Camden National reports first quarter results

CAMDEN — Camden National Corp. reported net income of $5.7 million and diluted earnings per share of 74 cents for the first quarter of 2013, compared to net income of $6.6 million and diluted earnings per share of 86 cents for the first quarter of 2012.

Return on average assets and average equity for the first quarter of 2013 were 0.90 percent and 9.81 percent, respectively, comparing favorably to the company’s national peer group averages for 2012.

“Our first quarter 2013 financial results reflect the impact of the strategic acquisition of 14 branches in late 2012, which has added operational costs while we build our revenue base through loan growth,” said Gregory A. Dufour, president and chief executive officer of Camden National. “We are beginning to see the benefits of these new locations and expanded lending team with a solid loan pipeline and a significantly increased market position over last year.”

Total deposits increased 25 percent compared to a year ago, with acquired deposits of $287.6 million and organic growth of $108.4 million.

Loan growth was $62.0 million, or 4 percent, compared to a year ago with growth primarily centered in commercial real estate and home equity lending.

Asset quality trends remain favorable with lower net charge-offs and declining non-accrual loans.

Quarterly dividend increased to 27 cents per share, an 8 percent increase.

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Fenceviewer Staff

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