Camden National profits up; economy still a concern

Posted April 27, 2011, at 9:12 a.m.

Camden National Corp. saw profits increase by $1 million in the first quarter over the same period in 2010, hitting $6.3 million, according to reports filed Wednesday.

Bank President and CEO Gregory Dufour, however, said in a release that “general weakness in the national and regional economies continues to impact our asset quality.”

“We are pleased to see that our commercial loan portfolio has stabilized; however, the consumer sector has softened as a result of the weak housing and employment markets in Maine,” said Dufour.

Camden National’s first quarter saw a return on assets of 1.11 percent and return on equity of 12.45 percent, Dufour noted.

Camden National’s total assets as of March 31 were $2.3 billion, an increase of 1 percent from Dec. 31 and an increase of 5 percent compared to the same period a year ago. According to the bank, the increase in total assets since Dec. 31 was due to an increase in the investment portfolio of $32.3 million and growth in the commercial portfolio of $17.7 million.

That growth was partially offset by a decline in the consumer-related portfolio of $11.5 million, due mostly to the sale of $8.6 million in 30-year fixed-rate mortgages.

Camden National employs roughly 400 people in Maine. It trades on the NASDAQ under the symbol CAC.

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