Camden National Corporation Reports Record Earnings 2011 Earnings Reflect a 6% Increase Over 2010

CAMDEN, Maine, Jan. 31, 2012 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; "Camden National" or "Company") reported record net income of $26.2 million for the full year 2011 compared with $24.8 million in 2010, an increase of $1.4 million, or 6%.  Earnings per diluted share for 2011 and 2010 were $3.41 and $3.23, respectively.

"While facing a challenging economic and interest rate environment, we're proud of Camden National's strength and perseverance in 2011, which helped generate record earnings of $26.2 million," said Gregory A. Dufour, president and chief executive officer of Camden National Corporation.  "This performance provided the Company the opportunity to reward its shareholders with a special dividend in December, in addition to our normal dividend, while allowing us the ability to serve our customers' needs on both an individual and community basis."  

Financially, the Company's 2011 results reflect the following:

  • Strengthened the Company's capital position as shown by increasing the Tier 1 leverage capital ratio to 9.59% at December 31, 2011, up from 8.77% the previous year.
  • Increased the allowance for loan losses to 1.52% of loans at December 31, 2011, up from 1.46% the previous year.
  • Generated return on average assets of 1.13% and return on average equity of 12.16% for the full year of 2011.

"Based on the most recent Bank Holding Company Performance Report dated September 30, 2011, our return on average assets and average equity should place Camden National in the top 25% of its national peer group and number one for Maine banks," said Dufour.

Fourth quarter 2011 net income was $5.8 million, compared to net income of $6.4 million in the fourth quarter of 2010.  Earnings per diluted share for the fourth quarter of 2011 and 2010 were $0.76 and $0.84, respectively.  Net income for the fourth quarter of 2011 decreased $587,000, or 9%, compared to the fourth quarter of 2010 primarily due to a decline in net interest income, an increase in the loan loss provision, a $2.0 million gain on sale of securities, and a $2.3 million expense related to the prepayment of wholesale borrowings.

Balance Sheet Highlights

Total assets at December 31, 2011 were $2.3 billion, a slight decline of $3.3 million compared to December 31, 2010.  At December 31, 2011, total loans were $1.5 billion, a decrease of $10.2 million, or 1%, compared to a year ago.  The decrease in total loans was primarily related to the residential real estate loan portfolio, which declined by $17.4 million due to the sale of thirty-year fixed rate mortgages totaling $27.6 million. The commercial and commercial real estate portfolios grew $4.5 million and $6.0 million, respectively, while consumer and home equity balances declined $3.2 million.

Total deposits of $1.6 billion at December 31, 2011 increased $75.6 million, or 5%, compared to December 31, 2010. During 2011, we experienced strong core deposit growth of $133.9 million, or 14%, which offset the decline in retail certificates of deposit of $69.2 million, or 15%. The overall growth across our core deposits reflects excess customer liquidity and success in obtaining several large deposit relationships.  

During the fourth quarter of 2011, the Company sold $38.0 million in securities, which resulted in a $2.0 million gain.  At the same time, the Company prepaid $70.0 million in wholesale borrowings, resulting in prepayment penalties totaling $2.3 million.  These borrowings had an average cost of 4.90% and an average remaining maturity of 10 months.  Although the Company re-invested the cash flow from the securities sales at lower yields, the cost of funding was reduced and should result in a positive contribution to net interest income over the next two years.  

Asset Quality and the Provision for Credit Losses

"Camden National's overall credit quality improved during 2011, with net loan charge-offs declining to $4.0 million in 2011 from $4.3 million in 2010," reported Dufour.  "We have seen a shift in our non-performing asset mix with the stabilization of commercial credits, but increased stresses in the residential and consumer portfolios."

Non-performing assets increased to $29.3 million, or 1.27% of total assets at December 31, 2011, compared to $24.8 million, or 1.08% of total assets at December 31, 2010.  The provision for credit losses for 2011 and 2010 was $4.7 million and $6.3 million, respectively.  The allowance for credit losses to total loans increased to 1.52% at December 31, 2011 compared to 1.46% a year ago.

