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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: June 30, 2025


☐	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 or organization)		(I.R.S. Employer Identification No.)

PO Box 400
82 Main Street, Bar Harbor, ME		04609-0400
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (207) 288-3314

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definition of "large accelerated filer," "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ◻ Accelerated Filer ⌧ Non-Accelerated Filer ◻ Smaller Reporting Company ☐ 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. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ⌧

The registrant had 16,682,898 shares of common stock, par value $2.00 per share, outstanding as of August 4, 2025.

Table of Contents

BAR HARBOR BANKSHARES AND SUBSIDIARIES

FORM 10-Q

INDEX

				Page
PART I.	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements (unaudited)

	Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024			4

	Consolidated Statements of Income for the Three and Six Months Ended June 30, 2025 and 2024			5

	Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2025 and 2024			6

	Consolidated Statements of Changes in Shareholders’ Equity for the Three and Six Months Ended June 30, 2025 and 2024			7

	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024			8

	Condensed Notes to Unaudited Consolidated Interim Financial Statements
		Note 1	Basis of Presentation	9
		Note 2	Securities Available for Sale	11
		Note 3	Loans and Allowance for Credit Losses	15
		Note 4	Borrowed Funds	27
		Note 5	Deposits	29
		Note 6	Capital Ratios and Shareholders' Equity	30
		Note 7	Earnings per Share	35
		Note 8	Derivative Financial Instruments and Hedging Activities	36
		Note 9	Fair Value Measurements	45
		Note 10	Revenue from Contracts with Customers	53

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations			55
		Selected Financial Data		62
		Consolidated Loan and Deposit Analysis		63
		Average Balances and Average Yields/Rates		64
		Reconciliation of Non-GAAP Financial Measures		66

Item 3.	Quantitative and Qualitative Disclosures about Market Risk			68

Item 4.	Controls and Procedures			69

PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings			70

Item 1A.	Risk Factors			70

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds			71

Item 3.	Defaults Upon Senior Securities			71

Item 4.	Mine Safety Disclosures			71

Item 5.	Other Information			71

Item 6.	Exhibits			72

Signatures				73

Bar Harbor Bankshares conducts business operations principally through Bar Harbor Bank & Trust, which may be referred to as the “Bank” and which is a subsidiary of Bar Harbor Bankshares. Unless the context requires otherwise, references in this report to “the Company,” "our," "us," and similar terms refer to Bar Harbor Bankshares and its subsidiaries, including the Bank, collectively.

Table of Contents

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this Quarterly Report on Form 10-Q (this “Form 10-Q”) that are not historical facts may constitute 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 (the "Exchange Act"), and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When used in this Form 10-Q 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 about the Company’s future financial and operating results and the Company’s 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:

●

changes in general business and economic conditions on a national basis and in our markets throughout Northern New England;

●

changes in consumer behavior due to political, business, and economic conditions, including inflation and concerns about liquidity;

●

the possibility that our asset quality could decline or that we experience greater loan losses than anticipated;

●

the impact of liquidity needs on our results of operations and financial condition; changes in the size and nature of our competition;

●

the effect of interest rate increases on the cost of deposits;

●

unanticipated weakness in loan demand, pricing or collectability;

●

the possibility that future credit losses are higher than currently expected due to changes in economic assumptions or adverse economic developments;

●

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;

●

lack of strategic growth opportunities or our failure to execute on available opportunities;

●

our ability to effectively manage problem credits;

●

our ability to successfully develop new products and implement efficiency initiatives on time and with the results projected;

●

our ability to retain executive officers and key employees and their customer and community relationships;

●

regulatory, litigation, and reputational risks and the applicability of insurance coverage;

●

changes in the reliability of our vendors, internal control systems or information systems;

●

the impacts of actual or threatened tariffs, sanctions and other trade policies of the United States and its global trading counterparts;

●

changes in legislation or regulation and accounting principles, policies, and guidelines;

●

reductions in the market value or outflows of wealth management assets under management; and

●

changes in the assumptions used in making such forward-looking statements.

Other factors not identified above, including those described under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “Form 10-K”), our 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, may also cause actual results to differ materially from those described in our forward-looking statements. Most of these factors are difficult to anticipate and are generally beyond our control. Given these uncertainties, you are cautioned not to place undue reliance on such forward-looking statements, and you should consider these factors in connection with considering any forward-looking statements that may be made by us. We undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless we are required to do so by law.

