-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KC1PQMhC7FGUpZO4zNWIvgv/w3GPbYbDsadyVKYH5pujgM271PuQzlhUT75c5cp8 fT9+TKyr4NlgUPdR7tBp6w== 0001157523-04-000603.txt : 20040127 0001157523-04-000603.hdr.sgml : 20040127 20040127125700 ACCESSION NUMBER: 0001157523-04-000603 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040127 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAMDEN NATIONAL CORP CENTRAL INDEX KEY: 0000750686 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 010413282 STATE OF INCORPORATION: ME FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13227 FILM NUMBER: 04545591 BUSINESS ADDRESS: STREET 1: TWO ELM ST CITY: CAMDEN STATE: ME ZIP: 04843 BUSINESS PHONE: 2072368821 MAIL ADDRESS: STREET 1: 2 ELM ST CITY: CAMDEN STATE: ME ZIP: 04843 8-K 1 a4558037.txt CAMDEN NATIONAL CORPORATION 8-K UNITED STATES 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): January 27, 2004 CAMDEN NATIONAL CORPORATION (Exact name of Registrant as specified in charter) MAINE (State or other jurisdiction of incorporation) 01-28190 01-0413282 (Commission file number) (IRS employer identification no.) Two Elm Street, Camden, Maine 04843 (Address of principal executive offices) (Zip Code) (207) 236-8821 (Registrant's telephone number, including area code) Item 7 - Financial Statements and Exhibits (c) Exhibits. 99.1 Fourth quarter 2003 earnings press release Item 12 - Results of Operations and Financial Condition Camden National Corporation releases a press release announcing earnings for the fourth quarter of 2003. 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: January 27, 2004 ------------------------------------ Gregory A. Dufour Chief Banking Officer and Principal Financial & Accounting Officer EX-99 3 a4558037ex991.txt CAMDEN NATIONAL CORPORATION PRESS RELEASE Exhibit 99.1 Camden National Corporation Reports 17.2% Increase in 4th Quarter Earnings Per Share CAMDEN, Maine--(BUSINESS WIRE)--Jan. 27, 2004--Robert W. Daigle, President and Chief Executive Officer of Camden National Corporation (the "Company") (AMEX: CAC), announced today that the Company reported a 17.2% increase in earnings per diluted share for the fourth quarter of 2003 reflecting solid increases in loan activity as well as asset quality improvements at the Company's UnitedKingfield Bank subsidiary. Net income for the fourth quarter of 2003 was $5.4 million, or $0.68 per diluted share, up from $4.7 million, or $0.58 per diluted share, a year earlier. The Company also reported that it sold its credit card portfolio during the quarter, which contributed $0.05 per diluted share. For the year ended December 31, 2003, net income rose 11.0% to $18.9 million from $17.1 million for the previous year. Earnings per diluted share for 2003 increased 12.8% to $2.38 from $2.11 in 2002. Daigle stated, "I am pleased to report that we were able to post another year of solid operating performance in the face of a narrowing net interest margin and uncertain economic times. In large part, these results were impacted by strong loan and deposit growth, improved asset quality conditions, which were bolstered by increased risk management oversight, and expense vigilance exercised by every single stakeholder within our Company." Loans at December 31, 2003 were $966.9 million, an increase of $158.0 million, or 19.5%, from December 31, 2002 levels. All categories reported significant growth led by a 129.6% increase in municipal loans, a 32.8% increase in consumer loans, an 18.1% increase in residential mortgages, and a 16.0% increase in commercial loans. Deposits at December 31, 2003 were $901.0 million compared to $850.1 million at December 31, 2002, an increase of 6.0%. "The growth in our loans and deposits is directly attributable to the introduction of several new and innovative products this past year," Daigle said. "We debuted the One Business Solution deposit suite of products, the Independent Money Market account for consumers, and an attractively-priced home equity line of credit, all of which were well-received by our customers and helped the Company achieve its overall growth objectives." Asset quality significantly improved during 2003, as non-performing assets decreased 20.7%, or $1.8 million, to $7.0 million at December 31, 2003. For the same reporting period, non-performing assets, as a percent of total loans, improved to 0.72% from 1.09% at December 31, 2002. Net charge-offs were 0.11% of average loans during 2003, compared to 0.18% during 2002. Daigle remarked, "The challenges of this low interest rate environment coupled with a noticeably less vibrant economy in many parts of our franchise during 2003 brought out the best in our workforce with respect to product innovation, sales penetration and service excellence. It provides a solid foundation and positive momentum for our Company in 2004." The Company also reported that it repurchased 314,958 shares of its common stock during 2003 at an average price of $27.50. The closing stock price of Camden National Corporation was $30.36 at December 31, 2003, an increase of 25.5% above the December 31, 2002 closing price. The Company paid dividends totaling $0.72 per share during 2003, an increase of 5.9% over the amount paid in 2002, and recently announced that it increased its quarterly dividend to $0.20 per share. 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: 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) December 31, December 31, 2003 2002 Balance Sheet Data Assets $ 1,370,363 $ 1,218,419 Loans 966,855 808,882 Allowance for Loan Losses 14,135 15,242 Investments 303,749 314,775 Deposits 900,996 850,134 Borrowings 338,408 238,861 Shareholders' Equity 119,706 118,828 Allowance for loan and lease losses to total loans 1.46% 1.88% Non-performing loans to total loans 0.70% 1.03% Return on average equity 15.85% 15.38% Three Months Ended Year To Date 12/31/2003 12/31/2002 12/31/2003 12/31/2002 Income Statement Data Interest Income $ 17,659 $ 18,582 $ 72,146 $ 74,572 Interest Expense 5,694 6,772 24,487 27,715 Net Interest Income 11,965 11,810 47,659 46,857 Provision for Loan Losses (1,200) 560 (150) 3,080 Net Interest Income after Provision for Loan Losses 13,165 11,250 47,809 43,777 Non-interest Income 3,280 4,005 10,829 14,459 Non-interest Expense 8,386 8,412 30,424 32,311 Income before Income Taxes and Cumulative Effect of Accounting Change 8,059 6,843 28,214 25,925 Income Taxes 2,699 2,183 9,286 8,425 Income before Cumulative Effect of Accounting Change 5,360 4,660 18,928 17,500 Cumulative Effect of Change in Accounting for Goodwill, net of Tax Benefit of $241 - - - (449) Net Income $ 5,360 $ 4,660 $ 18,928 $ 17,051 Efficiency ratio 55.01% 53.19% 52.02% 52.70% Net income per share before Cumulative Effect of Accounting Change $ 0.69 $ 0.58 $ 2.39 $ 2.18 Cumulative Effect of Change in Accounting for Goodwill, net - - - (0.06) Net income per share $ 0.69 $ 0.58 $ 2.39 $ 2.12 Net income per diluted share before Cumulative Effect of Accounting Change $ 0.68 $ 0.58 $ 2.38 $ 2.17 Cumulative Effect of Change in Accounting for Goodwill, net - - - (0.06) Net income per diluted share $ 0.68 $ 0.58 $ 2.38 $ 2.11 Weighted average shares outstanding 7,765,473 8,027,374 7,915,743 8,049,629 CONTACT: Camden National Corporation Suzanne Brightbill, 207-230-2120 sbrightbill@camdennational.com -----END PRIVACY-ENHANCED MESSAGE-----