News

This year's Annual Meeting included reports by President Bill Weir and Senior Vice President Vicky Vendrell, regarding the bank's excellent performance in 2016.

Report by Bill Weir, President and CEO:

Good afternoon and welcome to the 2017 Annual Meeting of the Bar Harbor Savings and Loan Association. It is with great pleasure and pride that I announce the assets of the bank have surpassed $100,000,000 with more than $84,000,000 in loans. In addition, we achieved another record year in earnings.

2016 was a year in which we completed many goals: The renovation of the third floor apartment was finished, adding rental income in addition to the second floor rear apartment. Work began on the second floor front apartment later in the year, to be used for staff offices.

Jacquie Colburn was hired as Compliance Administrator to interface with auditors and examiners. She was later appointed by the board as the bank’s Compliance Officer. With more emphasis put on IT and its regulations, Ardette Spear was appointed as Internal IT Specialist to go along with her teller duties.

Carolyn Lynch was appointed by the board as our Internal Auditor to replace Nickerson Professional Associates.

Board Member Kathleen Field was appointed to the bank’s Audit Committee.

Goals for 2017:
1. Aggressively solicit commercial loans and deposits.
2. Continue to promote new products: checking accounts, debit cards, and online banking.
3. Complete renovations on second floor to accommodate the financial and compliance departments.
4. Continue to evaluate loans and marketing in the Blue Hill area.

A copy of the Berry Dunn audit is available for review at the bank.

I would like to thank the employees for their extremely hard work and dedication. Due to the construction and constant visits of consultants and examiners, they have dealt with cramped quarters and interruptions with professional attitudes and courtesy. As always, the Board has offered advice and hands-on support. It is this team that brought the bank to the $100,000,000 mark.

Sincerely,

William R. Weir, Jr.
President and CEO

Remarks by Vicky Vendrell, Senior Vice President and Treasurer:

2016 has been a very good financial year for the Bank. The Bank’s earnings broke the $900,000 mark. Let’s take a brief look at the Bank’s earnings (and capital) growth over the past 7 years: In 2009, the Bank’s total assets were just under $50 million ($49,600) and its net income was $185,000. This compares to total assets at year-end 2016 of $100 million or double the size of the Bank in just 7 years’ time. The net income for the Bank during that period grew by almost 400%. Lastly, the Bank’s capital almost doubled between those 7 years.

Strong earnings contribute to capital strength and contribute to the Bank’s ability to renovate its building. The two newly renovated apartments are both rented. Additionally, completion of offices for Bank personnel on the 2nd floor is in progress with an expected occupancy date around the first of April.

In Summary: How have these numbers, balance sheet and earnings, affected the Bank’s ratios? The information comes from the Uniform Bank Performance Report which consists of 227 savings banks of similar asset size.

1. Return on Average Assets: 0.90% (peer group average 0.51%)
2. Return on Average Equity: 9.72% (peer group average 4.21%)
3. Efficiency Ratio: 50.45% (peer group average 81.45%)
4. Assets per employee: $12.5 million (peer group average $4.74 million)