Camden Nat'l earnings drop
Camden National Corp. today reported second-quarter net income of $5 million, a decrease of $2.1 million from the $7.1 million it earned during the same period in 2008.
The bank said its second-quarter earnings were negatively impacted by an increase in loan loss provision and higher FDIC insurance premiums, which resulted in an additional $3.9 million in pre-tax expense. These factors were balanced by improvements in its net interest margin, growth in fee income and a reduction in operating expenses other than the FDIC cost.
"While the banking industry continues to face significant challenges, I am pleased that our solid earnings base is allowing us to absorb the increased FDIC assessments while continuing to strengthen our balance sheet reserves," said Gregory A. Dufour, president and CEO of Camden National Corp. "Our capital levels continue to exceed the minimum standards to be considered ‘well capitalized' and we are providing support to our local economies through lending without the assistance of bailout funds from the U.S. Treasury's Troubled Asset Relief Program."
Read the company's complete second-quarter financial results >>
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