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CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

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NOTE 18.           CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

The condensed balance sheets of Bar Harbor Bankshares as of December 31, 2020 and 2019, and the condensed statements of income and cash flows for the years ended December 31, 2020, 2019 and 2018 are presented below:

CONDENSED BALANCE SHEETS

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​	​	​	​	​	​	​
​	​	December 31,
(in thousands)		2020			2019
Assets		​			​
Cash	​	$	10,741	​	$	29,223
Investment in subsidiaries	​		464,645	​		427,536
Premises and equipment	​		756	​		687
Other assets	​		1,934	​		4,586
Total assets	​	$	478,076	​	$	462,032
​	​	​	​	​	​	​
Liabilities and Shareholders Equity	​			​
Subordinated notes	​	$	59,961	​	$	59,920
Accrued expenses	​		6,774	​		5,705
Shareholders equity	​		411,341	​		396,407
Total liabilities and shareholders equity	​	$	478,076	​	$	462,032

​

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CONDENSED STATEMENTS OF INCOME

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​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
(in thousands)		2020			2019			2018
Income:	​	​	​	​	​	​	​	​	​
Dividends from subsidiaries	​	$	8,024	​	$	21,734	​	$	23,705
Other income	​		742	​		337	​		31
Total income	​		8,766	​		22,071	​		23,736
Interest expense	​		2,750	​		2,188	​		2,121
Non-interest expense	​		4,465	​		3,208	​		3,147
Total expense	​		7,215	​		5,396	​		5,268
Income before taxes and equity in undistributed income of subsidiaries	​		1,552	​		16,675	​		18,468
Income tax benefit	​		(1,539)	​		(1,100)	​		(1,136)
Income before equity in undistributed income of subsidiaries	​		3,091	​		17,775	​		19,604
Equity in undistributed income of subsidiaries	​		30,153	​		4,845	​		13,333
Net income	​	$	33,244	​	$	22,620	​	$	32,937

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CONDENSED STATEMENTS OF CASH FLOWS

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​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
(in thousands)		2020			2019			2018
Cash flows from operating activities:	​	​	​	​	​	​	​	​	​
Net income	​	$	33,244	​	$	22,620	​	$	32,937
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	​			​			​
Equity in undistributed income of subsidiaries	​		(30,153)	​		(4,845)	​		(13,333)
Other, net	​		3,840	​		(1,040)	​		(1,457)
Net cash provided by operating activities	​		6,931	​		16,735	​		18,147
​	​	​	​	​	​	​	​	​	​
Cash flows from investing activities:	​			​			​
Acquisitions, net of cash paid	​		—	​		—	​		—
Purchase of securities	​		—	​		—	​		(7)
Capital contribution to subsidiary	​		—	​		(8,000)	​		—
Net cash used in investing activities	​		—	​		(8,000)	​		(7)
​	​	​	​	​	​	​	​	​	​
Cash flows from financing activities:	​			​			​
Proceeds from issuance of subordinated debt	​		—	​		40,000	​		—
Repayment of subordinated debt	​		—	​		(17,000)	​		—
Net proceeds from common stock	​		2,192	​		883	​		951
Net proceeds from reissuance of treasury stock	​		(14,188)	​		(22)	​		686
Common stock cash dividends paid	​		(13,417)	​		(13,366)	​		(12,184)
Net cash (used in) provided by financing activities	​		(25,413)	​		10,495	​		(10,547)
​	​	​	​	​	​	​	​	​	​
Net change in cash and cash equivalents	​		(18,482)	​		19,230	​		7,593
Cash and cash equivalents at beginning of year	​		29,223	​		9,993	​		2,400
Cash and cash equivalents at end of year	​	$	10,741	​	$	29,223	​	$	9,993

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- References

No definition available.

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- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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