Camden National Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
January 30, 2018 at 01:21 pm
Share
Camden National Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net interest income was $29,659,000 against $28,244,000 reported last year. Income before income tax expense was $16,162,000 against $15,632,000 reported last year. Net loss was $3,173,000 or $0.20 per basic and diluted share against net income of $10,902,000 or $0.70 per basic and diluted share reported last year. Return on average assets was negative 0.31% compared to return on average assets of 1.12% a year ago. Return on average equity was negative 3.02% compared to return on average equity of 11.01% a year ago. Book value per share was $25.99 compared to $25.30a year ago. Adjusted operating income was $11,090,000 against $10,902,000 reported last year. Adjusted operating return on average assets was 1.09% compared to 1.12% a year ago. Adjusted operating return on average equity was 10.56% compared to 11.01% a year ago. Adjusted operating return on average tangible equity was 14.20% compared to 15.26% a year ago. Tangible book value per share was $19.57 compared to $18.74 a year ago. Adjusted operating diluted earnings per share was $0.71 compared to $0.70 a year ago.
For the year, the company reported net interest income was $115,300,000 against $113,072,000 reported last year. Income before income tax expense was $62,354,000 against $57,539,000 reported last year. Net income was $28,476,000 or $1.82 per basic and diluted share against net income of $40,067,000 or $2.57 per basic and diluted share reported last year. Return on average assets was 0.71% compared to return on average assets of 1.04% a year ago. Return on average equity was 7.00% compared to return on average equity of 10.47% a year ago. Adjusted operating income was $42,739,000 against $40,067,000 reported last year. Adjusted operating return on average assets was 1.07% compared to 1.04% a year ago. Adjusted operating return on average equity was 10.51% compared to 10.47% a year ago. Adjusted operating return on average tangible equity was 14.35% compared to 14.76% a year ago. Adjusted operating diluted earnings per share was $2.73 compared to $2.57 a year ago.
Camden National Corporation is a bank holding company for Camden National Bank (the Bank). The Bank provides a broad array of banking and other financial services to consumer, institutional, municipal, non-profit, and commercial customers. The Bank optimizes its in-person professional financial guidance with technology, delivered through sophisticated digital channels. These digital products empower customers to bank anywhere at any time, including, but not limited to, online and mobile banking, which includes MortgageTouch, its easy-to-use online platform for consumer borrowers; BusinessTouch, its online loan application system with instant approval, making borrowing faster and easier for small businesses, and TreasuryLink, its secure online platform designed to offer advanced cash management, monitoring capabilities and controls for commercial customers. The Bank offers comprehensive wealth management and trust services, including investment advisory services.