Press release
CAMDEN NATIONAL CORPORATION REPORTS FIRST QUARTER 2023 FINANCIAL RESULTS
Capital, Liquidity and Asset Quality Remain Strong CAMDEN, Maine, April 25, 2023 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; "Camden National"
About this update from Camden National Corporation
[{"type":"text","content":"Capital, Liquidity and Asset Quality Remain Strong\nCAMDEN, Maine, April 25, 2023 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; \"Camden National\" or the \"Company\"), a $5.7 billion bank holding company headquartered in Camden, Maine, reported net income of $12.7 million and diluted earnings per share of (\"EPS\") of $0.87 for the first quarter of 2023, each a decrease of 17% compared to the fourth quarter of 2022, while earnings before income tax expense and provision (non-GAAP) decreased 9% on a linked quarter-basis. This quarter's performance was primarily the result of continued interest rate volatility, normal seasonal deposit outflows along with increasing deposit competition, as well as a $1.8 million loss on an investment security. The Company's return on average equity was 11.16% and return on average tangible equity (non-GAAP) was 14.21% for the first quarter of 2023, compared to 14.03% and 18.18%, respectively, for the fourth quarter of 2022.\n\"The industry and economic events of the last quarter reinforce our commitment to the long-term stability of our organization and customers,\" said Gregory A. Dufour, President and Chief Executive Officer. \"Our strategies are focused on optimizing our funding costs through our diversified deposit base, maintaining our strong asset quality and capital levels, exercising disciplined expense management, and, of course, growing our relationships with our customers.\"\nThe Company believes it is well positioned to manage through recent market disruptions and volatility through the strength of our balance sheet, which includes strong capital, liquidity, and asset quality. At March 31, 2023, the Company's regulatory capital ratios were well in excess of regulatory requirements; total uninsured FDIC and uncollateralized deposits1 were $691.5 million, or 15% of total deposits, compared to $1.3 billion of available liquidity (not including access to brokered markets); and nonperforming assets were 0.09% of total assets and loans 30-89 days past due were 0.05% of total loans.\nIn March, the Company announced a cash dividend of $0.42 per share, payable on April 28, 2023, to shareholders of record on April 14, 2023, representing an annualized dividend yield of 4.64%, based on the Company's closing share price of $36.19, as reported by NASDAQ on March 31, 2023.\n______________...