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CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

12 Months Ended

Dec. 31, 2021

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

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NOTE 17.           CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

The condensed balance sheets of Bar Harbor Bankshares as of December 31, 2021 and 2020, and the condensed statements of income and cash flows for the years ended December 31, 2021, 2020 and 2019 are presented below:

CONDENSED BALANCE SHEETS

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​	​	​	​	​	​	​
​	​	December 31,
(in thousands)		2021			2020
Assets		​			​
Cash	​	$	2,572	​	$	10,741
Investment in subsidiaries(1)	​		479,914	​		460,369
Premises and equipment	​		792	​		756
Other assets	​		7,078	​		1,934
Total assets	​	$	490,356	​	$	473,800
​	​	​	​	​	​	​
Liabilities and Shareholders’ Equity	​			​
Subordinated notes	​	$	60,124	​	$	59,961
Accrued expenses	​		6,085	​		6,774
Shareholders’ equity(1)	​		424,147	​		407,065
Total liabilities and shareholders’ equity(1)	​	$	490,356	​	$	473,800

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(1) Prior period has been revised, see Note 1 – Summary of Significant Accounting Policies – Revision of Previously Issued Financial Statements.

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CONDENSED STATEMENTS OF INCOME

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​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
(in thousands)		2021			2020			2019
Income:	​	​	​	​	​	​	​	​	​
Dividends from subsidiaries	​	$	15,557	​	$	8,024	​	$	21,734
Other income	​		740	​		742	​		337
Total income	​		16,297	​		8,766	​		22,071
Interest expense	​		2,632	​		2,750	​		2,188
Non-interest expense	​		5,455	​		4,465	​		3,208
Total expense	​		8,087	​		7,215	​		5,396
Income before taxes and equity in undistributed income of subsidiaries	​		8,210	​		1,552	​		16,675
Income tax benefit	​		(1,741)	​		(1,539)	​		(1,100)
Income before equity in undistributed income of subsidiaries	​		9,951	​		3,091	​		17,775
Equity in undistributed income of subsidiaries	​		29,348	​		30,153	​		4,845
Net income	​	$	39,299	​	$	33,244	​	$	22,620

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CONDENSED STATEMENTS OF CASH FLOWS

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​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
(in thousands)		2021			2020			2019
Cash flows from operating activities:	​	​	​	​	​	​	​	​	​
Net income	​	$	39,299	​	$	33,244	​	$	22,620
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	​			​			​
Equity in undistributed income of subsidiaries	​		(29,348)	​		(30,153)	​		(4,845)
Other, net	​		(5,582)	​		3,840	​		(1,040)
Net cash provided by operating activities	​		4,369	​		6,931	​		16,735
​	​	​	​	​	​	​	​	​	​
Cash flows from investing activities:	​			​			​
Acquisitions, net of cash paid	​		—	​		—	​		—
Purchase of securities	​		—	​		—	​		—
Capital contribution to subsidiary	​		—	​		—	​		(8,000)
Net cash (used in) investing activities	​		—	​		—	​		(8,000)
​	​	​	​	​	​	​	​	​	​
Cash flows from financing activities:	​			​			​
Proceeds from issuance of subordinated debt	​		—	​		—	​		40,000
Repayment of subordinated debt	​		—	​		—	​		(17,000)
Net proceeds from common stock	​		1,534	​		2,192	​		883
Net proceeds from reissuance of treasury stock	​		—	​		(14,188)	​		(22)
Common stock cash dividends paid	​		(14,072)	​		(13,417)	​		(13,366)
Net cash (used in) provided by financing activities	​		(12,538)	​		(25,413)	​		10,495
​	​	​	​	​	​	​	​	​	​
Net change in cash and cash equivalents	​		(8,169)	​		(18,482)	​		19,230
Cash and cash equivalents at beginning of year	​		10,741	​		29,223	​		9,993
Cash and cash equivalents at end of year	​	$	2,572	​	$	10,741	​	$	29,223

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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=123454820&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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