Camden Nat'l income down 1.2% in 2Q
Camden National Corp. reported $6.3 million in net income in the most recent quarter, a drop of 1.2% from the same period last year. For the six months ending June 30, the company’s net income is down 7.7%, or $1 million, from last year, according to unaudited data in the company’s latest earnings statement.
The drop came from higher non-interest expenses over the last six months, a figure that includes a nearly $2.5 million increase in salaries and employee benefits and a $1 million increase in furniture, equipment and data processing expenses. At the same time, non-interest income rose around $1.7 million and interest expenses declined just over $2.5 million for the last six months.
Per share, the company reported a slight decrease of $0.82 in diluted earnings per share compared with $0.83 for the second quarter of 2012.
For this first half of this year, the company reported continued asset growth to $2.6 billion, an increase of $37 million from the start of the year. That asset growth was driven primarily by increased loan volume in the bank’s home equity and commercial real estate portfolios. The company says the quality metrics for those loans for the second quarter of this year outpace last year, with the ratio of non-performing to performing loans decreasing from 1.72% last year to 1.63% this year.
Most Recent
Most Recent
Comments