Camden National reports Q2 earnings down 11%

FILE PHOTO / TIM GREENWAY Greg Dufour is president and CEO of Camden National Bank.

Write a Comment

By Staff

Camden National Corp. (Nasdaq: CAC), the holding company for Camden National Bank, on Tuesday reported that earnings fell 11% from the first quarter of the year to the second.

Net income from April through June was $15 million, a decrease of $1.8 million from the total during the first three months of 2022. Earnings per share during Q2 were $1.02, a 10% decrease from the amount in Q1.

The decrease between periods was driven by higher provision for credit losses of $3.4 million, as loans grew 5% and the economy began to soften, Camden National said in a news release.

However, earnings before income taxes, loan provision and Paycheck Protection Program loan income increased $2 million, or 11%, compared to the first quarter of 2022.

Camden National’s assets were $5.5 billion, a decrease of $33.9 million, or 1%, since Dec. 31, 2021. Over this period, cash balances decreased $144.2 million and investment balances decreased $170.6 million, or 11%. Cash and investment proceeds were largely used to fund loan growth of $292.8 million, or 9%, during the first half of 2022.

“We are pleased to see an increase in pre-tax, pre-provision earnings in the second quarter over last quarter," said Camden National President and CEO Gregory A. Dufour. "We had another solid quarter of loan growth, seeing positive momentum across all of our loan channels … These results reflect the hard work and efforts across all of our teams."

Camden National Corp. is the largest publicly traded bank holding company in northern New England, and ranks second in assets among Maine-based banks according to the 2022 Mainebiz Book of Lists. Founded in 1875 in its namesake town, Camden National Bank operates 58 branches.