Camden National Corporation Reports Third Quarter 2009 Results
CAMDEN, Maine, Oct 27, 2009 (BUSINESS WIRE) --
Company: Camden National Corp. (CAC)
Camden National Corporation (NASDAQ: CAC; the "Company"), reported net income for the third quarter 2009 of $6.3 million, or $0.83 per diluted share. This resulted in year-to-date earnings of $17.5 million or $2.29 per diluted share. For the three and nine month periods ended September 30, 2009, return on assets was 1.10% and 1.02%, respectively, and return on equity was 13.93% and 13.48%, respectively.
"We are pleased by our third quarter performance in light of the current economic conditions," said Gregory A. Dufour, President and Chief Executive Officer of the Company. "Our markets have not yet seen a recovery in employment levels or housing, two major building blocks of the Maine economy, and we continue to aggressively manage asset quality issues and limit our interest rate risk exposure in the current market."
Dufour also announced that during the quarter Camden National Corporation and its subsidiaries received significant national and local recognition for its service to its four constituencies. These recognitions, by constituency, are:
-- Customers: Camden National Bank will be recognized as "Bank of the Year" by the Finance Authority of Maine ("FAME") at its November 10, 2009 annual meeting. FAME's award is bestowed in recognition of Camden National's outstanding commitment to Maine people and businesses through innovative financial solutions during challenging economic times.
-- Shareholders: 11th Best Performing Mid-Tier Financial Institution. The national magazine, USBanker, named Camden National Corporation the 11th best performing mid-tier bank for 2008 based on CNC's three year average return on equity.
-- Communities: "Outstanding" Community Reinvestment Act ("CRA") rating by the Office of the Comptroller of the Currency. Camden National Bank received the highest examination rating for its work in supporting its communities through investments, loans, donations and volunteerism.
-- Stakeholders (a term used to describe CNC's employees): "A Best Place to Work in Maine." Camden National Corporation was named a Best Place to Work in Maine by the Maine State Council of the Society for Human Resources Management, one of only 31 companies in Maine recognized in 2009.
"These recognitions reflect our organization's dedication to the principles of being a community bank," Dufour said. "We are proud of these accomplishments but recognize that they are milestones on a much larger journey."
Comparison to last year's results is impacted by the $14.0 million write-down in the third quarter of 2008 of other-than-temporarily impaired securities resulting from investments in auction pass-through certificates with Federal Home Loan Mortgage Corporation preferred stock assets. This third quarter 2008 event resulted in a net loss for the three months ended September 30, 2008 of $(8.0) million or $(1.05) per diluted share, and year-to-date net income for nine months of 2008 of $5.3 million or $0.69 per diluted share.
In 2008, certain non-core items were included in the computation of earnings in accordance with generally accepted accounting principles ("GAAP"). In an effort to provide shareholders information regarding our core results, we have disclosed in the table below certain non-GAAP information which we believe provides useful information. This information should not be viewed as a substitute for operating results determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP information which may be presented by other companies.
Non-GAAP Financial Information
Three Months Ended
(In thousands, except per share data) September 30, 2009 September 30, 2008
Amount Per Share Amount Per Share
Net income (loss), GAAP basis/Earnings (loss) per diluted share, $ 6,328 $ 0.83 $ (8,020) $ (1.05)
GAAP basis
Adjustment to eliminate other-than-temporary impairment write-down - - 13,950 1.82
Core (non-GAAP) net income/Core (non-GAAP) earnings per diluted $ 6,328 $ 0.83 $ 5,930 $ 0.77
share
Core (non-GAAP) return on average equity 13.93% 13.91%
Core (non-GAAP) return on average assets 1.10% 1.02%
Nine Months Ended
September 30, 2009 September 30, 2008
Amount Per Share Amount Per Share
Net income (loss), GAAP basis/Earnings (loss) per diluted share, $ 17,546 $ 2.29 $ 5,281 $ 0.69
GAAP basis
Adjustment to eliminate other-than-temporary impairment write-down - - 13,950 1.81
Core (non-GAAP) net income/Core (non-GAAP) earnings per diluted $ 17,546 $ 2.29 $ 19,231 $ 2.50
share
Core (non-GAAP) return on average equity 13.48% 15.14%
Core (non-GAAP) return on average assets 1.02% 1.12%
The Company's core net income for the three months ended September 30, 2009 compared to the same period in 2008 increased $398,000 or 7%. Core earnings growth was due to an increase in net interest income driven by a higher net interest margin as well as growth in fee income which was partially offset by an increase in the loan loss provision.
