Press release
CAMDEN NATIONAL CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2021 FINANCIAL RESULTS
Camden National Reports Record Net Income of $69.0 Million for 2021; Net Income of $16.5 million for the Fourth Quarter of 2021 CAMDEN, Maine, Jan. 25, 2022
About this update from Camden National Corporation
[{"type":"text","content":"Camden National Reports Record Net Income of $69.0 Million for 2021; Net Income of $16.5 million for the Fourth Quarter of 2021\n\n\nCAMDEN, Maine, Jan. 25, 2022 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; \"Camden National\" or the \"Company\"), a $5.5 billion bank holding company headquartered in Camden, Maine, reported record net income for the year ended 2021 of $69.0 million and diluted earnings per share (\"EPS\") of $4.60, each an increase of 16% over the year ended 2020. The Company finished off the year strong with solid fourth quarter 2021 earnings of $16.5 million, an increase of 13% over the third quarter of 2021. For the year ended 2021, the Company's return on average equity was 12.72% and return on average tangible equity (non-GAAP) was 15.61%, compared to 11.81% and 14.79% for the year ended 2020, respectively.\n\"We're excited and grateful to report a new high-water mark this year with record earnings of $69.0 million. Our success is a direct reflection of the outstanding team we have across all facets of our organization and their commitment to delivering exceptional customer experiences,\" said Gregory A. Dufour, President and Chief Executive Officer of the Company. \"We're entering 2022 in great financial standing, highlighted by strong capital and reserve levels, a well-positioned balance sheet and significant momentum fueled by our dedicated team.\"\nDufour added, \"In addition to our financial success this past year, I'm equally excited to share that we have taken several important steps and actions throughout the year to continue our efforts to promote fair and equitable treatment of all of our constituents, including our employees and communities. While certainly not a comprehensive list, a few highlights include: (1) we increased our minimum wage for all employees to $17.00 per hour and provided a wage increase of 3.0% or more to all employees, (2) the Board of Directors adopted a diversity statement outlining our commitment to diversity at the board-level, and (3) we formed a Diversity, Equity and Inclusion Council made up of employees at all levels across the Company and is sponsored by myself. We also continued to support our communities through charitable giving and volunteering, with an emphasis on homelessness and victims of domestic violence.\"\nNet income for the fourth quarter of ...