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Jun 30, 2023
Camden National Q2 2023 Earnings Report
Camden National's financial performance decreased slightly due to rising interest rates, impacting net interest margin, but balance sheet and asset quality remained strong.
Key Takeaways
Camden National Corporation reported a decrease in net income and diluted earnings per share compared to the previous quarter, primarily due to rising short-term interest rates impacting deposit and funding costs. However, the company's capital levels, asset quality, and reserves remain strong.
Net income decreased by 3% and diluted EPS decreased by 2% compared to the first quarter of 2023.
Net interest margin decreased by 14 basis points to 2.40% due to increased funding costs.
Loans and deposits each grew by 1% during the second quarter of 2023.
Asset quality remained strong, with low levels of non-performing assets and delinquent loans.
Camden National
Camden National
Forward Guidance
The company did not provide specific forward guidance in the earnings report.