Camden National Corp. posts 16% rise in FY 2015 earnings

FILE PHOTO / TIM GREENWAY Gregory Dufour, president and CEO of Camden National Bank, in a 2012 file photo.

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Camden National Corp. (NASDAQ: CAC), a $3.7 billion bank holding company headquartered in Camden, reported today it achieved a 16% increase in core operating earnings for the year ended Dec. 31, 2015, to $28.2 million and an 8% increase in core diluted earnings per share for 2015 over 2014 to $3.49 per share.

Camden National also reported its fourth quarter earnings increased 26% to $7.7 million over the same period in 2014.

Gregory A. Dufour, Camden National’s president and CEO, said in a statement announcing the earnings that the company was “extremely pleased” it had reached two significant milestones in 2015 — namely, the completion in October of its merger with The Bank of Maine, making it the largest bank headquartered in Maine, “while at the same time achieving record core operating earnings.”

“We reached new heights with total assets of $3.7 billion, loans of $2.5 billion and core deposits of $2.0 billion at Dec. 31, 2015,” Dufour said in the company statement. “As a combined organization with 64 banking centers and three lending offices, we are looking forward to the future with our franchise's newly expanded footprint in southern Maine and Massachusetts.”

Net income, under generally accepted accounting principles, or GAAP, for the year ended Dec. 31 was $21.0 million and for the fourth quarter was $1.7 million. Each represented decreases compared to the same respective periods of 2014 due to one-time acquisition-related costs recorded in 2015.

Among fourth quarter performance metrics highlighted by the company:

Completion of the acquisition of The Bank of Maine on Oct. 16, with total assets acquired being $840.1 million, total loans acquired $615.2 million and total deposits acquired $687.0 million (of which $497.4 million were core deposits).
Organic loan growth (excluding The Bank of Maine acquired loans) for the fourth quarter 2015 was $44.8 million, or 10% annualized
Organic deposit growth (excluding SBM acquired deposits) for the fourth quarter 2015 was $32.6 million, or 6% annualized, led by core deposit growth of $75.2 million, or 21% annualized.

Camden National Corp. is the holding company employing more than 650 employees for Camden National Bank and the wealth management company, Acadia Trust.

Camden National and Bank of Maine complete merger