Exhibit 99.4
Camden National Corporation
KSB BankCorp
Unaudited Pro Forma Condensed Combining Balance Sheet
as of September 30, 1999
Pro Forma
Camden and
Pro Forma KSB
Camden KSB Adjustments Combined
------ --- ----------- --------
(Dollars in thousands)
ASSETS:
Cash, due from banks 17,563 2,536 2,609 (7) 22,708
Federal funds sold 5,692 - 5,692
Securities 199,673 27,205 - 226,878
Loans 147,554 - 147,554
Reserve for loan losses 470,615 (2,138) - 468,477
Mortgages held for resale 1,013 2,193 - 3,206
Intangible assets 9,443 2,454 - 11,897
Other assets 27,741 6,064 - 33,805
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Total Assets 726,048 191,560 2,609 920,217
========= ========= ======== =========
LIABILITIES and STOCKHOLDERS' EQUITY:
Deposits:
Noninterest-bearing 70,894 12,804 - 83,698
Interest-bearing 463,808 128,739 - 592,547
--------- --------- -------- ---------
Total deposits 534,702 141,543 - 676,245
Borrowings from Federal Home Loan Bank 86,275 29,952 - 116,227
Other borrowed funds 33,083 3,089 - 36,172
Accrued interest and other liabilities 9,372 2,362 2,130 (4) 13,864
--------- --------- -------- ---------
Total liabilities 663,432 176,946 2,130 842,508
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Stockholders' equity:
Common stock 2,436 13 1,469 (6) 3,918
Surplus 1,142 5,172 (1,347) (6)(7) 4,967
Retained earnings 72,725 9,914 (2,130) (4) 80,509
Accumulated other comprehensive income (3,480) (183) - (3,663)
Employee Stock Ownership Plan - (32) - (32)
Bank Recognition and Retention Plan - (21) - (21)
Treasury stock, at cost (10,207) (249) 2,487 (6)(7) (7,969)
--------- --------- -------- ---------
Total stockholders' equity 62,616 14,614 479 77,709
--------- --------- -------- ---------
Total liabilities and stockholders' equity 726,048 191,560 2,609 920,217
========= ========= ======== =========
Camden National Corporation
KSB BankCorp
Unaudited Pro Forma Combining Statement of Income
for nine months ended September 30, 1999
Pro Forma
Camden KSB CNC and
National Bankcorp Pro Forma KSB
Historical Historical Adjustments Combined
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Interest Income
Interest and fees on loans 30,598 9,045 - 39,643
Interest on securities 8,431 1,405 - 9,836
Other 1,681 80 - 1,761
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Total interest income 40,710 10,530 - 51,240
Interest Expense
Interest on deposits 13,592 3,637 - 17,229
Interest on other borrowings 4,154 1,078 - 5,232
---------- ---------- ----------- ----------
Total interest expense 17,746 4,715 - 22,461
---------- ---------- ----------- ----------
Net interest income 22,964 5,815 - 28,779
Provision for Loan Losses 1,465 550 - 2,015
---------- ---------- ----------- ----------
Net interest income after provision for loan losses 21,499 5,265 - 26,764
---------- ---------- ----------- ----------
Other Income
Service charges on deposit accounts 1,677 670 - 2,347
Other service charges and fees 1,920 - 1,920
Mortgage servicing fees 200 - 200
Other income 1,360 125 - 1,485
---------- ---------- ----------- ----------
Total other income 4,957 995 - 5,952
---------- ---------- ----------- ----------
26,456 6,260 - 32,716
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Operating Expenses
Salaries and employee benefits 7,368 2,142 - 9,510
Net occupancy 250 - 250
Furniture, equipment and data processing 1,993 620 - 2,613
Other 5,422 1,241 - 6,663
---------- ---------- ----------- ----------
Total operating expenses 14,783 4,253 - 19,036
Income before income taxes 11,673 2,007 - 13,680
Income Taxes 3,764 639 - 4,403
---------- ---------- ----------- ----------
Net Income 7,909 1,368 - 9,277
========== ========== =========== ==========
Per Share Data
Basic earnings per share 1.20 1.09 1.16
Diluted earnings per share 1.19 1.08 1.15
Weighted average number of share outstanding 6,602,323 1,254,532 8,027,471