Press release
CAMDEN NATIONAL CORPORATION REPORTS FIRST QUARTER 2022 FINANCIAL RESULTS
Camden National Reports a 2% Increase in Net Income and Diluted EPS for the First Quarter of 2022 over the Fourth Quarter of 2021 CAMDEN, Maine, April 26,
About this update from Camden National Corporation
[{"type":"text","content":"Camden National Reports a 2% Increase in Net Income and Diluted EPS for the First Quarter of 2022 over the Fourth Quarter of 2021\nCAMDEN, Maine, April 26, 2022 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; \"Camden National\" or the \"Company\"), a $5.4 billion bank holding company headquartered in Camden, Maine, reported net income of $16.8 million and diluted earnings per share (\"EPS\") of $1.13 for the first quarter of 2022, each an increase of 2% over the fourth quarter of 2021. Net income decreased $2.9 million, or 15%, and EPS decreased $0.18, or 14%, compared to the first quarter of 2021. The Company's return on average equity was 12.96% and return on average tangible equity (non-GAAP) was 16.01%, compared to 12.0% and 14.71%, respectively, for the fourth quarter of 2021.\n\"We are pleased to report a strong start to 2022 in light of emerging economic and geopolitical challenges,\" said Gregory A. Dufour, President and Chief Executive Officer. \"Diluted EPS for the first quarter of 2022 increased 2% over last quarter, while diluted EPS decreased 14% compared to the first quarter of 2021. This decrease year-over-year was expected given the significant change in the macro-economic environment between periods. In the first quarter of 2021, we were originating SBA PPP loans and residential mortgage sales were at or near record levels, which drove higher revenues in comparison to the first quarter of this year.\"\n\"We enter the second quarter with strong asset quality indicators and regulatory capital levels, which are essential as interest rates have begun to increase and are forecasted to rise sharply this year, along with a flattening yield curve that is at risk of inversion. We are closely monitoring these events,\" Dufour explained.\nFIRST QUARTER 2022 HIGHLIGHTS\nNet income increased by $304,000, or 2%, over the fourth quarter of 2021, while earnings before income taxes, provision and Small Business Administration Paycheck Protection Program (\"SBA PPP\") income (non-GAAP) decreased $298,000, or 2%, compared to the fourth quarter of 2021.Loans grew $102.7 million, or 3%, during the first quarter of 2022, or $132.4 million, or 4%, excluding SBA PPP loans (non-GAAP) driven by residential mortgage growth.Asset quality remains strong, highlighted by a non-performing assets to total assets ratio of 0.12% and lo...