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

BAR HARBOR BANKSHARES AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)


(in thousands, except share data)	June 30, 2025		December 31, 2024
Assets
Cash and cash equivalents:
Cash and due from banks	$	50,948	$	34,266
Interest-earning deposits with other banks		36,087		37,896
Total cash and cash equivalents		87,035		72,162
Securities:
Available-for-sale debt securities		528,690		521,018
Less: Allowance for credit losses on available-for-sale debt securities		—		(568)
Net securities		528,690		520,450
Federal Home Loan Bank stock		12,695		12,237
Loans held for sale		2,829		1,235
Total loans held for investment		3,152,664		3,147,096
Less: Allowance for credit losses		(28,885)		(28,744)
Net loans held for investment		3,123,779		3,118,352
Premises and equipment, net		52,647		51,237
Other real estate owned		—		—
Goodwill		119,477		119,477
Other intangible assets		3,472		3,938
Cash surrender value of bank-owned life insurance		83,074		81,858
Deferred tax assets, net		23,290		23,330
Other assets		75,017		79,051
Total assets	$	4,112,005	$	4,083,327

Liabilities
Deposits:
Non-interest bearing demand	$	552,074	$	575,649
Interest-bearing demand		931,854		910,191
Savings		542,579		545,816
Money market		370,709		405,758
Time		894,772		830,274
Total deposits		3,291,988		3,267,688
Borrowings:
Senior		256,441		249,981
Subordinated		40,620		40,620
Total borrowings		297,061		290,601
Other liabilities		54,096		66,610
Total liabilities		3,643,145		3,624,899


Shareholders’ equity
Capital stock, par value $2.00; authorized 30,000,000 shares and 20,000,000 shares; issued 16,384,353 shares and 16,428,388 shares; outstanding 15,321,763 shares and 15,279,783 shares at June 30, 2025 and December 31, 2024, respectively		32,769		32,857
Additional paid-in capital		195,798		194,607
Retained earnings		304,500		297,857
Accumulated other comprehensive loss		(48,809)		(51,536)
Less: 1,062,590 and 1,148,605 shares of treasury stock, at cost, at June 30, 2025 and December 31, 2024, respectively		(15,398)		(15,357)
Total shareholders’ equity		468,860		458,428
Total liabilities and shareholders’ equity	$	4,112,005	$	4,083,327

The accompanying notes are an integral part of these consolidated financial statements.

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BAR HARBOR BANKSHARES AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands, except earnings per share data)	2025		2024		2025		2024
Interest and dividend income
Loans	$	42,726	$	40,634	$	84,530	$	80,104
Securities and other		5,474		5,620		10,757		11,150
Federal Home Loan Bank stock		212		199		349		487
Interest-earning deposits with other banks		276		385		590		920
Total interest and dividend income		48,688		46,838		96,226		92,661
Interest expense
Deposits		15,511		14,780		31,023		29,312
Borrowings		3,282		4,299		6,301		7,535
Total interest expense		18,793		19,079		37,324		36,847
Net interest income		29,895		27,759		58,902		55,814
Provision for credit losses on available-for-sale debt securities		—		—		636		—
Provision for credit losses on loans		528		585		471		874
Net interest income after provision for credit losses		29,367		27,174		57,795		54,940

Non-interest income
Trust and investment management fee income		4,263		4,193		8,179		7,863
Customer service fees		3,589		3,737		7,114		7,447
(Loss) gain on available-for-sale debt securities, net		(4,942)		50		(4,942)		50
Mortgage banking income		605		558		1,061		815
Bank-owned life insurance income		602		583		1,216		1,144
Customer derivative income		104		168		316		168
Other income		425		168		620		356
Total non-interest income		4,646		9,457		13,564		17,843

Non-interest expense
Salaries and employee benefits		14,274		13,860		28,007		27,108
Occupancy and equipment		3,546		3,317		6,871		6,749
Depreciation		1,023		1,065		2,072		2,106
Loss (gain) on sales of premises and equipment, net		3		(248)		93		(263)
Outside services		457		462		939		800
Professional services		514		238		1,106		638
Communication		194		192		360		381
Marketing		682		521		1,200		1,088
Amortization of intangible assets		233		233		466		466
FDIC assessment		464		448		920		900
Acquisition, conversion and other expenses		1,205		—		1,444		20
Provision for unfunded commitments		—		—		(74)		(185)
Other expenses		3,943		3,754		7,785		7,522
Total non-interest expense		26,538		23,842		51,189		47,330

Income before income taxes		7,475		12,789		20,170		25,453
Income tax expense		1,383		2,532		3,867		5,101
Net income	$	6,092	$	10,257	$	16,303	$	20,352

Earnings per share:
Basic	$	0.40	$	0.67	$	1.06	$	1.34
Diluted		0.40		0.67	$	1.06	$	1.33

Weighted average common shares outstanding:
Basic		15,321		15,227		15,312		15,213
Diluted		15,372		15,275		15,382		15,273

The accompanying notes are an integral part of these consolidated financial statements.

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BAR HARBOR BANKSHARES AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands)	2025		2024		2025		2024
Net income	$	6,092	$	10,257	$	16,303	$	20,352
Other comprehensive income (loss), before tax:
Changes in unrealized gain (loss) on available-for-sale debt securities		1,128		(3,507)		6,193		(6,104)
Changes in unrealized (loss) gain on hedging derivatives		(1,105)		(312)		(3,059)		(1,249)
Changes in unrealized gain (loss) on pension		—		—		—		22

Income taxes related to other comprehensive income (loss):
Changes in unrealized (gain) loss on available-for-sale debt securities		(271)		827		(1,154)		1,440
Changes in unrealized loss (gain) on hedging derivatives		263		73		747		294
Changes in unrealized loss (gain) on pension		—		—		—		(28)
Total other comprehensive income (loss)		15		(2,919)		2,727		(5,625)
Total comprehensive income	$	6,107	$	7,338	$	19,030	$	14,727

The accompanying notes are an integral part of these consolidated financial statements.