Net Interest Income

Net interest income for the year ended December 31, 2011, was $75.2 million, an increase of $929,000, or 1%, compared to $74.3 million for the same period a year ago.  The increase in net interest income was primarily due to growth in our average earning assets of $39.2 million, partially offset by a 3 basis point decline in our net interest margin. The tax equivalent net interest margin was 3.57% and 3.60% for the years ended December 31, 2011 and 2010, respectively.

Yields on our earning assets, which averaged 4.65% in 2011 and 5.04% in 2010, have continued to decline as cash flows are reinvested at lower rates.  The cost of funds averaged 1.27% in 2011, compared to 1.64% in 2010, as a result of lower interest rates and a favorable shift in the deposit mix to lower cost transaction accounts.

Net interest income for the fourth quarter of 2011 decreased $341,000, compared to the fourth quarter of 2010.  The decrease was primarily related to the decline in average earning assets of $43.2 million.  The fourth quarter 2011 tax equivalent net interest margin of 3.54% was unchanged from the same period a year ago.

Non-Interest Income and Non-Interest Expense

Non-interest income for the year ended December 31, 2011, was $23.1 million, an increase of $2.2 million, or 11%, compared to the same period in 2010.  The increase was primarily due to a $2.2 million gain on the sale of securities, a $1.1 million increase in loan servicing income, and proceeds on bank-owned life insurance of $740,000, partially offset by a $2.0 million legal settlement received in 2010.

Non-interest income was $7.1 million for the fourth quarter of 2011, an increase of $2.1 million, or 41%, from the fourth quarter of 2010. The increase was primarily due to a $2.0 million gain on the sale of securities.

Non-interest expense for the year ended December 31, 2011 was $55.6 million, an increase of $2.6 million, or 5%, compared to the same period in 2010.  Other than the $2.3 million borrowing prepayment expense in 2011, non-interest expense increased only $342,000, or 1%, compared to a year ago.  Salaries and employee benefit costs increased 9% due to merit and increased employee incentive compensation based on the Company's 2011 financial performance, which exceeded the benchmarks determined by the board of directors.  Other real estate owned (OREO) and collections costs declined 39% due to lower write-downs on OREO properties and regulatory assessment fees declined 32% due to lower FDIC deposit assessment rates.

Non-interest expense of $15.7 million increased $2.0 million, or 15%, from fourth quarter of 2010.  This increase was primarily related to a $2.3 million charge for the early extinguishment of borrowings.

Dividends and Capital

The board of directors approved a dividend of $0.25 per share, payable on January 31, 2012, to shareholders of record on January 17, 2012.  In addition, the board of directors authorized a special dividend of $0.50 per share, payable on December 30, 2011. This resulted in an annual dividend yield of 4.60% for the year, based on the December 30, 2011, closing price of $32.60 per share for Camden National's common stock, as reported on NASDAQ.

Camden National's total risk-based capital ratio increased to 15.95% at December 31, 2011, compared to 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 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.

Annual Meeting

Camden National Corporation has scheduled its annual meeting of shareholders for Tuesday, May 1, 2012, at 3:00 p.m. local time, at the Company's Hanley Center, Fox Ridge Office Park, 245 Commercial Street, Route One, Rockport, Maine. The date for determining the Company's shareholders of record for the annual meeting is March 5, 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, N.A. offers investment management and fiduciary services with offices in Portland, Bangor 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: (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) the 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) the extended disruption of vital infrastructure due to a natural disaster; (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 (the "Dodd-Frank Act"), and future regulations to be adopted by the relevant regulatory agencies, including the Consumer Financial Protection Bureau, to implement the Dodd-Frank 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 non-GAAP financial measures where management believes them 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.

