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Bar Harbor Bankshares Reports First Quarter Earnings

May 7, 2015

BAR HARBOR, Maine (April 29, 2015) 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 first quarter of 2015, representing an increase of $94 thousand, or 2.5%, compared with the first quarter of 2014. The Company also reported diluted earnings per share of $0.64 for the quarter, unchanged compared with the first quarter of 2014. The Company’s annualized return on average shareholders’ equity amounted to 10.57% for the quarter, compared with 12.06% in the first quarter of 2014. The Company’s first quarter return on average assets amounted to 1.06%, compared with 1.11% in the first quarter of 2014.

In making the announcement, the Company’s President and Chief Executive Officer, Curtis C. Simard, commented, “We are pleased to have carried our 2014 momentum forward into 2015 with the announcement of our best quarterly earnings on record.  Our first quarter performance featured meaningful commercial loan growth, with the portfolio up $27.2 million, or 6.0%, compared with year end 2014. We also generated a $439 thousand, or 4.2%, increase in net interest income compared with the first quarter of 2014. This increase was attributed to average earning asset growth of $82.2 million, or 6.1%, compared with the first quarter of last year.  While appropriately investing in our people, products, and processes, our continued focus on the overall management of our operating expenses was also evident, with a first quarter efficiency ratio of 55.3%.”

Mr. Simard continued, “By committing to deliberate organic growth in the regions we call home, we are also pleased to report that the credit quality of our loan portfolio remained relatively stable during the first quarter. Total non-performing loans were unchanged from year-end 2014, while delinquent loans and other potential problem loans combined posted a meaningful decline.  With respect to loan loss experience, we are pleased to report net recoveries on previously charged off loans of $14 thousand during the quarter, compared with net loan charge-offs of $210 thousand in the first quarter of last year.”

In concluding, Mr. Simard added, “Competition remains brisk, however, our brand remains well received and we continue to focus on improving our sales culture and the customer experience.  We believe our efforts to balance growth and earnings are evident in our performance measures and continue to deliver value for our shareholders including our recently announced sixteenth consecutive quarterly cash dividend increase.”

 
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