Camden National Corp. Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Announces Impairment Charges for the Fourth Quarter Ended December 31, 2013
January 29, 2014 at 02:35 am IST
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Camden National Corp. announced unaudited earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company's total interest income was $21.4 million compared with $22.5 million a year ago. Net interest income was $18.4 million compared with $18.6 million a year ago. Income before income taxes was $7.98 million compared with $6.1 million a year ago. Net income was $4.4 million or $0.58 per basic and diluted share compared with $4.2 million or $0.55 per basic and diluted share a year ago. The primary factors impacting fourth quarter results are: net interest income, release of reserves for credit losses, non-interest income, and non-interest expense. Return on average assets was 0.68% compared with 0.66% a year ago. Return on average shareholders' equity was 7.46% compared with 7.07% a year ago. Return on average tangible shareholders' equity (non-GAAP) was 16.12% compared with 9.33% a year ago. Net income, adjusted was $7.44 million compared with $4.3 million a year ago.
For the year, the company's total interest income was $88.2 million compared with $90.95 million a year ago. Net interest income was $75.5 million compared with $73.7 million a year ago. Income before income taxes was $34.9 million compared with $34.3 million a year ago. Net income was $22.8 million or $2.98 per basic and $2.97 per diluted share compared with $23.4 million or $3.06 per basic and $3.05 per diluted share a year ago. The primary factors impacting current year results as compared to prior year are: net interest income, provision for credit losses, non-interest income, and non-interest expense. Return on average assets was 0.88% compared with 0.98% a year ago. Return on average shareholders' equity was 9.74% compared with 10.31% a year ago. Return on average tangible shareholders' equity (non-GAAP) was 14.55% compared with 13.19% a year ago. As on December 31, 2013, the company's book value per share was $30.49 and tangible book value per share (non-GAAP) was $23.98. Net income, adjusted was $26.5 million compared with $23.9 million a year ago.
The company announced goodwill impairment of $2.83 million for the fourth quarter ended December 31, 2013.
Camden National Corporation is a bank holding company for Camden National Bank (the Bank). The Bank provides a broad array of banking and other financial services to consumer, institutional, municipal, non-profit, and commercial customers. The Bank optimizes its in-person professional financial guidance with technology, delivered through sophisticated digital channels. These digital products empower customers to bank anywhere at any time, including, but not limited to, online and mobile banking, which includes MortgageTouch, its easy-to-use online platform for consumer borrowers; BusinessTouch, its online loan application system with instant approval, making borrowing faster and easier for small businesses, and TreasuryLink, its secure online platform designed to offer advanced cash management, monitoring capabilities and controls for commercial customers. The Bank offers comprehensive wealth management and trust services, including investment advisory services.
Camden National Corp. Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Announces Impairment Charges for the Fourth Quarter Ended December 31, 2013