PORTLAND, Maine — Heading into an acquisition of The Bank of Maine that will make it the largest bank headquartered in Maine, Camden National Bank reported profits rose 14 percent in the second quarter of 2015 and 6.4 percent for the year.
The bank reported net income of $7.2 million for the three months ending June 30, up from $6.3 million for the same period last year. The rise comes after a drop in net income for the first quarter, dipping to about $5.6 million from $5.7 million last year.
Greg Dufour, the bank’s president and CEO, said in a news release that the higher second-quarter earnings came as Camden National absorbed work and costs related to the upcoming merger.
The higher earnings came as the bank also increased its total assets from $2.7 billion to more than $2.8 billion, and its loan portfolio also expanded from about $1.7 billion to $1.8 billion.
When the federally chartered and publicly traded bank merges with The Bank of Maine, it will have 65 branches in the state and will be ranked third by total assets of banks operating in the state, after TD Bank and KeyBank.