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Statement of Condition Data (unaudited)







December 31,


December 31,


(In thousands, except number of shares)

2011


2010









Assets







Cash and due from banks

$

39,325


$

31,009


Securities







    Securities available for sale, at fair value


590,036



553,579


    Securities held to maturity, at amortized cost


-



36,102


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


21,962



21,962


         Total securities


611,998



611,643


Trading account assets


2,244



2,304


Loans held for sale


6,061



5,528


Loans


1,514,028



1,524,752


  Less allowance for loan losses


(23,011)



(22,293)


         Net loans


1,491,017



1,502,459


Goodwill and other intangible assets


45,194



45,821


Bank-owned life insurance


43,672



43,155


Premises and equipment, net


24,113



25,044


Deferred tax asset


13,486



12,281


Interest receivable


6,431



6,875


Prepaid FDIC assessment


4,796



6,155


Other real estate owned


1,682



2,387


Other assets


12,701



11,346


    Total assets

$

2,302,720


$

2,306,007









Liabilities







Deposits







  Demand

$

256,330


$

229,547


  Interest checking, savings and money market


828,977



721,905


  Retail certificates of deposit


395,431



464,662


  Brokered deposits


110,628



99,697


    Total deposits


1,591,366



1,515,811


Federal Home Loan Bank advances


136,860



214,236


Other borrowed funds


275,656



302,069


Junior subordinated debentures


43,717



43,614


Accrued interest and other liabilities


36,245



24,282


    Total liabilities


2,083,844



2,100,012









Shareholders' Equity







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







  outstanding 7,664,975 and 7,658,496 shares on December 31, 2011







  and 2010, respectively


51,438



50,936


Retained earnings


165,377



150,730


Accumulated other comprehensive income







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


11,128



6,229


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


(7,264)



(709)


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


(1,803)



(1,191)


         Total accumulated other comprehensive income


2,061



4,329


    Total shareholders' equity


218,876



205,995


    Total liabilities and shareholders' equity

$

2,302,720


$

2,306,007



Statement of Income Data (unaudited)




















Three Months Ended December 31,




Twelve Months Ended December 31,

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



2011



2010




2011



2010















Interest income














Interest and fees on loans


$

18,933


$

20,210



$

78,174


$

81,935

Interest on U.S. government and sponsored enterprise obligations



4,101



4,969




18,342



20,335

Interest on state and political subdivision obligations



378



510




1,662



2,111

Interest on federal funds sold and other investments



69



42




194



126

    Total interest income



23,481



25,731




98,372



104,507

Interest expense














Interest on deposits



2,771



3,331




11,591



15,143

Interest on borrowings



1,629



2,900




8,948



12,257

Interest on junior subordinated debentures



631



709




2,614



2,817

    Total interest expense



5,031



6,940




23,153



30,217

    Net interest income



18,450



18,791




75,219



74,290

Provision for credit losses



1,464



1,062




4,735



6,299

    Net interest income after provision for credit losses



16,986



17,729




70,484



67,991

Non-interest income














Income from fiduciary services



1,524



1,539




6,027



6,236

Service charges on deposit accounts



1,255



1,195




5,134



4,911

Other service charges and fees



886



838




3,577



3,345

Bank-owned life insurance



389



359




2,173



1,478

Brokerage and insurance commissions



313



384




1,363



1,449

Mortgage banking income, net



229



429




729



761

Net gain (loss) on sale of securities



1,988



-




2,185



(188)

Other income



541



303




1,974



3,054

    Total non-interest income before other-than-temporary impairment of securities



7,125



5,047




23,162



21,046

Other-than-temporary impairment of securities



(21)



(4)




(109)



(221)

    Total non-interest income



7,104



5,043




23,053



20,825

Non-interest expenses














Salaries and employee benefits



7,225



6,865




28,627



26,337

Furniture, equipment and data processing



1,255



1,251




4,773



4,647

Net occupancy



989



1,003




3,949



3,833

Consulting and professional fees



486



667




2,629



2,596

Regulatory assessments



440



719




1,955



2,868

Other real estate owned and collection costs



681



705




2,104



3,459

Amortization of identifiable intangible assets



144



143




577



577

Other expenses



4,495



2,360




10,965



8,620

    Total non-interest expenses



15,715



13,713




55,579



52,937

    Income before income taxes



8,375



9,059




37,958



35,879

Income taxes



2,536



2,633




11,781



11,113

Net income


$

5,839


$

6,426



$

26,177


$

24,766





























Selected Financial and Per Share Data:














Return on average equity



10.52%



12.40%




12.16%



12.42%

Return on average tangible equity



13.24%



15.96%




15.42%



16.15%

Return on average assets



1.02%



1.10%




1.13%



1.09%

Efficiency ratio (1)



