Camden National Corporation Reports 4% Increase in Earnings for the First Quarter of 2012

Apr 24, 2012, 11:46 ET from Camden National Corporation

CAMDEN, Maine, April 24, 2012 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; "Camden National" or "the Company") reported net income of $6.6 million for the first quarter of 2012, an increase of $244,000, or 4%, compared to the first quarter of 2011. Earnings per diluted share increased to $0.86 for the first quarter of 2012, from the $0.83 reported for the first quarter of 2011.

"Although the economic environment continues to be challenging, we are pleased to report that our earnings have remained strong," said Gregory A. Dufour, president and chief executive officer of Camden National Corporation.  "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." 

First Quarter 2012 Financial Highlights

  • Earnings growth – net income grew 4% compared to a year ago, translating to a return on assets of 1.15%.
  • Higher capital levels – Tier 1 leverage capital ratio increased to 9.70% at March 31, 2012, up from 8.93% a year ago.
  • Stable revenue – non-interest income increased 2% and net interest income declined 1% from a year ago.
  • Lower operating costs – non-interest expense decreased 3% compared to the first quarter of 2011.
  • Stability of asset quality – non-performing asset levels have been consistent over the last three quarters and total past due loans have declined since year-end.

"Beyond strong financial results, our shareholders and customers want a bank they can trust," said Dufour. "I am proud to say that we were recently recognized by Forbes as one of America's '100 Most Trustworthy Companies.' This recognition reflects our culture and the service we provide to our customers, which are fundamental to being a trustworthy community bank."

Balance Sheet

Total assets at March 31, 2012, were $2.3 billion, an increase of $841,000 compared to March 31, 2011. At March 31, 2012, total loans were $1.5 billion, a decrease of $11.1 million, or 1%, compared to a year ago. The decrease in total loans was primarily related to the residential real estate portfolio, which declined $12.7 million as a result of the continued sale of thirty-year fixed rate mortgages, and a $2.5 million decline in the commercial loan portfolios, partially offset by an increase in the home equity portfolio of $3.8 million.

Total deposits were $1.6 billion at March 31, 2012, an increase of $11.1 million, or 1%, from a year ago. Core deposits, representing checking, savings, and money market accounts, grew $61.2 million, or 6%, partially offset by a $70.5 million decline in retail certificates of deposit as customers continue to migrate away from time deposits. The overall growth across the core deposit products reflects excess customer liquidity. 

Asset Quality and the Provision for Credit Losses

"Camden National's overall credit quality remained stable during the first quarter of 2012," said Dufour. "Over the last three quarters, the non-performing asset level remained consistent; however, we continue to see a shift in our non-performing asset mix, with the stabilization of commercial credits and increased stresses in the residential and consumer portfolios."

Non-performing assets of $29.2 million, or 1.25% of total assets, at March 31, 2012, improved slightly compared to $29.3 million, or 1.27% of total assets, at December 31, 2011. The annualized net charge-offs of 0.26% for the first quarter of 2012 were lower than the fourth quarter 2011 ratio of 0.39%, and the allowance for credit losses to total loans decreased to 1.51% at March 31, 2012, compared to 1.52% at December 31, 2011. The provision for credit losses for the first quarter of 2012 was $1.0 million compared to $1.1 million for the same period a year ago.

Net Interest Income

Net interest income for the first quarter of 2012 was $18.4 million, a decrease of $188,000, or 1%, compared to the same period a year ago. The decrease in net interest income was primarily due to a $26.4 million decline in our average earning assets and a slight decline in our tax equivalent net interest margin of 1 basis point, to 3.48%, partially offset by a $40.3 million increase in average demand deposits and shareholders' equity.

Our average cost of interest-bearing liabilities decreased 34 basis points to 1.03% during the first quarter of 2012, compared to 1.37% for the same period in 2011, as we continued to lower deposit rates and experienced deposit growth in lower-costing core deposits. Yields on our earning assets declined 34 basis points to an average of 4.34% during the first quarter of 2012, from 4.68% in 2011, as cash flows were reinvested at lower rates. 

Non-Interest Income and Non-Interest Expense

Non-interest income for the first quarter of 2012 was $5.2 million, an increase of $110,000, or 2%, compared to the same period in 2011. The increase was primarily due to an increase in mortgage banking income of $256,000 and a $183,000 increase in gains on the sale of securities, partially offset by a decline in bank-owned life insurance, resulting from non-recurring proceeds of $170,000 received during the first quarter last year.

