Camden National Corporation Reports 11% Increase in Earnings for Nine Months Ended September 30, 2011

Oct 25, 2011, 15:47 ET from Camden National Corporation

CAMDEN, Maine, Oct. 25, 2011 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; "Camden National") reported net income for the nine months ended September 30, 2011 of $20.3 million, an increase of 11% compared to $18.3 million for the same period in 2010.  Earnings per diluted share for the nine months ended September 30, 2011 and 2010 were $2.65 and $2.39, respectively.

"We are pleased to report strong financial performance for the first nine months of 2011," said Gregory A. Dufour, president and chief executive officer, "given various economic stresses such as the current low interest rate environment, continued negative impact to both revenues and expenses resulting from various changes in government regulations, and the impact of what some are terming a potential 'double dip' recession.  We continue to improve on key year-to-date performance measures with return on assets increasing to 1.17% for 2011 compared to 1.08% for the same period a year ago, and return on equity increasing to 12.73% for 2011 from 12.43% for 2010."

Net income was $6.9 million for the third quarter of 2011, a decrease of $512,000 compared to the third quarter of 2010 and $141,000 compared to the second quarter of 2011.  Earnings per diluted share were $0.90 for the third quarter of 2011, compared to $0.97 and $0.92 for the third quarter of 2010 and the second quarter of 2011, respectively.

"The primary reason for the decline was the impact of several non-recurring items in both the third quarter 2011 and 2010," said Dufour, further commenting on these results. "Other than non-recurring items, the performance of the third quarter of 2011 was comparable to the performance of the third quarter of 2010."

Balance Sheet Highlights

Camden National's total assets were $2.3 billion at September 30, 2011, an increase of $40.7 million compared to December 31, 2010. Total loans of $1.5 billion at September 30, 2011, decreased $17.2 million, or 1%, compared to December 31, 2010.  The decrease was primarily related to the decline in the residential real estate loan portfolio of $20.7 million as Camden National has been selling all thirty-year fixed rate mortgage production given the current low interest rate environment.  We have experienced mixed loan growth results since year-end with commercial loans growing 6% while commercial real estate loans decreased 1% and consumer loan balances declined 8%.

Total deposits of $1.6 billion at September 30, 2011 increased $125.4 million, or 8%, compared to December 31, 2010. Since year-end, we have experienced strong core deposit growth of $150.8 million, or 16%, while retail certificates of deposit declined $47.2 million, or 10%. The growth in checking, savings and money market accounts is primarily due to a combination of businesses and individuals maintaining higher balances in short-term deposits, the acquisition of several large deposit relationships and the typical seasonal inflow of deposits during the third quarter of each year.

Asset Quality and the Provision for Credit Losses

The provision for credit losses of $1.2 million for the third quarter of 2011 increased $212,000 compared to the second quarter of 2011 and decreased $109,000 from the third quarter of 2010.  The increase in the provision from the second to the third quarter of 2011 is due to an increase in the net charge-offs between quarters and management's decision to build Camden National's allowance for credit losses to 1.52% of total loans.

Camden National's ratio of non-performing assets to total assets increased to 1.26% compared to 1.03% as of September 30, 2010, but this ratio continued to compare favorably to our national peer group's average of 3.72%, based on the most recent Bank Holding Company Performance Report dated June 30, 2011.  When comparing the non-performing asset composition from a year ago, residential real estate non-accrual loans increased $3.3 million, commercial real estate non-accrual loans increased $2.9 million, restructured loans increased $1.3 million, and other real estate owned declined $871,000.  

Net Interest Income

Camden National's net interest income of $18.6 million for the third quarter of 2011 decreased $916,000 and $232,000 compared to the second quarter of 2011 and the third quarter of 2010, respectively.  Net interest income for the second quarter 2011 included loan related non-recurring fees of $600,000.  Net interest income continues to trend downwards in the current low interest rate environment as cash flows from earning assets are replaced at today's compressed yields, while funding cost reductions are minimal.  The tax equivalent net interest margin decreased to 3.51% for the third quarter of 2011, compared to 3.64% and 3.61% for the second quarter of 2011 and the third quarter of 2010, respectively.  

Net interest income for the nine months ended September 30, 2011, increased $1.3 million, or 2%, to $56.8 million, compared to $55.5 million for the same period a year ago.  The increase in net interest income is primarily due to an increase in our average earning assets of $66.9 million, partially offset by a decline in our net interest margin to 3.55% from 3.60% for the nine months ended September 30, 2011 and 2010, respectively.

