Camden National Corp. Reports Unaudited Earnings Results for the Fourth Quarter and Twelve Months Ended December 31, 2011; Approves Dividend Payable on January 31, 2012; Announces Special Dividend Payable on December 30, 2011
January 01, 2012 at 01:16 am IST
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Camden National Corp. reported unaudited earnings results for the fourth quarter and twelve months ended December 31, 2011. For the quarter, the company reported net income of $5.839 million or $0.76 per basic and diluted share compared to $6.426 million or $0.84 per basic and diluted share for the same period of 2010. Net interest income was $18.450 million compared to $18.791 million for the same period of 2010. Income before income taxes was $8.375 million against $9.059 million for the same period of 2010. Return on average equity was 10.52% against 12.40% for the same period a year ago. Return on average tangible equity was 13.24% against 15.96% for the same period a year ago. Return on average assets was 1.02% against 1.10% for the same period a year ago. 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. The decrease in net interest income was primarily related to the decline in average earning assets of $43.2 million. Book value per share at December 31, 2011 was $28.56 compared to $26.90 for the same period a year ago. Tangible book value per share at December 31, 2011 was $22.66 compared to $20.91 for the same period a year ago.
For the twelve months, the company reported net income of $26.177 million or $3.41 per basic and diluted share compared to $24.766 million or $3.23 per basic and diluted share for the same period of 2010. Net interest income was $75.219 million compared to $74.290 million for the same period of 2010. Income before income taxes was $37.958 million against $35.879 million for the same period of 2010. Return on average equity was 12.16% against 12.42% for the same period a year ago. Return on average tangible equity was 15.42% against 16.15% for the same period a year ago. Return on average assets was 1.13% against 1.09% for the same period a year ago. The increase in net interest income was primarily due to growth in average earning assets of $39.2 million, partially offset by a 3 basis point decline in net interest margin.
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 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. Reports Unaudited Earnings Results for the Fourth Quarter and Twelve Months Ended December 31, 2011; Approves Dividend Payable on January 31, 2012; Announces Special Dividend Payable on December 30, 2011