Non-interest expense of $12.9 million for the first quarter of 2012 decreased $366,000, or 3%, compared to the first quarter of 2011. The decrease was primarily due to a $268,000 reduction in regulatory assessments as a result of a lower FDIC deposit assessment rate, a $184,000 decrease in consulting and professional fees, and $133,000 in reduced advertising costs. Other real estate owned ("OREO") and collections costs increased 27%, primarily due to the ongoing foreclosure costs associated with our consumer portfolio and a $96,000 increase in losses on the sale of OREO properties during the first quarter of 2012.

Dividends and Capital

The board of directors approved a dividend of $0.25 per share, payable on April 30, 2012, to shareholders of record on April 13, 2012. This resulted in an annualized dividend yield of 2.84%, based on the March 30, 2012, closing price of Camden National's common stock of $35.15 per share as reported by NASDAQ.

Camden National's total risk-based capital ratio increased to 16.16% at March 31, 2012, compared to 15.10% at March 31, 2011, 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."

On September 27, 2011, the board of directors authorized the 2011 Common Stock Repurchase Program ("2011 Plan") for the repurchase of up to 500,000 shares, or approximately 6.5% of the Company's outstanding common stock. Under the 2011 Plan, Camden National has repurchased 13,241 shares of common stock at an average price of $29.34. The 2011 Plan will expire on October 1, 2012.

About Camden National Corporation

Camden National Corporation, recently recognized by Forbes as one of "America's Most Trustworthy Companies," 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 and Ellsworth. Located at Camden National Bank, Camden 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: continued weakness in the United States economy in general and the regional and local economies within the New England region and Maine, which could result in a deterioration of credit quality, a change in the allowance for loan losses, or a reduced demand for the Company's credit or fee-based products and services; adverse changes in the local real estate market could result in a deterioration of credit quality and an increase in the allowance for loan loss, as most of the Company's loans are concentrated in Maine, and a substantial portion of these loans have real estate as collateral; changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rate, market and monetary fluctuations; adverse changes in asset; competitive pressures, including continued industry consolidation, the increased financial services provided by non-banks and banking reform; continued volatility in the securities markets that could adversely affect the value or credit quality of the Company's assets, impairment of goodwill, the availability and terms of funding necessary to meet the Company's liquidity needs, and the Company's ability to originate loans and could lead to impairment in the value of securities in the Company's investment portfolios; changes in information technology that require increased capital spending; changes in consumer spending and savings habits; new laws and regulations regarding the financial services industry including but not limited to, the Dodd-Frank Wall Street Reform & Consumer Protection Act; changes in laws and regulations including laws and regulations concerning taxes, banking, securities and insurance; and changes in accounting policies, practices and standards, as may be adopted by the regulatory agencies as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and other accounting standard setters.  Additional factors that could also cause results to differ materially from those described above can be found in our Annual Report on Form 10-K, as updated by our Quarterly Reports on Form 10-Q and other filings 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

In addition to evaluating the Company's results of operations in accordance with GAAP, management supplements this evaluation with certain non-GAAP financial measures, such as the efficiency and tangible equity ratios, tangible book value per share, and tax equivalent net interest income. We believe these non-GAAP financial measures help investors in understanding the Company's operating performance and trends and allow for better performance comparisons to other banks. In addition, these non-GAAP financial measures remove the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for GAAP operating results, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other financial institutions.  The reconciliation to the comparable GAAP financial measure can 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.

 

Statement of Condition Data (unaudited)

 March 31, 

 March 31, 

 December 31, 

(In thousands, except number of shares)

2012

2011

2011

Assets

Cash and due from banks

$

35,732

$

25,970

$

39,325

Securities

     Securities available for sale, at fair value

626,488

621,958

590,036

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

21,034

21,962

21,962

          Total securities

647,522

643,920

611,998

Trading account assets

2,194

2,239

2,244

Loans held for sale

9,144

-

6,061

Loans

1,516,181

1,536,463

1,514,028

   Less allowance for loan losses

(23,010)

(22,887)

(23,011)

