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Last $39.50 USD
Change Today +0.90 / 2.33%
Volume 12.9K
CAC On Other Exchanges
Symbol
Exchange
NASDAQ GS
As of 8:10 PM 03/30/15 All times are local (Market data is delayed by at least 15 minutes).

camden national corp (CAC) Key Developments

Camden National Corp. Presents at Sterne Agee Financial Institutions Investor Conference 2015, Feb-11-2015

Camden National Corp. Presents at Sterne Agee Financial Institutions Investor Conference 2015, Feb-11-2015 . Venue: Boca Raton Resort & Club, 501 East Camino Real, Boca Raton, FL 33432, United States.

Camden National Corp. Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Approves Dividend for the Fourth Quarter Ended December 31, 2014, Payable on January 30, 2015

Camden National Corp. announced unaudited earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company's total interest income was $22.317 million compared with $21.419 million a year ago. Net interest income was $19.261 million compared with $18.350 million a year ago. Income before income taxes was $8.611 million compared with $7.984 million a year ago. Net income was $6.088 million or $0.82 per basic and diluted share compared with $4.424 million or $0.58 per basic and diluted share a year ago. Return on average assets was 0.88% compared with 0.68% a year ago. Return on average shareholders' equity was 9.92% compared with 7.46% a year ago. Return on average tangible shareholders' equity (non-GAAP) was 12.75% compared with 16.12% a year ago. Net income, adjusted was $6.275 million compared with $7.441 million a year ago. The increase in net income was driven by average loan growth (excluding the five Franklin County branches) of $171.8 million, or 11%, and was partially offset by a 3 basis point decrease in net interest margin on a fully-taxable basis to 3.06%. For the year, the company's total interest income was $88.421 million compared with $88.217 million a year ago. Net interest income was $76.293 million compared with $75.475 million a year ago. Income before income taxes was $36.010 million compared with $34.915 million a year ago. Net income was $24.570 million or $3.28 per diluted share compared with $22.783 million or $2.97 per diluted share a year ago. Return on average assets was 0.92% compared with 0.88% a year ago. Return on average shareholders' equity was 10.37% compared with 9.74% a year ago. Return on average tangible shareholders' equity (non-GAAP) was 13.46% compared with 14.55% a year ago. As on December 31, 2014, the company's book value per share was $33.01 and tangible book value per share (non-GAAP) was $26.52 compared to book value per share was $30.49 and tangible book value per share (non-GAAP) was $23.98 a year ago. Net income, adjusted was $25.316 million compared with $26.360 million a year ago. The increase in net interest income is driven by average loan growth (excluding the five Franklin County branches) of $136.4 million, or 9%, and is partially offset by a 9 basis points decrease in net interest margin on a fully-taxable basis to 3.11%. The company's board of directors approved an 11% dividend increase in the fourth quarter of 2014. A dividend of $0.30 per share, payable on January 30, 2015, will be issued to shareholders of record as of January 16, 2015.

Camden National Corporation and Camden National Bank Promote Deborah Jordan to Executive Vice President, Chief Operating Officer and Chief Financial Officer

Camden National Corporation and Camden National Bank announced the promotion of Deborah Jordan to Executive Vice President, Chief Operating Officer and Chief Financial Officer and the creation of a new executive position of Chief Customer Experience Officer; both will report directly to Dufour. In her new role, Jordan's responsibilities will expand to include Operations and Technology, Human Resources and Development, Retail Loan Production and Credit Administration. Currently, she oversees Finance, Marketing, the Office of Project Management, and Strategic Planning. The newly created position of Executive Vice President and Chief Customer Experience Officer will be responsible for developing company-wide programs that will leverage Camden National's already established customer service expertise to fuel future growth in the rapidly changing financial services environment. The nationwide search for this position will begin on January 1, 2015. Ms. Jordan joined the company in 2008 as Senior Vice President, Chief Financial Officer and Principal Financial and Accounting Officer and was promoted to Executive Vice President in 2011. Previously, she was Executive Vice President and Chief Financial Officer of Merrill Merchants Bancshares Inc. in Bangor Maine.

Camden National Corp Announces the Election of New Board Member

The Board of Directors of Camden National Corporation has announced that Lawrence J. Sterrs has been elected to serve as a member of the Board of Directors and the Technology Committee of the Company. Sterrs also currently serves as a board member of the Telecommunications Association of Maine, and he has served on other Maine for-profit and non-profit boards including Oxford Networks, Good Will-Hinckley and Thomas College. Sterrs has over 40 years of experience in the telecommunications industry. He is currently the board chairman of UniTek Inc. and its telecom subsidiary, UniTel Inc., and formerly served as the Chief Executive Officer (CEO) of each company.

Camden National Corporation Announces Increased Quarterly Dividend, Payable on January 30, 2015

Camden National Corporation announced that the board of directors of the Company increased the quarterly dividend by $0.03 per share to $0.30 per share. The $0.30 per share dividend is a 11% increase from the $0.27 per share dividend declared in the third quarter of 2014 and the same period a year ago. The dividend is payable on January 30, 2015 for shareholders of record on January 16, 2015.

 

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Price/Earnings 11.8x
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Price/Book 1.2x
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