Camden National parent reports Q1 earnings uptick, but decrease from a year ago

FILE PHOTO / TIM GREENWAY Greg Dufour, president and CEO of Camden National Bank, said first-quarter earnings were up slightly over the fourth-quarter total last year.

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By William Hall

Camden National Corp. (Nasdaq: CAC), the holding company for Camden National Bank, on Tuesday posted first-quarter results including an uptick in earnings from the previous quarter — but a larger year-over-year decrease.

Net income from January through March was $16.8 million and earnings per share were $1.13, both an increase of 2% over the fourth quarter of 2021. Net income decreased $2.9 million, or 15%, and EPS decreased 18 cents, or 14%, compared to the first quarter of 2021.

Camden also reported assets of $5.4 billion on March 31, a decrease of $80 million, or 1%, since Dec. 31, 2021.

The company said the dip was driven by a decrease in investment balances of $86.1 million, or 6%. Cash balances also shrank by $81.2 million, or 37%, due to loan growth of $102.7 million, or 3%, during the quarter.

“This decrease year-over-year was expected given the significant change in the macro-economic environment between periods,” said Gregory A. Dufour, president and CEO. In the first quarter of 2021, we were originating SBA PPP loans and residential mortgage sales were at or near record levels, which drove higher revenues in comparison to the first quarter of this year.

"We enter the second quarter with strong asset quality indicators and regulatory capital levels, which are essential as interest rates have begun to increase and are forecasted to rise sharply this year, along with a flattening yield curve that is at risk of inversion. We are closely monitoring these events.”

Camden National is the second-largest bank based in Maine, according to the 2022 Mainebiz Book of Lists, and operates 57 branches throughout the state.