Camden National reports jump in 2015 earnings

Feb 05, 2016

Camden — Camden National Corp., a $3.7 billion bank holding company, reported a 16 percent increase in core operating earnings for the year ended Dec. 31 over 2014 to $28.2 million and an 8 percent increase in core diluted earnings per share for 2015 over 2014 to $3.49 per share.

Fourth-quarter 2015 core operating earnings increased 26 percent to $7.7 million over fourth-quarter 2014, while fourth-quarter 2015 core diluted EPS decreased 5 percent to $0.78 per share compared to fourth-quarter 2014, reflecting the issuance of 2.7 million common shares in connection with the acquisition of SBM Financial Inc., which was completed Oct. 16.

“We are extremely pleased that we reached two significant milestones in 2015 — the completion of the merger with SBM while at the same time achieving record core operating earnings," said Gregory A. Dufour, president and chief executive officer of the company. “We reached new heights, with total assets of $3.7 billion, loans of $2.5 billion and core deposits of $2.0 billion at Dec. 31, 2015. As a combined organization with 64 banking centers and three lending offices, we are looking forward to the future with our franchise's newly expanded footprint in Southern Maine and Massachusetts.”

Dufour added, "In under eight months our team worked diligently to integrate the infrastructure of the two banks while always focusing on the customer and shareholder value. We never lost sight of our core business along the way, which speaks to our increase in core operating earnings for 2015 of 16 percent over 2014. The company's core return on average equity for the year ended Dec. 31, 2015, was 10.15 percent and core return on average assets was 0.94 percent. This performance positions us to meet the long-term financial objectives we set when we announced the merger in March 2015, while also aligning with our five-year strategic plan.”

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