Welcome to our dedicated page for Camden Natl news (Ticker: CAC), a resource for investors and traders seeking the latest updates and insights on Camden Natl stock.
Camden National Corporation (NASDAQ: CAC), founded in 1875 and headquartered in Camden, Maine, is the largest publicly traded bank holding company in Northern New England. With assets totaling $5.8 billion and a dedicated workforce of nearly 650 employees, Camden National Corporation is committed to delivering comprehensive banking solutions to its diverse client base.
Subsidiary Operations: The company’s primary subsidiary, Camden National Bank, offers a wide array of consumer and business financial products and services. These include loans, deposits, savings, online banking, and treasury management solutions designed to meet the unique needs of individuals, institutions, municipalities, non-profits, and commercial customers.
Community Presence: Camden National Bank operates through a robust network of 57 banking centers, 76 ATMs, and lending offices across New Hampshire and Massachusetts. It provides personalized service 24/7 through live phone support, ensuring that customers can manage their finances anytime, anywhere.
Wealth Management: Camden National Wealth Management offers specialized services in wealth management, investment, and financial planning, helping clients achieve their financial goals through tailored strategies and expert advice.
Recent Financial Performance: As of September 30, 2023, Camden National reported a net income of $9.8 million and diluted earnings per share of $0.67 for the third quarter, showcasing a strong capital position despite a 21% decrease from the previous quarter. The company’s strategic sale of investment securities worth $66.7 million resulted in a pre-tax loss of $5.3 million, aimed at repositioning its balance sheet in response to the changing interest rate environment.
Leadership and Strategy: With a keen focus on maintaining strong asset quality and optimizing net interest margins, Camden National’s leadership, under the guidance of President and CEO Gregory A. Dufour (retiring end of 2023), is transitioning to Simon Griffiths, ensuring a seamless leadership succession. This strategic move is set to fortify the company's future growth and operational stability.
Technological Advancements: Camden National Bank is dedicated to integrating the latest digital banking technologies to enhance customer experiences, making banking more accessible and efficient.
Recognition: Camden National Corporation has been recognized as one of the Best Places to Work in Maine for the past three years, highlighting its commitment to a positive workplace culture and employee satisfaction.
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.
Camden National Corporation (NASDAQ: CAC) has announced a 5% increase in its quarterly dividend, now set at $0.42 per share, payable on January 31, 2023. This increment adds to an annualized dividend yield of 4.10% based on the recent closing price of $40.95. Over the past decade, Camden has raised its cash dividend from $0.67 to $1.68 annually, marking a 151% increase. The company maintains $5.6 billion in assets, highlighting its sustained commitment to generating long-term earnings.
Camden National Corporation (NASDAQ: CAC) reported a third-quarter net income of $14.3 million, down 5% from the previous quarter, with diluted earnings per share (EPS) at $0.97. For the first nine months of 2022, net income totaled $46.1 million, marking a 12% decline year-over-year. Key drivers include a $8.5 million increase in provision for credit losses and $4.2 million less SBA PPP income. Despite the challenges, revenues grew 2% year-to-date. The bank announced a $0.40 per share cash dividend, reflecting a 3.76% yield. Total assets reached $5.6 billion.
Camden National Corporation (NASDAQ: CAC) will disclose its financial and operating results for the quarter ending September 30, 2022, on October 25, 2022. A conference call and webcast will occur at 3:00 p.m. Eastern on the same day, featuring CEO Gregory A. Dufour and CFO Michael R. Archer.
Investors can join the call via dial-in or webcast, with details provided in the release. Camden National, the largest publicly traded bank holding company in Northern New England, has $5.5 billion in assets and operates 58 banking centers, emphasizing customer service and digital banking.
Camden National Corporation (Nasdaq: CAC) has appointed Rebecca Hatfield as a director, effective December 31, 2022. Hatfield will also join the Capital Committee and Camden National Bank's Board. She brings extensive experience in risk management from her leadership at Avesta Housing, overseeing over 100 properties serving 5,000 people. Recognized in the business community, Hatfield aims to enhance corporate strategy and shareholder value. Camden National, with $5.5 billion in assets, continues to be a key player in Northern New England's banking landscape.
On September 27, 2022, Camden National Corporation (NASDAQ: CAC) declared a quarterly dividend of $0.40 per share, yielding an annualized rate of 3.62% based on the closing stock price of $44.22 on September 26, 2022. The dividend will be paid on October 31, 2022 to shareholders of record as of October 14, 2022. Camden National Corporation, the largest bank holding company in Northern New England, has $5.5 billion in assets and operates a full-service community bank.
Camden National Corporation (NASDAQ: CAC) reported a net income of $15.0 million for Q2 2022, reflecting an 11% decline from the previous quarter, primarily due to a higher credit loss provision of $3.4 million. The diluted EPS was $1.02, down 10%. Despite this, loan growth was strong at 9% for the first half of 2022, supported by a 5% increase in Q2 alone. The return on average equity rose to 13.16%. The company announced a $0.40 dividend per share, representing a 3.63% annual yield.
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