Camden National reports record income
Camden National Corp. has set a record with its year-end 2009 net income of $22.8 million, a 49% increase over 2008.
Despite the record net income, the company, parent to Camden National Bank, said its return on assets and return on equity fell below historic standards due to the recession, according to a release. The company had one of its strongest lending years and recorded a loan portfolio of over $1.5 billion, a 2% growth over 2008. "During a year when many people wondered if banks were still lending, we successfully demonstrated our ability to support our borrowing customers by providing access to funds," President and CEO Gregory Dufour said in the release.
The company also reported a net income for the fourth quarter of 2009 of $5.2 million, down from $10.1 million in the same quarter of 2008.
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