Non-Interest Income and Non-Interest Expense

Non-interest income of $5.8 million for the third quarter of 2011 decreased $974,000, or 14%, compared to the third quarter of 2010. The decline in non-interest income was primarily due to a $1.9 million decrease in other income, partially offset by a $509,000 increase in income from bank-owned life insurance. The $1.9 million decrease in other income was primarily related to one significant event, a $2.0 million legal settlement received in the third quarter of 2010. On a linked-quarter basis (comparing current quarter results to the previous quarter), third quarter 2011 non-interest income increased $819,000, primarily related to non-recurring bank-owned life insurance proceeds of $550,000 recorded in the third quarter of 2011.

Non-interest income of $15.9 million for the nine months ended September 30, 2011, increased $153,000, or 1%, compared to the same period in 2010.  

Non-interest expense of $13.3 million for the third quarter of 2011 decreased $152,000, or 1%, compared to the third quarter of 2010, primarily related to lower FDIC deposit assessments of $422,000 and declines in write-downs of other real estate owned of $119,000, partially offset by an increase in salaries and employee benefits of $488,000. The growth in salaries and employee benefits reflect an increase in employees' incentive compensation of $326,000, based on our 2011 financial performance exceeding benchmarks determined by the Board of Directors. On a linked-quarter basis, non-interest expense was unchanged.

Non-interest expense of $39.9 million for the nine months ended September 30, 2011, increased $626,000 compared to the same period in 2010.  This 2% increase relates to increases in salaries and employee benefit costs and consulting fees, partially offset by a decline in write-downs of other real estate owned and lower FDIC deposit assessments.

Dividends and Capital

The Board of Directors approved a dividend of $0.25 per share, payable on October 31, 2011, to shareholders of record on October 17, 2011. This resulted in an annualized dividend yield of 3.67%, based on the September 30, 2011, closing price of Camden National's common stock of $27.23 per share as reported on NASDAQ.

Camden National's total risk-based capital ratio increased to 16.05% at September 30, 2011, compared to 14.56% at September 30, 2010, and 15.05% at December 31, 2010, as capital levels increased from retained earnings. Camden National and its wholly-owned subsidiary Camden National Bank, exceeded the minimum total risk-based, tier 1 and tier 1 leverage ratios of 10.0%, 6.0%, and 5.0%, respectively, required by the Federal Reserve for an institution to be considered "well capitalized."

The Board of Directors also authorized the 2011 Common Stock Repurchase Program ("Repurchase Program"). The Repurchase Program will allow for the repurchase of up to 500,000 shares, or approximately 6.5%, of the Company's outstanding common stock over the next year.

"One important component of our capital plan is a stock buyback program which will provide flexibility to efficiently return capital to our shareholders," Dufour explained. "The Repurchase Program allows the buyback of common shares at times when the market may not value our stock appropriately." The Repurchase Program will expire on October 1, 2012.

About Camden National Corporation

Camden National Corporation, headquartered in Camden, Maine, is the holding company employing more than 400 Maine residents for two financial services companies including Camden National Bank and the wealth management company, Acadia Trust, N.A. Camden National Bank is a full-service community bank with a network of 38 banking offices throughout Maine. Acadia Trust offers investment management and fiduciary services with offices in Portland, Bangor and Ellsworth. Located at Camden National Bank, Camden Financial Consultants, formerly known as Acadia Financial Consultants, offers full-service brokerage and insurance services.

Forward-Looking Statements

This press release and the documents incorporated by reference herein contain certain statements that may be considered forward-looking statements under the Private Securities Litigation Reform Act of 1995, including certain plans, expectations, goals, projections, and statements, which are subject to numerous risks, assumptions, and uncertainties. Forward-looking statements can be identified by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "plan," "target," or "goal," or future or conditional verbs such as "will," "may", "might", "should," "would", "could" and other expressions which predict or indicate future events or trends and which do not relate to historical matters. Forward-looking statements should not be relied on, because they involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of Camden National. These risks, uncertainties and other factors may cause the actual results, performance or achievements of Camden National to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward-looking statements.

