Camden National Corporation Announces 12.8% Increase In First Quarter Net Income

Apr 24, 2001, 01:00 ET from Camden National Corporation

    CAMDEN, Maine, April 24 /PRNewswire Interactive News Release/ -- Camden
 National Corporation ("Company") (Amex:   CAC) announced first quarter net
 income of $.44 per fully diluted share, a 12.8% increase over the $.39 per
 fully diluted share earned during the comparable period in 2000.  Total
 earnings for the quarter increased to $3,620,000 compared to total earnings of
 $3,194,000 during the comparable period in 2000.  Return on average equity for
 the quarter was 15.38%, compared to 16.26% for the similar period in 2000, a
 modest decline due to an increase in average equity.  Return on average assets
 for the quarter was 1.41%, compared to 1.35% for the similar period in 2000.
 On January 1, 2001 the Company adopted Statement of Financial Accounting
 Standards ("SFAS") No. 133 "Accounting for Certain Derivative Instruments and
 Certain Hedging Activities" to account for certain gains and losses resulting
 from the use of derivative instruments.  SFAS No. 133 supersedes SFAS No. 80,
 which the Company used to account for gains and losses from its derivative
 activities prior to January 1, 2001.  The Company utilizes derivative
 instruments as a defensive measure against fluctuating interest rates in order
 to enhance its net interest margin, the difference between its yield on
 investments and loans less its cost of funds.  Had this change in accounting
 not been required, and had the Company been permitted to continue using SFAS
 No. 80 to account for derivative activities, net income would have been $.43
 per fully diluted share, and total income would have been $3,512,000.
     Commenting on the Company's first quarter's financial performance, Robert
 W. Daigle, President & CEO, stated, "We are pleased with our first quarter's
 growth in earnings, particularly given the general deterioration in the
 national economy.  Especially gratifying was the growth exhibited by both
 Camden National Bank and UnitedKingfield Bank."
     The Corporation's total average loans outstanding during the quarter were
 $712,626,000, an increase of 10.9% and 2.7% over total average loans
 outstanding of $642,677,000 and $694,134,000 during the first and last
 quarters of 2000, respectively.  At March 31, 2001 total loans outstanding
 were $722,333,000, an increase of 9.6% and 3.0% over total loans outstanding
 of $659,037,000 and $701,340,000 at March 31, 2000 and December 31, 2000,
 respectively.  Total average deposits during the quarter were $733,647,000, an
 increase of 10.3% and a decrease of 1.8% compared to total average deposits
 during the first and last quarters of 2000, respectively.  At March 31, 2001
 total deposits were $730,913,000, an increase of 9.4% over total deposits of
 $667,914,000 at March 31, 2000 and a decline of 1.8% compared to deposits of
 $744,360,000 at December 31, 2000, respectively.  Given the seasonal nature of
 Maine's tourism industry, the Company has historically experienced a decline
 in deposits during the first quarter compared to the prior quarter.
     The Company's flagship bank, Camden National Bank, showed continued growth
 during the quarter with average loans outstanding of $461,043,000, an increase
 of 12.6% and 2.2% over average loans outstanding of $409,313,000 and
 $451,232,000 during the first and last quarters of 2000, respectively.  Loans
 outstanding at March 31, 2001 amounted to $465,391,000, an increase of 10.9%
 and 2.3% over the $419,520,000 and $455,054,000 outstanding on March 31, 2000
 and December 31, 2000, respectively.  Average deposits during the quarter were
 $480,767,000, an increase of 12.1% and a decrease of 3.1% compared to average
 deposits of $428,734,000 and $496,030,000 during the first and last quarters
 of 2000, respectively.  Deposits at March 31, 2001 amounted to $476,596,000,
 an increase of 10.3% over $432,280,000 on March 31, 2000, and a 3.3% decline
 compared to $492,625,000 on December 31, 2000.
     UnitedKingfield Bank, which celebrated its one-year anniversary on
 February 7, 2001, also exhibited solid growth.  Average loans outstanding grew
 to $251,583,000, an increase of 7.8% and 3.6% over average loans outstanding
 of $233,364,000 and $242,902,000 during the first and last quarters of 2000,
 respectively.  Loans outstanding at March 31, 2001 amounted to $256,942,000,
 an increase of 7.3% and 4.3% over the $239,517,000 and $246,286,000
 outstanding on March 31, 2000 and December 31, 2000, respectively.  Average
 deposits during the first quarter were $252,880,000, an increase of 7.0% and
 0.7% over average deposits of $236,318,000 and $251,146,000 during the first
 and last quarters of 2000, respectively.  Deposits at March 31, 2001 amounted
 to $254,317,000, an increase of 7.9% and 1.0% over deposits of $235,634,000
 and $251,735,000 at March 31, 2000 and December 31, 2000, respectively.
     Mr. Daigle added, "Given the challenging economic times, the Company
 continues to stress asset quality in its loan portfolio."  At March 31, 2001,
 total non-performing assets amounted to $6,122,000, or 0.85% of total loans
 outstanding of $722,333,000, compared to total non-performing assets of
 $6,764,000, or 1.03% of total loans outstanding of $659,037,000 at March 31,
 2000.  Net charge-offs during the quarter amounted to $12,000, compared to
 net-recoveries of $25,000 during the first quarter of 2000.  At March 31, 2001
 the reserve for loan losses was 1.59% of total loans outstanding, compared to
 1.53% of total loans outstanding at March 31, 2000.
     Concluding his comments, Mr. Daigle stated "While economic conditions in
 Maine appear to remain stable, our management team clearly recognizes the
 continuing challenges ahead in meeting our internally-established loan and
 deposit growth objectives for the remainder of 2001.  Despite our desire to
 continue growing both banks, we will not compromise the quality of our loan
 portfolios."
     Camden National Corporation, headquartered in Camden, Maine, is the
 holding company for three financial services companies: Camden National Bank,
 a full-service community bank with ten banking offices located in Belfast,
 Bucksport, Camden (2), Damariscotta, Rockland, Thomaston, Union, Vinalhaven
 and Waldoboro and on-line @ www.camdennational.com; UnitedKingfield Bank, a
 full-service community bank headquartered in Bangor, Maine with eighteen
 offices located in Bangor, Bingham, Corinth, Dover-Foxcroft, Farmington,
 Greenville, Hampden, Hermon, Jackman, Kingfield, Lewiston, Madison, Milo,
 Phillips, Rangeley, Strong, Stratton and Winterport and on-line @
 www.unitedkingfield.com; and Trust Company of Maine, headquartered in Bangor,
 Maine offering traditional trust and investment services throughout Central
 and Eastern Maine and on-line @www.tcofme.com.
 