56.16%



56.69%




54.68%



54.59%

Basic earnings per share


$

0.76


$

0.84


$


3.41


$

3.23

Diluted earnings per share


$

0.76


$

0.84


$


3.41


$

3.23

Cash dividends declared per share


$

0.75


$

0.25


$


1.50


$

1.00

Weighted average number of common shares outstanding



7,672,769



7,657,346




7,672,126



7,655,668

Diluted weighted average number of common shares outstanding



7,679,932



7,674,056




7,679,895



7,663,498















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

(excluding securities gains/losses).




Asset Quality Data (unaudited)
























At or for Twelve
Months Ended


At or for Nine
Months Ended


At or for Six
Months Ended


At or for Three
Months Ended


At or for Twelve
Months Ended


(In thousands)


December 31, 2011


September 30, 2011


June 30, 2011


March 31, 2011


December 31, 2010



















Non-accrual loans:

















    Residential real estate


$

9,503


$

9,060


$

8,581


$

8,171


$

7,225


    Commercial real estate



7,830



9,596



7,661



6,442



6,072


    Commercial



3,955



4,278



3,809



3,977



4,421


    Consumer



2,822



1,502



1,464



1,337



1,721


Total non-accrual loans



24,110



24,436



21,515



19,927



19,439


Loans 90 days past due and accruing



236



-



-



430



711


Renegotiated loans not included above



3,276



3,310



3,447



2,584



2,295


Total non-performing loans



27,622



27,746



24,962



22,941



22,445


Other real estate owned:

















    Residential real estate



791



1,098



989



251



284


    Commercial real estate



891



661



827



1,939



2,103


Total other real estate owned



1,682



1,759



1,816



2,190



2,387


Total non-performing assets


$

29,304


$

29,505


$

26,778


$

25,131


$

24,832



















Loans 30-89 days past due:

















    Residential real estate


$

2,429


$

1,447


$

500


$

2,739


$

2,493


    Commercial real estate



2,107



1,149



1,668



2,786



1,439


    Commercial



911



1,226



771



1,393



928


    Consumer



1,793



505



344



358



926


Total loans 30-89 days past due


$

7,240


$

4,327


$

3,283


$

7,276


$

5,786




































Allowance for loan losses at the beginning of the period


$

22,293


$

22,293


$

22,293


$

22,293


$

20,246


Provision for loan losses



4,741



3,270



2,083



1,117



6,325


Charge-offs:

















    Residential real estate



1,216



1,036



797



172



1,262


    Commercial real estate



1,633



946



325



231



1,382


    Commercial



1,256



1,080



755



378



1,502


    Consumer



920



355



140



66



1,401


Total charge-offs



5,025



3,417



2,017



847



5,547


Total recoveries



1,002



865



630



324



1,269


Net charge-offs



4,023



2,552



1,387



523



4,278


Allowance for loan losses at the end of the period


$

23,011


$

23,011


$

22,989


$

22,887


$

22,293



















Components of allowance for credit losses:

















    Allowance for loan losses


$

23,011


$

23,011


$

22,989


$

22,887


$

22,293


    Liability for unfunded credit commitments



20



26



31



28



25


Balance of allowance for credit losses


$

23,031


$

23,037


$

23,020


$

22,915


$

22,318




































Ratios:

















Non-performing loans to total loans



1.82%



1.83%



1.61%



1.49%



1.47%


Non-performing assets to total assets



1.27%



1.26%



1.15%



1.08%



1.08%


Allowance for credit losses to total loans



1.52%



1.52%



1.48%



1.49%



1.46%


Net charge-offs to average loans (annualized)

















  Quarter-to-date



0.39%



0.30%



0.22%



0.14%



0.29%


  Year-to-date



0.26%



0.22%



0.18%



0.14%



0.28%


Allowance for credit losses to non-performing loans



83.38%



83.03%



92.22%



99.89%



99.44%


Loans 30-89 days past due to total loans



0.48%



0.29%



0.21%



0.47%



0.38%



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




At or for the Twelve Months Ended


At or for the Twelve Months Ended




December 31, 2011



December 31, 2010

(In thousands)



