Press release
CAMDEN NATIONAL CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2023 FINANCIAL RESULTS
Reports Fourth Quarter 2023 Net Income of $8.5 million and Diluted EPS of $0.58;Capital and Asset Quality Remain Strong at Year End CAMDEN, Maine, Jan. 30,
About this update from Camden National Corporation
[{"type":"text","content":"Reports Fourth Quarter 2023 Net Income of $8.5 million and Diluted EPS of $0.58;Capital and Asset Quality Remain Strong at Year End\nCAMDEN, Maine, Jan. 30, 2024 /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 $8.5 million and diluted earnings per share (\"EPS\") of $0.58 for the fourth quarter of 2023, both decreases of 13% compared to the third quarter of 2023. Throughout 2023, financial institutions, including Camden National, were faced with many challenges due to the interest rate environment and well-publicized bank failures. In response to these dynamics, the Company prioritized actions designed to maintain long-term shareholder value and to position ourselves to be able to capitalize on future growth opportunities. We believe the actions we took during 2023 fortified our balance sheet, stabilized net interest margin and positioned the Company for future earnings capacity.\nIncluded in the Company's fourth quarter 2023 financial results are pre-tax investment losses of $5.0 million. The Company sold lower yielding investments at a loss in the third and fourth quarters of 2023 to adjust its balance sheet and to improve future earnings and profitability. Adjusted pre-tax, pre-provision income, which excludes the impact of the investment losses (non-GAAP), was $15.8 million, a decrease of 6% from the third quarter of 2023.\nOn November 20, 2023, Simon Griffiths joined the Company, and he took on the role of President and Chief Executive Officer effective January 1, 2024. \"I am honored to join this Company and lead this talented team,\" said Mr. Griffiths. \"Our balance sheet is one of our strengths and is supported by strong fundamentals, including capital, liquidity and asset quality. As we begin 2024, we are positioned well to lean into this strength and drive future growth.\"\nFOURTH QUARTER 2023 HIGHLIGHTS\nOur capital position remained strong and improved compared to the third quarter, highlighted by increases in our common equity ratio to 8.66% and our tangible common equity ratio (non-GAAP) to 7.11% at December 31, 2023, compared to 8.02% and 6.47%, respectively, at September 30, 2023.Our asset quality continues to be strong, highlighted by loans 30-89 days past due of 0.12% of...