Press release
Camden National Corporation Reports Fourth Quarter and Annual Earnings for 2019
Company Reports Record Net Income of $57.2 Million and Diluted EPS of $3.69 for 2019 CAMDEN, Maine, Jan. 28, 2020 /PRNewswire/ -- Camden National Corporation
About this update from Camden National Corporation
[{"type":"text","content":"Company Reports Record Net Income of $57.2 Million and Diluted EPS of $3.69 for 2019\n\n\nCAMDEN, Maine, Jan. 28, 2020 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; \"Camden National\" or the \"Company\"), a $4.4 billion bank holding company headquartered in Camden, Maine, reported record net income of $57.2 million and diluted earnings per share (\"EPS\") of $3.69 for 2019, an increase of 8% and 9% over 2018, respectively. Strong earnings for the year resulted in a return on average assets of 1.30% and return on average equity of 12.44% for 2019, compared to a return on average assets and equity of 1.28% and 12.92%, respectively, for 2018.\n\"Camden National reported record earnings of $57.2 million for the year,\" said Gregory A. Dufour, President and Chief Executive Officer of the Company. \"Our efforts and focus on our core businesses have translated directly to our bottom line.\" Dufour added, \"Over the year, Camden National received several accolades from various organizations recognizing our financial performance, customer experience and service to our communities. It is certainly rewarding to see our hard work recognized by those we serve in varying capacities, and it is a reminder of our impact on and responsibility to many.\"\nNet income for the fourth quarter of 2019 of $15.2 million increased 9% over the fourth quarter of 2018, while diluted EPS increased 11% to $0.99 over the same period. On a linked-quarter basis, net income and diluted EPS for the fourth quarter of 2019 each increased 5% over last quarter.\n\"We continue to actively manage our capital through various strategies,\" said Dufour. \"In 2019, we returned nearly $20.8 million of capital to shareholders through the repurchase of 488,052 shares of Camden National common stock, and in December announced an increase in our quarterly dividend rate of 10%. As we balance our capital needs and generation of shareholder value, we believed it was the right time to increase our return of capital to shareholders.\"\n\"We continue to review our organization for efficiencies, and after careful consideration we will be closing our Corinth, Hampden and Milo banking centers by the end of April,\" Dufour reported. \"Our decision was based on many factors, including changes in customer behavior, financial considerations, and impact to stakeholders and custome...