Camden National, Katahdin Trust report mixed results for Q1
Camden National Corp. (Nasdaq: CAC), the parent company of Camden National Bank, on Tuesday reported a 5% falloff in earnings for the first quarter of 2020 compared to the same period in 2019.
Net income for the first three months of 2020 was $13.5 million, compared to $14.3 million during the first quarter last year. Earnings per share were 89 cents for the most recent three months, a 2% decrease from the 91 cents reported for the quarter in 2019.
The recent results reflect allowances Camden made for loan losses amid the ongoing public health and economic crisis, according to a news release.
Loans and loans held for sale grew 3% in the first quarter of 2020. But provision for credit losses for the first quarter was $1.8 million, an increase of $1 million over the first quarter of 2019 and $1.6 million over the fourth quarter of 2019.
"These are unprecedented times – in just a few weeks, our focus shifted from working towards our long-term operational and financial goals to one that is focused on the next several quarters," said Camden National President and CEO Gregory A. Dufour.
In addition, the bank holding company reported that assets increased 4% since Dec. 31, 2019, to $4.6 billion.
Camden is one of the largest publicly traded bank holding companies in northern New England. Headquartered in Camden, the company employs 650 people and operates 58 bank branches throughout Maine.
Katahdin Trust News
Katahdin Bankshares Corp. (OTCQX: KTHN), parent company of Katahdin Trust Co., reported earnings of $1.26 million, or 38 cents per share, for the first quarter of 2020.
Assets increased to $903.7 million during the period, an increase of $52.8 million over the total at the end of 2019 and $103.6 million above the level for the first quarter of 2019.
In a news release, Katahdin also said it has participated in the federal Paycheck Protection program, lending over $70 million to 420 businesses by April 21. President and CEO Jon J. Prescott credited company employees for displaying “courage, ingenuity, teamwork and an incredible work ethic” in response to the crisis.
Katahdin Trust serves northern Maine and the greater Bangor and Portland regions with 16 branches.
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