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Bar Harbor Bankshares Reports First Quarter Earnings

 Bar Harbor Bankshares (NYSE MKT: BHB) (the “Company”), the parent company of Bar Harbor Bank & Trust (the “Bank”), today announced record net income of $4.4 million for the first quarter of 2016, representing an increase of $525 thousand, or 13.5%, compared with the first quarter of 2015. The Company also reported record diluted earnings per share of $0.72 for the quarter, representing an increase of $0.08, or 12.5% compared with the first quarter of 2015. The Company’s annualized return on average shareholders’ equity amounted to 11.18% for the quarter, up from 10.57% in the first quarter of 2015. The Company’s first quarter return on average assets amounted to 1.10%, up from 1.06% in the first quarter of 2015.

In making the announcement, the Company’s President and Chief Executive Officer, Curtis C. Simard, commented, “We are pleased to have carried our 2015 momentum forward into 2016 with the announcement of our best quarterly earnings on record, following our recently announced twentieth consecutive quarterly cash dividend increase.” 

“Our first quarter performance was highlighted by a $422 thousand, or 3.7% increase, in tax-equivalent net interest income, which was driven by earning asset growth of $124.0 million, or 8.7%, compared with the first quarter of 2015. Our non-interest income was up $986 thousand or 42.1% compared with the first quarter of 2015, reflecting higher levels of realized securities gains combined with increases in all other categories of non-interest income. 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 57.4%.”

Mr. Simard continued, “We are also pleased to report first quarter commercial loan growth of $22.6 million, or 4.5%, despite strong competition for quality loans. Credit quality was also a bright spot for the quarter, with our non-performing loans declining 10.0% and ending the quarter at 0.63% of our total loan portfolio. Similarly, we enjoyed low levels of net loan charge-offs during the quarter, with annualized net charge-offs to average loans outstanding amounting to only 0.04%.”

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 our ability to continue to deliver value for our shareholders.”