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CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY | 12 Months Ended
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Dec. 31, 2023
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY |
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY | ​ ​ NOTE 17. CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY The condensed balance sheets of Bar Harbor Bankshares as of December 31, 2023 and 2022, and the condensed statements of income and cash flows for the years ended December 31, 2023, 2022 and 2021 are presented below: CONDENSED BALANCE SHEETS ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
(in thousands) |  | 2023 |  | 2022
Assets |  | ​ |  |  | ​ |
Cash | ​ | $ | 7,850 | ​ | $ | 7,350
Investment in subsidiaries | ​ |  | 484,574 | ​ |  | 447,937
Premises and equipment | ​ |  | 785 | ​ |  | 765
Other assets | ​ |  | 5,070 | ​ |  | 3,130
Total assets | ​ | $ | 498,279 | ​ | $ | 459,182
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and Shareholders’ Equity | ​ |  |  | ​ |  |
Subordinated notes | ​ | $ | 60,461 | ​ | $ | 60,289
Accrued expenses | ​ |  | 5,759 | ​ |  | 5,443
Shareholders’ equity | ​ |  | 432,059 | ​ |  | 393,450
Total liabilities and shareholders’ equity | ​ | $ | 498,279 | ​ | $ | 459,182
​ ​ CONDENSED STATEMENTS OF INCOME ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
(in thousands) |  | 2023 |  | 2022 |  | 2021
Income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends from subsidiaries | ​ | $ | 23,156 | ​ | $ | 20,682 | ​ | $ | 15,557
Other income | ​ |  | 1,142 | ​ |  | 976 | ​ |  | 740
Total income | ​ |  | 24,298 | ​ |  | 21,658 | ​ |  | 16,297
Interest expense | ​ |  | 3,691 | ​ |  | 2,981 | ​ |  | 2,632
Non-interest expense | ​ |  | 5,834 | ​ |  | 5,183 | ​ |  | 5,455
Total expense | ​ |  | 9,525 | ​ |  | 8,164 | ​ |  | 8,087
Income before taxes and equity in undistributed income of subsidiaries | ​ |  | 14,773 | ​ |  | 13,493 | ​ |  | 8,210
Income tax benefit | ​ |  | (1,985) | ​ |  | (1,709) | ​ |  | (1,741)
Income before equity in undistributed income of subsidiaries | ​ |  | 16,758 | ​ |  | 15,202 | ​ |  | 9,951
Equity in undistributed income of subsidiaries | ​ |  | 28,094 | ​ |  | 28,355 | ​ |  | 29,348
Net income | ​ | $ | 44,852 | ​ | $ | 43,557 | ​ | $ | 39,299
​ ​ ​ CONDENSED STATEMENTS OF CASH FLOWS ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
(in thousands) |  | 2023 |  | 2022 |  | 2021
Cash flows from operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 44,852 | ​ | $ | 43,557 | ​ | $ | 39,299
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ​ |  |  | ​ |  |  | ​ |  |
Equity in undistributed income of subsidiaries | ​ |  | (28,094) | ​ |  | (28,355) | ​ |  | (29,348)
Other, net | ​ |  | (1,537) | ​ |  | 3,187 | ​ |  | (5,582)
Net cash provided by operating activities | ​ |  | 15,221 | ​ |  | 18,389 | ​ |  | 4,369
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from investing activities: | ​ |  |  | ​ |  |  | ​ |  |
Acquisitions, net of cash paid | ​ |  | — | ​ |  | — | ​ |  | —
Purchase of securities | ​ |  | — | ​ |  | — | ​ |  | —
Capital contribution to subsidiary | ​ |  | — | ​ |  | — | ​ |  | —
Net cash (used in) investing activities | ​ |  | — | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from financing activities: | ​ |  |  | ​ |  |  | ​ |  |
Proceeds from issuance of subordinated debt | ​ |  | — | ​ |  | — | ​ |  | —
Repayment of subordinated debt | ​ |  | — | ​ |  | — | ​ |  | —
Net proceeds from common stock | ​ |  | 1,845 | ​ |  | 1,723 | ​ |  | 1,534
Net proceeds from reissuance of treasury stock | ​ |  | — | ​ |  | — | ​ |  | —
Common stock cash dividends paid | ​ |  | (16,566) | ​ |  | (15,334) | ​ |  | (14,072)
Net cash used in financing activities | ​ |  | (14,721) | ​ |  | (13,611) | ​ |  | (12,538)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net change in cash and cash equivalents | ​ |  | 500 | ​ |  | 4,778 | ​ |  | (8,169)
Cash and cash equivalents at beginning of year | ​ |  | 7,350 | ​ |  | 2,572 | ​ |  | 10,741
Cash and cash equivalents at end of year | ​ | $ | 7,850 | ​ | $ | 7,350 | ​ | $ | 2,572
​

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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 -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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