The Company's core net income for the nine months ended September 30, 2009 compared to the same period one year ago declined $1.7 million or 9%. Earnings were negatively impacted by an increase in loan loss provision, higher FDIC insurance premiums and increased costs associated with foreclosed properties.
"The impact of the economic turmoil our industry has faced in recent times continues; we need to be prepared for the unexpected," commented Dufour. "Camden National's capital levels continue to exceed the minimum standards to be considered 'well capitalized,' and with our solid earnings base we absorbed the increased FDIC assessments while continuing to take necessary steps to strengthen our balance sheet and capital position."
Operating Highlights
Net interest income for the third quarter of 2009 increased 4% to $18.2 million compared to $17.5 million for the same period one year ago due to an increase in the net interest margin of 18 basis points to 3.51% for the third quarter of 2009. The Company's ability to improve pricing on deposits and borrowings and minimize the decline of interest rates on loans and investments resulted in the improvement in the net interest margin.
Non-interest income for the third quarter of 2009 was $5.1 million compared to $3.7 million for the third quarter of 2008, an increase of $1.5 million or 39%. The increase was primarily due to additional mortgage banking income of $352,000 related to service-retained loan sales during the third quarter of 2009 and net losses on the sale of securities of $804,000 recorded in the third quarter of 2008.
Non-interest expense for the third quarter of 2009 was $12.1 million compared to $11.7 million for the third quarter of 2008, an increase of $493,000 or 4%. The increase is related to increased costs associated with foreclosed properties of $660,000 and an increase in FDIC and regulatory assessment fees of $276,000. Most other expense items, including salaries and employee benefits, declined during the third quarter of 2009 compared to the third quarter of 2008.
Financial Condition
The Company's total assets at September 30, 2009 were $2.3 billion, a decrease of $38.5 million compared to total assets at September 30, 2008. Total loans (including residential loans held for sale) at September 30, 2009 were $1.5 billion, a decrease of $1.6 million over the same period a year ago. This decrease was due to a decline in commercial loans of $29.8 million offset by a $10.7 million increase in the consumer loan portfolio driven by increased home equity loan demand and an increase in commercial real estate loans of $18.1 million. Historically-low mortgage rates have resulted in strong residential real estate loan activity and during the nine months of 2009, the Company sold $70.6 million of the mortgage production for interest-rate risk management purposes. Investments decreased $27.5 million primarily due to increased cash flows that were not reinvested into the investment portfolio due to the current low interest-rate environment.
Total deposits of $1.5 billion at September 30, 2009 increased $3.9 million from the same period one year ago, reflecting growth of $23.9 million in retail certificates of deposit related to specific marketing campaigns during the fourth quarter of 2008 and an increase in interest checking, savings and money market deposits of $23.6 million. Growth in deposits was partially offset by a decline in brokered funds of $39.1 million and demand deposits of $4.5 million. Due to a decline in total assets and an increase in deposit balances, Federal Home Loan Bank borrowings decreased $99.3 million at September 30, 2009 compared to September 30, 2008.
Asset Quality
Non-performing assets totaled $23.7 million, or 1.04%, of total assets at September 30, 2009 compared to $15.9 million, or 0.69%, of total assets at September 30, 2008 and $22.3 million, or 0.97%, of total assets at June 30, 2009. The allowance for loan losses ("ALL") was 1.28% of total loans at September 30, 2009 compared to 1.13% of total loans at September 30, 2008 and 1.23% of total loans at June 30, 2009.
The provision for loan losses was $2.0 million for the three months ended September 30, 2009 and $1.2 million for the three months ended September 30, 2008. The Company's loan loss reserve analysis called for an increase in the ALL based on a continued increase in non-performing asset levels. Net charge-offs were $1.2 million for the three months ended September 30, 2009 and $1.2 million for the three months ended September 30, 2008.
