financial%20Statements) This section provides detailed explanations for the figures presented in the primary financial statements, covering securities, loan portfolio, allowance for credit losses, borrowings, deposits, capital adequacy, derivative instruments, and fair value measurements [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=72&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance for Q2 and H1 2022, highlighting strong net income growth driven by net interest margin expansion and robust loan growth, despite the negative impact of unrealized securities losses on equity and book value, while maintaining stable credit quality and strong liquidity - Q2 2022 net income increased **16%** year-over-year to **$10.5 million**, driven by a **17%** rise in net interest income, with the net interest margin expanding by **45 basis points** to **3.19%** due to a higher interest rate environment and strong loan growth[201](index=201&type=chunk)[203](index=203&type=chunk) - Total loans grew at an **11% annualized rate** during Q2 2022, with commercial loans growing at **13%**, funded by core deposit expansion and the use of excess cash[207](index=207&type=chunk) - Shareholders' equity and book value were negatively impacted by unrealized losses on securities, with net unrealized losses of **$49.7 million** at quarter-end, reducing book value per share by **$2.55**[206](index=206&type=chunk)[209](index=209&type=chunk) - Credit quality remains strong, with non-accruing loans decreasing to **$7.9 million** from **$10.2 million** at year-end 2021, and the allowance for credit losses to total loans ratio stable at **0.87%**[208](index=208&type=chunk)[214](index=214&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=94&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate risk, managed by ALCO, with the balance sheet being asset-sensitive as of June 30, 2022, projecting net interest income improvement in a rising rate environment and deterioration in a falling rate environment - The company's most significant market risk is interest rate risk, which is managed by the Asset and Liability Committee (ALCO)[243](index=243&type=chunk)[244](index=244&type=chunk) Net Interest Income Sensitivity Analysis (as of June 30, 2022) | Rate Change (Basis Points) | Change over 1-12 Months | Change over 13-24 Months | | :--- | :--- | :--- | | +200 | +4.1% | +12.3% | | -100 | -3.2% | -8.9% | - Compared to the prior year, the company's sensitivity to a down-rate scenario has increased, while its sensitivity to an up-rate scenario has decreased[254](index=254&type=chunk) [Item 4. Controls and Procedures](index=97&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2022, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation by senior management, the company's disclosure controls and procedures were deemed **effective** as of June 30, 2022[259](index=259&type=chunk) - No changes occurred during the last fiscal quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[260](index=260&type=chunk) [PART II. OTHER INFORMATION](index=97&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=97&type=section&id=Item%201.%20Legal%20Proceedings) The company and its subsidiaries are involved in ordinary routine litigation incidental to their business, which management believes will not have a material effect on the consolidated financial statements - The company is party to routine litigation that is not expected to have a **material impact** on its financial condition[261](index=261&type=chunk) [Item 1A. Risk Factors](index=97&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2021 - No **material changes** to the risk factors from the 2021 Form 10-K were reported[262](index=262&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=98&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) On June 23, 2022, the Board of Directors approved a new twelve-month stock repurchase plan for up to 5% of outstanding common stock, approximately 751,000 shares, with no shares repurchased under this plan during Q2 2022 - A new stock repurchase plan for up to **751,000 shares** was approved in June 2022[263](index=263&type=chunk) - No shares were repurchased during the second quarter of 2022[211](index=211&type=chunk)[264](index=264&type=chunk) [Item 6. Exhibits](index=99&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and the financial statements formatted in iXBRL - Key exhibits filed include certifications by the CEO and CFO as required by Sarbanes-Oxley Act rules[265](index=265&type=chunk)