Some of the factors that might cause these differences include, but are not limited to, the following: (1) general, national, regional or local economic conditions which are less favorable than anticipated; (2) changes in loan default and charge-off rates; ; including such actions resulting from worsening of credit quality performance due to a number of factors such as the underlying value of the collateral could prove less valuable than otherwise assumed and assumed cash flows may be worse than expected; (3) competitive pressures on pricing of products and services; (4) success, impact, and timing of our business strategies, including market acceptance of any new products or services; (5) changes in accounting policies and principles and the accuracy of our assumptions and estimates used to prepare financial statements; (6) extended disruption of vital infrastructure; (7) the final outcome of significant litigation or threatened litigation; (8) the outcome of judicial and regulatory decisions regarding practices in the residential mortgage industry, including, among other things, the process followed  for foreclosing residential mortgages; (9) declines in the securities and financial markets; (10) reductions in deposit levels; (11) declines in mortgage loan refinancing, equity loan and line of credit activity; (12) changes and movements in the domestic interest rate environment and inflation; (13) changes in the carrying value of investment securities and other assets; (14) further actions by the U.S. government and Treasury Department, including actions similar to the Federal Home Loan Mortgage Corporation conservatorship, which could have a negative impact on Camden National's investment portfolio and earnings; (15) misalignment of Camden National's interest-bearing assets and liabilities; (16) increases in loan repayment rates affecting interest income and the value of mortgage servicing rights; (17) changing business, banking, or regulatory conditions or policies, or new legislation affecting the financial services industry, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act, and future regulations to be adopted by the relevant regulatory agencies, including the Consumer Financial Protection Bureau (CFPB), to implement the Act's provisions, any of which could lead to changes in the competitive balance among financial institutions, restrictions on bank activities; and, (18) changes in costs (including deposit insurance premiums), increased regulatory scrutiny, declines in consumer confidence in depository institutions, or changes in the secondary market for bank loan and other products; and changes in accounting rules, Federal and State laws, Internal Revenue Service regulations, and other regulations and policies governing financial holding companies and their subsidiaries which may impact our ability to take appropriate action to protect or maximize our financial interests in certain loan situations. Additional factors that could also cause results to differ materially from those described above can be found in the Company's periodic reports. For more information about these factors please see our Annual Report on Form 10-K, as updated by our Quarterly Reports on Form 10-Q and other filings on file with the SEC. All of these factors should be carefully reviewed, and readers should not place undue reliance on these forward-looking statements.

These forward-looking statements were based on information, plans and estimates at the date of this press release, and Camden National does not promise and assumes no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.

Use of Non-GAAP Financial Measures

This document may contain GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding Camden National's results of operations or financial position. If and where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can also be found in this document or the Form 8-K related to this document, all of which can be found on Camden National's website at www.camdennational.com.

Annualized Data

Certain returns, yields, and performance ratios, are presented on an "annualized" basis. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full year or year-over-year amounts. For example, net loan charge-offs to average loans, are most often expressed in terms of an annual rate like 0.20%. As such, a net loan charge-offs to average loans ratio of 0.05% for a quarter would represent 0.20%, annualized.

Statement of Condition Data (unaudited)

September 30,

September 30,

December 31,

(In thousands, except number of shares)

2011

2010

2010

Assets

Cash and due from banks

$

89,266

$

33,382

$

31,009

Securities

    Securities available for sale, at fair value

591,955

541,235

553,579

    Securities held to maturity, at amortized cost

-

36,745

36,102

    Federal Home Loan Bank and Federal Reserve Bank stock, at cost

21,962

21,962

21,962

         Total securities

613,917

599,942

611,643

Trading account assets

2,162

2,173

2,304

Loans held for sale

762

2,456

5,528

Loans

1,512,312

1,536,077

1,524,752

  Less allowance for loan losses

(23,011)

(22,336)

(22,293)

