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Message from the CEO



April, 2015



Dear Shareholder:



Despite the sluggish recovery in our market, Harbor Bankshares Corporation and its primary subsidiary, The Harbor Bank of Maryland, continue to make steady progress towards prerecession performance, and the corporation remains profitable.


Major accomplishments during 2014 include $33 million in US Department of Treasury New Markets Tax Credits awards and maintaining capital levels exceeding regulatory requirements.  These key achievements reflect our improved financial condition and continued safety and soundness.  Although the bank’s earnings were down, the corporation’s earnings increased. We expect increased earnings for both this year.


There is great optimism as Harbor Bank has established itself as an innovative financial institution.  The U.S. Treasury Community Development Financial Institutions Fund’s Bank Enterprise Award Program continues to recognize our excellence in investing in underserved communities by awarding us more than $1.8 million.  This makes our institution and the market we serve stronger and poised for further growth in 2015 and beyond.



As the economy continues to improve, Harbor Bankshares Corporation and The Harbor Bank of Maryland are well-positioned to prosper.   Accordingly, we will continue to develop products and services that best address the needs of our market and provide the best opportunities for attractive returns to our shareholders .


Thank you for your continued support.






Joseph Haskins, Jr.

Chairman, President & CEO