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Jun 30, 2021
Camden National Q2 2021 Earnings Report
Camden National's financial performance increased significantly, driven by strong financial results and strategic initiatives.
Key Takeaways
Camden National Corporation reported a strong second quarter in 2021, with net income increasing by 66% compared to the same period in 2020. The company's financial results were driven by superior asset quality and continued momentum on strategic initiatives. The shift in strategy to hold more residential mortgage loan production within its loan portfolio impacted mortgage banking income.
Net income increased by $7.2 million, or 66%, over the second quarter of 2020 and decreased $1.6 million, or 8%, compared to the first quarter of 2021.
Net interest margin for the second quarter of 2021 was 2.83%, compared to 3.11% for the second quarter of 2020 and 2.88% for the first quarter of 2021.
Loans grew 3% during the second quarter of 2021 and 2% over this same period last year, excluding SBA PPP loans.
Non-performing assets were 0.17% of total assets and loans 30-89 days past due were 0.02% of total loans at June 30, 2021, compared to 0.22% and 0.10% at December 31, 2020, respectively.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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