Camden National sees record earnings in 2011
Camden National Corp. reported a net income of $26.2 million, a 6% rise over 2010. Last year marked record earnings for the parent company of Camden National Bank, according to President and CEO Gregory Dufour.
Total assets were $2.3 billion, a $3.3 million drop from 2010, according to a press release. Total loans also fell $10.2 million, or 1%, to $1.5 billion, due to a drop in the residential real estate loan portfolio. Commercial market and commercial real estate portfolios, however, grew. The company increased its Tier 1 leverage capital ratio from 8.77% to 9.59% in 2011, and generated return on average assets of 1.13% and return on average equity of 12.16%, figures that should put it in the top 25% of its national peer group and No. 1 for Maine banks, said Dufour.
Fourth-quarter net income was $5.8 million, a drop from 2010's fourth-quarter income of $6.4 million.
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