         Net loans

1,489,301

1,513,741

1,502,459

Goodwill and other intangible assets

45,389

45,966

45,821

Bank-owned life insurance

44,019

42,796

43,155

Premises and equipment, net

23,970

25,884

25,044

Deferred tax asset

11,341

11,317

12,281

Interest receivable

6,519

7,337

6,875

Prepaid FDIC assessment

5,088

6,686

6,155

Other real estate owned

1,759

2,630

2,387

Other assets

13,223

13,692

11,346

    Total assets

$

2,346,716

$

2,308,002

$

2,306,007

Liabilities

Deposits

  Demand

$

278,900

$

226,678

$

229,547

  Interest checking, savings and money market

823,349

747,000

721,905

  Retail certificates of deposit

417,456

492,397

464,662

  Brokered deposits

121,552

116,173

99,697

    Total deposits

1,641,257

1,582,248

1,515,811

Federal Home Loan Bank advances

126,953

164,397

214,236

Other borrowed funds

279,033

287,810

302,069

Junior subordinated debentures

43,691

43,589

43,614

Accrued interest and other liabilities

33,843

25,768

24,282

    Total liabilities

2,124,777

2,103,812

2,100,012

Shareholders' Equity

Common stock, no par value; authorized 20,000,000 shares, issued and

  outstanding 7,678,143, 7,657,098, and 7,658,496 shares on September 30, 2011

  and 2010 and December 31, 2010, respectively

51,375

50,763

50,936

Retained earnings

165,300

146,179

150,730

Accumulated other comprehensive income

   Net unrealized gains on securities available for sale, net of tax

13,485

10,817

6,229

   Net unrealized losses on derivative instruments, at fair value, net of tax

(7,072)

(2,636)

(709)

   Net unrecognized losses on post-retirement plans, net of tax

(1,149)

(933)

(1,191)

         Total accumulated other comprehensive income

5,264

7,248

4,329

    Total shareholders' equity

221,939

204,190

205,995

    Total liabilities and shareholders' equity

$

2,346,716

$

2,308,002

$

2,306,007

Statement of Income Data (unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

(In thousands, except number of shares and per share data)

2011

2010

2011

2010

Interest income

Interest and fees on loans

$

19,515

$

20,685

$

59,241

$

61,725

Interest on U.S. government and sponsored enterprise obligations

4,439

5,037

14,241

15,366

Interest on state and political subdivision obligations

387

528

1,284

1,601

Interest on federal funds sold and other investments

45

28

125

84

    Total interest income

24,386

26,278

74,891

78,776

Interest expense

Interest on deposits

2,842

3,734

8,820

11,812

Interest on borrowings

2,265

2,953

7,319

9,357

Interest on junior subordinated debentures

632

712

1,983

2,108

    Total interest expense

5,739

7,399

18,122

23,277

    Net interest income

18,647

18,879

56,769

55,499

Provision for credit losses

1,182

1,291

3,271

5,237

    Net interest income after provision for credit losses

17,465

17,588

53,498

50,262

Non-interest income

Income from fiduciary services

1,517

1,618

4,503

4,697

Service charges on deposit accounts

1,296

1,151

3,879

3,716

Other service charges and fees

878

945

2,691

2,507

Bank-owned life insurance

910

401

1,784

1,119

Brokerage and insurance commissions

307

419

1,050

1,065

Mortgage banking income, net

368

160

500

332

Net gain (loss) on sale of securities

177

(188)

197

(188)

Other income

433

2,331

1,433

2,765

    Non-interest income before other-than-temporary

       impairment of securities

5,886

6,837

16,037

16,013

Other-than-temporary impairment of securities

(61)

(38)

(88)

(217)

    Total non-interest income

5,825

6,799

15,949

15,796

Non-interest expenses

Salaries and employee benefits

7,437

6,949

21,402

19,472

Furniture, equipment and data processing

1,149

1,150

3,518

3,396

Net occupancy

944

899

2,960

2,830

Consulting and professional fees

601

591

2,143

1,929

Regulatory assessments

410

832

1,515

2,149

Other real estate owned and collection costs

517

636

1,423

2,768

Amortization of identifiable intangible assets

144

144

433

432

Other expenses

2,105

2,258

6,470

6,262

    Total non-interest expenses

13,307

13,459

39,864

39,238

    Income before income taxes

9,983

10,928

29,583

26,820

Income taxes

3,054

3,487

9,245

8,480

Net income

$

6,929

$

7,441

$

20,338

$

18,340

Selected Financial and Per Share Data:

Return on average equity

12.44%

14.66%

12.73%

12.43%

Return on average tangible equity

15.67%

19.01%

16.18%

16.22%

Return on average assets

1.19%

1.29%

1.17%

1.08%

Efficiency ratio (1)

53.97%

51.22%

54.20%

53.90%

Basic earnings per share

$

0.90

$

0.97

$

2.65

$

2.40

Diluted earnings per share

$

0.90

$

0.97

$

2.65

$

2.39

Cash dividends declared per share

$

0.25

$

0.25

$

0.75

$

0.75

Weighted average number of common shares outstanding

7,677,972

7,657,098

7,671,911

7,655,097

Diluted weighted average number of common shares outstanding

7,683,570

7,663,051

7,680,401

7,660,919

(1) Computed by dividing non-interest expense by the sum of net interest income (tax equivalent) and non-interest income

(excluding securities gains/losses).

