Camden National Corp (CAC, Financial) filed Quarterly Report for the period ended 2010-06-30.
Camden National Corp has a market cap of $241.6 million; its shares were traded at around $31.55 with a P/E ratio of 10.8 and P/S ratio of 1.8. The dividend yield of Camden National Corp stocks is 3.1%. Camden National Corp had an annual average earning growth of 6.1% over the past 10 years.CAC is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Net income of $10.9 million for the six-month period ended June 30, 2010 decreased $319,000, compared to the six-month period ended June 30, 2009. Net income per diluted share decreased to $1.42, compared to $1.47 per diluted share earned during the first six months of 2009. The following were major factors contributing to the results of the first six months of 2010 compared to the same period of 2009:
Net income of $5.6 million for the three-month period ended June 30, 2010 increased $582,000 compared to the three-month period ended June 30, 2009. Net income per diluted share increased to $0.73, compared to $0.65 per diluted share earned during the same three months of 2009. The following were major factors contributing to the results of the second quarter of 2010 compared to the same period of 2009:
Net interest income was $37.3 million on a fully-taxable equivalent basis for the six months ended June 30, 2010, compared to $37.7 million for the first six months of 2009, a decrease of $382,000 or 1%. The decrease in net interest income is primarily due to a decrease of $97.3 million in average investment securities for the six months ended June 30, 2010 compared to the same period in 2009, partially offset by an improvement of seven basis points in the net interest margin, to 3.59%. Total average interest-earning assets decreased $58.6 million for the six months ended June 30, 2010 compared to the same period in 2009, due to a decrease in investments, partially offset by increases in average loans of $38.2 million. The yield on earning assets for the first six months of 2010 decreased 41 basis points compared to the same period in 2009, reflecting the impact of the low interest rate environment on both investment and loan yields as these earning assets were booked or repriced. Average interest-bearing liabilities decreased $86.8 million for the six months ended June 30, 2010 compared to the same period in 2009, primarily due to declines in wholesale funding, in part offset by an increase in brokered deposits and a modest increase in retail deposits. Total cost of funds decreased 49 basis points due to the decline in short-term interest rates.
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Camden National Corp has a market cap of $241.6 million; its shares were traded at around $31.55 with a P/E ratio of 10.8 and P/S ratio of 1.8. The dividend yield of Camden National Corp stocks is 3.1%. Camden National Corp had an annual average earning growth of 6.1% over the past 10 years.CAC is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
On July 21, 2010, the President signed the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Act”) into law. The Act comprehensively reforms the regulation of financial institutions, products and services. Among other things, the Act provides for new capital standards that eliminate the treatment of trust preferred securities as Tier 1 capital. Existing trust preferred securities are grandfathered for banking entities with less than $15 billion of assets, such as the Company. The Act permanently raises deposit insurance levels to $250,000, retroactive to January 1, 2008, and extends for two years the Transaction Account Guarantee Program, which will become mandatory for all insured depository institutions. Pursuant to the Act, deposit insurance assessments will be calculated based on an insured depository institution s assets rather than its insured deposits and the minimum reserve ratio will be raised to 1.35%. In addition, the Act authorizes the Federal Reserve Board to regulate interchange fees for debit card transactions and establishes new minimum mortgage underwriting standards for residential mortgages. The Act also establishes the Bureau of Consumer Financial Protection (“CFPB”) as an independent bureau of the Federal Reserve Board. The CFPB has the exclusive authority to prescribe rules governing the provision of consumer financial products and services.Net income of $10.9 million for the six-month period ended June 30, 2010 decreased $319,000, compared to the six-month period ended June 30, 2009. Net income per diluted share decreased to $1.42, compared to $1.47 per diluted share earned during the first six months of 2009. The following were major factors contributing to the results of the first six months of 2010 compared to the same period of 2009:
Net income of $5.6 million for the three-month period ended June 30, 2010 increased $582,000 compared to the three-month period ended June 30, 2009. Net income per diluted share increased to $0.73, compared to $0.65 per diluted share earned during the same three months of 2009. The following were major factors contributing to the results of the second quarter of 2010 compared to the same period of 2009:
Net interest income was $37.3 million on a fully-taxable equivalent basis for the six months ended June 30, 2010, compared to $37.7 million for the first six months of 2009, a decrease of $382,000 or 1%. The decrease in net interest income is primarily due to a decrease of $97.3 million in average investment securities for the six months ended June 30, 2010 compared to the same period in 2009, partially offset by an improvement of seven basis points in the net interest margin, to 3.59%. Total average interest-earning assets decreased $58.6 million for the six months ended June 30, 2010 compared to the same period in 2009, due to a decrease in investments, partially offset by increases in average loans of $38.2 million. The yield on earning assets for the first six months of 2010 decreased 41 basis points compared to the same period in 2009, reflecting the impact of the low interest rate environment on both investment and loan yields as these earning assets were booked or repriced. Average interest-bearing liabilities decreased $86.8 million for the six months ended June 30, 2010 compared to the same period in 2009, primarily due to declines in wholesale funding, in part offset by an increase in brokered deposits and a modest increase in retail deposits. Total cost of funds decreased 49 basis points due to the decline in short-term interest rates.
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