Camden National reports profit of $10.9M in Q3
Camden National Bank’s parent company, Camden National Corp., reported net income of $10.9 million, or 70 cents a share, for the third quarter — up from $6.5 million, or 57 cents, in the same period last year.
"We had another strong quarter leading to year-to-date net income of $29.2 million and driving year-to-date diluted EPS growth of 10% over the same period last year," Gregory Dufour, CEO and president of Camden National, said in a news release. "Our strong performance reflects the growth from our acquisition of SBM Financial, Inc. in October 2015 and within our traditional markets, as well as our continued focus on operating efficiencies."
In the past quarter, the bank completed a three-for-two stock split, effective Sept. 30, and it merged its wholly-owned subsidiary, Acadia Trust N.A., into Camden National Bank, creating Camden National Wealth Management.
“This will align all of our brands, including our brokerage group, Camden Financial Consultants, to provide a comprehensive offering of banking, wealth management and brokerage products and services,” Dufour said.
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