     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.  The Company may
 make written or oral forward-looking statements in other documents it files
 with the SEC, in its annual reports to stockholders, in press releases and
 other written materials, and in oral statements made by its officers,
 directors or employees.  Forward-looking statements can be identified by the
 use of the words "believe," "expect," "anticipate," "intend," estimate,"
 "assume," "will," "should," 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 the Company.  These risks, uncertainties and other factors may
 cause the actual results, performance or achievements of the Company 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 the
 following: changes in general, national or regional economic conditions;
 changes in loan default and charge-off rates; reductions in deposit levels
 necessitating increased borrowing to fund loans and investments; changes in
 interest rates; changes in laws and regulations; changes in the size and
 nature of the Company's competition; and changes in the assumptions used in
 making such forward-looking statements.  Other factors could also cause these
 differences.  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 the Company does not promise
 to update any forward-looking statements to reflect changes in underlying
 assumptions or factors, new information, future events or other changes.
 
                          Camden National Corporation
                     (In thousands, except per share data)
 
                                                           Year To Date
                                                     03/31/2001     03/31/2000
     Selected Financial Information
     Thousands, except per share
 
     Income Statement Data
     Interest Income                                 $ 20,751       $ 18,694
     Interest Expense                                  10,483          8,795
     Net Interest Income                               10,268          9,899
     Provision for Loan Losses                            714            644
     Net Interest Income after
      Provision for Loan Losses                         9,554          9,255
     Non-interest Income                                2,833          1,972
     Non-interest Expense                               7,005          6,595
     Operating Income before
      Provision for Income Tax                          5,382          4,632
     Income Tax Expense                                 1,762          1,438
     Net Income                                        $3,620         $3,194
 
 
     Net Income per Share                               $0.44          $0.39
     Net Income per Diluted Share                        0.44           0.39
     Weighted Average Shares Outstanding            8,145,341      8,167,358
 
 
                                                     Quarter Ended March 31,
                                                       2001           2000
     Balance Sheet Data
     Assets                                        $1,030,575       $973,038
     Loans                                            722,333        659,037
     Allowance for Loan Losses                         11,502         10,059
     Investments                                      237,957        235,440
     Deposits                                         730,913        667,914
     Borrowings                                       194,315        215,331
     Shareholders' Equity                              97,339         79,542
 
