News

This year's Annual Meeting included statements by President Bill Weir and Senior Vice President Vicky Vendrell, regarding the bank's highly successful performance during the year 2015.

---

Report by Bill Weir, President:
Good afternoon and welcome to the 2016 Annual Meeting of the Bar Harbor Savings and Loan Association. It is a pleasure to announce another very successful year with record earnings and strong asset growth.

2015 was a "building" year in so many ways. Planning started on the renovation of the building's third floor which will become an income producing apartment with fabulous views of Bar Harbor and the waterfront. To safeguard all of our renovations and records, installation of a state of the art sprinkler system has begun on all four floors.

We started offering checking accounts at the end of the year to increase our core deposits and to attract new business.

Vicky VendreII was appointed as Assistant Clerk of the Board in recognition for her extensive documentation work required for board meetings. Michael Pritchard was hired as a Teller. He has been a long term customer of the bank and is a welcome addition.

I would like to specifically mention that Vicky Vendrell and Nancy Sawyer have gone above and beyond, put in extra hours in planning, meeting with vendors and setting up the checking accounts, debit cards and on-line banking system. It truly amazes me what we do with only 7 employees, and, of course, with help from our "hands-on" Board of Directors. Our efficiency rating is one of the best in the state according to the Maine Bankers.

Our goals for 2016:

1. Continue to expand our market share in commercial loans
2. Aggressively promote the checking accounts, debit cards and online banking
3. Complete renovations of the building including the 2nd floor apartment
4. Evaluate audit and compliance functions to determine if better suited to outside consultants or an expansion of staff

We welcome Berry Dunn, CPA's as our new auditors for 2015. Their independent auditors report will be presented by Sr VP and Treasurer, Vicky VendreII following this report.

Thank you for continued support and guidance. We look forward to another banner year.

Sincerely,
William R. Weir, Jr
President and CEO

---

Comments from Vicky Vendrell, Senior Vice President:
The Bank ended 2015 with net earnings of $897,600 which exceeded 2014’s earnings by $180,000 and making 2015’s earnings the strongest in the Bank’s history – since 1902!

In a recently received overview of the Bank’s performance when compared to its peer group, the peer group consisted of all FDIC insured Savings Banks having less than $100 million in total assets. Several personnel ratios from that overview that accent the Bank’s strong earnings for 2015 include:

•   Efficiency Ratio (relationship between expenses and total revenues) – Bar Harbor Savings and Loan 49% compared to the Peer group 86%. Your bank runs almost 60% more efficiently than its peers.
•   Assets per employee – Bar Harbor Savings and Loan $13.7 million per employee compared to the Peer group averaging $4.5 million per employee.
•   Loans per employee – Bar Harbor Savings and Loan $11.5 million per employee compared to the Peer group averaging $2.8 million per employee.