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Camden National reports 11% higher net income for Q2 2016 over Q2 2015.

M2 EQUITYBITES-July 27, 2016-Camden National reports 11% higher net income for Q2 2016 over Q2 2015

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Camden National Corporation (NASDAQ:CAC) on Tuesday reported a net income of USD9.6m or USD0.92 diluted earnings per share for the second quarter of 2016, up compared to the net income of USD7.2m or USD0.96 diluted earnings per share in the same quarter of 2015.

Net interest income for the second quarter was USD28.5m, increased from the net interest income of USD20.6m in the same quarter last year. Non-interest income was USD10.6m, up from the non-interest income of USD6.3m in the second quarter of 2015.

The company together with its wholly-owned subsidiary Camden National Bank, continue to maintain risk-based capital ratios that are above the regulatory levels required to be "well capitalised." At 30 June 2016, the total risk-based capital ratio, Tier I risk-based capital ratio, common equity Tier I risk-based capital ratio and Tier I leverage capital ratio were 12.94%, 11.51%, 10.25% and 8.44%, respectively.

Additionally, the board of directors authorised a common stock dividend of USD0.30 per share that will be paid on 29 July 2016 to shareholders of record as of 15 July 2016. This reflects an annual dividend yield of 2.86%, based on the company's common stock closing price of USD42.00 per share, on 30 June 2016.

The parent of Camden National Bank and Acadia Trust NA, the company is based in Camden, Maine and has assets worth USD3.9bn. The bank is a full-service community bank with a network of 63 banking centres and 85 ATMs in Maine and offers online and mobile banking resources as well as investment, insurance and financial planning services through its division, Camden Financial Consultants. Acadia Trust has offices in Portland, Bangor and Ellsworth and provides wealth and investment management and trust services in Maine and New England.

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Publication:M2 EquityBites (EQB)
Article Type:Financial report
Date:Jul 27, 2016
Words:338
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