"In this challenging economic environment our strong risk management processes and reserve levels provide us with the tools to respond to potential risks on our balance sheet," said Dufour. "Asset quality continues to be of the highest priority at Camden National, requiring vigilance of all of our stakeholders during this time of economic uncertainty."
Dividends and Capital
The Board of Directors approved a dividend of $0.25 per share, payable on October 30, 2009 for shareholders of record on October 15, 2009, which is equal to the dividend declared in the same period last year.
At September 30, 2009, the Company had a total risk-based capital ratio of 13.15%, a Tier 1 capital ratio of 11.89%, and a Tier 1 leverage capital ratio of 7.87% and Camden National Bank reported a total risk-based capital ratio of 12.18%, a Tier 1 capital ratio of 10.93%, and a Tier 1 leverage capital ratio of 7.17%. The Company and Camden National Bank exceeded the minimum ratios of 10.0%, 6.0%, and 5.0%, respectively, required by the Federal Reserve for an institution to be considered "well capitalized."
Recent Developments
On October 16, 2009, the Company's security group discovered that a Camden National Bank employee engaged in a series of improper and unauthorized transactions. The Company's investigation into this matter is ongoing, and no determination has been made as to whether any amounts will be recorded as a loss by the Company. The Company is in discussions with its insurance carrier and aggressively taking steps to recover the funds, including cooperating with law enforcement authorities. To date, transactions involving approximately $850,000 have been identified.
Camden National Corporation ,ranked 11th in the USBanker's 2009 list of top-performing mid-tier banks, headquartered in Camden, Maine, and listed on the NASDAQ(R) Global Select Market under the symbol CAC, is the holding company employing more than 400 Maine residents for two financial services companies, including Camden National Bank, a full-service community bank with a network of 37 banking offices serving coastal, western, central, and eastern Maine, and Acadia Trust, N.A., offering investment management and fiduciary services with offices in Portland, Bangor, and Ellsworth. Located at Camden National Bank, Acadia Financial Consultants offers full-service brokerage and insurance 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 the value of investments securities or other assets; changes in laws and regulations, including changes in tax treatment; 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, as updated by our Quarterly Reports on Form 10-Q and other filings 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.
Statement of Income Data (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(In thousands, except number of shares and per share data) 2009 2008 2009 2008
Interest income
Interest and fees on loans $ 21,121 $ 24,080 $ 64,012 $ 73,803
Interest on securities and other 6,859 7,404 22,204 22,673
Total interest income 27,980 31,484 86,216 96,476
Interest expense
Interest on deposits 5,413 7,752 17,743 24,253
Interest on borrowings 4,342 6,218 13,403 19,695
Total interest expense 9,755 13,970 31,146 43,948
Net interest income 18,225 17,514 55,070 52,528
Provision for loan losses 2,000 1,170 6,514 2,120
Net interest income after provision for loan losses 16,225 16,344 48,556 50,408
Non-interest income (loss)
Service charges on deposit accounts 1,361 1,377 3,943 4,069
Other service charges and fees 778 724 2,202 2,059
Income from fiduciary services 1,471 1,653 4,332 5,031
Mortgage banking income (loss), net 351 (1) 1,222 (216)
Bank-owned life insurance 368 305 1,108 883
Net gain (loss) on sale of securities 1 (804) 1 (624)
Other income 819 443 1,939 1,597
Total non-interest income before security impairment write-down 5,149 3,697 14,747 12,799
Loss on security impairment write-down - (13,950) - (13,950)
Total non-interest income (loss) 5,149 (10,253) 14,747 (1,151)
Non-interest expenses
Salaries and employee benefits 6,071 6,079 18,195 19,130
Net occupancy 862 927 2,954 3,008
Furniture, equipment and data processing 1,123 1,038 3,233 3,467
Consulting and service fees 698 786 2,140 2,229
OREO and collection costs 779 119 1,941 518
Regulatory assessments 693 417 3,304 676
Donations and marketing 221 369 803 1,189
Communication costs 356 469 1,180 1,267
Other expenses 1,349 1,455 4,109 4,349
Total non-interest expenses 12,152 11,659 37,859 35,833
Income (loss) before income taxes 9,222 (5,568) 25,444 13,424
Income taxes 2,894 2,452 7,898 8,143
Net income (loss) $ 6,328 $ (8,020) $ 17,546 $ 5,281
Selected Financial and Per Share Data:
Return (loss) on average equity 13.93% (18.82%) 13.48% 4.16%
Return (loss) on average tangible equity 18.79% (26.18%) 18.43% 5.78%
Return (loss) on average assets 1.10% (1.38%) 1.02% 0.31%
Efficiency ratio (1) 51.99% 52.96% 54.23% 54.33%
Basic earnings (loss) per share $ 0.83 $ (1.05) $ 2.30 $ 0.69
Diluted earnings (loss) per share $ 0.83 $ (1.05) $ 2.29 $ 0.69
Cash dividends paid per share $ 0.25 $ 0.25 $ 0.75 $ 0.74
Weighted average number of common shares outstanding 7,644,829 7,659,811 7,641,705 7,682,737
(1) Computed by dividing non-interest expense by the sum of net
interest income and non-interest income (excluding securities
gains/(losses) and investment impairment).