Average Balance, Interest and Yield/Rate Analysis (unaudited)

At or for the Nine Months Ended

At or for the Nine Months Ended

September 30, 2011

September 30, 2010

(In thousands)

Average

Yield/

Average

Yield/

Balance

Interest

Rate

Balance

Interest

Rate

Assets

Interest-earning assets:

    Securities - taxable

$

568,477

$

14,346

3.36%

$

497,312

$

15,434

4.14%

    Securities - nontaxable (1)

45,220

1,975

5.82%

55,047

2,463

5.97%

    Trading account assets

2,256

20

1.16%

1,895

16

1.13%

    Loans: (1) (2)

       Residential real estate

593,072

22,799

5.13%

623,409

25,125

5.37%

       Commercial real estate

465,988

19,302

5.46%

440,720

19,039

5.70%

       Commercial

177,952

6,904

5.12%

175,689

7,236

5.43%

       Municipal

20,967

719

4.58%

16,417

675

5.50%

       Consumer

281,608

9,769

4.64%

278,116

9,887

4.75%

    Total loans

1,539,587

59,493

5.13%

1,534,351

61,962

5.36%

 Total interest-earning assets

2,155,540

75,834

4.67%

2,088,605

79,875

5.08%

 Cash and due from banks

32,540

33,930

 Other assets

155,105

162,127

 Less allowance for loan losses

(22,822)

(21,913)

 Total assets

$

2,320,363

$

2,262,749

Liabilities & Shareholders' Equity

Interest-bearing liabilities:

    Interest checking accounts

$

252,637

411

0.22%

$

249,441

681

0.36%

    Savings accounts

169,586

314

0.25%

153,781

358

0.31%

    Money market accounts

331,936

1,777

0.72%

285,972

1,781

0.83%

    Certificates of deposit

441,394

4,876

1.48%

528,784

7,694

1.95%

        Total retail deposits

1,195,553

7,378

0.83%

1,217,978

10,514

1.15%

    Brokered deposits

122,788

1,442

1.57%

104,135

1,298

1.67%

    Junior subordinated debentures

43,653

1,983

6.07%

43,553

2,108

6.47%

    Borrowings

479,949

7,319

2.04%

477,023

9,357

2.62%

       Total wholesale funding

646,390

10,744

2.22%

624,711

12,763

2.73%

 Total interest-bearing liabilities

1,841,943

18,122

1.32%

1,842,689

23,277

1.69%

 Demand deposits

241,480

200,515

 Other liabilities

23,296

22,197

 Shareholders' equity

213,644

197,348

 Total liabilities & shareholders' equity

$

2,320,363

$

2,262,749

Net interest income (fully-taxable equivalent)

57,712

56,598

Less:  fully-taxable equivalent adjustment

(943)

(1,099)

 Net interest income

$

56,769

$

55,499

Net interest rate spread (fully-taxable equivalent)

3.35%

3.39%

Net interest margin (fully-taxable equivalent)

3.55%

3.60%

(1)  Reported on tax-equivalent basis calculated using a tax rate of 35%.

(2)  Non-accrual loans and loans held for sale are included in total average loans.

Asset Quality Data (unaudited)

At or for Nine Months Ended

At or for Six Months Ended

At or for Three Months Ended

At or for Twelve Months Ended

At or for Nine Months Ended

(In thousands)

September 30, 2011

June 30, 2011

March 31, 2011

December 31, 2010

September 30, 2010

Non-accrual loans:

    Residential real estate

$

9,060

$

8,581

$

8,171

$

7,225

$

5,793

    Commercial real estate

9,596

7,661

6,442

6,072

6,725

    Commercial

4,278

3,809

3,977

4,421

4,334

    Consumer

1,502

1,464

1,337

1,721

1,155

Total non-accrual loans

24,436

21,515

19,927

19,439

18,007

Loans 90 days past due and accruing

-

-

430

711

1,034

Renegotiated loans not included above

3,310

3,447

2,584

2,295

2,055

Total non-performing loans

27,746

24,962

22,941

22,445

21,096

Other real estate owned:

