Loading...
•
Sep 30, 2021
Camden National Q3 2021 Earnings Report
Camden National's Q3 2021 financial results were reported, showing a net income decrease compared to both Q3 2020 and Q2 2021, driven by strategic shifts and increased provision expenses.
Key Takeaways
Camden National Corporation reported a net income of $14.6 million for Q3 2021, a decrease of 13% compared to Q3 2020. The decrease was attributed to a strategic shift to hold more residential mortgage production within its loan portfolio and an increase in provision expense.
Net income decreased by $2.1 million, or 13%, compared to the third quarter of 2020 and decreased $3.5 million, or 19%, compared to the second quarter of 2021.
Net interest margin for the third quarter of 2021 was 2.76%, compared to 3.00% for the third quarter of 2020 and 2.83% for the second quarter of 2021.
Loans grew 3% during the nine months ended September 30, 2021, and excluding SBA PPP loans (non-GAAP), grew 5% during the same period.
Non-performing assets were 0.14% of total assets and loans 30-89 days past due were 0.06% of total loans at September 30, 2021, compared to 0.22% and 0.10% at December 31, 2020, respectively.
Forward Guidance
Management expects continued pressure from prepayment activity based on current conditions.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...