Camden National Corp. Reports Fourth Quarter and Year-end 2009 Results



CAMDEN — Camden National Corp. recently reported net income for 2009 of $22.8 million compared to 2008 net income of $15.3 million.

 

Return on average assets increased to 1.00 percent for 2009 compared to 0.67 percent for 2008 and returns on average equity amounted to 12.81 percent and 9.15 percent, respectively, for the years ended Dec. 31, 2009, and 2008.

Net income for the fourth quarter of 2009 was $5.2 million, compared to $10.1 million for the fourth quarter of 2008.

“We are pleased that our financial performance was as strong as it was in 2009, given that we faced the toughest economic conditions in decades,” said Gregory A. Dufour, president and chief executive officer of the company. “While our reported net income of $22.8 million set a record, the impact of the economic recession can be seen as our return on assets and return on equity slipped below our historic standards. Nonetheless, we believe those results will compare favorably to our peers once the year is assessed.”

The company’s total assets at Dec. 31, 2009, were $2.2 billion, a decrease of $102.3 million compared to a year ago. This decrease reflects a reduction in investments of $130.5 million, which favorably affected the capital ratios.

Total deposits increased $6.3 million from a year ago.

For more business news, pick up a copy of The Ellsworth American.

 

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