Camden National reports 2013 earnings of $22.8 million and $2.97 per share

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camden national Camden National Corporation, a $2.6 billion bank holding company headquartered in Camden, with local branches in Old Town and Orono, reported earnings for the year ended December 31, 2013 of $22.8 million, or $2.97 per share, compared to $23.4 million, or $3.05 per share, for 2012.  The company’s return on average assets was 0.88 percent and return on average shareholders’ equity was 9.74 percent for the year ended December 31, 2013.

“The fourth quarter marked another major milestone for Camden National,” said Gregory A. Dufour, president and chief executive officer of Camden National Corporation. “October was the one year anniversary of Camden National’s acquisition of 14 branches from Bank of America.  The acquisition provided the company with an instant increase in presence and customer-base within some of Maine’s major markets with over 25,000 new customers and $287 million in low cost deposits.  Also, in October of this year, Camden National divested its five Franklin County branches, resulting in the sale of $46.0 million in loans and $80.4 million in deposits, and a pre-tax gain on the sale of $2.7 million.  Although these transactions impact short-term earnings, our strategic decision-making is focused on driving long-term shareholder value by repositioning our organization for the future.”

Camden National reported earnings of $4.4 million and $0.58 per share for the fourth quarter of 2013 compared to $6.4 million and $0.83 per share for the third quarter of 2013.  The Company’s return on average assets was 0.68 percent and return on average shareholders’ equity was 7.46 percent for the fourth quarter of 2013.