CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables)

12 Months Ended

Dec. 31, 2018

CONDENSED BALANCE SHEETS



	December 31,
(in thousands)	2018		2017
Assets
Cash due from Bar Harbor Bank and Trust	$	9,993	$	2,400
Investment in subsidiaries	398,821		392,073
Premises and equipment	687		687
Other assets	3,416		939
Total assets	$	412,917	$	396,099

Liabilities and Shareholders Equity
Subordinated notes	$	37,973	$	38,033
Accrued expenses	4,365		3,425
Shareholders equity	370,579		354,641
Total Liabilities and shareholders equity	$	412,917	$	396,099

CONDENSED STATEMENTS OF INCOME



	Years Ended December 31,
(in thousands)	2018			2017			2016
Income:
Dividends from subsidiaries	$	23,705		$	13,907		$	6,473
Other	31			25			—
Total income	23,736			13,932			6,473
Interest expense	2,121			1,857			—
Non-interest expense	3,147			2,979			2,949
Total expense	5,268			4,836			2,949
Income before taxes and equity in undistributed income of subsidiaries	18,468			9,096			3,524
Income tax benefit	(1,136		)	(1,210		)	(1,029		)
Income before equity in undistributed income of subsidiaries	19,604			10,306			4,553
Equity in undistributed income of subsidiaries	13,333			15,687			10,380

Net income	$	32,937		$	25,993		$	14,933

CONDENSED STATEMENTS OF CASH FLOWS



	Years Ended December 31,
(in thousands)	2018			2017			2016
Cash flows from operating activities:
Net income	$	32,937		$	25,993		$	14,933
Adjustments to reconcile net income to net cash (used) provided by operating activities:
Equity in undistributed income of subsidiaries	(13,333		)	(15,687		)	(10,380		)
Other, net	(1,457		)	(1,364		)	1,336
Net cash provided by operating activities	18,147			8,942			5,889

Cash flows from investing activities:
Acquisitions, net of cash paid	—			1,939			—
Purchase of securities	(7		)	—			—
Other, net	—			—			(1		)
Net cash provided by/(used in) investing activities	(7		)	1,939			(1		)

Cash flows from financing activities:
Net proceeds from common stock	951			1,052			1,570
Net proceeds from reissuance of treasury stock	686			686			(497		)
Common stock cash dividends paid	(12,184		)	(11,505		)	(6,577		)
Other, net	—			(16		)	—
Net cash used in financing activities	(10,547		)	(9,783		)	(5,504		)

Net change in cash and cash equivalents	7,593			1,098			384

Cash and cash equivalents at beginning of year	2,400			1,302			918

Cash and cash equivalents at end of year	$	9,993		$	2,400		$	1,302