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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, 2021

   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

Graphic

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) 669-6784

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

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No

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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. 

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”, or "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one)

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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

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

The aggregate market value of the common stock held by non-affiliates of Bar Harbor Bankshares was $420,108,452 based on the closing sale price of the common stock on the NYSE American on June 30, 2021, the last trading day of the registrant’s most recently completed second quarter.

The Registrant had 15,012,606 shares of common stock, par value $2.00 per share, outstanding as of March 11, 2022.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the definitive Proxy Statement for the Annual Meeting of Stockholders to be held on May 17, 2022 are incorporated by reference into Part III, Items 10-14 of this Annual Report on Form 10-K.

BAR HARBOR BANKSHARES AND SUBSIDIARIES

FORM 10-K

INDEX

Page

PART I.

ITEM 1.

BUSINESS

3

ITEM 1A.

RISK FACTORS

20

ITEM 2.

PROPERTIES

28

ITEM 3.

LEGAL PROCEEDINGS

28

PART II.

ITEM 5.

MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

28

ITEM 6.

[RESERVED]

30

ITEM 7.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

30

ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

45

ITEM 8.

CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

47

ITEM 9A.

CONTROLS AND PROCEDURES

123

PART III.

ITEM 10.

DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

125

ITEM 11.

EXECUTIVE COMPENSATION

125

ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS

125

ITEM 13.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

125

ITEM 14.

PRINCIPAL ACCOUNTING FEES AND SERVICES

125

PART IV.

ITEM 15.

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

125

SIGNATURES

The Company 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 "our company, "our," "us," "we" and similar terms refer to Bar Harbor Bankshares and its subsidiaries, including the Bank, collectively.

2

Table of Contents

PART I

ITEM 1. BUSINESS

FORWARD-LOOKING STATEMENTS

Certain statements contained in this report that are not historical facts may constitute forward- looking statements within the meaning of Section 27A of the Securities Act of 1933 ("Securities Act") and Section 21E of the Securities Exchange Act of 1934 ("Exchange Act") and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify these statements from the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions. These forward-looking statements are subject to significant risks, assumptions and uncertainties, including among other things, changes in general economic and business conditions, increased competitive pressures, changes in the interest rate environment, legislative and regulatory change, changes in the financial markets, and other risks and uncertainties disclosed from time to time in documents that Bar Harbor Bankshares files with the Securities and Exchange Commission ("SEC"). All risk factors set forth in Item 1A of this report should be considered in evaluating forward-looking statements, which speak only as of the dates on which they were made. The Company is not undertaking an obligation to update forward-looking statements, even though its situation may change in the future, except as required under federal securities law. The Company qualifies all of its forward-looking statements by these cautionary statements.

GENERAL

Bar Harbor Bankshares (the "Company") is the parent company of Bar Harbor Bank & Trust (the "Bank”), which is the only community bank headquartered in Northern New England with branches in Maine, New Hampshire and Vermont. The Bank is a regional community bank that thinks differently about banking. We provide the technology offerings and capabilities of larger banks, accompanied by access to local decision makers who are acutely focused on their local markets. As we celebrate the 135th anniversary of our founding, we remain focused on helping our customers achieve their goals as the key to the Bank’s success. We deliver banking, lending and wealth management services from more than 50 locations. The Company’s corporate goal is to be one of the top performing in New England, and its business model is centered on the following:

Employee and customer experience is the foundation of superior performance, which leads to significant financial benefit to shareholders
Geography, heritage, and performance are key while remaining true to a community-focused culture
Strong commitment to risk management while balancing growth and earnings
Service and sales driven culture with a focus on core business growth
Fee income is fundamental to the Company’s profitability through wealth management and treasury management services, customer derivatives, and secondary market mortgage sales
Investment in processes, products, technology, training, leadership, and infrastructure
Expansion of the Company’s brand and business to deepen market presence
Opportunity and growth for existing employees while adding catalyst recruits across all levels of the Company

3

Table of Contents

Shown below is a profile and geographical footprint of the Bank as of December 31, 2021:

Graphic

The Bank serves affluent and growing markets in Maine, New Hampshire and Vermont with more than 49 thousand, 47 thousand and 24 thousand customers, respectively. Within these markets, tourism, agriculture and fishing industries remain strong and continue to drive economic activity. These core markets have also maintained their strength through diversification into various service industries.

