Press release
Camden National Corporation Reports First Quarter 2020 Financial Results
First Quarter 2020 Net Income of $13.5 Million and Diluted Earnings Per Share of $0.89 CAMDEN, Maine, April 28, 2020 /PRNewswire/ -- Camden National
About this update from Camden National Corporation
[{"type":"text","content":"First Quarter 2020 Net Income of $13.5 Million and Diluted Earnings Per Share of $0.89\n\n\nCAMDEN, Maine, April 28, 2020 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; \"Camden National\" or the \"Company\"), a $4.6 billion bank holding company headquartered in Camden, Maine, reported net income for the first quarter of 2020 of $13.5 million, a decrease of 5% compared to the first quarter of 2019, and diluted earnings per share (\"EPS\") of $0.89, a decrease of 2% over the same period. For the first quarter of 2020, the Company's return on average assets was 1.21% and return on average equity was 11.30%.\n\"These are unprecedented times – in just a few weeks, our focus shifted from working towards our long-term operational and financial goals to one that is focused on the next several quarters,\" said Gregory A. Dufour, President and Chief Executive Officer of the Company. \"We entered this uncertain social and economic period in a strong financial position, which we fortified during the first quarter by adding about $1.4 million to our allowance for loan losses.\"\nDufour reported the Company's response to the pandemic has been focused on its employees, customers and communities. \"I'm extremely proud of the Camden National team and our quick response to this health crisis,\" he said. \"In a matter of weeks, we transitioned over half of our employees to work from home, instituted a debt relief program to support customers impacted by COVID-19, and successfully rolled-out the Small Business Administration (SBA) Paycheck Protection Program to hundreds of businesses in need. The critical role banking plays for our customers and communities is magnified during times like these, and I feel very fortunate to see first-hand the actions the team has taken to serve our customers, communities and each other during these difficult times.\"\nFINANCIAL HIGHLIGHTS\nFirst quarter 2020 net income of $13.5 million decreased 5% compared to the first quarter of 2019 and 11% compared to the fourth quarter of 2019, driven by higher provision expense Loans and loans held for sale grew 3% in the first quarter of 2020 First quarter 2020 net interest margin of 3.08% decreased 10 basis points compared to the first quarter of 2019 and 4 basis points compared to the fourth quarter of 2019 Delayed implementation of the new accounting guidance f...