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                http://tbutton.prnewswire.com/prn/11690X65630184
 
 

SOURCE Camden National Corporation
    CAMDEN, Maine, April 24 /PRNewswire Interactive News Release/ -- Camden
 National Corporation ("Company") (Amex:   CAC) announced first quarter net
 income of $.44 per fully diluted share, a 12.8% increase over the $.39 per
 fully diluted share earned during the comparable period in 2000.  Total
 earnings for the quarter increased to $3,620,000 compared to total earnings of
 $3,194,000 during the comparable period in 2000.  Return on average equity for
 the quarter was 15.38%, compared to 16.26% for the similar period in 2000, a
 modest decline due to an increase in average equity.  Return on average assets
 for the quarter was 1.41%, compared to 1.35% for the similar period in 2000.
 On January 1, 2001 the Company adopted Statement of Financial Accounting
 Standards ("SFAS") No. 133 "Accounting for Certain Derivative Instruments and
 Certain Hedging Activities" to account for certain gains and losses resulting
 from the use of derivative instruments.  SFAS No. 133 supersedes SFAS No. 80,
 which the Company used to account for gains and losses from its derivative
 activities prior to January 1, 2001.  The Company utilizes derivative
 instruments as a defensive measure against fluctuating interest rates in order
 to enhance its net interest margin, the difference between its yield on
 investments and loans less its cost of funds.  Had this change in accounting
 not been required, and had the Company been permitted to continue using SFAS
 No. 80 to account for derivative activities, net income would have been $.43
 per fully diluted share, and total income would have been $3,512,000.
     Commenting on the Company's first quarter's financial performance, Robert
 W. Daigle, President & CEO, stated, "We are pleased with our first quarter's
 growth in earnings, particularly given the general deterioration in the
 national economy.  Especially gratifying was the growth exhibited by both
 Camden National Bank and UnitedKingfield Bank."
     The Corporation's total average loans outstanding during the quarter were
 $712,626,000, an increase of 10.9% and 2.7% over total average loans
 outstanding of $642,677,000 and $694,134,000 during the first and last
 quarters of 2000, respectively.  At March 31, 2001 total loans outstanding
 were $722,333,000, an increase of 9.6% and 3.0% over total loans outstanding
 of $659,037,000 and $701,340,000 at March 31, 2000 and December 31, 2000,
 respectively.  Total average deposits during the quarter were $733,647,000, an
 increase of 10.3% and a decrease of 1.8% compared to total average deposits
 during the first and last quarters of 2000, respectively.  At March 31, 2001
 total deposits were $730,913,000, an increase of 9.4% over total deposits of
 $667,914,000 at March 31, 2000 and a decline of 1.8% compared to deposits of
 $744,360,000 at December 31, 2000, respectively.  Given the seasonal nature of
 Maine's tourism industry, the Company has historically experienced a decline
 in deposits during the first quarter compared to the prior quarter.
     The Company's flagship bank, Camden National Bank, showed continued growth
 during the quarter with average loans outstanding of $461,043,000, an increase
 of 12.6% and 2.2% over average loans outstanding of $409,313,000 and
 $451,232,000 during the first and last quarters of 2000, respectively.  Loans
 outstanding at March 31, 2001 amounted to $465,391,000, an increase of 10.9%
 and 2.3% over the $419,520,000 and $455,054,000 outstanding on March 31, 2000
 and December 31, 2000, respectively.  Average deposits during the quarter were
 $480,767,000, an increase of 12.1% and a decrease of 3.1% compared to average
 deposits of $428,734,000 and $496,030,000 during the first and last quarters
 of 2000, respectively.  Deposits at March 31, 2001 amounted to $476,596,000,
 an increase of 10.3% over $432,280,000 on March 31, 2000, and a 3.3% decline
 compared to $492,625,000 on December 31, 2000.
     UnitedKingfield Bank, which celebrated its one-year anniversary on
 February 7, 2001, also exhibited solid growth.  Average loans outstanding grew
 to $251,583,000, an increase of 7.8% and 3.6% over average loans outstanding
 of $233,364,000 and $242,902,000 during the first and last quarters of 2000,
 respectively.  Loans outstanding at March 31, 2001 amounted to $256,942,000,
 an increase of 7.3% and 4.3% over the $239,517,000 and $246,286,000
 outstanding on March 31, 2000 and December 31, 2000, respectively.  Average
 deposits during the first quarter were $252,880,000, an increase of 7.0% and
 0.7% over average deposits of $236,318,000 and $251,146,000 during the first
 and last quarters of 2000, respectively.  Deposits at March 31, 2001 amounted
 to $254,317,000, an increase of 7.9% and 1.0% over deposits of $235,634,000
 and $251,735,000 at March 31, 2000 and December 31, 2000, respectively.
     Mr. Daigle added, "Given the challenging economic times, the Company
 continues to stress asset quality in its loan portfolio."  At March 31, 2001,
 total non-performing assets amounted to $6,122,000, or 0.85% of total loans
 outstanding of $722,333,000, compared to total non-performing assets of
 $6,764,000, or 1.03% of total loans outstanding of $659,037,000 at March 31,
 2000.  Net charge-offs during the quarter amounted to $12,000, compared to
 net-recoveries of $25,000 during the first quarter of 2000.  At March 31, 2001
 the reserve for loan losses was 1.59% of total loans outstanding, compared to
 1.53% of total loans outstanding at March 31, 2000.
     Concluding his comments, Mr. Daigle stated "While economic conditions in
 Maine appear to remain stable, our management team clearly recognizes the
 continuing challenges ahead in meeting our internally-established loan and
 deposit growth objectives for the remainder of 2001.  Despite our desire to
 continue growing both banks, we will not compromise the quality of our loan
 portfolios."
     Camden National Corporation, headquartered in Camden, Maine, is the
 holding company for three financial services companies: Camden National Bank,
 a full-service community bank with ten banking offices located in Belfast,
 Bucksport, Camden (2), Damariscotta, Rockland, Thomaston, Union, Vinalhaven
 and Waldoboro and on-line @ www.camdennational.com; UnitedKingfield Bank, a
 full-service community bank headquartered in Bangor, Maine with eighteen
 offices located in Bangor, Bingham, Corinth, Dover-Foxcroft, Farmington,
 Greenville, Hampden, Hermon, Jackman, Kingfield, Lewiston, Madison, Milo,
 Phillips, Rangeley, Strong, Stratton and Winterport and on-line @
 www.unitedkingfield.com; and Trust Company of Maine, headquartered in Bangor,
 Maine offering traditional trust and investment services throughout Central
 and Eastern Maine and on-line @www.tcofme.com.
 
