Camden National income picks up in Q3
Camden National Bank’s third-quarter net income rose 1.7% over the same period last year while the bank’s year-to-date income lags 4.6% behind last year, according to its latest unaudited earnings report.
The bank reported that the full-year and latest quarter results reflect acquisition and operating costs for 14 new branches the bank bought from Bank of America for $15.3 million in late 2012. The bank also closed on the sale of five bank branches to Skowhegan Savings in early October, which it expects will boost fourth-quarter pre-tax income by around $3 million.
Net income in the third quarter was $6.37 million, up from $6.26 million for the same period last year. By Sept. 30, 2013, the bank recorded $18.36 million in net income, down from $19.25 million the same time last year.
For the year-to-date, the company reported that its non-interest income increased $1.4 million compared to 2012, mostly based on growth in deposit-related and service fees for new customer accounts at the branches it acquired late last year. Meanwhile, non-interest expenses increased $1.8 million, which the bank attributed largely to costs of that branch acquisition.
Compared with the end of 2012, the bank reported its total assets increased $32.5 million to $2.6 billion, due mostly to a $26.1 million increase in its loan portfolio.
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