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.