Camden National Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Announces Impairment Charges
January 31, 2017 at 01:00 pm
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Camden National Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net income of $10.9 million or $0.70 per diluted share on total interest income of $32.3 million compared to net income of $1.7 million or $0.11 per diluted share on total interest income of $30 million reported in the same period last year. Net interest income was $28.2 million against $26.4 million reported last year. Income before income tax expense was $15.6 million against $2.4 million reported last year. Total revenues for the fourth quarter of 2016 of $38.4 million decreased 2% compared to the third quarter of 2016. The decrease in total Revenue was driven by an 8% decrease in non-interest income and a less than 1% decrease in net interest income. Return on average assets was 1.12% and return on average equity was 11.01%. The decrease in net interest income of $128,000 was driven by a decrease in average interest-earning assets of 1% compared to the third quarter of 2016.
For the year, the company reported net income of $40.1 million or $2.57 per diluted share on total interest income of $129.6 million compared to net income of $20.95 million or $1.73 per diluted share on total interest income of $99.1 million reported in the same period last year. Net interest income was $113.1 million against $86.4 million reported last year. Income before income tax expense was $57.5 million against $30.9 million reported last year. Return on average assets, average equity and average tangible equity for the year ended December 31, 2016 was 1.04%, 10.47% and 14.76%, respectively, compared to 0.70%, 7.54% and 9.91% last year.
Net charge-offs during the fourth quarter of 2016 was $432,000 compared to $1.7 million in the third quarter of 2016, translating to an annualized net charge-offs ratio for the fourth quarter of 0.07%.
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.
Camden National Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Announces Impairment Charges