Camden National Corporation Reports First Quarter 2024 Earnings of $13.3 Million and Diluted EPS of $0.91

About this update from Camden National Corporation

[{"type":"text","content":"Asset Quality, Capital and Liquidity Remain Strong \nCAMDEN, Maine, April 30, 2024 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; \"Camden National\" or the \"Company\") today reported earnings for the first quarter ended March 31, 2024. The Company reported first quarter net income available to common shareholders of $13.3 million and earnings per diluted share (\"EPS\") of $0.91.\nThe Company continues to prioritize strong asset quality within the portfolio, which allowed the Company to release $2.1 million in the provision for credit losses, including a $910,000 recovery on the sale of the Signature Bank corporate bond that the Company wrote off in 2023. Excluding the sale of the Signature Bank corporate bond, the Company reported adjusted net income (non-GAAP) for the first quarter of 2024 of $12.6 million and adjusted diluted EPS (non-GAAP) of $0.86, each an increase of 1% over the fourth quarter of 2023.\n\"We are pleased with our first quarter financial results, demonstrating we can be nimble and take action to manage expenses, while managing the dynamics of our balance sheet,\" said Simon Griffiths, president and chief executive officer of Camden National Corporation. \"Our operating results reflect our dedication to prudent risk management and the benefits of a relationship banking approach, which have allowed us to build a solid financial foundation. Our confidence comes from our strategic plan centered around our strong customer base and driving long-term profitable growth, stewarded by a talented team across our organization.\"\nFIRST QUARTER 2024 HIGHLIGHTS\nOur return on average assets was 0.93%, and our adjusted return on average assets (non-GAAP) was 0.88% for the first quarter of 2024.Our return on average equity was 10.77%, and adjusted return on average equity (non-GAAP) was 10.19%, and on a non-GAAP basis, our return on average tangible equity was 13.46% and adjusted return on average tangible equity was 12.74%.Our asset quality continues to be very strong, highlighted by loans 30-89 days past due of 0.05% of total loans and non-performing assets of 0.13% of total assets.Our capital position remained strong with regulatory capital ratios well in excess of required regulatory levels, and a common equity ratio of 8.66% and a tangible common equity ratio (non-GAAP) of 7.12%.Uninsured and uncollaterali...

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