CAMDEN — Camden National Corp. reported net income of $23.4 million and diluted earnings per share of $3.05 for the full year 2012 compared to net income and EPS of $26.2 million and $3.40, respectively, for the full year 2011.
Return on average assets and return on average equity for 2012 were 0.98 percent and 10.31 percent, respectively, comparing favorably to the company’s annualized national peer group averages of 0.82 percent and 7.93 percent, respectively, for the nine months ended Sept. 30, 2012.
On April 23, 2012, the company announced a definitive agreement to acquire 15 branches and associated deposits from Bank of America. The acquisition was finalized on Oct. 26, 2012, and the branches were successfully converted over that weekend. As part of the transaction, Camden National also divested one branch as required by the Department of Justice and sold its former Bangor branch location.
Camden National acquired $288.9 million in deposits and $6.1 million in small business loans in addition to the 14 branch locations.
“Our 2012 results were impacted by expenses associated with the branch acquisition and other costs to ramp up the branches, as well as continued pressure on net interest income and increased compliance costs,” said Gregory A. Dufour, president and chief executive officer of Camden National Corp. “We continue to manage the organization over the long term by making strategic investments, such as the branch acquisition and remaining cautious in this challenging interest rate environment.”
Total assets grew 11 percent to $2.6 billion at Dec. 31, 2012, with loans growing 3 percent and deposits increasing over 21 percent as a result of the branch transaction and organic growth. Net income for 2012 declined $2.7 million, or 11 percent, compared to the record earnings level of $26.2 million in 2011.