Maine

The Bank operates 22 full-service branches and two wealth management offices principally located in the regions of downeast, midcoast and central Maine, which can generally be characterized as rural areas. The Bank also has a commercial loan office in Portland, Maine. In Maine, the Bank considers its primary market areas to be Hancock, Penobscot, Washington, Kennebec, Knox and Sagadahoc counties. The economies in these counties are based primarily on tourism, healthcare, fishing and lobstering, agriculture, state government, and small local businesses and are also supported by a large contingent of retirees.

New Hampshire

The Bank operates 21 full-service branches and three wealth management offices in New Hampshire located in the regions of Lake Sunapee, Upper Valley and Merrimack Valley. There are several distinct markets within each of these regions. The towns or cities of Nashua, Manchester, and Concord are considered part of the Merrimack Valley. Nashua, New Hampshire is a regional commercial, entertainment and dining destination and with its border with Massachusetts, also enjoys a vibrant high-tech industry and a robust retail industry due in part to the state’s absence of a sales tax. The upper valley region of New Hampshire includes the towns of Lebanon and Hanover, which are home to Dartmouth-Hitchcock Medical Center and Dartmouth College, respectively. The Lake Sunapee market is a popular year-round recreation and resort area that includes both Lake Sunapee and Mount Sunapee and includes the towns of Claremont, New London, and Newport.

Vermont

The Bank operates 10 full-service branches in Vermont. The branches are primarily located in central Vermont within the counties of Rutland, Windsor and Orange. These markets are home to many attractions, including Killington Mountain, Okemo Resort, and the city of Rutland. Popular vacation destinations in this region include Woodstock, Brandon, and Ludlow.

4

Table of Contents

SUBSIDIARY ACTIVITIES

Bar Harbor Bankshares is a legal entity separate and distinct from its first-tier bank subsidiary, Bar Harbor Bank & Trust, and its second-tier subsidiaries, Bar Harbor Trust Services, Charter Trust Company and Cottage Street Corporation. Under Charter Trust Company are third-tier subsidiaries Charter Holding Corporation and Charter New England Agency.

The Company also owns all of the common stock of two Connecticut statutory trusts. These capital trusts are unconsolidated and their only material asset is a $20.6 million trust preferred security related to the junior subordinated debentures reported in Note 7 – Borrowed Funds of the Consolidated Financial Statements.

AVAILABLE INFORMATION

The Company is required to file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission, or SEC. The SEC maintains a website at www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

The Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy statements and amendments to those documents filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, are also available free of charge on the Company’s website at www.barharbor.bank under the Shareholders Relations link as soon as reasonably practicable after such reports are electronically filed with or furnished to the SEC.

Investors should note that the Company currently announces material information to investors and others using SEC filings, press releases and postings on the Company’s website (www.barharbor.bank), including news and announcements regarding the Company’s financial performance, key personnel, brands and business strategy. Information posted on the corporate website could be deemed material to investors. The Company encourages investors to review the information posted on these channels. Updates may be made, from time to time, to the list of channels used to communicate information that could be deemed material and any such change will be posted on www.barharbor.bank. The information on the website is not, and shall not be deemed to be, a part hereof or incorporated into this or any other filings with the SEC.

COMPETITION

Major competitors in the Company’s market areas include local independent banks, local branches of large regional and national bank affiliates, thrift institutions, savings and loan institutions, mortgage companies, and credit unions.