Statement of Condition Data (unaudited)
September 30, September 30, December 31,
(In thousands, except number of shares) 2009 2008 2008
Assets
Cash and due from banks $ 30,081 $ 38,114 $ 35,195
Securities:
Securities available for sale, at fair value 525,966 544,801 606,031
Securities held to maturity, at amortized cost 39,366 42,066 42,040
Federal Home Loan and Federal Reserve Bank stock, at cost 21,965 27,915 21,969
Total securities 587,297 614,782 670,040
Trading account assets 1,667 1,563 1,304
Loans held for sale 1,298 - -
Loans:
Residential real estate 625,885 624,580 621,048
Commercial real estate 428,059 409,923 400,312
Commercial 195,818 225,600 213,683
Consumer 269,919 259,236 265,865
Total loans 1,519,681 1,519,339 1,500,908
Less allowance for loan losses (19,435) (17,212) (17,691)
Net loans 1,500,246 1,502,127 1,483,217
Goodwill 41,780 41,965 41,857
Bank-owned life insurance 41,310 40,056 40,459
Premises and equipment, net 25,234 26,235 25,872
Other real estate owned 5,465 2,699 4,024
Other assets 38,368 43,697 39,528
Total assets $ 2,272,746 $ 2,311,238 $ 2,341,496
Liabilities
Deposits:
Demand $ 201,451 $ 205,934 $ 180,407
Interest checking, savings and money market 699,230 675,639 632,664
Retail certificates of deposit 567,210 543,314 593,013
Brokered deposits 45,443 84,551 83,433
Total deposits 1,513,334 1,509,438 1,489,517
Federal Home Loan Bank advances 210,495 309,748 258,925
Other borrowed funds 290,427 266,815 359,470
Junior subordinated debentures 43,487 43,384 43,410
Accrued interest and other liabilities 28,232 23,142 23,774
Total liabilities 2,085,975 2,152,527 2,175,096
Shareholders' Equity
Common stock, no par value; authorized 20,000,000 shares, issued and
outstanding 7,644,829, 7,636,441, and 7,638,713 shares on September
30, 2009
and 2008 and December 31, 2008, respectively 3,150 2,814 2,851
Surplus 46,139 46,054 46,133
Retained earnings 130,320 112,334 118,564
Accumulated other comprehensive income (loss)
Net unrealized gains (losses) on securities available for sale, net 8,163 (2,140) (89)
of tax
Net unrealized gains on derivative instruments, at fair value, net 11 - -
of tax
Net unrecognized losses on post-retirement plans, net of tax (1,012) (351) (1,059)
Total accumulated other comprehensive income (loss) 7,162 (2,491) (1,148)
Total shareholders' equity 186,771 158,711 166,400
Total liabilities and shareholders' equity $ 2,272,746 $ 2,311,238 $ 2,341,496
Average Balance, Interest and Yield/Rate Analysis (unaudited)
At or for the Nine Months Ended At or for the Nine Months Ended
September 30, 2009 September 30, 2008
(In thousands) Average Yield/ Average Yield/
Balance Interest Rate Balance Interest Rate
Assets
Interest-earning assets:
Securities - taxable $ 555,525 $ 20,344 4.88% $ 544,416 $ 20,665 5.05%
Securities - nontaxable (1) 64,956 2,842 5.83% 70,621 3,067 5.80%
Trading account assets 1,413 16 1.51% 1,561 35 2.99%
Federal funds sold - - - 451 10 2.96%
Loans: (1) (2)
Residential real estate 621,407 27,089 5.81% 627,896 28,367 6.03%
Commercial real estate 408,622 18,803 6.15% 416,533 22,159 7.11%
Commercial 183,258 7,700 5.62% 210,016 11,161 7.10%
Municipal 23,756 880 4.95% 22,422 889 5.30%
Consumer 265,523 9,826 4.95% 243,345 11,505 6.32%
