'Prudent risk management' bolsters Camden National earnings
Courtesy / Camden National
Simon Griffiths, president and CEO of Camden National Bank
Camden National Corp., parent company of Camden National Bank, said Thursday that first quarter net income was $13.3 million, or 91 cents per share, improving on numbers from the same period last year.
Earnings for the three months ended March 31 compared to $12.7 million, or 87 cents share, a year earlier.
Camden National (Nasdaq: CAC) said it "continues to prioritize strong asset quality within the portfolio."
Performance was improved by releasing $2.1 million that had been set aside for credit losses. As part of that, the bank was able to recover $910,000 it had written off last year related to the sale of a Signature Bank corporate bond.
"We are pleased with our first quarter financial results, demonstrating we can be nimble and take action to manage expenses, while managing the dynamics of our balance sheet," said Simon Griffiths, who took over as president and CEO on Jan. 1, succeeding Greg Dufour.
"Our operating results reflect our dedication to prudent risk management and the benefits of a relationship banking approach, which have allowed us to build a solid financial foundation," Griffiths continued. "Our confidence comes from our strategic plan centered around our strong customer base and driving long-term profitable growth, stewarded by a talented team across our organization."
Camden National, which is based in Camden, is the second-largest Maine-based bank, behind Bangor Savings, according to the 2024 Mainebiz Book of Lists. As of June 30, 2023, Camden National had assets of $5.7 billion and 56 Maine offices.
Ranked by market share in Maine, the bank is No. 3 behind TD Bank and Bangor Savings.
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