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BAR HARBOR BANKSHARES AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)


							Accumulated
	Common		Additional				other
	stock		paid-in		Retained		comprehensive		Treasury
(in thousands, except per share data)	amount		capital		earnings		income (loss)		stock		Total
Balance at December 31, 2023	$	32,857	$	193,114	$	272,101	$	(49,862)	$	(16,151)	$	432,059

Net income		—		—		10,095		—		—		10,095
Other comprehensive loss		—		—		—		(2,706)		—		(2,706)
Cash dividends declared ($0.28 per share)		—		—		(4,205)		—		—		(4,205)
Net issuance (39,746 shares) to employee stock plans, including related tax effects		—		(355)		—		—		339		(16)
Recognition of stock based compensation		—		487		—		—		—		487
Balance at March 31, 2024	$	32,857	$	193,246	$	277,991	$	(52,568)	$	(15,812)	$	435,714

Net income		—		—		10,257		—		—		10,257
Other comprehensive loss		—		—		—		(2,919)		—		(2,919)
Cash dividends declared ($0.30 per share)		—		—		(4,519)		—		—		(4,519)
Net issuance (20,548 shares) to employee stock plans, including related tax effects		—		(444)		—		—		134		(310)
Recognition of stock based compensation		—		684		—		—		—		684
Balance at June 30, 2024	$	32,857	$	193,486	$	283,729	$	(55,487)	$	(15,678)	$	438,907

Balance at December 31, 2024	$	32,857	$	194,607	$	297,857	$	(51,536)	$	(15,357)	$	458,428
Net income		—		—		10,211		—		—		10,211
Other comprehensive income		—		—		—		2,712		—		2,712
Cash dividends declared ($0.30 per share)		—		—		(4,620)		—		—		(4,620)
Net issuance (37,439 shares) to employee stock plans, including related tax effects		—		(167)		—		—		240		73
Reclassification of shares		(88)		(171)		—		—		259		—
Recognition of stock based compensation		—		507		—		—		—		507
Balance at March 31, 2025	$	32,769	$	194,776	$	303,448	$	(48,824)	$	(14,858)	$	467,311

Net income		—		—		6,092		—		—		6,092
Other comprehensive income		—		—		—		15		—		15
Cash dividends declared ($0.32 per share)		—		—		(5,040)		—		—		(5,040)
Net issuance (4,541 shares) to employee stock plans, including related tax effects		—		323		—		—		(540)		(217)
Recognition of stock based compensation		—		699		—		—		—		699
Balance at June 30, 2025	$	32,769	$	195,798	$	304,500	$	(48,809)	$	(15,398)	$	468,860

The accompanying notes are an integral part of these consolidated financial statements.

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BAR HARBOR BANKSHARES AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	Six Months Ended June 30,
(in thousands)	2025		2024
Cash flows from operating activities:
Net income	$	16,303	$	20,352
Adjustments to reconcile net income to net cash provided by operating activities:
Net change in loans held for sale		(1,594)		1,708
Provision for credit losses on loans		471		874
Provision for credit losses on securities available for sale		636		—
Net amortization of securities		406		894
Change in unamortized net loan costs and premiums		167		(540)
Premises and equipment depreciation		2,072		2,096
Stock-based compensation expense		1,206		1,171
Amortization of other intangibles		466		466
Income from cash surrender value of bank-owned life insurance policies		(1,216)		(1,144)
Loss (gain) on available-for-sale debt securities		4,942		(50)
Amortization of right-of-use lease assets		(819)		442
Decrease in lease liabilities		858		(440)
Loss (gain) on premises and equipment, net		93		(263)
Net change in other assets and liabilities		(9,403)		(9,954)
Net cash provided by operating activities		14,588		15,612

Cash flows from investing activities:
Proceeds from maturities, calls and prepayments of available-for-sale debt securities		41,656		36,656
Purchases of available-for-sale debt securities		(52,559)		(22,845)
Net change in loans		(6,065)		(64,753)
Purchase of Federal Home Loan Bank stock		(8,583)		(9,953)
Proceeds from redemption of Federal Home Loan Bank stock		8,125		7,986
Purchase of premises and equipment, net		(3,533)		(5,489)
Proceeds from sale of premises held for sale		—		1,136
Net cash provided by (used in) investing activities		(20,959)		(57,262)

Cash flows from financing activities:
Net change in deposits		24,300		(691)
Net change in short-term borrowings		6,465		58,310
Repayments of long-term borrowings		(5)		(5)
Net change in subordinated debt		—		80
Net issuance to employee stock plans		144		(326)
Cash dividends paid on common stock		(9,660)		(8,724)
Net cash used in financing activities		21,244		48,644

Net change in cash and cash equivalents		14,873		6,994
Cash and cash equivalents at beginning of year		72,162		94,842
Cash and cash equivalents at end of period	$	87,035	$	101,836

Supplemental cash flow information:
Interest paid	$	37,915	$	34,298
Income taxes paid, net		7,054		7,857
Transfer of non-cash assets		1,000		—

