Camden National Q3 2021 Earnings Report
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.
Camden National
Camden National
Forward Guidance
Management expects continued pressure from prepayment activity based on current conditions.