The Company has generally been able to compete effectively with other financial institutions by emphasizing quality customer service, making decisions at the local level, maintaining long-term customer relationships, building customer loyalty, and providing products and services designed to address the specific needs of customers. However, no assurance can be provided regarding the Company’s ongoing ability to compete effectively with other financial institutions in the future.

No part of the Company’s business is materially dependent upon one, or a few customers, or upon a particular industry segment, the loss of which would have a material adverse impact on the operations of the Company.

LENDING ACTIVITIES

General

The Bank originates loans in four basic portfolio categories, which are discussed below. These portfolios include the categories commercial real estate, commercial and industrial, residential real estate and other consumer loans. Loan interest rates and other key loan terms are affected principally by the Bank’s lending policy, asset/liability strategy, loan demand, competition, and the supply of money available for lending purposes. The Bank monitors and manages the amount of long-term fixed-rate lending and adjustable-rate loan products according to its interest rate management policy. The Bank generally originates loans for investment except for certain residential mortgages that are underwritten with the intention to be sold in the secondary mortgage market.

5

Table of Contents

Loan Portfolio Analysis

The following table sets forth the year-end composition of the Company’s loan portfolio in dollar amounts and as a percentage of the portfolio for the years indicated. Further information about the composition of the loan portfolio is contained in Note 3 – Loans and Allowance for Credit Losses of the Consolidated Financial Statements.

2021

2020

(in thousands, except

    

    

% of

    

% of

percentages)

Amount

Total

Amount

Total

Commercial construction

    

$

56,263

 

2

%

$

117,882

 

5

%

Commercial real estate owner occupied

 

257,122

 

12

 

219,217

 

9

Commercial real estate non-owner occupied

887,092

35

716,776

28

Tax exempt

41,280

2

47,862

2

Commercial and industrial

307,112

12

355,684

14

Residential real estate

 

888,263

 

34

 

995,216

 

38

Home equity

86,657

3

100,096

4

Consumer other

 

8,121

 

 

10,152

 

Total loans

$

2,531,910

 

100

%

$

2,562,885

 

100

%

Commercial Loan Exposure and Industries

All commercial loans are assigned Standard Industrial Classification codes, North American Industry Classification System codes, and state and county codes.  The following table summarizes the major industries of the Company’s commercial loan portfolio as of December 31, 2021 and 2020:

2021

2020

(in thousands, except percentages)

    

Loans

    

Total Exposure

% of Total Portfolio

Loans

Total Exposure

% of Total Portfolio

Real Estate and Rental and Leasing

$

707,444

$

815,070

46

%

$

644,944

$

711,606

45

%

Accommodation and Food Services

 

281,122

294,971

18

276,421

317,989

19

Health Care and Social Assistance

 

99,128

138,008

6

91,989

116,910

6

Retail Trade

 

58,647

79,109

4

58,942

76,073

4

Finance and Insurance

54,462

83,153

4

36,236

81,398

2

Agriculture, Forestry, Fishing and Hunting

52,957

61,157

3

41,271

65,435

3

Educational Services

52,921

65,524

3

61,696

74,503

4

Manufacturing

50,752

70,742

3

57,280

73,984

4

Arts, Entertainment, and Recreation

34,122

36,854

2

22,137

22,389

2

Public Administration

32,576

35,189

2

39,315

41,695

3

Construction

32,451

58,394

2

40,716

46,979

3

Wholesale Trade

24,179

38,098

2

20,727

36,215

1

Transportation and Warehousing

14,569

17,656

1

15,038

16,350

1

All other

53,539

73,417

4

50,709

117,716

3

Total commercial loans

$

1,548,869

$

1,867,341

100

%

$

1,457,421

$

1,799,242

100

%

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Table of Contents

Maturity and Sensitivity of the Loan Portfolio

The following table shows contractual maturities of selected loan categories at December 31, 2021. The contractual maturities do not reflect premiums, discounts, deferred costs, or prepayments.

