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Mar 31, 2020
Camden National Q1 2020 Earnings Report
Net income decreased due to higher provision expense and diluted earnings per share decreased over the same period last year.
Key Takeaways
Camden National Corporation reported a net income of $13.5 million for the first quarter of 2020, a decrease of 5% compared to the first quarter of 2019, with diluted earnings per share of $0.89, a decrease of 2% over the same period.
First quarter net income decreased 5% compared to Q1 2019, driven by higher provision expense.
Loans and loans held for sale grew 3% in Q1 2020.
Net interest margin decreased 10 basis points compared to Q1 2019.
Provision for credit losses increased due to the COVID-19 pandemic.
Revenue by Segment
Forward Guidance
Camden National's focus shifted to the next several quarters due to unprecedented times. The company is focused on its employees, customers and communities.
Positive Outlook
- Transitioned over half of employees to work from home.
- Instituted a debt relief program to support customers impacted by COVID-19.
- Rolled-out the Small Business Administration (SBA) Paycheck Protection Program to hundreds of businesses in need.
- The Company enters this period of economic uncertainty well-positioned from a capital perspective.
- Announced a cash dividend to shareholders of $0.33 per share, an increase of 10% compared to a year ago.
Challenges Ahead
- The duration, extent and severity of the COVID-19 pandemic, including its effects on our business, operations and employees as well as its effect on our customers and service providers and on economies and markets more generally.
- Increased competitive pressures.
- Changes in the interest rate environment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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