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BAR HARBOR BANKSHARES AND SUBSIDIARIES

CONDENSED NOTES TO UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

NOTE 1. BASIS OF PRESENTATION

The consolidated financial statements (unaudited) (the “financial statements”) of Bar Harbor Bankshares and its subsidiaries (the “Company,” “we,” “our,” “us” or similar terms) have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company is a Maine financial institution holding company for the purposes of the laws of the State of Maine, and as such is subject to the jurisdiction of the Superintendent of the Maine Bureau of Financial Institutions. These financial statements include our accounts, the accounts of our wholly owned subsidiary Bar Harbor Bank & Trust (the “Bank”) and the Bank’s consolidated subsidiaries. The results of operations of companies or assets acquired are included only from the dates of acquisition. All material wholly owned and majority owned subsidiaries are consolidated unless GAAP requires otherwise.

In addition, these interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X, and accordingly, certain information and footnote disclosures normally included in financial statements prepared according to GAAP have been omitted.

The results for any interim period are not necessarily indicative of results for the full year. The consolidated financial statements should be read in conjunction with the audited financial statements and note disclosures in the Form 10-K previously filed with the Securities and Exchange Commission (the “SEC”). In management's opinion, all adjustments necessary for a fair statement are reflected in the interim periods presented.

Reclassifications: Whenever necessary, amounts in the consolidated financial statements are reclassified to conform to current presentation. The reclassifications had no impact on net income, total shareholders’ equity or total assets and liabilities in the Company’s consolidated financial statements.

Segment Reporting: The Company’s reportable segment is determined by the Chief Executive Officer, who is designated as the chief operating decision maker (“CODM”), based upon information provided about the Company’s products and services offered, primarily banking operations. Operations of the Company are solely within community banking industry and include traditional community banking services, including lending activities, acceptance of demand, savings and time deposits, business services, investment management, trust and third-party brokerage services. These products and services have similar distribution methods, types of customers and regulatory responsibilities. An operating segment is defined as a component of a business for which separate financial information is available that is evaluated regularly by the chief operating decision-maker in deciding how to allocate resources and evaluate performance. Consolidated net income of the company is the primary performance metric utilized by the CODM. The CODM uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The CODM uses consolidated net income to benchmark the Company against its competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used in assessment performance and in establishing compensation. The majority of the Company’s revenue is from the business of banking. While the Company has assigned certain management responsibilities by business lines, the Company’s CODM monitors and evaluates financial performance on a Company-wide basis. Accordingly, segment information is not presented in the Consolidated Financial Statements. Therefore, the Company has determined that its business is conducted in one reportable segment and represents the consolidated financial statements of the Company.

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Recent Accounting Pronouncements

The following table provides a brief description of recent accounting standards updates (“ASU”) that could have a material impact to the Company’s consolidated financial statements upon adoption:


Standard	Description	Required Date of Adoption	Effect on financial statements
Standards Not Yet Adopted
ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures	The amendments in this update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income [or loss] by the applicable statutory income tax rate).	Annual periods beginning after December 15, 2024 and interim periods beginning after December 15, 2025	We are currently evaluating the impact on our consolidated financial statements.

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NOTE 2. SECURITIES AVAILABLE FOR SALE

The following is a summary of available-for-sale debt securities (“AFS”):


			Gross		Gross
			Unrealized		Unrealized
(in thousands)	Amortized Cost		Gains		Losses		Fair Value		Allowance
June 30, 2025
Debt securities:
Obligations of US Government-sponsored enterprises	$	1,205	$	2	$	(16)	$	1,191	$	—
Mortgage-backed securities and collateralized mortgage obligations:
US Government-sponsored enterprises		208,574		169		(26,089)		182,654		—
US Government agency		143,667		170		(10,458)		133,379		—
Private label		19,186		25		(919)		18,292		—
Obligations of states and political subdivisions thereof		121,284		1		(22,678)		98,607		—
Corporate bonds		98,861		246		(4,540)		94,567		—
Total available-for-sale debt securities	$	592,777	$	613	$	(64,700)	$	528,690	$	—


			Gross		Gross
			Unrealized		Unrealized
(in thousands)	Amortized Cost		Gains		Losses		Fair Value		Allowance
December 31, 2024
Debt securities:
Obligations of US Government-sponsored enterprises	$	1,344	$	—	$	(26)	$	1,318	$	—
Mortgage-backed securities and collateralized mortgage obligations:
US Government-sponsored enterprises		208,818		22		(31,524)		177,316		—
US Government agency		115,177		53		(11,314)		103,916		—
Private label		40,633		25		(1,094)		39,564		—
Obligations of states and political subdivisions thereof		116,421		5,564		(16,533)		105,452		—
Corporate bonds		100,923		290		(7,761)		93,452		(568)
Total available-for-sale debt securities	$	583,316	$	5,954	$	(68,252)	$	521,018	$	(568)

Credit Quality Information

We monitor the credit quality of available-for-sale debt securities through credit ratings from various rating agencies and substantial price changes. In an effort to make informed decisions, we utilize credit ratings that express opinions about the credit quality of a security. Securities are triggered for further review in the quarter if the security has significant fluctuations in ratings, significant pricing changes, or drops below investment-grade. For securities without credit ratings, we utilize other financial information indicating the financial health of the underlying municipality, agency, or organization associated with the underlying security.

