Press release
Camden National Corporation Reports Third Quarter 2020 Financial Results
Third Quarter 2020 Net Income Increased 16% over Third Quarter 2019 CAMDEN, Maine, Oct. 27, 2020 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC;
About this update from Camden National Corporation
[{"type":"text","content":"Third Quarter 2020 Net Income Increased 16% over Third Quarter 2019\n\n\nCAMDEN, Maine, Oct. 27, 2020 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; \"Camden National\" or the \"Company\"), a $5.2 billion bank holding company headquartered in Camden, Maine, reported net income for the third quarter of 2020 of $16.8 million, an increase of $2.3 million, or 16%, compared to the third quarter of 2019. Diluted earnings per share (\"EPS\") for the third quarter of 2020 was $1.11, an increase of $0.17, or 18%, over the third quarter of 2019. \n\"This quarter's results demonstrate that our core business is solid and resilient. Our strong earnings for the quarter reflect the collective efforts and tireless work across our Company as we continue to focus on our customers' needs while maintaining our strategic focus,\" said Gregory A. Dufour, President and Chief Executive Officer of the Company. \"Although the last six months have presented unprecedented economic conditions, we took the necessary actions early to preserve the strength of our balance sheet by increasing loan loss reserves over $11 million year-to-date. At the end of the third quarter, our allowance for losses was 1.11% of total loans and 1.19% of total loans when excluding SBA PPP loans1 originated this year, up from 0.81% at the beginning of the year.\"\nDufour added, \"At September 30, 2020, COVID-19-related short-term loan deferrals were 5.5% of total loans, which included nearly $68 million of consumer loans that we automatically deferred for another 90 days after the initial 90-day deferral period matured. This is a significant decrease from June 30, 2020, where our total short-term loan deferrals were 16.4% of total loans at June 30, 2020. Through September 30, 2020, our asset quality continues to be very strong, highlighted by non-performing loans totaling 0.34% and past due loans of 0.18% of total loans at quarter-end, as well as annualized net charge-offs year-to-date of 0.04% of average loans.\"\n______________________________\n1 This is a non-GAAP measure. Please refer to \"Reconciliation of non-GAAP to GAAP Financial Measures\" for further details.\nTHIRD QUARTER 2020 HIGHLIGHTS\nNet income increased by $2.3 million, or 16%, over the third quarter of 2019 and by $5.8 million, or 53%, over the second quarter of 2020. Pre-tax, pre-provision earnings1 i...