Exhibit 99.1
Camden National Corporation Announces a 7.4% Increase in First Quarter
2004 Earnings Per Share Results
CAMDEN, Maine--(BUSINESS WIRE)--April 27, 2004--Robert W. Daigle,
President and Chief Executive Officer of Camden National Corporation
(the "Company") (AMEX: CAC), today announced first quarter 2004
earnings per diluted share of $0.58, up 7.4% from $0.54 per diluted
share for the first quarter of 2003. Net income after taxes for the
first quarter of 2004 was $4.5 million versus $4.3 million recorded
during the same period a year ago. The returns on average equity and
average assets for the three months ended March 31, 2004 were 14.98%
and 1.33%, respectively, compared to 14.67% and 1.42%, respectively,
for the three months ended March 31, 2003.
"Camden National had a very solid first quarter as balance sheet
growth, combined with fee income diversification and continued
vigilance over operating costs and credit quality, enabled the Company
to withstand the effects of what is now an unprecedented, and
sustained, period of low interest rates," stated Daigle.
Total assets amounted to $1.4 billion at March 31, 2004, up $80.4
million, or 6.3%, from the March 31, 2003 balance of $1.3 billion. For
this same period of comparison, total loans increased $118.1 million,
or 13.8% to $973.5 million, and deposits grew by $99.5 million, or
11.9%, to $934.7 million.
Asset quality, as measured by the level of non-performing assets,
continues to improve. Non-performing loans as a percentage of total
loans at March 31, 2004 were 0.62%, down from 0.85% and 0.70% at March
31, 2003 and December 31, 2003, respectively. The Company experienced
net recoveries of $202,000 during the first quarter of 2004.
For the first quarter of 2004, non-interest expenses totaled $8.0
million, up a modest 5.7% from the first quarter of 2003. The increase
in non-interest expenses occurred primarily in the categories of
salaries and benefits, the largest component of total non-interest
expense.
Non-interest income amounted to $2.5 million for the quarter ended
March 31, 2004, up from $2.4 million for the same quarter a year ago.
Brokerage and insurance commission income, investment management,
trust, and employee benefits administration fee income grew by $181.4
thousand to $1.1 million, an increase of 20.0%.
"I am confident that major initiatives undertaken by the Company
during the past twelve months, such as strengthening and re-aligning
executive management, eliminating under-performing business activities
and creating a focus on strategies to enhance non-interest income,
will continue to yield outcomes necessary to successfully withstand
the effects of competitive market forces and a contracting net
interest margin," Daigle noted while concluding his remarks.
The Company reported earlier that the Board of Directors approved
a dividend of $0.20 per share, payable on April 30, 2004 for
shareholders of record on April 15, 2004. This represents an increase
of 17.6% over the dividend paid for the same period a year ago. At the
end of the first quarter of 2004, the price of Camden National
Corporation stock closed at $31.95 per share, an increase of $6.80, or
27.0%, above the closing price at March 31, 2003.
Camden National Corporation, headquartered in Camden, Maine, and
listed on the American Stock Exchange under the symbol CAC, is the
holding company for a family of three financial services companies,
including: Camden National Bank (CNB), a full-service community bank
with 12 banking offices serving Midcoast, Kennebunk and Portland,
Maine, and online at www.camdennational.com, and recipient of the
Governor's Award for Business Excellence in 2002; UnitedKingfield Bank
(UKB), a full-service community bank with 16 offices serving Central,
Eastern and Western Maine and online at www.unitedkingfield.com; and
Acadia Trust, N.A., offering investment management and fiduciary
services with offices in Portland and Bangor, Maine and online at
www.acadiatrust.com. In addition, Acadia Financial Consultants
operates as a division of CNB and UKB, to offer full-service brokerage
services.
This press release and the documents incorporated by reference
herein contain certain statements that may be considered
forward-looking statements under the Private Securities Litigation
Reform Act of 1995. Forward-looking statements can be identified by
the use of the words "believe", "expect", "anticipate", "intend",
"estimate", "assume", "will", "should", and other expressions which
predict or indicate future events or trends and which do not relate to
historical matters. Forward-looking statements should not be relied
on, because they involve known and unknown risks, uncertainties and
other factors, some of which are beyond the control of the Company.
These risks, uncertainties and other factors may cause the actual
results, performance or achievements of the Company to be materially
different from the anticipated future results, performance or
achievements expressed or implied by the forward-looking statements.
Some of the factors that might cause these differences include the
following: changes in general, national or regional economic
conditions; changes in loan default and charge-off rates; reductions
in deposit levels necessitating increased borrowing to fund loans and
investments; changes in interest rates; changes in laws and
regulations; changes in the size and nature of the Company's
competition; and changes in the assumptions used in making such
forward-looking statements. Other factors could also cause these
differences. For more information about these factors please see our
Annual Report on Form 10-K on file with the SEC. All of these factors
should be carefully reviewed, and readers should not place undue
reliance on these forward-looking statements.
These forward-looking statements were based on information, plans
and estimates at the date of this press release, and the Company does
not promise to update any forward-looking statements to reflect
changes in underlying assumptions or factors, new information, future
events or other changes.
Camden National Corporation
(In thousands, except per share data)
March 31, March 31, December 31,
2004 2003 2003
------------ ------------- ------------
Balance Sheet Data
Assets $1,356,661 $1,276,293 $1,370,363
Loans 973,512 855,377 966,855
Allowance for Loan and
Lease Losses 14,502 15,647 14,135
Investments 293,694 328,552 303,749
Deposits 934,742 835,274 900,996
Borrowings 285,864 308,620 338,408
Shareholders' Equity 123,837 120,657 119,706
Tier 1 Leverage Capital Ratio 7.86% 8.39% 8.09%
Tier 1 Risk-based Capital Ratio 11.93% 12.40% 11.48%
Total Risk-based Capital Ratio 13.19% 13.65% 12.75%
Allowance for loan and lease
losses to total loans 1.49% 1.83% 1.46%
Non-performing loans to total loans 0.62% 0.85% 0.70%
Return on Average Equity 14.98% 14.67% 15.85%
Three Months Ended
3/31/2004 3/31/2003
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Income Statement Data
Interest Income $17,857 $18,136
Interest Expense 5,485 6,046
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Net Interest Income 12,372 12,090
Provision for Loan and Lease
Losses 165 420
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Net Interest Income after
Provision for Loan and Lease
Losses 12,207 11,670
Non-interest Income 2,542 2,389
Non-interest Expense 8,033 7,602
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Income before Income Taxes 6,716 6,457
Income Taxes 2,196 2,132
------------ -------------
Net Income $4,520 $4,325
============ =============
Efficiency ratio 53.86% 52.50%
Basic earnings per share $0.58 $0.54
Diluted earnings per share $0.58 $0.54
Weighted average shares
outstanding 7,749,446 8,027,042
CONTACT: Camden National Corporation
Suzanne Brightbill, 207-230-2120
sbrightbill@camdennational.com