Press release
CAMDEN NATIONAL CORPORATION REPORTS THIRD QUARTER 2022 FINANCIAL RESULTS
Camden National Corporation Reports Net Income of $14.3 Million for the Third Quarter of 2022 and $46.1 Million for the Nine Months Ended September 30, 2022
About this update from Camden National Corporation
[{"type":"text","content":"Camden National Corporation Reports Net Income of $14.3 Million for the Third Quarter of 2022 and $46.1 Million for the Nine Months Ended September 30, 2022 \nCAMDEN, Maine, Oct. 25, 2022 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; \"Camden National\" or the \"Company\"), a $5.6 billion bank holding company headquartered in Camden, Maine, reported net income of $14.3 million and diluted earnings per share of (\"EPS\") of $0.97, both a decrease of 5% compared to the second quarter of 2022. The decrease in earnings between quarters was, in part, the result of higher provision for credit losses and less Small Business Administration Paycheck Protection Program (\"SBA PPP\") loan income. Excluding the impact of income taxes, provision for credit losses and SBA PPP loan income, adjusted earnings (non-GAAP) decreased 2% on a linked quarter-basis. The decrease in adjusted earnings was led by a decrease in non-interest income as the effects of the changing broad market continue to affect mortgage banking and other market-related revenue sources, and was partially offset by net interest margin expansion of 4 basis points quarter-over-quarter.\n\"Our revenues for the first nine months of the year grew 2% over the same period last year, this demonstrates the flexibility and strong core operating capacity of Camden National,\" said Gregory A. Dufour, President and Chief Executive Officer. \"The 2% increase in revenues were in light of the impact of the stock market on our wealth and brokerage businesses, as well as a reduction in mortgage sale activity and SBA Paycheck Protection Program loan income.\" Dufour further shared, \"Residential mortgage activity continues to slow in comparison to recent quarters and the prior year as mortgage interest rates have risen sharply, and we expect overall activity will continue to slow. Commercial activity, including small business lending, has remained fairly steady and we anticipate continued growth, in terms of both volume and yield, from these business lines moving forward.\"\n\"We will prioritize maintaining our allowance for credit losses in light of macro-economic conditions although current asset quality remains extremely strong,\" Dufour added. \"We added nearly $3 million of provision expense during the quarter and $4 million year-to-date, which increased our allowance for credit...