Camden National Corporation Announces an 8.6% Increase in First Quarter 2005 Earnings Per Share Results.CAMDEN, Maine Camden is a town in Knox County, Maine, United States. The population was 5,254 at the 2000 census. Geography According to the United States Census Bureau, the town has a total area of 66.8 km² (25.8 mi²). 47.4 km² (18.3 mi²) of it is land and 19.5 km² (7. -- Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. W. Daigle, President and Chief Executive Officer of Camden Camden, borough, Greater London, England Camden, inner borough (1991 pop. 170,500) of Greater London, SE England. Within the borough, residential Hampstead is popular with writers and artists. National Corporation (the "Company") (AMEX AMEX See: American Stock Exchange : CAC See Consumer Advisory Council. ), today announced first quarter 2005 earnings per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share of $0.63, up 8.6% from $0.58 per diluted share for the first quarter of 2004. Net income after taxes for the first quarter of 2005 was $4.8 million versus $4.5 million recorded during the same period a year ago. For the three months ended March 31, 2005, the returns on average equity and average assets were 15.80% and 1.30% compared to 14.98% and 1.33%, respectively, for the three months ended March 31, 2004. The Company's total assets at March 31, 2005 were $1.55 billion, an increase of 13.9% over total assets of $1.36 billion at March 31, 2004. Net loans at March 31, 2005 were $1.09 billion, up 11.9% over the $973.5 million in net loans at March 31, 2004. Total deposits of $1.03 billion at March 31, 2005 were up 10.6% over the same period a year ago. "The positive momentum in both financial performance and business activity is a direct result of improving economic conditions in our major market areas, coupled with the beneficial effect of targeted marketing initiatives at both of our affiliate banks," stated Daigle. Net interest income of $13.0 million for the first quarter of 2005 was up $588.0 thousand, or 4.8%, compared to the same period a year ago. Daigle noted that strong loan growth at both banks, combined with a series of interest rate hikes by the Federal Reserve Bank and added attention to relationship pricing by business development officers, has been a primary contributor to this positive outcome. Non-interest income amounted to $2.4 million for the quarter ended March 31, 2005, down slightly from $2.5 million for the same quarter a year ago. This was primarily the result of a decline in service charge fees impacted by relationship pricing and a decrease in revenues from fiduciary fiduciary (fĭd  `shēĕ'rē), in law, a person who is obliged to discharge faithfully a responsibility of trust toward another. services at Acadia Trust, N.A.Non-interest expense for the first quarter of 2005 was $7.9 million, a decrease of $145.0 thousand, or 1.8%, over the prior year. The Company's efficiency ratio (non-interest expense/net interest income and non-interest income) for the quarter ended March 31, 2005 was 51.27%, compared to 53.86% during the first quarter of 2004. "While we must continue our efforts to reduce the Company's reliance on the net interest margin, we were encouraged by our ability to grow revenues, control funding costs and keep overhead expenses below levels of a year ago," said Daigle. The Company reported earlier that the Board of Directors approved a dividend of $0.20 per share, payable on April 29, 2005 for shareholders of record on April 15, 2005. At the end of the first quarter of 2005, the price of Camden National Corporation stock closed at $35.35 per share, an increase of $3.40, or 10.6%, above the closing price at March 31, 2004. "As we march forward in this 130th year of service, I am encouraged by the enthusiasm within the workforce for our stated goal of becoming a national model for sustainable community Sustainable communities are communities planned, built, or modified to promote sustainable living. They tend to focus on environmental sustainability (including development and agriculture) and economic sustainability. banking. I believe my colleagues' commitment towards that end is reflected in the positive results reported herein," Daigle noted in concluding his remarks. Camden National Corporation, headquartered in Camden, Maine, and listed on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. , the Russell Russell, English noble family. It first appeared prominently in the reign of Henry VIII when John Russell, 1st earl of Bedford, 1486?–1555, rose to military and diplomatic importance. 