Bar Harbor Bankshares, Inc. · AMEX:BHB
Bar Harbor Bankshares — IPO Roadshow (December 2009)
27 slides from Bar Harbor Bankshares's IPO roadshow presentation, Dec 10, 2009
Slide 1: Investor Presentation
Investor Presentation December 2009 Filed pursuant to Rule 433 Registration Statement No. 333-162450 December 10, 2009
Slide 2: Registration Statement and Prospectus
Registration Statement and Prospectus The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed wi
Slide 3: Forward Looking Statements
Forward Looking Statements These materials, the prospectus supplement, the accompanying base prospectus and the documents incorporated by reference contain forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, which we refer to as the Securities Act
Slide 4: Offering Summary
Offering Summary • Issuer: Bar Harbor Bankshares • Offering: Follow-on common stock • Gross Amount Offered: $20 million • Over-Allotment Option: 15% ($3 million) • Exchange / Symbol: NYSE Amex / BHB • Market Capitalization (1) : $94 million (pre-offering) • Quarterly Dividend: $0.26 per share • Divi
Slide 5: Bar Harbor Bankshares
Bar Harbor Bankshares • Bar Harbor Bank & Trust – commercial and retail banking services through 12 branches; $1.1 billion in total assets • Bar Harbor Trust Services – trust and investment management; $268 million AUM • Bar Harbor Financial Services – a third party registered broker-dealer offering
Slide 6: Downeast Maine
Downeast Maine • Washington and Hancock counties - farthest east in the country • Major Attraction: Bar Harbor / Acadia National Park Second-most visited national park in the United States From late spring to early fall, attracts well over 2 million tourists • Population: 85,909 – 90% live within mi
Slide 7: Strong and Stable Deposit Share
% of Bank Market # of County Deposits Share Branches Strong and Stable Deposit Share • #1 market share in communities representing 79% of BHB’s deposits • #2 market share in communities representing 7% of BHB’s deposits • #4 and #6 market share in one community each representing 14% of BHB’s deposit
Slide 8: Senior Management Team
Senior Management Team 35 years 5 years President, Bar Harbor Trust Services and SVP, Bar Harbor Bank & Trust Daniel A. Hurley III 27 years 8 years SVP, Retail Banking and Consumer Lending Stephen M. Leackfeldt 25 years 18 years SVP, Business Banking Gregory W. Dalton 24 years 10 years SVP, Credit A
Slide 9: Financial Highlights
Financial Highlights • Record net income available to common shareholders of $2.8 million and $7.7 million for the three and nine months ended September 30, 2009, up 21.4% and 22.3%, respectively, vs. 2008. • Year-to-date EPS of $2.63, up 25.8% vs. • Year-to-date ROA of 1.08% - annualized • Year-to-
Slide 10: Financial Highlights
Financial Highlights • Total assets of $1.1 billion, up $88.4 million, or 9.1% vs. December 31, 2008 • Total loans of $654.6 million, up $21.0 million vs. December 31, o Commercial 54% / Consumer 46% • Total deposits of $619.1 million, up $40.9 million, or 7.1%, vs. December 31, • Capital Ratios: o
Slide 11: Assets, Deposits & Loan Growth
Assets Loans Deposits Average Annual Increase 10.5% 9.4% 10.6% $584 $667 $748 $825 $889 $972 $1,061 $383 $448 $515 $555 $580 $634 $655 $339 $398 $619 $578 $539 $496 $446 $0 $200 $400 $600 $800 $1,000 $1,200 9/2009 Assets, Deposits & Loan Growth $ millions
Slide 12: Diluted Earnings Per Share & Dividends
Diluted Earnings Per Share & Dividends $2.03 $2.20 $2.30 $2.57 $2.63 $0.84 $0.91 $0.96 $1.02 $0.78 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 2005Y 2006Y 2007Y 2008Y YTD 9/09 EPS Dividends EPS through three quarters in 2009 higher than full year
Slide 13: Capital Ratios
Capital Ratios 7.08% 7.02% 7.07% 6.42% 6.90% 12.05% 11.65% 11.59% 11.60% 14.68% 11.10% 10.82% 10.76% 9.95% 12.88% 4% 6% 8% 10% 12% 14% 16% 2005Y 2006Y 2007Y 2008Y 9/2009 TCE Ratio Tier 1 Ratio Total Capital Ratio
Slide 14: Total Loan Portfolio and Non-Owner Occupied CRE Portfolio
Total Loan Portfolio Non-Owner Occupied CRE Portfolio • 9/30/09 vs 12/31/08 loan portfolio Up $21 million, or 3.3% Commercial (1) up $30 million, or 9.3% Consumer (2) down $16 million, or 5.2% Loan Portfolio Total Loans = $654.6 million Non-Owner Occupied CRE = $182.0 million Other 3% Commercial, In
