8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 29, 2003

CAMDEN NATIONAL CORPORATION

(Exact name of Registrant as specified in charter)

MAINE (State or other jurisdiction of incorporation)	01-28190 (Commission file number)	01-0413282 (IRS employer identification no.)
Two Elm Street, Camden, Maine (Address of principal executive offices)		04843 (Zip Code)

(207) 236-8821

(Registrant’s telephone number, including area code)

Item 5 – Other Events and Required FD Disclosure

Camden National Corporation releases a press release announcing net income for the first quarter of 2003.

Item 7 – Financial Statements, Pro Forma Financial Information and Exhibits

(c)  Exhibits.

99.1 Press Release

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be filed on its behalf by the undersigned thereunto duly authorized.

	CAMDEN NATIONAL CORPORATION
By:	/s/    GREGORY A. DUFOUR	Date:  April 29, 2003
	Gregory A. Dufour Senior Vice President – Finance, Operations & Technology and Principal Financial Officer

EX-99.1

Exhibit 99.1    Press Release

Camden National Corporation Announces First Quarter 2003 Results

April 29, 2003, Camden, Maine: Robert W. Daigle, President and Chief Executive Officer of Camden National Corporation (AMEX: CAC) today announced that net income for the first quarter of 2003 was $4.3 million, or $0.54 per diluted share. This compares to earnings of $3.6 million, or $0.44 per diluted share recorded for the first quarter of 2002. After adjusting for the effect of the adoption of SFAS No. 142 “Goodwill and Other Intangible Assets” and the resulting after-tax write-down of $449,000 recorded during last year’s first quarter, net income and earnings per diluted share were up 6.5% and 8.0%, respectively, for the current reporting period.

“Faced with a myriad of challenges brought on by continued uncertainty in our regional economy, the constraining effects of a balky stock market and narrowing spreads resulting from a record low interest rate environment, the Company was able to meet its growth objectives in the first quarter while further strengthening its risk management profile,” noted Daigle.

Total assets were $1.3 billion at March 31, 2003, a 15.0% increase from a year ago. Total loans were $855.4 million at March 31, 2003, up 14.2% from $748.9 million at March 31, 2002. Deposits totaled $835.3 million at March 31, 2003, an increase of 8.8% over quarter-end levels a year ago.

Total shareholders’ equity at March 31, 2003 was $120.7 million, which resulted in a total risk-based capital ratio of 13.65%. This compares favorably to the 10.0% minimum required by the Federal Reserve Bank to be considered a well-capitalized bank holding company. Asset quality indicators improved during the time period as non-performing loans, as a percentage of total loans, were 0.85% at March 31, 2003, an improvement from 0.97% at March 31, 2002.

The Company reported that it repurchased 29,130 common shares at an average price of $22.59 per share during the first three months of 2003, and it declared a dividend of $0.17 per share, which resulted in a pay out of 31.5% of first quarter net income.

Daigle concluded the earnings announcement by stating, “Our focus and strategy is simple: we want to build long-term, sustainable shareholder value by delivering the best customer service experience at each of our subsidiaries. This means we will maintain more than adequate capital so we can make prudent, yet opportunistic, investments in products, services, technology and people to ensure that our customers and shareholders are well served over time.”

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 Mid-coast, 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, 2003		March 31, 2002		December 31, 2002
Balance Sheet Data
Assets	$	1,276,293	$	1,109,507	$	1,218,419
Loans		855,377		748,895		808,882
Allowance for Loan Losses		15,647		13,422		15,242
Investments		328,552		271,762		314,775
Deposits		835,274		767,427		850,134
Borrowings		308,620		225,375		238,861
Shareholders’ Equity		120,657		105,797		118,828
Tier 1 Leverage Capital Ratio		8.39%		8.58%		8.73%
Tier 1 Risk-based Capital Ratio		12.40%		12.61%		12.56%
Total Risk-based Capital Ratio		13.65%		13.87%		13.81%
Allowance for loan losses to total loans		1.83%		1.79%		1.88%
Non-performing loans to total loans		0.85%		0.97%		1.03%
Return on Average Equity		14.67%		13.78%		15.38%

	Three Months Ended
	03/31/2003			03/31/2002
Income Statement Data
Interest Income	$	18,136		$	18,348
Interest Expense		6,046			6,545
Net Interest Income		12,090			11,803
Provision for Loan Losses		420			647
Net Interest Income after Provision for Loan Losses		11,670			11,156
Non-interest Income		2,389			2,932
Non-interest Expense		7,602			8,024
Income before Income Taxes and Cumulative Effect of Accounting Change		6,457			6,064
Income Taxes		2,132			2,004
Income before Cumulative Effect of Accounting Change		4,325			4,060
Cumulative Effect of Change in Acccounting for Goodwill, net of Tax Benefit of $241		—			449
Net Income	$	4,325		$	3,611
Efficiency ratio		52.50	%		54.46	%
Net income per share before Cumulative Effect of Accounting Change	$	0.54		$	0.50
Cumulative Effect of Change in Accounting for Goodwill, net		—			(0.06	)
Net income per share	$	0.54		$	0.44
Net income per diluted share before Cumulative Effect of Accounting Change	$	0.54		$	0.50
Cumulative Effect of Change in Accounting for Goodwill, net		—			(0.06	)
Net income per diluted share	$	0.54		$	0.44
Weighted average shares outstanding		8,027,042			8,057,781