Increasing loans fuels Camden National Bank’s growth

Posted July 31, 2013, at 3:14 p.m.

CAMDEN, Maine — Camden National Bank’s assets are growing, fueled by an increase in its real estate loan portfolio, according to financial figures released Tuesday.

The bank’s total assets were $2.6 billion as of June 30, 2013, representing a $37 million increase since the end of 2012, the company reported.

A growing loan portfolio has driven that asset growth, the company said. Home equity and commercial real estate loans increased since year end by $23.5 million and $16.8 million, respectively, according to its financials.

The company reported a net income of $6.3 million during the second quarter of 2013, which represents a slight decrease from the $6.4 million posted during the same quarter last year. However, it represents a 12 percent jump from the $5.7 million in 2013’s first quarter, during which the company absorbed costs associated with the October 2012 acquisition of 15 branches in three counties from Bank of America, along with 38,000 customer accounts.

“Our second quarter 2013 results reflect revenue growth of $122,000 and lower operating costs of $852,000 compared to the prior quarter as we start to see growth and efficiencies through our new markets,” Gregory Dufour, president and chief executive officer of Camden National Corp., the bank’s parent company, said in a statement.

With $1.9 billion in deposits, Camden National is now the fourth largest bank in the state, behind TD Bank, KeyBank and Bangor Savings Bank.

Camden National Corp., which is listed on the NASDAQ Global Select Market under the symbol CAC, also approved a dividend of $0.27 per share payable on July 31, 2013, to shareholders of record as of July 15, 2013.

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