3000(R) Index and the small-cap Small-cap A stock with a small capitalization, meaning a total equity value of less than $500 million. small-cap 1. Of or relating to the common stock of a relatively small firm having little equity and few shares of common stock Russell 2000(R) Index under the symbol CAC, is the holding company for a family of three financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. companies, including: Camden National Bank (CNB CNB Czech National Bank CNB Centro Nacional de Biotecnologia CNB City National Bank CNB Citizens National Bank CNB Croatian National Bank CNB Chloronitrobenzene CNB Corresponsales No Bancarios (Spanish, Colombia) ), a full-service community bank with 12 banking offices serving Midcoast, Kennebunk and Portland, Maine Portland is the largest city in the U.S. state of Maine, with a 2004 population of 63,882. Portland is Maine's cultural, social and economic capital. Tourists are drawn to Portland's historic Old Port district along Portland Harbor, which is at the mouth of the Fore River and part , and online at www.camdennational.com, and recipient of the Governor's Award for Business Excellence in 2002; UnitedKingfield Bank (UKB UKB Umweltkontrollbericht (German) UKB United Keetoowah Band (Cherokee) UKB Universiteitsbibliotheken en Koninklijke Bibliotheek UKB Universal Keyboard ), a full-service community bank with 15 offices serving central, eastern and western Maine Maine, ship Maine, U.S. battleship destroyed (Feb. 15, 1898) in Havana harbor by an explosion that killed 260 men. The incident helped precipitate the Spanish-American War (Apr., 1898). Commanded by Capt. Charles Sigsbee, the ship had been sent (Jan. and online at www.unitedkingfield.com; and Acadia Trust, N.A., offering investment management and fiduciary services with offices in Portland and Bangor, Maine For other places with the same name, see Bangor. Bangor is a city in and the county seat of Penobscot County, MaineGR6, United States. It is the major commercial center for eastern and northern Maine. For U.S. and online at www.acadiatrust.com. In addition, Acadia Financial Consultants operates as a division of CNB and UKB, to offer full-service brokerage services. This press release and the documents incorporated by reference herein contain certain statements that may be considered forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements can be identified by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "will," "should," and other expressions which predict or indicate future events or trends and which do not relate to historical matters. Forward-looking statements should not be relied on, because they involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of the Company. These risks, uncertainties and other factors may cause the actual results, performance or achievements of the Company to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward-looking statements. Some of the factors that might cause these differences include the following: changes in general, national or regional economic conditions; changes in loan default and charge-off Eliminate or write off. The term charge-off is used to describe the process of removing from the records of a company something that was once regarded as an asset but has subsequently become worthless. rates; reductions in deposit levels necessitating increased borrowing to fund loans and investments; changes in interest rates; changes in laws and regulations; changes in the size and nature of the Company's competition; and changes in the assumptions used in making such forward-looking statements. Other factors could also cause these differences. For more information about these factors please see our Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. on file with the SEC. All of these factors should be carefully reviewed, and readers should not place undue reliance on these forward-looking statements. These forward-looking statements were based on information, plans and estimates at the date of this press release, and the Company does not promise to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.
Camden National Corporation
(In thousands, except per share data)
March 31, March 31, December 31,
2005 2004 2004
------------ ------------ -------------
Balance Sheet Data
Assets $1,545,054 $1,356,661 $1,489,865
Loans 1,089,439 973,512 1,069,294
Allowance for Loan and Lease
Losses 13,670 14,502 13,641
Investments 360,401 293,694 323,998
Deposits 1,033,788 934,742 1,014,601
Borrowings 374,385 285,864 336,820
Shareholders' Equity 123,596 123,837 126,405
Tier 1 Leverage Capital Ratio 7.32% 7.86% 8.06%
Tier 1 Risk-based Capital Ratio 11.01% 11.93% 11.42%
Total Risk-based Capital Ratio 12.27% 13.19% 12.68%
Allowance for loan and lease
losses to total loans 1.25% 1.49% 1.28%
Non-performing loans to total
loans 0.83% 0.62% 0.60%
Return on Average Equity 15.80% 14.98% 15.97%
Three Months Ended
3/31/2005 3/31/2004
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Income Statement Data
Interest Income $20,153 $18,165
Interest Expense 7,193 5,793
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Net Interest Income 12,960 12,372
Provision for Loan and Lease
Losses 230 165
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Net Interest Income after
Provision for Loan and Lease
Losses 12,730 12,207
Non-interest Income 2,426 2,542
Non-interest Expense 7,888 8,033
------------ ------------
Income before Income Taxes 7,268 6,716
Income Taxes 2,427 2,196
------------ ------------
Net Income $4,841 $4,520
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Efficiency ratio 51.27% 53.86%
Per Share Data
Basic earnings per share $0.63 $0.58
Diluted earnings per share $0.63 $0.58
Weighted average shares
outstanding 7,636,549 7,749,446
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