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Jun 30, 2022
Camden National Q2 2022 Earnings Report
Camden National reported a decrease in net income due to higher provision for credit losses, but saw loan growth and an increase in pre-tax, pre-provision earnings.
Key Takeaways
Camden National Corporation reported a net income of $15.0 million for the second quarter of 2022, with diluted earnings per share of $1.02. Loan growth was strong at 5% for the quarter and 9% for the first half of the year. The company increased its allowance for credit losses due to loan growth and economic outlook.
Net income decreased by 11% compared to the first quarter of 2022, primarily due to an increase in provision for credit loss expense.
Loans grew by 5% during the second quarter of 2022.
Net interest margin decreased 3 basis points to 2.84%, compared to the first quarter of 2022.
The company transferred securities originally designated as available-for-sale to held-to-maturity to help preserve capital.
Forward Guidance
The company did not provide specific forward guidance in the press release.
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