Press release
Camden National Corporation Reports a 3% Increase in Third Quarter 2019 Earnings Over Last Year
CAMDEN, Maine, Oct. 29, 2019 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; "Camden National" or the "Company"), a $4.5 billion bank holding
About this update from Camden National Corporation
[{"type":"text","content":" CAMDEN, Maine, Oct. 29, 2019 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; \"Camden National\" or the \"Company\"), a $4.5 billion bank holding company headquartered in Camden, Maine, reported net income for the third quarter of 2019 of $14.5 million, an increase of 3% over the third quarter of 2018, and diluted earnings per share (\"EPS\") of $0.94, an increase of 4% over the same period. For the third quarter of 2019, the Company's return on average assets was 1.29% and return on average equity was 12.26%.\n\"We are pleased with our financial results for the third quarter with 3% growth in net income over the third quarter last year, and 7% growth through the first nine months over the same period last year,\" said Gregory A. Dufour, President and Chief Executive Officer of the Company. \"We look to finish 2019 strong to cap off another outstanding year, despite the challenges of a low interest rate environment and inverted yield curve. As we gear up for 2020, we will continue to focus on driving profitable growth and managing our net interest margin to promote the long-term financial success for our Company and shareholders.\"\nIn September 2019, Camden National was named to the Sandler O'Neill Sm-All Stars Class of 2019. Camden National was one of 30 publicly traded banks and thrifts—and the only bank headquartered in New England—to be recognized. To earn Sm-All Star status, companies needed to have a market capitalization below $2.5 billion, and were selected based on various financial screening criteria, including growth, profitability, credit quality and capital strength.\n\"Camden National is thrilled to be selected for the Sandler O'Neill Sm-All Stars from among 394 qualifying financial institutions nationwide,\" said Dufour. \"This recognition is a testament to the success of our measured, balanced approach and to the outstanding dedication of our talented employees.\"\nFor the third quarter of 2019, Camden National declared a $0.30 dividend per share, representing an annualized dividend yield of 2.77% as of September 30, 2019.\nThe Company continues to actively repurchase shares of its common stock through its open share repurchase program. As of October 10, 2019, the Company repurchased 433,953 shares of its common stock, or 56% of its allotted program shares, at a weighted-average share price of $42.47....