- Current report filing (8-K)
23 Februar 2009 - 9:17PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
February 20, 2009
Commission File No. 841105-D
BAR HARBOR BANKSHARES
(Exact name of registrant as
specified in its charter)
Maine
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01-0393663
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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PO Box 400
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82 Main Street, Bar Harbor,
ME
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04609-0400
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(Address of principal executive
offices)
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(Zip Code)
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(207) 288-3314
(Registrant's telephone number, including area code)
Inapplicable
(Former name, former address and former fiscal year, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the following
provisions (
see
General Instruction A.2. below):
____ Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
____ Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
____ Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
____ Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
TABLE OF CONTENTS
Item
2.02 Results of Operations and Financial Condition
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Page
1
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Item
2.06 Material Impairments
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Page
1
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Item
9.01 Financial Statements and Exhibits
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Page
2
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Signatures
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Page
2
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Exhibit
Index
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Page
2
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ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
ITEM 2.06 MATERIAL IMPAIRMENTS
On February 20, 2009, Bar Harbor Bankshares (the "Company")
issued a press release announcing that as a result of obtaining information relative to
collateral loss experience on certain of its non-agency 1-4 family mortgage-backed
securities after its February 2, 2009, announcement of year-end 2008 results of
operations, and before filing its 2008 Annual Report on Form 10-K, it will record in the
fourth quarter an other-than-temporary impairment charge with a pre-tax impact on earnings
amounting to $1.4 million. This non-cash charge will reduce the Companys previously
announced 2008 net income by $876 thousand, or $0.29 per diluted share.
Because these investment securities were carried at fair value at
December 31, 2008, estimated losses on these investment securities, net of tax, were
previously recorded in unrealized losses on securities available for sale within
accumulated other comprehensive loss, a component of total shareholders equity on
the Companys consolidated balance sheet. This non-cash charge will reduce the
Companys full-year 2008 net income to $7.7 million, or $2.57 per diluted share, from
$8.6 million, or $2.86 per diluted share, as previously announced. For the fourth quarter
of 2008, this non-cash charge will reduce its previously announced net income to $1.4
million, or $0.48 per diluted share, from $2.3 million, or $0.78 per diluted share.
The conclusion by the Company that it would record a non-cash
other-than-temporary impairment charge related to the securities portfolio was discussed
by the Companys Board of Directors at its February 15, 2009, meeting and the
authorized officers concluded on February 18, 2009, to recognize $1.4 million in the
Companys 2008 results of operations.
A copy of the Companys press release is attached as Exhibit 99.1 and
is incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits No. Description
99.1
Copy of Companys press release dated February 20, 2009.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Dated: February 23,
2009
BAR HARBOR BANKSHARES
/s/Gerald Shencavitz
Gerald Shencavitz
Chief Financial Officer
Exhibit Index
Exhibit
Number
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Description
of Exhibit
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99.1
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Registrant's Press
Release dated February 20, 2009.
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