Press release
CAMDEN NATIONAL CORPORATION REPORTS THIRD QUARTER 2023 FINANCIAL RESULTS
Reports Third Quarter 2023 Net Income of $9.8 million and Diluted EPS of $0.67 CAMDEN, Maine, Oct. 31, 2023 /PRNewswire/ -- Camden National Corporation
About this update from Camden National Corporation
[{"type":"text","content":"Reports Third Quarter 2023 Net Income of $9.8 million and Diluted EPS of $0.67\nCAMDEN, Maine, Oct. 31, 2023 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; \"Camden National\" or the \"Company\"), a $5.8 billion bank holding company headquartered in Camden, Maine, reported net income of $9.8 million and diluted earnings per share (\"EPS\") of $0.67 for the third quarter of 2023, both decreases of 21%, compared to the second quarter of 2023. The Company's third quarter operating results include the impact from the sale of $66.7 million of investment securities that resulted in a pre-tax loss of $5.3 million. The Company sold these investments to reposition a portion of its balance sheet in response to the interest rate environment and, in doing so, is expected to improve its future earnings and profitability metrics. The strength of the Company's capital position enabled it to absorb the loss while maintaining strong capital ratios well in excess of regulatory capital requirements. Excluding the investment loss, the Company's adjusted net income (non-GAAP) for the third quarter of 2023 was $14.0 million and adjusted EPS (non-GAAP) was $0.96, both an increase of 13% over the second quarter of 2023.\n\"The continued strength of our capital and operating earnings allowed us to execute an investment restructure strategy that repositions us for the future, while still reporting positive quarterly earnings,\" said Gregory A. Dufour, President and Chief Executive Officer. \"Although net income decreased 21% compared to the second quarter, on a non-GAAP basis, excluding the $5.3 million pre-tax loss on sale of securities, net income increased 13% over last quarter highlighting the benefits of the strategies we have taken year-to-date as we continue to prioritize deposits, net interest margin optimization and maintaining our strong asset quality.\"\nFor the nine months ended September 30, 2023, the Company reported net income of $34.9 million and diluted EPS of $2.39, decreases of 24% and 23%, respectively, compared to the nine months ended September 30, 2022. The decrease in earnings between periods reflects the sharp rise in interest rates between periods and the impact of a prolonged inverted yield curve, a $5.3 million pre-tax loss on the sale of investment securities recorded in the third quarter of 2023 as part of the Com...