Camden National net income up 2 percent

CAMDEN — Camden National Corp. reported net income for the third quarter of 2013 of $6.4 million and diluted earnings per share of 83 cents.

The net income results of the third quarter of 2013 represent an increase of $111,000, or 2 percent, compared to the third quarter of 2012. For the third quarter of 2013, the company achieved a return on average assets of 0.98 percent and a return on average tangible equity of 14.32 percent.

“Our net income for the first nine months of 2013 was $18.4 million or $2.39 per diluted share as compared to net income of $19.3 million or $2.50 per diluted share for the same period a year ago,” said Camden National President and CEO Gregory A. Dufour. “This performance reflects the strength of our organization to make a strategic investment in acquiring 14 branches last year and still report solid earnings and returns. We expect the financial performance of these branches to improve over time as we convert the cash from the acquired low cost core deposits into loans.”

Find in-depth coverage of local news in The Ellsworth American. Subscribe digitally or in print.

Fenceviewer Staff

Latest posts by Fenceviewer Staff (see all)