    Residential real estate

1,098

989

251

284

412

    Commercial real estate

661

827

1,939

2,103

2,218

Total other real estate owned

1,759

1,816

2,190

2,387

2,630

Total non-performing assets

$

29,505

$

26,778

$

25,131

$

24,832

$

23,726

Loans 30-89 days past due:

    Residential real estate

$

1,447

$

500

$

2,739

$

2,493

$

3,186

    Commercial real estate

1,149

1,668

2,786

1,439

1,234

    Commercial

1,226

771

1,393

928

2,772

    Consumer

505

344

358

926

436

Total loans 30-89 days past due

$

4,327

$

3,283

$

7,276

$

5,786

$

7,628

Allowance for loan losses at the beginning of the period

$

22,293

$

22,293

$

22,293

$

20,246

$

20,246

Provision for loan losses

3,270

2,083

1,117

6,325

5,242

Charge-offs:

    Residential real estate

1,036

797

172

1,262

1,103

    Commercial real estate

946

325

231

1,382

844

    Commercial

1,080

755

378

1,502

1,098

    Consumer

355

140

66

1,401

760

Total charge-offs

3,417

2,017

847

5,547

3,805

Total recoveries

865

630

324

1,269

653

Net charge-offs

2,552

1,387

523

4,278

3,152

Allowance for loan losses at the end of the period

$

23,011

$

22,989

$

22,887

$

22,293

$

22,336

Components of allowance for credit losses:

    Allowance for loan losses

$

23,011

$

22,989

$

22,887

$

22,293

$

22,336

    Liability for unfunded credit commitments

26

31

28

25

47

Balance of allowance for credit losses

$

23,037

$

23,020

$

22,915

$

22,318

$

22,383

Ratios:

Non-performing loans to total loans

1.83%

1.61%

1.49%

1.47%

1.37%

Non-performing assets to total assets

1.26%

1.15%

1.08%

1.08%

1.03%

Allowance for credit losses to total loans

1.52%

1.48%

1.49%

1.46%

1.45%

Net charge-offs to average loans (annualized)

  Quarter-to-date

0.30%

0.22%

0.14%

0.29%

0.32%

  Year-to-date

0.22%

0.18%

0.14%

0.28%

0.27%

Allowance for credit losses to non-performing loans

83.03%

92.22%

99.89%

99.44%

106.10%

Loans 30-89 days past due to total loans

0.29%

0.21%

0.47%

0.38%

0.50%

Selected Financial Data (unaudited)

At or for

At or for the Nine Months Ended

the Year Ended

September 30,

December 31,

2011

2010

2010

Tier 1 leverage capital ratio

9.43%

8.65%

8.77%

Tier 1 risk-based capital ratio

14.80%

13.30%

13.80%

Total risk-based capital ratio

16.05%

14.56%

15.05%

Tangible equity to tangible assets (1)

7.67%

6.99%

7.09%

Book value per share

$

28.91

$

26.67

$

26.90

Tangible book value per share (2)

$

22.99

$

20.66

$

20.91

Investment Data (unaudited)

September 30, 2011

Amortized

Unrealized

Unrealized

Fair

(In thousands)

Cost

Gains

Losses

Value

Available for sale

Obligations of U.S. government sponsored enterprises

$

59,908

$

510

$

(28)

$

60,390

Obligations of states and political subdivisions

39,234

3,004

-

42,238

Mortgage-backed securities issued or guaranteed by

    U.S. government sponsored enterprises

454,125

19,907

(91)

473,941

Private issue collateralized mortgage obligations (CMO)

12,942

-

(1,799)

11,143

        Total debt securities

566,209

23,421

(1,918)

587,712

Equity securities

5,000

-

(757)

4,243

        Total securities available for sale

$

571,209

$

23,421

$

(2,675)

$

591,955

Other securities

Federal Home Loan Bank Stock

$

21,031

$

-

$

-

$

21,031

Federal Reserve Bank Stock

931

-

-

931

        Total other securities

$

21,962

$

-

$

-

$

21,962

Trading account assets

$

2,162

(1) Computed by dividing total shareholders’ equity less goodwill and other intangible assets by total assets less goodwill and other intangible assets.

(2) Computed by dividing total shareholders’ equity less goodwill and other intangible assets by the number of common shares outstanding.

(Logo: http://photos.prnewswire.com/prnh/20110505/NE96304LOGO-b )

SOURCE Camden National Corporation



RELATED LINKS

http://www.camdennational.com