Camden National Corp (CAC) has reported a 16.54 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $10.08 million, or $0.64 a share in the quarter, compared with $8.65 million, or $0.56 a share for the same period last year.
Revenue during the quarter went up marginally by 2.43 percent to $35.85 million from $35 million in the previous year period. Net interest income for the quarter dropped 0.35 percent over the prior year period to $27.86 million. Non-interest income for the quarter rose 8.27 percent over the last year period to $8.57 million.
Camden National Corp has made provision of $0.58 million for loan losses during the quarter, down 33.60 percent from $0.87 million in the same period last year.
Net interest margin contracted 17 basis points to 3.18 percent in the quarter from 3.35 percent in the last year period. Efficiency ratio for the quarter improved to 58 percent from 61.18 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"Last year was a record year for Camden National as we were able to deliver on the financial commitments made and report record earnings, all while seeing through the successful integration of two great companies and the start to 2017 is shaping up to be no different," said Gregory A. Dufour, president and chief executive officer of Camden National. "Net income increased 17% and diluted EPS increased 14% for the first quarter of 2017 over the same period last year. Our solid performance reflects the investments and strategic decision-making we've made over the past 18 months."
Assets outpace liabilities growth
Total assets stood at $3,938.46 million as on Mar. 31, 2017, up 4.68 percent compared with $3,762.55 million on Mar. 31, 2016. On the other hand, total liabilities stood at $3,540.64 million as on Mar. 31, 2017, up 4.53 percent from $3,387.09 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $2,621.42 million as on Mar. 31, 2017, up 6.07 percent compared with $2,471.30 million on Mar. 31, 2016. Deposits stood at $2,937.18 million as on Mar. 31, 2017, up 9.81 percent compared with $2,674.83 million on Mar. 31, 2016.
Investments stood at $943.06 million as on Mar. 31, 2017, up 3.68 percent or $33.48 million from year-ago. Shareholders equity stood at $397.83 million as on Mar. 31, 2017, up 5.96 percent or $22.37 million from year-ago.
Return on average assets moved up 12 basis points to 1.05 percent in the quarter from 0.93 percent in the last year period. At the same time, return on average equity increased 95 basis points to 10.36 percent in the quarter from 9.41 percent in the last year period.
Nonperforming assets moved up 25.96 percent or $5.50 million to $26.70 million on Mar. 31, 2017 from $21.20 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.68 percent in the quarter, up from 0.56 percent in the last year period.
Capital ratios improve
Camden National Corp recorded an improvement in capital ratios during the quarter. Tier-1 leverage ratio stood at 8.90 percent for the quarter, up from 8.42 percent for the previous year quarter. Equity to assets ratio was 10.10 percent for the quarter, up from 9.98 percent for the previous year quarter. Book value per share was $25.65 for the quarter, up 5.25 percent or $1.28 compared to $24.37 for the same period last year.
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