Average





Yield/



Average





Yield/




Balance



Interest


Rate



Balance



Interest


Rate

Assets

















Interest-earning assets:

















    Securities - taxable


$

564,418


$

18,496


3.28%


$

511,800


$

20,425


3.99%

    Securities - nontaxable (1)



44,112



2,556


5.79%



54,392



3,247


5.97%

    Trading account assets



2,245



39


1.74%



1,973



36


1.82%

    Loans: (1) (2)

















       Residential real estate



590,238



30,184


5.11%



620,357



33,165


5.35%

       Commercial real estate



463,581



25,381


5.47%



444,153



25,486


5.74%

       Commercial



175,760



9,007


5.12%



173,073



9,464


5.47%

       Municipal



19,465



910


4.68%



16,417



901


5.49%

       Consumer



281,596



13,010


4.62%



280,069



13,235


4.73%

    Total loans



1,530,640



78,492


5.13%



1,534,069



82,251


5.36%

 Total interest-earning assets



2,141,415



99,583


4.65%



2,102,234



105,959


5.04%

 Cash and due from banks



36,168








33,204






 Other assets



154,550








161,067






 Less allowance for loan losses



(22,850)








(22,021)






 Total assets


$

2,309,283







$

2,274,484























Liabilities & Shareholders' Equity

















Interest-bearing liabilities:

















    Interest checking accounts


$

258,322



509


0.20%


$

252,692



861


0.34%

    Savings accounts



171,840



426


0.25%



156,397



467


0.30%

    Money market accounts



344,369



2,369


0.69%



292,510



2,408


0.82%

    Certificates of deposit



431,850



6,322


1.46%



515,882



9,647


1.87%

        Total retail deposits



1,206,381



9,626


0.80%



1,217,481



13,383


1.10%

    Brokered deposits



120,143



1,965


1.64%



102,702



1,760


1.71%

    Junior subordinated debentures



43,666



2,614


5.99%



43,565



2,817


6.47%

    Borrowings



451,034



8,947


1.98%



480,897



12,257


2.55%

       Total wholesale funding



614,843



13,526


2.20%



627,164



16,834


2.68%

 Total interest-bearing liabilities



1,821,224



23,152


1.27%



1,844,645



30,217


1.64%


















 Demand deposits



246,995








207,579






 Other liabilities



25,753








22,832






 Shareholders' equity



215,311








199,428






 Total liabilities & shareholders' equity


$

2,309,283







$

2,274,484























Net interest income (fully-taxable equivalent)






76,431








75,742



Less:  fully-taxable equivalent adjustment






(1,212)








(1,452)



 Net interest income





$

75,219







$

74,290




















Net interest rate spread (fully-taxable equivalent)








3.38%








3.40%

Net interest margin (fully-taxable equivalent)








3.57%








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.



Selected Financial Data (unaudited)



































December 31,









2011



2010



















Tier 1 leverage capital ratio


9.59%



8.77%







Tier 1 risk-based capital ratio


14.69%



13.80%







Total risk-based capital ratio


15.95%



15.05%







Tangible equity to tangible assets (1)


7.69%



7.09%







Book value per share

$

28.56


$

26.90







Tangible book value per share (2)

$

22.66


$

20.91























































Investment Data (unaudited)














December 31, 2011



Amortized



Unrealized



Unrealized



Fair

(In thousands)


Cost



Gains



Losses



Value













Available for sale












Obligations of U.S. government sponsored enterprises

$

29,996


$

116


$

(5)


$

30,107

Obligations of states and political subdivisions


37,138



2,620



-



39,758

Mortgage-backed securities issued or guaranteed by












    U.S. government sponsored enterprises


488,226



17,489



(331)



505,384

Private issue collateralized mortgage obligations (CMO)


12,557



-



(1,916)



10,641

        Total debt securities


567,917



20,225



(2,252)



585,890

Equity securities


5,000



-



(854)



4,146

        Total securities available for sale

$

572,917


$

20,225


$

(3,106)


$

590,036













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










$

2,244

























(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.



SOURCE Camden National Corporation



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