Management recorded an allowance for credit losses on two corporate notes where there was a change in future estimated cash flows during the year ended December 31, 2024. A discounted cash flow approach was used to determine the amount of the allowance. The cash flows expected to be collected, after considering expected prepayments, are discounted at the original effective interest rate. The amount of the allowance is limited to the difference between the amortized cost basis of the security and its estimated fair value. During the quarter ended June 30, 2025, management recognized impairment losses of $4.9 million on available-for-sale debt securities and other receivables. The losses were included in net gain (loss) on available-for-sale debt securities in the consolidated statements of income. The Company had determined that it no longer intended to hold the security until recovery of the amortized cost basis.

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The table below presents a rollforward by major security type for the quarter and year ended June 30, 2025 of the allowance for credit losses on available-for-sale debt securities held at period end:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025				2025
(in thousands)		Corporate Bonds		Total		Corporate Bonds		Total
Beginning Balance	$	1,204	$	1,204	$	568	$	568
Provision for credit losses on available-for-sale debt securities		—		—		636		636
Charge-offs		(1,204)		(1,204)		(1,204)		(1,204)
Ending Balance	$	—	$	—	$	—	$	—

As of June 30, 2024, we carried no allowance on available-for-sale debt securities in accordance with ASC 326, Measurement of Credit Losses on Financial Instruments.

We have one nonaccrual corporate bond of $8.0 million written down by $5.6 million as of June 30, 2025, of which $4.4 million is included in losses on available-for-sale debt securities. The bond previously carried a $1.2 million allowance, which was charged-off through the allowance for credit losses on securities during the period ended June 30, 2025. At December 31, 2024 we had $9.0 million of corporate bonds that we allocated $568 thousand in related allowance for credit losses. In the first quarter of 2025, a $1.0 million nonaccrual security matured and was transferred to a financing receivable non-cash asset.

The amortized cost and estimated fair value of available-for-sale debt securities segregated by contractual maturity at June 30, 2025 are presented below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Mortgage-backed securities and collateralized mortgage obligations are shown in total, as their maturities are highly variable.


	Available for sale
(in thousands)	Amortized Cost		Fair Value
Within 1 year	$	6,011	$	5,947
Over 1 year to 5 years		54,721		53,036
Over 5 years to 10 years		45,353		42,337
Over 10 years		115,265		93,045
Total bonds and obligations		221,350		194,365
Mortgage-backed securities and collateralized mortgage obligations		371,427		334,325
Total available-for-sale debt securities	$	592,777	$	528,690

The proceeds from sales, calls and maturities of available-for-sale debt securities, gross realized gains and losses for the three and six months ended June 30, 2025 and 2024 are as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands)	2025		2024		2025		2024
Proceeds from sales	$	—	$	—	$	—	$	—
Proceeds from calls/paydowns		13,321		25,917		41,656		33,656
Proceeds from maturities		—		3,000		—		3,000
Gross realized gains		—		50		—		50
Gross impairment losses		4,393		—		4,393		—

Accrued interest receivable on available-for-sale debt securities totaled $3.2 million at June 30, 2025 and $3.3 million at December 31, 2024, which is reported in other assets on the consolidated balance sheets.

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The following tables summarize available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded at June 30, 2025 and December 31, 2024, aggregated by major security type and length of time in continuous unrealized loss position:


	Less Than Twelve Months				Over Twelve Months				Total
	Gross				Gross				Gross
	Unrealized		Fair		Unrealized		Fair		Unrealized		Fair
(in thousands)	Losses		Value		Losses		Value		Losses		Value
June 30, 2025
Debt securities:
Obligations of US Government-sponsored enterprises	$	—	$	—	$	16	$	491	$	16	$	491
Mortgage-backed securities and collateralized mortgage obligations:
US Government-sponsored enterprises		14		5,205		26,075		160,315		26,089		165,520
US Government agency		1,323		49,018		9,135		62,479		10,458		111,497
Private label		—		—		919		10,001		919		10,001
Obligations of states and political subdivisions thereof		84		3,402		22,594		92,150		22,678		95,552
Corporate bonds		98		11,893		4,442		63,063		4,540		74,956
Total available-for-sale debt securities	$	1,519	$	69,518	$	63,181	$	388,499	$	64,700	$	458,017


	Less Than Twelve Months				Over Twelve Months				Total
	Gross				Gross				Gross
	Unrealized		Fair		Unrealized		Fair		Unrealized		Fair
(in thousands)	Losses		Value		Losses		Value		Losses		Value
December 31, 2024
Debt securities:
Obligations of US Government-sponsored enterprises	$	2	$	707	$	24	$	611	$	26	$	1,318
Mortgage-backed securities and collateralized mortgage obligations:
US Government-sponsored enterprises		109		8,003		31,415		165,116		31,524		173,119
US Government agency		817		35,174		10,497		60,789		11,314		95,963
Private label		1		948		1,093		19,839		1,094		20,787
Obligations of states and political subdivisions thereof		115		4,962		16,418		99,109		16,533		104,071
Corporate bonds		26		2,438		4,495		75,002		4,521		77,440
Total available-for-sale debt securities	$	1,070	$	52,232	$	63,942	$	420,466	$	65,012	$	472,698

