2014

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

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

 

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

SOURCE Camden National Corporation



RELATED LINKS
http://www.camdennational.com

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