Total loans 1,502,566 64,298 5.71% 1,520,212 74,081 6.50%
Total interest-earning assets 2,124,460 87,500 5.50% 2,137,261 97,858 6.11%
Cash and due from banks 28,056 37,534
Other assets 155,118 143,541
Less allowance for loan losses (18,388) (17,343)
Total assets $ 2,289,246 $ 2,300,993
Liabilities & Shareholders' Equity
Interest-bearing liabilities:
NOW accounts $ 199,795 692 0.46% $ 185,142 1,226 0.88%
Savings accounts 138,039 368 0.36% 133,566 618 0.62%
Money market accounts 305,860 2,474 1.08% 348,652 6,073 2.35%
Certificates of deposit 584,747 12,726 2.91% 512,686 14,097 3.67%
Total retail deposits 1,228,441 16,260 1.77% 1,180,046 22,014 2.50%
Brokered deposits 80,973 1,483 2.45% 67,453 2,239 4.43%
Junior subordinated debentures 43,449 2,136 6.57% 43,342 2,195 6.76%
Borrowings 559,202 11,267 2.69% 629,744 17,500 3.71%
Total wholesale funding 683,624 14,886 2.91% 740,539 21,934 3.96%
Total interest-bearing liabilities 1,912,065 31,146 2.18% 1,920,585 43,948 3.06%
Demand deposits 180,702 185,595
Other liabilities 22,452 25,180
Shareholders' equity 174,027 169,633
Total liabilities & shareholders' equity $ 2,289,246 $ 2,300,993
Net Interest Income (fully-taxable equivalent) 56,354 53,910
Less: fully-taxable equivalent adjustment (1,284) (1,382)
$ 55,070 $ 52,528
Net interest rate spread (fully-taxable equivalent) 3.32% 3.05%
Net interest margin (fully-taxable equivalent) 3.55% 3.36%
(1) Reported on tax-equivalent basis calculated using a rate of 35%.
(2) Non-accrual loans and loans held for sale are included in total
average loans.
Asset Quality Data (unaudited)
At or for
At or for the Nine Months Ended the Year Ended
September 30, December 31,
(In thousands) 2009 2008 2008
Non-accrual loans:
Residential real estate $ 5,779 $ 3,592 $ 4,048
Commercial real estate 5,322 5,939 4,957
Commercial 4,226 2,122 2,384
Consumer 1,271 1,110 1,112
Total non-accrual loans 16,598 12,763 12,501
Loans 90 days past due and accruing 684 391 206
Renegotiated loans not included above 917 - -
Total non-performing loans 18,199 13,154 12,707
Other real estate owned:
Residential real estate 2,314 2,437 187
Commercial real estate 3,151 262 3,575
Commercial - - 262
Total other real estate owned 5,465 2,699 4,024
Total non-performing assets $ 23,664 $ 15,853 $ 16,731
Loans 30-89 days past due:
Residential real estate $ 2,397 $ 326 $ 2,880
Commercial real estate 1,852 1,410 2,314
Commercial 2,760 505 3,601
Consumer 531 32 829
Total loans 30-89 days past due $ 7,540 $ 2,273 $ 9,624
Allowance at the beginning of the period $ 17,691 $ 13,653 $ 13,653
Acquired from Union Trust - 4,369 4,369
Provision for loan losses 6,514 2,120 4,397
Charge-offs:
Residential real estate 752 137 221
Commercial real estate 1,843 1,529 3,236
Commercial 1,865 1,221 1,286
Consumer 894 662 810
Total charge-offs 5,354 3,549 5,553
Total recoveries 584 619 825
Net charge-offs 4,770 2,930 4,728
Allowance at the end of the period $ 19,435 $ 17,212 $ 17,691
Asset Quality Ratios:
Non-performing loans to total loans 1.14% 0.87% 0.85%
Non-performing assets to total assets 1.04% 0.69% 0.71%
Allowance for loan losses to total loans 1.28% 1.13% 1.18%
Net charge-offs to average loans (annualized)
Quarter-to-date 0.32% 0.32%
Year-to-date 0.42% 0.26% 0.31%
