Camden National Corporation (CAC) has reported 544.33 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $10.90 million, or $0.70 a share in the quarter, compared with $1.69 million, or $0.11 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $10.87 million, or $0.70 a share compared with $7.66 million or $0.52 a share, a year ago.
Revenue during the quarter grew 12.58 percent to $38.14 million from $33.88 million in the previous year period. Net interest income for the quarter rose 7.10 percent over the prior year period to $28.24 million. Non-interest income for the quarter rose 19.93 percent over the last year period to $10.15 million.
Camden National Corporation has made provision of $0.26 million for loan losses during the quarter, down 73.35 percent from $0.96 million in the same period last year.
Net interest margin contracted 4 basis points to 3.26 percent in the quarter from 3.30 percent in the last year period. Efficiency ratio for the quarter improved to 57.89 percent from 64.16 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"We had strong financial results in 2016, which was our first full year after our merger with The Bank of Maine. We are extremely pleased with our many accomplishments and growth throughout the year," said Gregory A. Dufour, president and chief executive officer of the Company. "We successfully executed our integration strategy to achieve the synergies and cost savings we had committed to by delivering on an efficiency ratio2 of 57.53%, and increasing tangible book value2 by 11% over last year."
Assets outpace liabilities growthTotal assets stood at $3,864.23 million as on Dec. 31, 2016, up 4.16 percent compared with $3,709.87 million on Dec. 31, 2015. On the other hand, total liabilities stood at $3,472.68 million as on Dec. 31, 2016, up 3.76 percent from $3,346.68 million on Dec. 31, 2015.
Loans outpace deposit growthNet loans stood at $2,571.45 million as on Dec. 31, 2016, up 4.15 percent compared with $2,469.04 million on Dec. 31, 2015. Deposits stood at $2,828.53 million as on Dec. 31, 2016, up 3.75 percent compared with $2,726.38 million on Dec. 31, 2015. Investments stood at $874.48 million as on Dec. 31, 2016, up 4.79 percent or $39.99 million from year-ago. Shareholders equity stood at $391.55 million as on Dec. 31, 2016, up 7.81 percent or $28.36 million from year-ago.
Return on average assets moved up 93 basis points to 1.12 percent in the quarter from 0.19 percent in the last year period. At the same time, return on average equity increased 910 basis points to 11.01 percent in the quarter from 1.91 percent in the last year period.
Nonperforming assets moved up 6.07 percent or $1.49 million to $25.97 million on Dec. 31, 2016 from $24.49 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.67 percent in the quarter, up from 0.66 percent in the last year period.
Capital ratios improveCamden National Corporation recorded an improvement in capital ratios during the quarter. Tier-1 leverage ratio stood at 8.83 percent for the quarter, up from 8.74 percent for the previous year quarter. Equity to assets ratio was 10.13 percent for the quarter, up from 9.79 percent for the previous year quarter. Book value per share was $25.30 for the quarter, up 6.80 percent or $1.61 compared to $23.69 for the same period last year.
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