Press release
Camden National Corporation Reports Third Quarter 2021 Financial Results
Camden National Corporation Reports Net Income of $52.5 Million for the Nine Months Ended September 30, 2021 and $14.6 Million for the Third Quarter of 2021
About this update from Camden National Corporation
[{"type":"text","content":"Camden National Corporation Reports Net Income of $52.5 Million for the Nine Months Ended September 30, 2021 and $14.6 Million for the Third Quarter of 2021\n\n\nCAMDEN, Maine, Oct. 26, 2021 /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 $52.5 million and diluted earnings per share (\"EPS\") of $3.49 for the nine months ended September 30, 2021, an increase of 27% and 28%, respectively, compared to the same period in 2020. The Company's solid year-to-date earnings translated into a return on average equity of 12.96% and return on average tangible equity (non-GAAP) of 15.91% for the same period.\n\"We have much to be proud of here at Camden National,\" said Gregory A. Dufour, President and Chief Executive Officer. \"We were recently named as one of the best places to work in Maine for 2021 by an independent group and we just received our latest internal engagement scores showing positive growth and momentum. The commitment and dedication of our team here at Camden National resonates loud and clear, and it translated directly into shareholder value through record earnings for the first nine months of the year with net income of $52.5 million and diluted earnings per share of $3.49.\"\nDufour added, \"In response to the historically challenging job market we find ourselves facing, in late-September, we communicated to our employees that effective early-October their wages were increasing at a minimum of 3%, and our starting minimum wage was increasing from $15 to $17 per hour. These adjustments were made to attract new talent, and retain and recognize the value our current employees continuously provide.\"\nNet income for the third quarter of 2021 was $14.6 million and diluted earnings per share (\"EPS\") was $0.97, a decrease of 13%, respectively, compared to the third quarter of 2020. The decrease was driven by a shift in the Company's strategy to hold more of its residential mortgage production within its loan portfolio.\nNet income and diluted EPS for the third quarter of 2021 decreased 19% and 20%, respectively, compared to the second quarter of 2021. The decrease was driven by growth within our loan portfolio and pipeline that resulted in provision expense for the third quarter of 2021...