The following summarizes, by investment security type, the impact of performing securities in an unrealized loss position at June 30, 2025:

Obligations of US Government-sponsored enterprises

6 out of the total 7 securities in our portfolio of AFS obligations of US Government-sponsored enterprises were in unrealized loss positions. Aggregate unrealized losses represented 3.04% of the amortized cost of securities in unrealized loss positions. The US Small Business Administration guarantees the contractual cash flows of all of our obligations of US Government-sponsored enterprises. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter.

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US Government-sponsored enterprises

411 out of the total 482 securities in our portfolio of AFS US Government-sponsored enterprises were in unrealized loss positions. Aggregate unrealized losses represented 13.62% of the amortized cost of securities in unrealized loss positions. The Federal National Mortgage Association and Federal Home Loan Mortgage Corporation guarantee the contractual cash flows of all of our US Government-sponsored enterprises. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter.

US Government agency

135 out of the total 168 securities in our portfolio of AFS US Government agency securities were in unrealized loss positions. Aggregate unrealized losses represented 8.58% of the amortized cost of securities in unrealized loss positions. The Government National Mortgage Association guarantees the contractual cash flows of all of our US Government agency securities. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter.

Private label

14 of the total 20 securities in our portfolio of AFS private label mortgage-backed securities were in unrealized loss positions. Aggregate unrealized losses represented 8.42% of the amortized cost of securities in unrealized loss positions. We expect to receive all of the future contractual cash flows related to the amortized cost on these securities.

Obligations of states and political subdivisions thereof

58 of the total 66 securities in our portfolio of AFS municipal bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 19.18% of the amortized cost of securities in unrealized loss positions. We continually monitor the municipal bond sector of the market carefully and periodically evaluate the appropriate level of exposure to the market. At this time, we believe (i) the bonds in this portfolio carry minimal risk of default and (ii) we are appropriately compensated for the risk. There were no material underlying credit downgrades during the quarter.

Corporate bonds

25 out of the total 35 securities in our portfolio of AFS corporate bonds were in an unrealized loss position. The aggregate unrealized loss represents 5.49% of the amortized cost of bonds in unrealized loss positions. We review the financial strength of all of these bonds, and we have concluded that the amortized cost remains supported by the expected future cash flows of these securities. The most recent review includes all bond issuers and their current credit ratings, financial performance and capitalization.

A summary of securities pledged as collateral for certain deposits and borrowing arrangements for the months ended June 30, 2025 and December 31, 2024 is as follows:


	June 30, 2025				December 31, 2024
	Carrying		Estimated		Carrying		Estimated
(in thousands)	Value		Fair Value		Value		Fair Value
Securities pledged for deposits	$	17,200	$	15,234	$	18,483	$	15,821
Securities pledged for repurchase agreements		15,926		13,646		16,764		14,020
Securities pledged for borrowings ⁽¹⁾		35,697		28,223		35,819		30,634
Total securities pledged	$	68,823	$	57,103	$	71,066	$	60,475

(1)

The Bank pledged securities as collateral for certain borrowing arrangements with the Federal Home Loan Bank of Boston and the Federal Reserve Bank of Boston (the “Reserve Bank”).

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NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES

We evaluate risk characteristics of loans based on regulatory call report code with segmentation based on the underlying collateral for certain loan types. The following is a summary of total loans based on regulatory call report code segmentation for certain loan types:


	June 30,		December 31,
(in thousands)	2025		2024
Commercial construction	$	153,978	$	131,617
Commercial real estate owner occupied		313,709		302,074
Commercial real estate non-owner occupied		1,361,262		1,358,903
Tax exempt and other		35,409		44,275
Commercial and industrial		316,211		319,766
Residential real estate		862,182		888,251
Home equity		101,818		94,141
Consumer other		8,095		8,069
Total loans		3,152,664		3,147,096
Allowance for credit losses		28,885		28,744
Net loans	$	3,123,779	$	3,118,352

Total unamortized net costs and premiums included in loan totals were as follows:


	June 30,		December 31,
(in thousands)	2025		2024
Net unamortized loan origination costs	$	2,149	$	1,982
Net unamortized fair value discount on acquired loans		(2,263)		(2,442)
Total	$	(114)	$	(460)

We exclude accrued interest receivable from the amortized cost basis of loans disclosed throughout this footnote. As of June 30, 2025 and December 31, 2024, accrued interest receivable for loans totaled $12.2 million and $10.5 million, respectively, and is included in the “other assets” line item on the consolidated balance sheets.

Characteristics of each loan portfolio segment are as follows:

Commercial construction - Loans in this segment primarily include raw land, land development and construction of commercial and multifamily residential properties. Collateral values are determined based upon appraisals and evaluations of the completed structure in accordance with established policy guidelines. Maximum loan-to-value ratios at origination are governed by established policy guidelines that are more restrictive than on stabilized commercial real estate transactions. Construction loans are primarily paid by the cash flow generated from the completed structure, such as operating leases, rents, or other operating cash flows from the borrower.

