Camden National reports Q3 earnings up 16% as bank builds up loan loss reserves
Camden National Corp. (Nasdaq: CAC), parent of Camden National Bank reported Tuesday that its third-quarter earnings increased $2.3 million, or 16%, over the same period last year.
Diluted earnings per share for the three months ending September 30 were $1.11, an increase of 17 cents, or 18%, over the third quarter of 2019, according to a news release.
As financial institutions have reacted to the current health and economic crisis, the bank has increased loan loss reserves by $11 million this year, from $25.7 million to $36.4 million, the bank said. At the end of the third quarter, allowance for losses was 1.11% of total loans, up from 0.81% at the beginning of 2020.
As of Sept. 30, Camden National’s COVID-19-related short-term loan deferrals were 5.5% of all loans, a decrease from the level in the second quarter, when short-term loan deferrals were 16.4% of total loans.
"This quarter's results demonstrate that our core business is solid and resilient. Our strong earnings for the quarter reflect the collective efforts and tireless work across our company as we continue to focus on our customers' needs while maintaining our strategic focus," said Camden National President and CEO Gregory A. Dufour.
"Although the last six months have presented unprecedented economic conditions, we took the necessary actions early to preserve the strength of our balance sheet.”
Camden National has assets of $5.2 billion and was ranked last year by Mainebiz as the the second-largest Maine-based bank, after Bangor Savings Bank. Camden National is headquartered in Camden, and operates over 60 branches.
Most Recent
Most Recent
0 Comments