Courtesy / Camden National Bank
Simon Griffiths, president and CEO of Camden National Bank.
July 30, 2024
Camden National Bank reports Q2 earnings dip
By William Hall
Camden National Corp. (Nasdaq: CAC), the parent company of Camden National Bank, on Tuesday reported earnings of $12 million for the second quarter of this year, down from $13.3 million for the first quarter.
Diluted earnings per share for the most recent three months were 81 cents, compared to 91 cents last quarter.
The bank said the 10% decrease was driven by negative provision expense in the first quarter of 2024 of $2.1 million, compared to provision expense of $650,000 for the second quarter.
Second-quarter earnings before provision expense and income taxes were $15.5 million, compared to $14.2 million for the first quarter.
"This quarter's results highlight the strength and stability of our long-standing organization," said Simon Griffiths, president and chief executive officer of Camden National Corp.
"We're benefiting from our strong capital position, disciplined credit culture and expense management. Our well-diversified and stable funding mix positions us well to win new client relationships and deepen existing ones through our relationship banking approach and exceptional customer service."
For the first six months of 2024, Camden National reported earnings of $25.3 million and diluted earnings per share of $1.72, compared to $25.1 million and $1.72, respectively, for the six months ended June 30, 2023.
Camden National Corp. is northern New England's largest publicly traded bank holding company, with $5.7 billion in assets and 57 banking centers in Maine and New Hampshire. The bank was founded in 1875 and remains headquartered in its namesake town.
Camden National ranks No. 2 among the largest Maine-based banks, according to assets as listed in the 2024 Mainebiz Book of Lists, behind Bangor Savings Bank.
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