Within 

1 to 5

5 to 15

After

(in thousands, except percentages)

1 year

    

Years

    

Years

15 Years

    

Total

% of Total

Commercial construction

    

$

47,672

$

7,340

$

1,215

$

36

$

56,263

2

%

Commercial real estate owner occupied

 

112,217

 

56,616

 

73,957

 

14,332

 

257,122

10

Commercial real estate non-owner occupied

393,042

 

245,168

 

239,803

 

9,079

 

887,092

35

Tax exempt

206

 

9,455

 

24,819

 

6,800

 

41,280

2

Commercial and industrial

122,727

79,489

78,440

26,456

307,112

12

Residential real estate

36,070

85,324

217,919

548,950

888,263

35

Home equity

63,736

9,696

3,619

9,606

86,657

3

Consumer other

2,346

4,742

693

340

8,121

1

Total loans

$

778,016

$

497,830

$

640,465

$

615,599

$

2,531,910

100

%

Fixed-rate

75,926

305,778

503,129

615,322

1,500,155

59

Floating or adjustable rate

702,090

192,052

137,336

277

1,031,755

41

Total loans

$

778,016

$

497,830

$

640,465

$

615,599

$

2,531,910

100

%

Problem Assets

The Bank prefers to work with borrowers to resolve problems rather than proceeding to foreclosure. For commercial loans, this may result in a period of forbearance or restructuring of the loan, which is normally done at current market terms and may not result in a “troubled” loan designation. For residential mortgage loans, the Bank follows the Consumer Financial Protection Bureau (“CFPB”) guidelines to attempt a restructuring that will enable owner-occupants to remain in their home. However, if these processes fail to result in a performing loan, the Bank generally will initiate foreclosure or other proceedings no later than the 120th day of a delinquency, as necessary, to minimize any potential loss. Management reports on delinquent loans and non-performing assets to the Board monthly. Loans are generally removed from accruing status when they reach 90 days delinquent, except for certain loans which are well secured and in the process of collection. Loan collections are managed by a combination of the related business units and the Bank’s managed assets group, which focuses on larger, riskier collections.

The following table presents the problem assets and accruing troubled debt restructurings ("TDRs") for the years indicated:

(in thousands, except ratios)

    

2021

    

2020

 

Non-accruing loans:

 

  

 

  

Commercial construction

$

$

258

Commercial real estate owner occupied

 

783

 

3,038

Commercial real estate non-owner occupied

 

622

 

383

Tax exempt

Commercial and industrial

 

677

 

1,223

Residential real estate

6,835

5,883

Home equity

1,269

1,345

Consumer other

 

5

 

58

Total loans

10,191

12,188

Other real estate owned

 

 

Total non-performing assets

$

10,191

$

12,188

Troubled debt restructurings (accruing)

$

$

95

Accruing loans 90+ days past due

 

134

 

125

Total non-performing loans/total loans

 

0.40

%  

 

0.48

%

Total non-performing assets/total assets

 

0.27

 

0.33

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Table of Contents

Allowance for Credit Losses

The Bank’s loan portfolio is regularly reviewed by management to evaluate the adequacy of the allowance for credit losses (ACL). The allowance represents management’s estimate of inherent losses that are probable and estimable as of the date of the financial statements. 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 comprised of larger non-accruing commercial loans and TDRs.  The allowance for credit losses is discussed further in Note 1 – Summary of Significant Accounting Policies of the Consolidated Financial Statements.

The following table presents an analysis of the allowance for credit losses for the years indicated:

(in thousands, except ratios)

    

2021

    

2020

 

Balance at beginning of year

$

19,082

$

15,353

Impact of CECL adoption

5,228

Charged-off loans:

 

  

 

  

Commercial construction

 

 

Commercial real estate owner occupied

 

(403)

 

Commercial real estate non-owner occupied

 

 

(1,137)

Tax exempt

Commercial and industrial

(59)

(593)

Residential real estate

(77)

(54)

Home equity

(154)

Consumer other

 

(205)

 

(384)

Total charged-off loans

 

(898)

 

(2,168)

