Camden National sees 9% income jump
Camden National Corp. has reported a 9% increase in earnings for 2010 following a strong fourth quarter.
The parent to Camden National Bank reported 2010 net income of $24.8 million, a $2 million increase over 2009, according to a press release. Total assets for the year were $2.3 billion, a 3% increase compared with 2009, a rise attributed to growth in commercial real estate loans and a slight increase in consumer loans. For the quarter ended Dec. 31, 2010, Camden National reported net income of $6.4 million, a 23% increase over the same quarter in 2009.
"These results reflect our proactive approach to managing asset quality, which starts with strong underwriting standards," President and CEO Gregory Dufour said in the release. The corporation's level of non-performing assets dipped from $25.1 million in 2009 to $24.8 million in 2010.
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