          Net loans

1,493,171

1,513,576

1,491,017

Goodwill and other intangible assets

44,774

45,677

45,194

Bank-owned life insurance

44,010

43,324

43,672

Premises and equipment, net

23,740

24,737

24,113

Deferred tax asset

13,131

11,660

13,486

Interest receivable

6,521

7,355

6,431

Prepaid FDIC assessment

4,507

5,648

4,796

Other real estate owned

1,898

2,190

1,682

Other assets

12,814

12,021

12,701

     Total assets

$

2,339,158

$

2,338,317

$

2,302,720

Liabilities

Deposits

   Demand

$

251,157

$

227,027

$

256,330

   Interest checking, savings and money market

768,677

731,586

828,977

   Retail certificates of deposit

383,258

453,724

395,431

   Brokered deposits

152,656

132,344

110,628

     Total deposits

1,555,748

1,544,681

1,591,366

Federal Home Loan Bank advances

221,767

167,134

136,860

Other borrowed funds

254,470

348,305

275,656

Junior subordinated debentures

43,742

43,640

43,717

Accrued interest and other liabilities

39,773

23,832

36,245

     Total liabilities

2,115,500

2,127,592

2,083,844

Shareholders' Equity

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

outstanding 7,684,589, 7,677,243, 7,664,975 shares on March 31, 2012 and 2011 and December 31, 2011, respectively

51,328

50,950

51,438

Retained earnings

170,015

155,149

165,377

Accumulated other comprehensive income

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

9,830

6,364

11,128

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

(5,739)

(562)

(7,264)

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

(1,776)

(1,176)

(1,803)

          Total accumulated other comprehensive income 

2,315

4,626

2,061

     Total shareholders' equity

223,658

210,725

218,876

     Total liabilities and shareholders' equity

$

2,339,158

$

2,338,317

$

2,302,720

   

Statement of Income Data (unaudited)

 Three Months Ended March 31, 

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

2012

2011

Interest income

Interest and fees on loans

$

18,435

$

19,469

Interest on U.S. government and sponsored enterprise obligations

4,116

4,885

Interest on state and political subdivision obligations

365

466

Interest on federal funds sold and other investments

49

40

     Total interest income

22,965

24,860

Interest expense

Interest on deposits

2,538

3,015

Interest on borrowings

1,418

2,591

Interest on junior subordinated debentures

638

695

     Total interest expense

4,594

6,301

     Net interest income

18,371

18,559

Provision for credit losses

1,005

1,119

     Net interest income after provision for credit losses

17,366

17,440

Non-interest income 

Income from fiduciary services

1,439

1,547

Service charges on deposit accounts

1,156

1,231

Other service charges and fees

845

870

Bank-owned life insurance

339

539

Brokerage and insurance commissions

339

358

Mortgage banking income, net

336

80

Net gain (loss) on sale of securities

150

(33)

Other income

653

526

     Total non-interest income before other-than-temporary 

        impairment of securities

5,257

5,118

Other-than-temporary impairment of securities

(29)

-

     Total non-interest income 

5,228

5,118

Non-interest expenses

Salaries and employee benefits

6,908

6,851

Furniture, equipment and data processing

1,223

1,200

Net occupancy

1,111

1,060

Consulting and professional fees

490

674

Regulatory assessments

435

703

Other real estate owned and collection costs

626

491

Amortization of identifiable intangible assets

144

144

Other expenses

1,982

2,162

     Total non-interest expenses

12,919

13,285

     Income before income taxes

9,675

9,273

Income taxes

3,092

2,934

Net income

$

6,583

$

6,339

Selected Financial and Per Share Data:

Return on average equity

12.01%

12.45%

Return on average tangible equity

15.10%

15.99%

Return on average assets

1.15%

1.11%

Efficiency ratio (1)

54.43%

55.27%

Basic earnings per share

$

0.86

$

0.83

Diluted earnings per share

$

0.86

$

0.83

Cash dividends declared per share

$

0.25

$

0.25

Weighted average number of common shares outstanding

7,672,039

7,659,970

Diluted weighted average number of common shares outstanding

7,686,933

7,672,398

(1) Computed by dividing non-interest expense by the sum of net interest income (tax equivalent) and non-interest income (excluding securities gains/losses).

Asset Quality Data (unaudited)

At or for Three Months Ended 

At or for Twelve Months Ended 

At or for Nine Months Ended 

At or for Six 

Months Ended 

At or for Three

Months Ended 

(In thousands)

March 31, 2012

December 31, 2011

September 30, 2011

June 30, 2011

March 31, 2011

Non-accrual loans:

     Residential real estate

$

9,570

$

9,503

$

9,060

$

8,581

$

8,171

     Commercial real estate

7,578

7,830

9,596

7,661

6,442

     Commercial 

4,253

3,955

4,278

3,809

3,977

     Consumer

2,477

2,822

1,502

1,464

1,337

Total non-accrual loans

23,878

24,110

24,436

21,515

19,927

Loans 90 days past due and accruing

183

236

-

-

430

Renegotiated loans not included above

3,256

3,276

3,310

3,447

2,584

Total non-performing loans

27,317

27,622

27,746

24,962

22,941

Other real estate owned:

     Residential real estate

1,226

791

1,098

989

251

     Commercial real estate

672

891

661

827

1,939

Total other real estate owned

1,898

1,682

1,759

1,816

2,190

Total non-performing assets

$

29,215

$

29,304

$

29,505

$

26,778

$

25,131

Loans 30-89 days past due:

     Residential real estate

$

1,961

$

2,429

$

1,447

$

500

$

2,739

     Commercial real estate

3,075

2,107

1,149

1,668

2,786

     Commercial 

846

911

1,226

771

1,393

     Consumer

245

1,793

505

344

358

Total loans 30-89 days past due

$

6,127

$

7,240

$

4,327

$

3,283

$

7,276

Allowance for loan losses at the beginning of the period

$

23,011

$

22,293

$

22,293

$

22,293

$

22,293

Provision for loan losses

991

4,741

3,270

2,083

1,117

Charge-offs:

     Residential real estate

308

1,216

1,036

797

172

     Commercial real estate

179

1,633

946

325

231

     Commercial 

191

1,256

1,080

755

378

     Consumer 

411

920

355

140

66

Total charge-offs 

1,089

5,025

3,417

2,017

847

Total recoveries 

97

1,002

865

630

324

Net charge-offs

992

4,023

2,552

1,387

523

Allowance for loan losses at the end of the period

$

23,010

$

23,011

$

23,011

$

22,989

$

22,887

Components of allowance for credit losses:

     Allowance for loan losses

$

23,010

$

23,011

$

23,011

$

22,989

$

22,887

     Liability for unfunded credit commitments

34

20

26

31

28

Balance of allowance for credit losses 

$

23,044

$

23,031

$

23,037

$

23,020

$

22,915

Ratios:

Non-performing loans to total loans

1.79%

1.82%

1.83%

1.61%

1.49%

Non-performing assets to total assets

1.25%

1.27%

1.26%

1.15%

1.08%

Allowance for credit losses to total loans

1.51%

1.52%

1.52%

1.48%

1.49%

Net charge-offs to average loans (annualized)

   Quarter-to-date

0.26%

0.39%

0.30%

0.22%

0.14%

   Year-to-date

0.26%

0.26%

0.22%

0.18%

0.14%

Allowance for credit losses to non-performing loans

84.36%

83.38%

83.03%

92.22%

99.89%

Loans 30-89 days past due to total loans

0.40%

0.48%

0.29%

0.21%

0.47%

 

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

At or for the Three Months Ended

At or for the Three Months Ended

March 31, 2012

March 31, 2011

(In thousands)

Average

Yield/

Average

Yield/

Balance

Interest

Rate

Balance

Interest

Rate

Assets

Interest-earning assets:

     Securities - taxable

$

569,579

$

4,162

2.92%

$

572,504

$

4,922

3.44%

     Securities - nontaxable (1)

39,481

561

5.68%

47,631

717

6.02%

     Trading account assets

2,195

3

0.63%

2,245

4

0.63%

     Loans: (1) (2)

        Residential real estate

581,265

7,103

4.89%

598,478

7,637

5.10%

        Commercial real estate

475,303

6,032

5.02%

465,754

6,224

5.35%

        Commercial

169,329

2,039

4.76%

171,900

2,233

5.20%

        Municipal

13,058

172

5.30%

17,248

216

5.08%

        Consumer

281,557

3,149

4.50%

282,411

3,234

4.64%

     Total loans 

1,520,512

18,495

4.85%

1,535,791

19,544

5.10%

  Total interest-earning assets

2,131,767

23,221

4.34%

2,158,171

25,187

4.68%

  Cash and due from banks

35,858

25,917

  Other assets

154,811

159,138

  Less allowance for loan losses

(23,080)

(22,526)

  Total assets

$

2,299,356

$

2,320,700

Liabilities & Shareholders' Equity

Interest-bearing liabilities:

