Camden National Corporation - CAC STOCK NEWS

Camden National Corporation (NASDAQ: CAC) reported a net income of $12.7 million and diluted EPS of $0.87 for Q1 2023, reflecting a 17% decline from Q4 2022. This decrease is mainly attributed to interest rate volatility, seasonal deposit outflows, and a $1.8 million loss on investment securities. Return on average equity stood at 11.16%, down from 14.03% in the previous quarter. The company maintains strong capital and liquidity, with total assets of $5.7 billion and a loan-to-deposit ratio of 88%. Notably, core deposits decreased by 6%, influenced by competitive deposit rates. Camden National announced a quarterly cash dividend of $0.42 per share, yielding 4.64%. Despite challenges, the bank emphasizes a commitment to stability and customer relationships amidst market fluctuations.

Camden National Corporation (NASDAQ: CAC) will report its financial results for the quarter ending March 31, 2023, on April 25, 2023. A conference call will be held at 3:00 p.m. Eastern, featuring President and CEO Gregory A. Dufour and CFO Michael R. Archer. Interested parties can access the call via dial-in or webcast, with instructions provided in the announcement.

Camden National, the largest publicly traded bank holding company in Northern New England, boasts $5.7 billion in assets and has been recognized as one of the Best Places to Work in Maine for 2021 and 2022. The company offers comprehensive banking services through its 58 branches and additional offices in New Hampshire and Massachusetts, emphasizing digital banking and personalized service.

Camden National Corporation (NASDAQ: CAC) announced significant governance actions ahead of its annual shareholder meeting on May 23, 2023. The Company plans to declassify the Board of Directors' terms, transitioning to annual elections by 2025. Additionally, a succession planning committee has been established to identify potential successors for CEO Greg Dufour, who turns 63 in May. These initiatives reflect Camden National's commitment to strong corporate governance practices and are designed to enhance shareholder value. Further information will be detailed in the prelim DEF 14A Proxy Statement available on March 31, 2023.

Camden National Corporation (NASDAQ: CAC) declared a quarterly dividend of $0.42 per share, yielding 4.47% annually based on a closing price of $37.58 on March 27, 2023. This dividend is payable on April 28, 2023 to shareholders recorded on April 14, 2023. Camden National, the largest publicly traded bank holding company in Northern New England with $5.7 billion in assets, continues to demonstrate commitment to rewarding its shareholders. The company has been recognized as one of the Best Places to Work in Maine in both 2021 and 2022.

Camden National Corporation (NASDAQ: CAC) reported an 8% increase in fourth quarter 2022 net income, totaling $15.4 million, with diluted earnings per share (EPS) of $1.05. For the full year 2022, net income was $61.4 million, an 11% decline compared to 2021. The decrease reflects challenges from rising interest rates and a reduction in mortgage activity. The company's return on average equity stood at 14.03%, and loan growth reached 4% in Q4. Camden National announced a 5% quarterly dividend increase, raising its annualized yield to 4.03%. However, the allowance for credit losses was increased amid economic uncertainties.

Camden National Corporation (NASDAQ:CAC) will report its financial results for the quarter and year ended December 31, 2022, on January 31, 2023. A conference call, hosted by President Gregory A. Dufour and CFO Michael R. Archer, will take place at 3:00 p.m. Eastern on the same day. Interested parties can join via dial-in or webcast. Camden National, with $5.6 billion in assets, is the largest publicly traded bank holding company in Northern New England, offering comprehensive financial services and earning recognition as a top workplace in Maine.