Camden National Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net income of $10.9 million or $0.70 per diluted share on total interest income of $32.3 million compared to net income of $1.7 million or $0.11 per diluted share on total interest income of $30 million reported in the same period last year. Net interest income was $28.2 million against $26.4 million reported last year. Income before income tax expense was $15.6 million against $2.4 million reported last year. Total revenues for the fourth quarter of 2016 of $38.4 million decreased 2% compared to the third quarter of 2016. The decrease in total Revenue was driven by an 8% decrease in non-interest income and a less than 1% decrease in net interest income. Return on average assets was 1.12% and return on average equity was 11.01%. The decrease in net interest income of $128,000 was driven by a decrease in average interest-earning assets of 1% compared to the third quarter of 2016.

For the year, the company reported net income of $40.1 million or $2.57 per diluted share on total interest income of $129.6 million compared to net income of $20.95 million or $1.73 per diluted share on total interest income of $99.1 million reported in the same period last year. Net interest income was $113.1 million against $86.4 million reported last year. Income before income tax expense was $57.5 million against $30.9 million reported last year. Return on average assets, average equity and average tangible equity for the year ended December 31, 2016 was 1.04%, 10.47% and 14.76%, respectively, compared to 0.70%, 7.54% and 9.91% last year.

Net charge-offs during the fourth quarter of 2016 was $432,000 compared to $1.7 million in the third quarter of 2016, translating to an annualized net charge-offs ratio for the fourth quarter of 0.07%.