Camden National Bank, the largest bank chartered in Maine, reported a 17 percent increase in net income in the first quarter compared with a year earlier.

The Camden-based bank reported net income for the quarter of $10.1 million, up from $8.7 million in the first quarter of 2016 but down 8 percent from $10.9 million in the fourth quarter of 2016.

Earnings per share for the publicly traded bank was 64 cents, up 14 percent from a year earlier but down 9 percent from the previous quarter.

Commercial loan volume rose 4 percent, to $45.7 million, while residential mortgage originations increased $17.1 million, or 2 percent.

“Last year was a record year for Camden National as we were able to deliver on the financial commitments made and report record earnings, all while seeing through the successful integration of two great companies – and the start to 2017 is shaping up to be no different,” Camden National President and CEO Gregory Dufour said in a written statement. “Our solid performance reflects the investments and strategic decision-making we’ve made over the past 18 months.”

In October 2015, Camden National completed a merger with The Bank of Maine, creating Maine’s largest community bank with 60 branches, 76 ATMs, $3.9 billion in assets and nearly 650 employees. Much of 2016 was spent integrating the two organizations into a single unit under the Camden National brand.

This year, one area of focus for Camden National is simplifying the mortgage application process.

“In the first quarter of 2017, we introduced our new online mortgage application system, MortgageTouch, that provides customers with a simple and efficient way to complete mortgage applications online,” Dufour said. “This is just one example of how we continue to leverage technology to grow our business, all while making the experience easier and more customer-friendly.”

Another Maine-based bank, Northeast Bancorp of Lewiston, also reported quarterly financial results this week. Its net income for the quarter ending March 31 – the third quarter of Northeast’s 2017 fiscal year – nearly doubled from a year earlier.

Northeast reported net income of $3.5 million for the quarter, up 94 percent from $1.8 million a year earlier. It reported earnings per share of 39 cents, up 105 percent from 19 cents in the third quarter of its 2016 fiscal year.

“Our strong growth in fiscal year 2017 continued in the third quarter,” Northeast President and CEO Richard Wayne said in a written statement. “We achieved record earnings of 39 cents per share through solid loan volume, purchased loan transactional income and (U.S. Small Business Administration loan) gains.”

As of March 31, Northeast’s total assets were $1 billion, an increase of $40.9 million, or 4 percent, from $986.2 million as of June 30, 2016.

J. Craig Anderson can be contacted at 791-6390 or at:

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