CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables)

12 Months Ended

Dec. 31, 2019

CONDENSED BALANCE SHEETS



	December 31,
(in thousands)	2019		2018
Assets
Cash due from Bar Harbor Bank and Trust	$	29,223	$	9,993
Investment in subsidiaries	427,536		398,821
Premises and equipment	687		687
Other assets	4,586		3,416
Total assets	$	462,032	$	412,917

Liabilities and Shareholders Equity
Subordinated notes	$	59,920	$	37,973
Accrued expenses	5,705		4,365
Shareholders equity	396,407		370,579
Total Liabilities and shareholders equity	$	462,032	$	412,917

CONDENSED STATEMENTS OF INCOME



	Years Ended December 31,
(in thousands)	2019			2018			2017
Income:
Dividends from subsidiaries	$	21,734		$	23,705		$	13,907
Other	337			31			25
Total income	22,071			23,736			13,932
Interest expense	2,188			2,121			1,857
Non-interest expense	3,208			3,147			2,979
Total expense	5,396			5,268			4,836
Income before taxes and equity in undistributed income of subsidiaries	16,675			18,468			9,096
Income tax benefit	(1,100		)	(1,136		)	(1,210		)
Income before equity in undistributed income of subsidiaries	17,775			19,604			10,306
Equity in undistributed income of subsidiaries	4,845			13,333			15,687
Net income	$	22,620		$	32,937		$	25,993

CONDENSED STATEMENTS OF CASH FLOWS



	Years Ended December 31,
(in thousands)	2019			2018			2017
Cash flows from operating activities:
Net income	$	22,620		$	32,937		$	25,993
Adjustments to reconcile net income to net cash (used) provided by operating activities:
Equity in undistributed income of subsidiaries	(4,845		)	(13,333		)	(15,687		)
Other, net	(1,040		)	(1,457		)	(1,364		)
Net cash provided by operating activities	16,735			18,147			8,942

Cash flows from investing activities:
Acquisitions, net of cash paid	—			—			1,939
Purchase of securities	—			(7		)	—
Other, net	(8,000		)	—			—
Net cash (used in) provided by investing activities	(8,000		)	(7		)	1,939

Cash flows from financing activities:
Proceeds from issuance of subordinated debt	40,000			—			—
Repayment of subordinated debt	(17,000		)	—			—
Net proceeds from common stock	883			951			1,052
Net proceeds from reissuance of treasury stock	(22		)	686			686
Common stock cash dividends paid	(13,366		)	(12,184		)	(11,505		)
Other, net	—			—			(16		)
Net cash provided by (used in) financing activities	10,495			(10,547		)	(9,783		)

Net change in cash and cash equivalents	19,230			7,593			1,098
Cash and cash equivalents at beginning of year	9,993			2,400			1,302
Cash and cash equivalents at end of year	$	29,223		$	9,993		$	2,400