Press release
CAMDEN NATIONAL CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2022 FINANCIAL RESULTS
Camden National Corporation Reports an 8% Increase in Fourth Quarter 2022 Net Income over Third Quarter 2022 CAMDEN, Maine, Jan. 31, 2023 /PRNewswire/ --
About this update from Camden National Corporation
[{"type":"text","content":"Camden National Corporation Reports an 8% Increase in Fourth Quarter 2022 Net Income over Third Quarter 2022\nCAMDEN, Maine, Jan. 31, 2023 /PRNewswire/ -- Camden National Corporation (NASDAQ®: CAC; \"Camden National\" or the \"Company\"), a $5.7 billion bank holding company headquartered in Camden, Maine, closed the year with fourth quarter 2022 earnings of $15.4 million and diluted earnings per share (\"EPS\") of $1.05, each an 8% increase over the third quarter of 2022. The Company posted solid returns for the fourth quarter of 2022, including a return on average equity of 14.03%, return on average tangible equity (non-GAAP) of 18.18% and return on average assets of 1.09%, compared to 12.50%, 16.02% and 1.03%, respectively, for the third quarter of 2022.\nFor the year ended 2022, the Company reported net income of $61.4 million, which was down 11% from last year's record annual earnings of $69.0 million. The change in earnings year-over-year reflects the significant change in market dynamics between periods as short-term interest rates rose rapidly in 2022 and COVID 19 pandemic-related stimulus stopped. In response, residential mortgage activity decreased sharply, Small Business Administration Paycheck Protection Program (\"SBA PPP\") loan income abated, and the Company increased its allowance for credit losses (\"ACL\") to strengthen its financial position in light of current and forecasted economic conditions. For the year ended 2022, earnings adjusted for income taxes, provision for credit losses, and SBA PPP loan income (non-GAAP) totaled $80.3 million, an increase of 7% over the year ended 2021.\n\"We're pleased to report annual earnings of $61.4 million for 2022 and $15.4 million for the fourth quarter of 2022. The strength of our core operating earnings allowed us to further build loan loss reserves throughout the year in response to growing economic concerns, while our asset quality continues to remain extremely favorable,\" said Gregory A. Dufour, President and Chief Executive Officer of the Company. \"We are confident that our capital levels and strong credit quality position us for continued success in light of a dynamic and, at times, uncertain future economic conditions.\"\nDufour added, \"The sharp rise in interest rates in 2022 resulted in a prolonged and steep yield curve, which we anticipate will continue in 2...