Press release
Camden National Corporation Reports Second Quarter 2020 Financial Results
Second Quarter 2020 Net Income of $10.9 Million and Diluted Earnings Per Share of $0.73 CAMDEN, Maine, July 28, 2020 /PRNewswire/ -- Camden National
About this update from Camden National Corporation
[{"type":"text","content":"Second Quarter 2020 Net Income of $10.9 Million and Diluted Earnings Per Share of $0.73\n\n\nCAMDEN, Maine, July 28, 2020 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; \"Camden National\" or the \"Company\"), a $5.0 billion bank holding company headquartered in Camden, Maine, reported net income for the second quarter 2020 of $10.9 million, a decrease of 17% compared to the second quarter of 2019, and diluted earnings per share (\"EPS\") of $0.73, a decrease of 14% over the same period. The decrease in net income between periods was driven by higher provision expense in response to the COVID-19 pandemic. Second quarter 2020 pre-tax, pre-provision earnings1 increased $5.4 million, or 31%, over the second quarter of 2019.\n\"Over the past several months, we have navigated new economic and social challenges as a result of the COVID-19 pandemic,\" said Gregory A. Dufour, President and Chief Executive Officer of the Company. \"The health and financial well-being of our customers, employees, and communities has been top of mind and a significant factor in the decisions made to date. We recognize these are trying times for many, and we continue to diligently support our constituents, which included providing over 2,900 Paycheck Protection Program loans to small businesses and over 2,000 temporary loan payment deferrals to business and retail customers through June 30.\"\nDufour added, \"While the total financial impact of the COVID-19 pandemic remains unclear, we remain well-positioned to withstand the uncertainty. We are fortifying our balance sheet as shown by our pre-tax, pre-provision earnings1 contribution, which is allowing us to build our reserves for loan losses that may occur due to the changing economy.\"\nSECOND QUARTER 2020 HIGHLIGHTS\nNet income decreased by 17% compared to the second quarter of 2019 and by 19% compared to the first quarter of 2020 Second quarter 2020 pre-tax, pre-provision earnings1 increased 31% over the second quarter of 2019 and 24% over the first quarter of 2020 We continue to support our communities and customers through the COVID-19 pandemic, highlighted by our lending and relief efforts, which included originating 10% of the Small Business Administration (\"SBA\") Paycheck Protection Program (\"PPP\") loans to small businesses across Maine, according to SBA data, and providing temporary...