Commercial real estate owner occupied and non-owner occupied - Loans in these segments are primarily owner-occupied or income-producing properties. Loans to real estate investment trusts and unsecured loans to developers that closely correlate to the inherent risk in commercial real estate markets are also included. Commercial real estate loans are typically underwritten with amortizing payment structures. Collateral values are determined based upon appraisals and evaluations in accordance with established policy guidelines. Maximum loan-to-value ratios at origination are governed by established policy and regulatory guidelines. Commercial real estate loans are primarily paid by the cash flow generated from the real property, such as operating leases, rents, or other operating cash flows from the borrower.

Tax Exempt - Loans in this segment primarily include loans to various state and municipal government entities. Loans made to these borrowers may provide us with tax-exempt income. While governed and underwritten similar to commercial loans they do have unique requirements based on established polices. Almost all state and municipal loans are considered a general obligation of the issuing entity. Given the size of many municipal borrowers, borrowings are normally not rated by major rating agencies.

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Commercial and industrial loans - Loans consist of revolving and term loan obligations extended to businesses and corporate enterprises for the purpose of financing working capital and/or capital investment in this segment. Generally, loans are secured by assets of the business such as accounts receivable, inventory, marketable securities, other liquid collateral, equipment and other business assets. Some loans in this category may be unsecured or guaranteed by government agencies such as the US Small Business Administration. Loans are primarily paid by the operating cash flow of the borrower.

Residential real estate - All loans in this segment are collateralized by one-to-four family homes. Residential real estate loans held in the loan portfolio are made to borrowers who demonstrate the ability to make scheduled payments with full consideration to various underwriting factors. Borrower qualifications include favorable credit history combined with supportive income requirements and combined loan-to-value ratios within established policy guidelines.

Home equity - All loans and lines of credit are made to qualified individuals and are secured by senior or junior mortgage liens on owner-occupied one-to-four-family homes, condominiums, or vacation homes. The home equity loan has a fixed rate and is billed as equal payments comprised of principal and interest. The home equity line of credit has a variable rate and is billed as interest-only payments during the draw period. At the end of the draw period, the home equity line of credit is billed as a percentage of the principal balance plus all accrued interest. Borrower qualifications include favorable credit history combined with supportive income requirements and combined loan-to-value ratios within established policy guidelines.

Consumer other - Loans in this segment include personal lines of credit and amortizing loans made to qualified individuals for various purposes such as auto loans, recreational equipment, overdraft protection or other consumer loans. Borrower qualifications include favorable credit history combined with supportive income and collateral requirements within established policy guidelines, as applicable.

Allowance for Credit Losses

The Allowance for Credit Losses (“ACL”) is comprised of the allowance for loan losses, the allowance for securities losses and the allowance for unfunded commitments which is accounted for as a separate liability in other liabilities on our consolidated balance sheets. The level of the ACL represents management’s estimate of expected credit losses over the expected life of the loans at the consolidated balance sheet date.

The ACL is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. Loans, or portions thereof, are charged off against the allowance when they are deemed uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged off. The ACL is comprised of reserves measured on a collective (pool) basis based on a lifetime loss-rate model when similar risk characteristics exist. Loans that do not share risk characteristics are evaluated on an individual basis, generally larger non-accruing commercial loans.

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The activity in the ACL for the periods ended are as follows:


	At or for the Three Months Ended June 30, 2025
	Balance at
	Beginning of								Balance at
(in thousands)	Period		Charge Offs		Recoveries		Provision		End of Period
Commercial construction	$	2,065	$	—	$	—	$	(33)	$	2,032
Commercial real estate owner occupied		2,830		—		—		(7)		2,823
Commercial real estate non-owner occupied		10,923		—		—		57		10,980
Tax exempt		112		—		—		(2)		110
Commercial and industrial		5,414		(205)		1		454		5,664
Residential real estate		6,447		—		6		(47)		6,406
Home equity		744		—		2		40		786
Consumer other		79		(61)		—		66		84
Total	$	28,614	$	(266)	$	9	$	528	$	28,885


	At or for the Six Months Ended June 30, 2025
	Balance at
	Beginning of								Balance at
(in thousands)	Period		Charge Offs		Recoveries		Provision		End of Period
Commercial construction	$	2,096	$	—	$	—	$	(64)	$	2,032
Commercial real estate owner occupied		2,794		—		—		29		2,823
Commercial real estate non-owner occupied		11,104		—		—		(124)		10,980
Tax exempt and other		128		—		—		(18)		110
Commercial and industrial		5,064		(244)		3		841		5,664
Residential real estate		6,732		—		10		(336)		6,406
Home equity		741		—		7		38		786
Consumer other		85		(106)		—		105		84
Total	$	28,744	$	(350)	$	20	$	471	$	28,885


