Press release
CAMDEN NATIONAL CORPORATION REPORTS SECOND QUARTER 2022 FINANCIAL RESULTS
Camden National Corporation Reports Net Income of $15.0 Million for the Second Quarter of 2022 and 9% Loan Growth for the First Half of 2022 CAMDEN, Maine,
About this update from Camden National Corporation
[{"type":"text","content":"Camden National Corporation Reports Net Income of $15.0 Million for the Second Quarter of 2022 and 9% Loan Growth for the First Half of 2022\nCAMDEN, Maine, July 26, 2022 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; \"Camden National\" or the \"Company\"), a $5.5 billion bank holding company headquartered in Camden, Maine, reported net income of $15.0 million and diluted earnings per share of (\"EPS\") of $1.02, decreases of 11% and 10%, respectively, compared to the first quarter of 2022. The decrease between periods was driven by higher provision for credit losses of $3.4 million as loans grew 5% and signs of a softening economy continued to take shape. Second quarter 2022 earnings before income tax and provision (non-GAAP) increased 6% over last quarter. The Company's return on average equity was 13.16% and return on average tangible equity (non-GAAP) was 16.83%, compared to 12.96% and 16.01%, respectively, for the first quarter of 2022.\n\"We are pleased to see an increase in pre-tax, pre-provision earnings in the second quarter over last quarter,\" said Gregory A. Dufour, President and Chief Executive Officer. \"We had another solid quarter of loan growth, seeing positive momentum across all of our loan channels. Loans grew 5% during the second quarter, putting loan growth at 9% for the first half of 2022. These results reflect the hard work and efforts across all of our teams.\"\nDufour added, \"We increased our allowance for credit losses in the second quarter, in part attributable to solid loan growth, but also based on our outlook for the economy. In addition to fortifying our balance sheet through increasing reserve levels, in the second quarter we transferred a portion of our available-for-sale investment portfolio to held-to-maturity to help mitigate the impact of the volatile interest rate environment on reported capital. We continue to closely monitor our markets given the level of volatility throughout the economy, and remain confident as we enter this period with strong asset quality and regulatory capital levels.\"\nIn June, the Company announced a cash dividend of $0.40 per share, payable on July 29, 2022, to shareholders of record on July 15, 2022, representing an annualized dividend yield of 3.63%, based on the Company's closing share price of $44.05, as reported by NASDAQ as of June 30, 2022.\nT...