     Interest checking accounts

$

266,744

74

0.11%

$

234,139

137

0.24%

     Savings accounts

182,249

95

0.21%

168,616

103

0.25%

     Money market accounts

354,996

541

0.61%

316,473

594

0.76%

     Certificates of deposit

391,802

1,341

1.38%

459,906

1,725

1.52%

         Total retail deposits

1,195,791

2,051

0.69%

1,179,134

2,559

0.88%

     Brokered deposits

129,831

487

1.51%

112,200

456

1.65%

     Junior subordinated debentures

43,730

638

5.87%

43,628

695

6.46%

     Borrowings

420,950

1,418

1.35%

529,363

2,591

1.99%

        Total wholesale funding

594,511

2,543

1.72%

685,191

3,742

2.22%

  Total interest-bearing liabilities

1,790,302

4,594

1.03%

1,864,325

6,301

1.37%

  Demand deposits

254,176

227,834

  Other liabilities

34,441

22,047

  Shareholders' equity

220,437

206,494

  Total liabilities & shareholders' equity

$

2,299,356

$

2,320,700

Net interest income (fully-taxable equivalent)

18,627

18,886

Less:  fully-taxable equivalent adjustment

(256)

(327)

  Net interest income

$

18,371

$

18,559

Net interest rate spread (fully-taxable equivalent)

3.31%

3.31%

Net interest margin (fully-taxable equivalent)

3.48%

3.49%

 (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.

Selected Financial Data (unaudited)

March 31,

2012

2011

Tier 1 leverage capital ratio

9.70%

8.93%

Tier 1 risk-based capital ratio

14.90%

13.84%

Total risk-based capital ratio

16.16%

15.10%

Tangible equity to tangible assets (1)

7.80%

7.20%

Book value per share

$

29.10

$

27.45

Tangible book value per share (2)

$

23.28

$

21.50

Investment Data (unaudited)

March 31, 2012

Amortized

Unrealized

Unrealized

Fair

(In thousands)

Cost

Gains

Losses

Value

Available for sale

Obligations of U.S. government sponsored enterprises

$

10,000

$

77

$

-

$

10,077

Obligations of states and political subdivisions 

35,996

2,380

-

38,376

Mortgage-backed securities issued or guaranteed by 

     U.S. government sponsored enterprises

548,158

16,472

(870)

563,760

Private issue collateralized mortgage obligations (CMO) 

12,210

-

(1,759)

10,451

         Total debt securities

606,364

18,929

(2,629)

622,664

Equity securities 

5,000

-

(1,176)

3,824

         Total securities available for sale

$

611,364

$

18,929

$

(3,805)

$

626,488

Other securities

Federal Home Loan Bank Stock 

$

20,103

$

-

$

-

$

20,103

Federal Reserve Bank Stock

931

-

-

931

         Total other securities

$

21,034

$

-

$

-

$

21,034

Trading account assets 

$

2,194

(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.

Reconciliation of non-GAAP to GAAP Financial Measures

Camden National presents its efficiency ratio using non-GAAP information. The GAAP-based efficiency ratio is non-interest expenses divided by net interest income plus non-interest income from the Consolidated Statements of Income. The non-GAAP efficiency ratio excludes other-than-temporary impairment charges from non-interest expenses, excludes securities gains and losses from non-interest income, and adds the tax-equivalent adjustment to net interest income. The following table provides a reconciliation of between the GAAP and non-GAAP efficiency ratio:

  

Three Months Ended March 31,

(In Thousands)

2012

2011

Non-interest expense, as presented

$

12,919

$

13,285

Net interest income, as presented

18,371

18,559

Effect of tax-exempt income

256

327

Non-interest income

5,228

5,118

(Gains) losses on sale of securities

(150)

33

Other-than-temporary impairment of securities

29

Adjusted net interest income plus non-interest income

$

23,734

$

24,037

Non-GAAP efficiency ratio

54.43%

55.27%

GAAP efficiency ratio

54.74%

56.11%

The following table provides a reconciliation of tax-equivalent net interest income to net interest income in accordance with GAAP. A 35.0% tax rate was used in both March 31, 2012 and 2011.

Three Months Ended March 31,

(In Thousands)

2012

2011

Net interest income, as presented

$

18,371

$

18,559

Effect of tax-exempt income

256

327

Net interest income, tax equivalent

$

18,627

$

18,886

The following table provides a reconciliation of tangible book value per share to book value per share, which has been prepared in accordance with GAAP:

March 31,

March 31,

December 31,

(In Thousands, Except per Share Data)

2012

2011

2011

Shareholders' equity

$

223,658

$

210,725

$

218,876

Less goodwill and other intangibles

44,774

45,677

45,194

Tangible shareholders' equity

$

178,884

$

165,048

$

173,682

Shares outstanding at period end

7,684,589

7,677,243

7,664,975

Tangible book value per share

$

23.28

$

21.50

$

22.66

Book value per share

$

29.10

$

27.45

$

28.56

 

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SOURCE Camden National Corporation



RELATED LINKS

http://www.camdennational.com