BoA purchases boost Camden National revenues
Camden National Corp., a $2.6 billion bank holding company based in Camden, reported on Tuesday that its annual earnings for 2013 were $22.8 million, or $2.97 per share, compared to $23.4 million, or $3.05 per share for 2012.
The return on average shareholders’ equity was 9.74% for the year that ended Dec. 31, 2013, according to a press release highlighting the company’s annual report.
Greg Dufour, Camden National’s president and CEO, credited the 2012 purchase of 14 branches from Bank of America as helping to expand the company’s customer base in Maine with 25,000 new customers and $287 million in deposits. He also noted that in October 2013 the company divested its five Franklin County branches, resulting in the sale of $46 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,” he said in the press release.
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. Its total assets increased $39.1 million, or 2%, during the year to $2.6 billion at Dec. 31, 2013, driven primarily by an increase in loan and investment balances.
The company’s commercial real estate and home equity portfolios increased $42.2 million and $25.6 million, respectively, in 2013. Its consumer loan portfolio posted a modest increase of $2.3 million and the commercial portfolio decreased by $4.8 million.
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