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Bar Harbor Bank & Trust announces Record Net Income

Bar Harbor Bankshares (NYSE MKT: BHB) (the “Company”) the parent company of Bar Harbor Bank & Trust (the “Bank”), today announced record net income of $3.9 million for the third quarter of 2014, representing an increase of $334 thousand, or 9.5%, compared with the third quarter of 2013. The Company also reported diluted earnings per share of $0.65 for the quarter compared with $0.59 for the third quarter of 2013, representing an increase of $0.06, or 10.2%. The Company’s annualized return on average shareholders’ equity amounted to 10.98% for the quarter, compared with 11.73% in the third quarter of 2013. The Company’s third quarter return on average assets amounted to 1.06%, up from 1.02% in the third quarter of 2013.

For the nine months ended September 30, 2014, the Company reported record net income of $11.5 million, representing an increase of $1.6 million, or 16.1%, compared with the same period in 2013. The Company also reported record diluted earnings per share of $1.93, representing an increase of $0.26, or 15.6%, compared with the same period in 2013. The Company’s annualized return on average shareholders’ equity amounted to 11.50% for the nine months ended September 30, 2014, up from 10.57% for the same period in 2013. The Company’s annualized return on average assets amounted to 1.09%, up from 0.99% for the nine months ended September 30, 2013.

In making the announcement, the Company’s President and Chief Executive Officer, Curtis C. Simard, commented, “As we enter the final quarter of 2014, we are pleased with the Company’s solid performance and earnings fundamentals, culminating with another earnings record and our recently announced fourteenth consecutive quarterly cash dividend increase. Our third quarter results featured a 14.1% increase in net interest income, which was driven by a twenty-six basis point improvement in our net interest margin compared with the same quarter last year. With a third quarter efficiency ratio of 52.2%, we are demonstrating a symbiotic focus on core earnings improvement and careful expense management. We are also pleased to report relatively stable credit quality, highlighted by a $2.5 million, or 28.6%, decline in non-performing loans from year-end 2013.”

In concluding, Mr. Simard added, “As we are fully entrenched in planning for 2015, we expect continued aggressive competition for loans and core deposits. Nonetheless, defending the net interest margin while thoughtfully growing our loan portfolio without sacrificing credit quality will be priorities for us. We believe we are prepared for these challenges and will be persistent in seeking out opportunities to expand our business and deliver the promise of successful community banking to our customers, prospects and shareholders alike.” 

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