	At or for the Three Months Ended June 30, 2024
	Balance at
	Beginning of								Balance at
(in thousands)	Period		Charge Offs		Recoveries		Provision		End of Period
Commercial construction	$	3,697	$	—	$	—	$	520	$	4,217
Commercial real estate owner occupied		3,081		—		—		(461)		2,620
Commercial real estate non-owner occupied		9,155		—		—		419		9,574
Tax exempt		113		—		—		(3)		110
Commercial and industrial		3,834		(18)		16		150		3,982
Residential real estate		7,651		—		3		(138)		7,516
Home equity		752		—		1		10		763
Consumer other		72		(88)		1		88		73
Total	$	28,355	$	(106)	$	21	$	585	$	28,855

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	At or for the Six Months Ended June 30, 2024
	Balance at
	Beginning of								Balance at
(in thousands)	Period		Charge Offs		Recoveries		Provision		End of Period
Commercial construction	$	4,261	$	—	$	—	$	(44)	$	4,217
Commercial real estate owner occupied		2,863		(3)		—		(240)		2,620
Commercial real estate non-owner occupied		9,443		—		—		131		9,574
Tax exempt and other		119		—		—		(9)		110
Commercial and industrial		3,259		(83)		17		789		3,982
Residential real estate		7,352		—		8		156		7,516
Home equity		767		—		4		(8)		763
Consumer other		78		(133)		29		99		73
Total	$	28,142	$	(219)	$	58	$	874	$	28,855

Unfunded Commitments

The ACL on unfunded commitments is recognized as a liability (other liabilities on the consolidated balance sheets), with adjustments to the reserve recognized in other non-interest expense in the consolidated statements of income. The activity in the ACL on unfunded commitments for the periods ended was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Beginning Balance	$	2,975	$	3,639	$	3,049	$	3,825
Provision for credit losses		—		—		(74)		(186)
Ending Balance	$	2,975	$	3,639	$	2,975	$	3,639

Loan Origination/Risk Management: We have certain lending policies and procedures in place designed to maximize loan income within an acceptable level of risk. Our Board of Directors reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by providing management and the Board of Directors with frequent reports related to loan production, loan quality, and concentration of credit, loan delinquencies, non-performing loans and potential problem loans. We seek to diversify the loan portfolio as a means of managing risk associated with fluctuations in economic conditions.

Credit Quality Indicators: In monitoring the credit quality of the portfolio, management applies a credit quality indicator and uses an internal risk rating system to categorize commercial loans. These credit quality indicators range from one through nine, with a higher number correlating to increasing risk of loss. Consistent with regulatory guidelines, the Company provides for the classification of loans which are considered to be of lesser quality as special mention, substandard, doubtful, or loss (i.e. risk-rated 6, 7, 8 and 9, respectively). Residential, home equity and consumer loans are classified as performing or non-performing based on payment performance.

The following are the definitions of our credit quality indicators:

Pass: Loans we consider in the commercial portfolio segments that are not adversely rated, are contractually current as to principal and interest, and are otherwise in compliance with the contractual terms of the loan agreement. Management believes there is a low risk of loss related to these loans considered pass-rated.

Special Mention: Loans considered having some potential weaknesses, but are deemed to not carry levels of risk inherent in one of the subsequent categories, are designated as special mention. A special mention loan has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. This might include loans which may require a higher level of supervision or internal reporting because of: (i) declining industry trends; (ii) increasing reliance on secondary sources of repayment; (iii) the poor condition of or lack of control over collateral; or (iv) failure to obtain proper documentation or any other deviations from prudent lending practices. Economic or market conditions which may, in the future, affect the obligor may warrant special mention of the asset. Loans for which an

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adverse trend in the borrower's operations or an imbalanced position in the balance sheet which has not reached a point where the liquidation is jeopardized may be included in this classification. Special mention loans are not adversely classified and do not expose us to sufficient risks to warrant classification.

Substandard: Loans we consider as substandard are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged, if any. Substandard loans have a well-defined weakness that jeopardizes liquidation of the debt. Substandard loans include those loans where there is the distinct possibility of some loss of principal, if the deficiencies are not corrected.

Doubtful: Loans we consider as doubtful have all of the weaknesses inherent in those loans that are classified as substandard. These loans have the added characteristic of a well-defined weakness which is inadequately protected by the current sound worth and paying capacity of borrower or of the collateral pledged, if any, and calls into question the collectability of the full balance of the loan. The possibility of loss is high but because of certain important and reasonably specific pending factors, which may work to the advantage and strengthening of the loan, its classification as loss is deferred until its more exact status is determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral and refinancing plans. The entire amount of the loan might not be classified as doubtful when collection of a specific portion appears highly probable. Loans are generally not classified doubtful for an extended period of time (i.e., over a year).

Loss: Loans we consider as losses are those considered uncollectible and of such little value that their continuance as an asset is not warranted and the uncollectible amounts are charged-off. This classification does not mean the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this worthless asset even though partial recovery may be effected in the future. Losses are taken in the period in which they are determined to be uncollectible.

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The following table presents our loans by year of origination, loan segmentation and risk indicator as of June 30, 2025:

(in thousands)

2025

2024

2023

2022

2021

Prior

Total

Commercial construction

Risk rating:

BAR HARBOR BANKSHARES 10-Q