Slide 15: Commercial Loan Growth
Loans as of 9/30/04 Loans as of 9/30/09 Commercial Loan Growth Commercial Loans = $158.6 million Commercial Loans = $351.6 million Data as of September 30, 2009 • 5-year compound annual growth rate for commercial loans of 17.6% Consumer 64% Commercial 36% Consumer 46% Commercial 54%
Slide 16: NPAs / Loans + OREO
NPAs / Loans + OREO Peer Index includes: BARI, EBTC, INDB, SHBI, UVSP, EGBN, WASH, CNBKA, CAC, ALNC, BMTC, CCNE, FUNC, FNLC, ORRF, TMP, MBVT, AROW. 0.17% 0.11% 0.41% 0.71% 1.23% 0.26% 0.37% 0.51% 0.99% 1.98% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 2005Y 2006Y 2007Y 2008Y 9/2009 BHB Peers
Slide 17: Net Charge-Offs to Average Loans
Net Charge-Offs to Average Loans Peer Index includes: BARI, EBTC, INDB, SHBI, UVSP, EGBN, WASH, CNBKA, CAC, ALNC, BMTC, CCNE, FUNC, FNLC, ORRF, TMP, MBVT, AROW. 0.04% 0.05% 0.04% 0.21% 0.14% 0.08% 0.08% 0.11% 0.26% 0.39% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 0.35% 0.40% 0.45% 2005Y 2006Y 2007Y 2
Slide 18: Investment Securities
Investment Securities Private Label MBS 8% U.S. Government Agency MBS 7% GSE MBS 65% GSE Debt Obligations 1% Municipal Debt Obligations 19% • $357 million at September 30, 2009, up $66 million, or 22.9%, vs. year-end 2008 • Portfolio contains: No sub-prime MBS pools No equities No corporate debt No
Slide 19: Deposits
$122.4 $117.5 $132.2 $125.7 $136.1 $133.1 $164.2 $163.0 $163.8 $162.8 $129.8 $132.3 $140.2 $200.2 $230.2 $60.4 $82.3 $103.7 $88.5 $90.0 Deposits $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 $550 $600 $650 2005Y 2006Y 2007Y 2008Y 9/2009 Total Transaction Accounts MMDA & Savings Retail CDs Brok
Slide 20: Return On Average Equity
Return On Average Equity 11.4% 12.0% 11.4% 11.9% 13.2% 13.9% 13.0% 12.5% 10.3% 8.9% 0% 2% 4% 6% 8% 10% 12% 14% 16% 2005Y 2006Y 2007Y 2008Y YTD 9/09 BHB Peers Peer Index includes: BARI, EBTC, INDB, SHBI, UVSP, EGBN, WASH, CNBKA, CAC, ALNC, BMTC, CCNE, FUNC, FNLC, ORRF, TMP, MBVT, AROW. (1) Annualized
Slide 21: Return On Average Assets
Return On Average Assets 0.9% 0.9% 0.9% 0.8% 1.1% 1.2% 1.1% 1.1% 0.9% 0.7% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 2005Y 2006Y 2007Y 2008Y YTD 9/09 BHB Peers Peer Index includes: BARI, EBTC, INDB, SHBI, UVSP, EGBN, WASH, CNBKA, CAC, ALNC, BMTC, CCNE, FUNC, FNLC, ORRF, TMP, MBVT, AROW. (1) Annualized
Slide 22: Net Interest Margin
Net Interest Margin 3.43% 2.98% 2.91% 3.13% 3.92% 3.75% 3.63% 3.67% 3.45% 3.61% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 2005Y 2006Y 2007Y 2008Y YTD 9/09 BHB Peers Peer Index includes: BARI, EBTC, INDB, SHBI, UVSP, EGBN, WASH, CNBKA, CAC, ALNC, BMTC, CCNE, FUNC, FNLC, ORRF, TMP, MBVT, AROW.
Slide 23: Efficiency Ratio
Efficiency Ratio 67.4% 65.0% 60.4% 57.8% 51.0% 60.2% 61.3% 62.3% 62.0% 61.9% 40.0% 45.0% 50.0% 55.0% 60.0% 65.0% 70.0% 2005Y 2006Y 2007Y 2008Y YTD 9/09 BHB Peers Peer Index includes: BARI, EBTC, INDB, SHBI, UVSP, EGBN, WASH, CNBKA, CAC, ALNC, BMTC, CCNE, FUNC, FNLC, ORRF, TMP, MBVT, AROW.
Slide 24: 1-yr Relative Stock Performance
Jun. 26, 2009 BHB added to the Russell 2000 and 3000 indexes 1-yr Relative Stock Performance Source: SNL Financial as of 12/09/09. (1) Peer Index includes: BARI, EBTC, INDB, SHBI, UVSP, EGBN, WASH, CNBKA, CAC, ALNC, BMTC, CCNE, FUNC, FNLC, ORRF, TMP, MBVT, AROW. (2) NASDAQ Bank Index has 493 compani
Slide 25: Summary
Summary • Strong Operating Performance ROA and ROE were 1.08% and 13.16%, respectively, for YTD 09 The NIM for YTD 09 was 3.45% and the efficiency ratio was 51.0% • Strong Asset Quality NPAs / Loans + OREO of 1.23% and Texas Ratio of 8% at 9/30/09 • Diversified Loan Portfolio 54% commercial / 46% co
Slide 26: Summary
Summary • Significant Growth Opportunity Community bank competitors have been consolidated Larger banks unfocused; a number of smaller banks weakened • One of the largest remaining independent commercial banks in Maine • Experienced management team • Reduction in TARP-related warrants
Slide 27: Investor Presentation
Investor Presentation December 2009