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Message from the CEO






April 4, 2016


Dear Shareholder:

Harbor Bankshares Corporation (The Corporation) and its primary subsidiary, The Harbor Bank of Maryland (The Bank), continue to make steady progress towards pre-recession performance in spite of The Corporation’s loss during 2015. The loss was primarily due to a significant reduction in New Markets Tax Credit income and a one-time write off of goodwill.


Major Bank accomplishments during 2015 included maintaining capital levels exceeding regulatory requirements and increasing asset quality which substantially reduced the provision for loan losses. Increased net interest income reflects our improved financial condition and continued focus on safety and soundness. While The Corporation’s and The Bank’s earnings were down; we expect increased earnings for both entities in 2016.


The Corporation has established itself as an innovative financial institution. The U.S. Treasury Community Development Financial Institutions (CDFI) Fund’s Bank Enterprise Award Program continues to recognize our Bank’s excellence in investing in underserved communities by historically awarding us more than $1.9 million. This makes our institution and the market we serve stronger and poised for further growth in 2016 and beyond. In accordance, management will continue to develop products and services that are at the forefront of technology and meet the needs of our market providing the best opportunities for attractive returns to our shareholders.


Thank you for your continued support.




Joseph Haskins, Jr.

Chairman, President& CEO