Earnings up 11% at Camden National
Camden National Corp. reported a net income of $20.3 million in the nine-month period ended Sept. 30, an 11% increase over the same period last year.
The company, parent to Camden National Bank, however, saw net income for the three months ended Sept. 30 decrease by $512,000 compared to Q3 2010, according to a press release. Net income for Q3 was $6.9 million. President and CEO Gregory Dufour attributed the quarter's decline to "the impact of several non-recurring items." Total assets as of Sept. 30 grew $41 million over the year to $2.3 billion, and total deposits rose 8% over the year to hit $1.6 billion. The company reported a 1% slide in total loans, primarily related to the decline of its residential real estate loan portfolio. Total loans were $1.5 billion.
Dufour said he's pleased with the bank holding company's performance "given various economic stresses such as the current low interest rate environment, continued negative impact to both revenues and expenses resulting from various changes in government regulations, and the impact of what some are terming a potential 'double dip' recession."
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