Gregory Dufour

First-quarter income was improved by releasing $2.1 million that had been set aside for credit losses, the bank said.

The company said it sold lower-yielding investments at a loss in the third and fourth quarters in order to adjust its balance sheet and to improve future earnings and profitability. 

Greg Dufour, set to retire as president and CEO of Camden National Bank on Dec. 31, said his own institution's approach to growth has been "deliberate, disciplined and opportunistic."

Net income fell 21% from the second quarter, and the company said it sold some of its investments in response to rising interest rates.

Larry Wold will step down as the Maine market leader for TD Bank, which has the largest share of the state's banking market.

After a 22-year career at the bank, Greg Dufour will retire Dec. 31. A top executive from Boston-based Citizens Bank has been tapped to succeed him.

Second-quarter earnings per diluted share were 2% below the same period last year, as asset quality remained strong.

In the wake of the Silicon Valley Bank collapse, the consensus is that Maine banks are well-capitalized and diversified, with sufficient buffers to prevent the panicked run that unraveled SVB. But the outlook gets murky if the current turmoil escalates into a wider crisis and sparks a recession.

Kate Bellmore will continue in Camden National's talent acquisition department while leading the bank’s DEI efforts.

As interest rates rise and the housing frenzy of the past two years cools down, the banking industry looks to other revenue sources for growth.