Camden National absorbs $8M loss
Camden National took an $8 million loss in its third quarter net income as a result of write-downs associated with the financial crisis.
Camden National reported strong growth in net interest and non-interest income, but took a $14 million write-down related to investments tied to the Federal Home Loan Mortgage Corporation, aka "Freddie Mac", resulting in the $8 million loss for the third quarter that ended September 30. Camden National's net interest income for the third quarter was $17.4 million, a 43% increase from the net interest income of $12.2 million during the same quarter last year. The company's non-interest income for the third quarter of 2008 was $3.8 million, a 20% increase over the same quarter last year.
The company attributed some of its growth to its acquisition of Ellsworth-based Union Bankshares Co. earlier this year.
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