Camden National Bank (Nasdaq: CMC) on Tuesday reported net income of $52.5 million for the nine months ended Sept. 30, an increase of 27% compared to the same period in 2020.
But net income for the third quarter of 2021 was $14.6 million, a decrease of 13% compared to the third quarter of 2020.
The decreases was driven by a shift in the company’s strategy to hold more of its residential mortgage production within its loan portfolio, according to a company statement.
And net income for the third quarter of 2021 decreased 19% compared to the second quarter of 2021.
The decrease was driven by growth within the bank’s loan portfolio and pipeline that resulted in increased expenses.
The trends come amidst a historically challenging job market that resulted in a wage increase at a minimum of 3%, and a starting minimum wage increase from $15 to $17 per hour, effective earlier this month.
“These adjustments were made to attract new talent, and retain and recognize the value our current employees continuously provide,” Gregory Dufour, president and CEO, said in the statement.
In September, the company announced a cash dividend of 36 cents per share, representing an annualized dividend yield of 3.01%, based on the closing share price of $47.90 on Sept. 30.