Acquisitions drop Camden National's net income
Camden National Corp. reported a decrease in net income of 14% for the first quarter of 2013, which the company attributed to acquiring 14 branches from Bank of America in October.
Gregory Dufour, Camden National's president and CEO, said in the company's first quarter earnings report that those acquisitions added operational costs that contributed to the $921,000 decrease in net income.
Dufour said in the statement the company plans to build its revenue base through growth in loans.
Dufour said the company has improved its standing in new mortgage markets in Penobscot, Androscoggin and Kennebec counties, where it is in the top five lenders by market share.
The company reported its loan portfolio grew by $62 million, or 4%, compared with a year ago, driven primarily by commercial real estate and home equity lending.
Across the bank's loans, the company reported a positive economic outlook for 2013 and noted an improvement in loan quality for the first quarter, citing a $660,000 decrease in non-performing loans from the first quarter and a $1.8 million drop in its portfolio of past-due loans.
Deposit volume also increased in the first quarter of the year, rising 25% compared to a year ago to total deposits of $287.6 million.
With the latest report, the company, listed on the NASDAQ Global Select Market under the symbol CAC, boosted its quarterly dividend to $0.27 per share, an increase of 8%.
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