Camden National Corp. saw its net income rise 4% during the first quarter of the year. The parent company of Camden National Bank recently reported net income of $6.6 million, a $244,000 increase compared to the first quarter of 2011.
The company's total assets as of March 31 were $2.3 billion, an increase of $841,000 over the year, according to a press release. Total loans were $1.5 billion, a 1% decrease. The residential real estate portfolio dropped $12.7 million and the commercial loan portfolio $2.5 million. Its nonperforming assets have remained consistent over the last three quarters, and total past-due loans have declined since the end of 2011. Total deposits rose 1% to $1.6 billion.
"Although the economic environment continues to be challenging, we are pleased to report that our earnings have remained strong," said Gregory Dufour, president and CEO of Camden National Corp. "Our return on assets increased to 1.15% for the first quarter of 2012, compared to 1.11% for the same period a year ago, and return on equity was 12.01% and 12.45% for the first quarters of 2012 and 2011, respectively."
Camden National Corp. employs more than 400 people and has 38 banking offices throughout Maine. The company last month announced it will acquire 15 Bank of America branches for more than $15 million.