Allowance for loan losses to non-performing loans 112.45% 130.85% 139.22%
Loans 30-89 days past due to total loans 0.50% 0.15% 0.64%
Selected Financial Data (unaudited)
At or for
At or for the Nine Months Ended the Year Ended
September 30, December 31,
2009 2008 2008
Tier 1 leverage capital ratio 7.87% 7.11% 7.19%
Tier 1 risk-based capital ratio 11.89% 11.01% 11.11%
Total risk-based capital ratio 13.15% 12.18% 12.32%
Tangible equity to total assets 6.17% 4.82% 5.10%
Book value per share $ 24.43 $ 20.78 $ 21.78
Tangible book value per share (1) $ 18.34 $ 14.59 $ 15.62
Investment Data (unaudited)
September 30, 2009
Amortized Unrealized Unrealized Fair
(In thousands) Cost Gains Losses Value
Available for sale
Obligations of U.S. government sponsored enterprises $ 4,503 $ 9 $ - $ 4,512
Obligations of states and political subdivisions (2) 21,525 637 - 22,162
Mortgage-backed securities issued or guaranteed by
U.S. government sponsored enterprises 437,654 18,606 (56) 456,204
Private issue collateralized mortgage obligations (CMO) (3) 44,726 25 (5,985) 38,766
Total debt securities 508,408 19,277 (6,041) 521,644
Equity securities (4) 5,000 - (678) 4,322
Total equity securities 5,000 - (678) 4,322
Total securities available for sale $ 513,408 $ 19,277 $ (6,719) $ 525,966
Held to maturity
Obligations of states and political subdivisions (2) $ 39,366 $ 2,385 $ - $ 41,751
Total securities held to maturity $ 39,366 $ 2,385 $ - $ 41,751
Other securities
Federal Home Loan Bank Stock (5) $ 21,031 $ - $ - $ 21,031
Federal Reserve Bank Stock 934 - - 934
Total other securities $ 21,965 $ - $ - $ 21,965
Trading account assets (6) $ 1,667
(1) Computed by dividing total shareholders' equity less goodwill
and other intangible assets by the number of common shares
outstanding.
(2) Over 98% of the portfolio is rated by at least one of the three
major rating agencies (Moody's, Standard & Poor's or Fitch) and all
of these ratings are investment grade.
(3) $28.2 million of the CMO's are rated Triple-A by at least one of
the three rating agencies, while three CMO's currently carry ratings
below investment grade; one CMO with a fair value of $5.3 million is
rated B3 by Moody's and CC by Fitch, a second CMO with a fair value
of $3.1 million is rated B3 by Moody's and CCC by Standard & Poor's,
and a third CMO with a fair value of $2.2 million is rated BB by
Fitch and B by Standard & Poor's.
(4) The Duff & Phelps (DNP) Select Income Fund Auction Preferred
Stock continues to fail at auction. We are currently collecting all
amounts due according to contractual terms and have the ability and
intent to hold the security until it clears auction, is called or
matures on December 22, 2021. The DNP Auction Preferred Stock is
rated Triple-A by Moody's and Standard & Poor's.
(5) The Federal Home Loan Bank of Boston has suspended its quarterly
dividend payment.
(6) Investments held in mutual funds that represent deferred
director and executive compensation investments.
SOURCE: Camden National Corporation
Camden National Corporation Diane Norton, 207-230-2176 Vice President -- Marketing & Communications dnorton@camdennational.com
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Company: Camden National Corp. (CAC)
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