Camden National Corp (CAC, Financial) filed Quarterly Report for the period ended 2009-06-30.
Camden National Corporation is a multi-bank financial institution holding company. Products services are available directly and indirectly through its subsidiaries Camden National Bank UnitedKingfield Bank Acadia Trust N.A and Trust Company of Maine Inc. Camden National Corp has a market cap of $259.5 million; its shares were traded at around $33.96 with a P/E ratio of 19.6 and P/S ratio of 2.1. The dividend yield of Camden National Corp stocks is 3%. Camden National Corp had an annual average earning growth of 13% over the past 5 years.
Net income for the three-month period ended June 30, 2009 decreased $2.1 million, compared to the three-month period ended June 30, 2008. Net income per diluted share for the second quarter 2009 decreased to $0.65, compared to $0.92 per diluted share earned in 2008. The following were major factors contributing to the results of the second quarter of 2009 compared to the same period of 2008:
Net interest income was $37.7 million on a fully-taxable equivalent basis for the six months ended June 30, 2009, compared to $35.9 million for the first six months of 2008, an increase of $1.8 million or 5.1%. The increase in net interest income is largely due to an improvement of 20 basis points in the net interest margin (“NIM”), to 3.57%, for the first six months of 2009. The increase in the net interest margin resulted from a decrease in the cost of funds, offset in part by a decrease in income on earning assets, both of which were caused by the decline in the rate environment. Average interest-earning assets decreased by $1.4 million for the six months ended June 30, 2009 compared the same period in 2008, primarily due to increases in investment securities and consumer loans, partly offset by declines in balances in all other loan types. The yield on earning assets for the first half of 2009 decreased 64 basis points, reflecting a decline in the interest rate environment impacting both the investment and loan yields. Average interest-bearing liabilities increased $10.1 million for the six months ended June 30, 2009 compared to the same period in 2008, primarily due to an increase in retail certificate of deposit accounts, in part offset by declines in money market deposit accounts. Total cost of funds decreased 91 basis points due to the decline in short-term interest rates.
Net interest income, on a fully taxable equivalent basis, for the three months ended June 30, 2009 was $18.8 million, a 2.7%, or $501,000, increase compared to $18.3 million in net interest income for the same period in 2008. The increase was primarily due to lower funding costs as the Company was able to improve pricing on deposits and borrowings and minimize the decline of interest rates on loans that resulted in an improved net interest margin.
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Camden National Corporation is a multi-bank financial institution holding company. Products services are available directly and indirectly through its subsidiaries Camden National Bank UnitedKingfield Bank Acadia Trust N.A and Trust Company of Maine Inc. Camden National Corp has a market cap of $259.5 million; its shares were traded at around $33.96 with a P/E ratio of 19.6 and P/S ratio of 2.1. The dividend yield of Camden National Corp stocks is 3%. Camden National Corp had an annual average earning growth of 13% over the past 5 years.
Highlight of Business Operations:
Net income of $11.2 million for the six-month period ended June 30, 2009 decreased $2.1 million, compared to the six-month period ended June 30, 2008. Net income per diluted share decreased to $1.47, compared to $1.73 per diluted share earned during the first six months of 2008. The following were major factors contributing to the results of the first six months of 2009 compared to the same period of 2008:Net income for the three-month period ended June 30, 2009 decreased $2.1 million, compared to the three-month period ended June 30, 2008. Net income per diluted share for the second quarter 2009 decreased to $0.65, compared to $0.92 per diluted share earned in 2008. The following were major factors contributing to the results of the second quarter of 2009 compared to the same period of 2008:
Net interest income was $37.7 million on a fully-taxable equivalent basis for the six months ended June 30, 2009, compared to $35.9 million for the first six months of 2008, an increase of $1.8 million or 5.1%. The increase in net interest income is largely due to an improvement of 20 basis points in the net interest margin (“NIM”), to 3.57%, for the first six months of 2009. The increase in the net interest margin resulted from a decrease in the cost of funds, offset in part by a decrease in income on earning assets, both of which were caused by the decline in the rate environment. Average interest-earning assets decreased by $1.4 million for the six months ended June 30, 2009 compared the same period in 2008, primarily due to increases in investment securities and consumer loans, partly offset by declines in balances in all other loan types. The yield on earning assets for the first half of 2009 decreased 64 basis points, reflecting a decline in the interest rate environment impacting both the investment and loan yields. Average interest-bearing liabilities increased $10.1 million for the six months ended June 30, 2009 compared to the same period in 2008, primarily due to an increase in retail certificate of deposit accounts, in part offset by declines in money market deposit accounts. Total cost of funds decreased 91 basis points due to the decline in short-term interest rates.
Net interest income, on a fully taxable equivalent basis, for the three months ended June 30, 2009 was $18.8 million, a 2.7%, or $501,000, increase compared to $18.3 million in net interest income for the same period in 2008. The increase was primarily due to lower funding costs as the Company was able to improve pricing on deposits and borrowings and minimize the decline of interest rates on loans that resulted in an improved net interest margin.
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