Financial Performance - Net earnings per diluted share decreased to $0.60 from $0.63 year-over-year, while adjusted earnings per diluted share were $0.62 compared to $0.68[170] - The return on assets was 1.00%, down from 1.03% in the prior year, while the return on equity decreased to 8.89% from 9.45%[170] - The efficiency ratio increased to 62.40% compared to 61.95% in the previous year[170] - Total revenue for the period was $33,607 thousand, with non-interest income contributing $9,309 thousand[182] - Adjusted earnings increased to $9,297 thousand, while total adjusted revenue remained stable at $33,598 thousand[182] - Net income for Q1 2022 was $9.1 million or $0.60 per diluted share, compared to $9.5 million or $0.63 per diluted share in Q1 2021[184] - Adjusted earnings per diluted share (non-GAAP) were $0.62 for Q1 2022, down from $0.68 in Q1 2021[184] - Non-interest income for Q1 2022 was $9.3 million, a decrease from $10.2 million in Q1 2021, with customer service fees increasing to $3.6 million from $3.0 million due to over 3,000 net core accounts opened[200] - Non-interest expense decreased to $21.9 million in Q1 2022 from $22.5 million in Q1 2021, with salaries and benefits expense slightly down to $12.1 million from $12.2 million[201] Asset and Liability Management - Total assets as of March 31, 2022, were $3.7 billion, with a market capitalization of $430 million[169] - Total liabilities amounted to $3,296,382 thousand, with total shareholders' equity at $415,636 thousand[174] - Average shareholders' equity increased to $416,000 thousand, reflecting a strong capital position[182] - The allowance for credit losses to total loans ratio improved to 0.87% from 0.93%[170] - The allowance for credit losses was $23.2 million, with a coverage ratio of 0.87% compared to 0.90% at year-end 2021[193] - The Bank's liquidity position is deemed sufficient to meet current and future funding requirements, although changes in economic conditions could impact this[206] - As of March 31, 2022, available same-day liquidity totaled approximately $1.1 billion, including cash and borrowing capacity at FHLB and the Federal Reserve[205] - The Bank had unused borrowing capacity of $436 million at FHLB, $87 million at the Federal Reserve, and $51 million in lines of credit, along with over $200 million in unencumbered liquid investment portfolio assets[205] Loan and Deposit Growth - Total loans increased to $2.65 billion, reflecting a 19% annualized growth rate[171] - Total loans increased to $2,615,402 thousand with a net interest income of $24,298 thousand, reflecting a yield of 3.54%[174] - Commercial real estate loans grew by 26% year-over-year, reaching $1.29 billion[171] - Total loans increased by $122.7 million to $2.6 billion at quarter-end, with commercial loans up by $80.1 million[192] - Total deposits were $3.05 billion, showing a slight decrease from the previous quarter[172] - Total deposits remained flat at $3.0 billion, with core deposits growing by $32.8 million or 5% annualized[195] Interest Rate Risk Management - The most significant market risk affecting the company is interest rate risk, which arises from the imbalance in the re-pricing, maturity, and cash flow characteristics of assets and liabilities[216][218] - Interest rate sensitivity modeling indicates that the Bank's balance sheet was asset sensitive over the one- and two-year horizons as of March 31, 2022[224] - A 100 basis point decline in interest rates is projected to decrease net interest income by $4.176 million (3.9%) over the first year and $8.892 million (8.0%) over the second year[225] - A 200 basis point increase in interest rates is expected to improve net interest income by $7.101 million (6.6%) over the first year and $18.216 million (16.4%) over the second year[226] - The company's interest rate risk management techniques incorporate modeling under multiple interest rate scenarios to evaluate potential impacts on net interest income[219] - The sensitivity analysis does not represent a forecast and is based on numerous assumptions regarding interest rate levels and customer behavior[228] - Actual results may differ from the sensitivity analysis due to various factors, including prepayment levels and changes in customer preferences[229] Operational Efficiency - The net interest margin was 2.95%, up from 2.88% year-over-year[170] - The net interest spread was reported at 2.86%, indicating a slight improvement from the previous period[174] - Average earning assets rose to $3,386,000 thousand, with an adjusted net interest margin of 2.93%[174] - Fee-based income increased by 11% year-over-year, driven by growth in trust and investment management fees[189] - The efficiency ratio excluding PPP effects improved to 62.76% in Q1 2022 from 64.40% in Q1 2021[201] Compliance and Governance - As of March 31, 2022, the company's disclosure controls and procedures were effective in ensuring timely reporting of required information[231] - There were no changes in internal control over financial reporting during the last fiscal quarter that materially affected the company's financial reporting[232] - The company is involved in ordinary routine litigation that is not expected to materially affect its consolidated financial statements[233] - The Asset and Liability Committee (ALCO) regularly reviews the balance sheet structure and formulates strategies to manage interest rate risk[217]