Camden National lists year-to-date earnings

CAMDEN – Camden National Corp. has announced earnings of $2.24 per diluted share for the first nine months of 2007, an increase of 6 cents, or 2.8 percent, over the first nine months of 2006, which reflects the favorable impact of the company’s common stock repurchase activity, the company said.

Robert W. Daigle, president and chief executive officer, announced that third-quarter 2007 earnings per diluted share were 77 cents, the same as for the third quarter of 2006. For the nine months ended Sept. 30, 2007, returns on average equity and average assets were 18.08 percent and 1.13 percent, respectively, compared with 18.23 percent and 1.19 percent for the nine months ended Sept. 30, 2006.

Year-to-date net income was $14.7 million, a decline of $609,000, or 4 percent, compared to $15.3 million for the first nine months of 2006. Net income for the third quarter of 2007 was $5 million, a 2.7 percent decrease from the $5.1 million reported for the third quarter of 2006.

The decline was primarily due to decreased net interest income, which was hurt by declining commercial real estate balances and higher funding costs, partially offset by an increase in noninterest income, Camden National said.