Recoveries on charged-off loans:

 

  

 

  

Commercial construction

 

18

 

Commercial real estate owner occupied

 

290

 

Commercial real estate non-owner occupied

 

4

 

173

Tax exempt

Commercial and industrial

77

30

Residential real estate

159

13

Home equity

51

Consumer other

 

9

 

56

Total recoveries on charged-off loans

 

608

 

272

Net charged-off

 

(290)

 

(1,896)

Provision for credit losses

 

(1,302)

 

5,625

Balance at end of year

$

22,718

$

19,082

Ratios:

 

  

 

  

Net charge-offs/average loans

 

0.01

%  

 

0.07

%

Recoveries/charged-off loans

 

68

 

13

Allowance for credit losses/total loans

 

0.90

 

0.74

Allowance for credit losses/non-accruing loans

 

223

 

157

8

Table of Contents

The following table presents year-end data for the approximate allocation of the allowance for credit losses by loan categories at the dates indicated. The table shows for each category the amount of the allowance allocated to that category as a percentage of the outstanding loans in that category. Management believes that the allowance can be allocated by category only on an approximate basis. The allocation of the allowance to each category is not indicative of future losses and does not restrict the use of any of the allowance to absorb losses in any category. Due to the impact of accounting standards for acquired loans, data in the accompanying tables may not be comparable between accounting periods.

2021

2020

 

% Allocated to

% Allocated to

 

(in thousands, except ratios)

    

Amount

    

Total Loans

    

Amount

    

Total Loans

 

Commercial construction

    

$

2,111

    

0.08

%  

$

824

    

0.03

%

Commercial real estate owner occupied

 

2,751

 

0.11

 

1,783

 

0.07

Commercial real estate non-owner occupied

5,650

 

0.23

 

7,864

 

0.31

Tax exempt

86

0.01

58

Commercial and industrial

5,369

0.21

3,137

0.12

Residential real estate

5,862

0.23

5,010

0.20

Home equity

814

0.03

285

0.01

Consumer other

75

121

Total

$

22,718

0.90

%  

$

19,082

0.74

%  

INVESTMENT SECURITIES ACTIVITIES

The general objectives of the Company’s investment portfolio are to provide liquidity when loan demand is high, and to absorb excess funds when demand is low. The securities portfolio also provides a medium for certain interest rate risk measures intended to maintain an appropriate balance between interest income from loans and total interest expense. For additional information, see Item 7A of this report.

The Company only invests in high-quality investment-grade securities. Investment decisions are made in accordance with the Company’s investment and treasury policies and include consideration of risk, return, duration, and portfolio concentrations. For further discussion on investments see Note 2 – Securities Available for Sale of the Consolidated Financial Statements.

The following table presents the amortized cost and fair value of securities available for sale for the years indicated:

2021

2020

Amortized

Amortized

(in thousands)

    

Cost

    

Fair Value

    

Cost

    

Fair Value

US Government-sponsored enterprises

$

237,283

$

236,117

$

206,834

$

212,390

US Government agency

 

79,143

 

79,637

 

82,878

 

85,632

Private label

 

68,691

 

68,695

 

19,810

 

19,709

Obligations of states and political subdivisions thereof

 

140,585

 

141,776

 

164,766

 

169,004

Corporate bonds

 

89,994

 

92,051

 

97,689

 

98,311

Total

$

615,696

$

618,276

$

571,977

$

585,046

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Table of Contents

The following table presents the amortized cost and weighted average yields of securities available for sale at by maturity:

December 31, 2021

Within

Over 1 Year

Over 5 Years

Over

(in thousands, except ratios)

    

1 Year

    

to 5 Years

to 10 years

10 Years

Total

US Government-sponsored enterprises

$

32

$

2,601

$

8,227

$

226,423

$

237,283

US Government agency

3

306

1,798

77,036

79,143

Private label

 

 

 

31,185

37,506

68,691

Obligations of states and political subdivisions thereof