     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.  The Company may
 make written or oral forward-looking statements in other documents it files
 with the SEC, in its annual reports to stockholders, in press releases and
 other written materials, and in oral statements made by its officers,
 directors or employees.  Forward-looking statements can be identified by the
 use of the words "believe," "expect," "anticipate," "intend," estimate,"
 "assume," "will," "should," 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 the Company.  These risks, uncertainties and other factors may
 cause the actual results, performance or achievements of the Company 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 the
 following: changes in general, national or regional economic conditions;
 changes in loan default and charge-off rates; reductions in deposit levels
 necessitating increased borrowing to fund loans and investments; changes in
 interest rates; changes in laws and regulations; changes in the size and
 nature of the Company's competition; and changes in the assumptions used in
 making such forward-looking statements.  Other factors could also cause these
 differences.  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 the Company does not promise
 to update any forward-looking statements to reflect changes in underlying
 assumptions or factors, new information, future events or other changes.
 
                          Camden National Corporation
                     (In thousands, except per share data)
 
                                                           Year To Date
                                                     03/31/2001     03/31/2000
     Selected Financial Information
     Thousands, except per share
 
     Income Statement Data
     Interest Income                                 $ 20,751       $ 18,694
     Interest Expense                                  10,483          8,795
     Net Interest Income                               10,268          9,899
     Provision for Loan Losses                            714            644
     Net Interest Income after
      Provision for Loan Losses                         9,554          9,255
     Non-interest Income                                2,833          1,972
     Non-interest Expense                               7,005          6,595
     Operating Income before
      Provision for Income Tax                          5,382          4,632
     Income Tax Expense                                 1,762          1,438
     Net Income                                        $3,620         $3,194
 
 
     Net Income per Share                               $0.44          $0.39
     Net Income per Diluted Share                        0.44           0.39
     Weighted Average Shares Outstanding            8,145,341      8,167,358
 
 
                                                     Quarter Ended March 31,
                                                       2001           2000
     Balance Sheet Data
     Assets                                        $1,030,575       $973,038
     Loans                                            722,333        659,037
     Allowance for Loan Losses                         11,502         10,059
     Investments                                      237,957        235,440
     Deposits                                         730,913        667,914
     Borrowings                                       194,315        215,331
     Shareholders' Equity                              97,339         79,542
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X65630184
 
 SOURCE  Camden National Corporation