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January 28, 2009

Camden's 2008 earnings down

By Mainebiz News Staff

Camden National Corp. earned $5 million less in net income in 2008 than it did in 2007, though its performance was strong during the fourth quarter.

The company earned $15 million in 2008, down from about $20 million earned in 2007, because of investment securities losses and higher loan loss provisions, according to a company press release. Camden National's net earnings in the fourth quarter were $10.1 million, up from $5.6 million in the fourth quarter of 2007, in part because of profits from the Union Bankshares Co. acquisition on Jan. 3, 2008.

The company did record net losses in its investment securities portfolio totaling $15.6 million in 2008, but its board of directors in November decided not to ask for federal bailout money because of "the constraints and uncertainties surrounding the [Troubled Assets Relief Program]," according to the press release.

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