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Sep 30, 2023
Camden National Q3 2023 Earnings Report
Camden National's Q3 2023 financial results were reported, with net income of $9.8 million and diluted EPS of $0.67.
Key Takeaways
Camden National Corporation reported a net income of $9.8 million and diluted earnings per share of $0.67 for Q3 2023. These results reflect a 21% decrease compared to the previous quarter, influenced by a $5.3 million pre-tax loss from the sale of investment securities. Excluding this loss, adjusted net income increased by 13% over Q2 2023.
Net income decreased by 21% compared to Q2 2023, primarily due to a strategic balance sheet repositioning.
Excluding the investment loss, adjusted net income increased by 13% compared to the second quarter.
Asset quality remained strong, with non-performing assets totaling 0.11% of total assets.
The company executed an investment restructure strategy that repositions it for the future.
Forward Guidance
Camden National will host a conference call and webcast at 3:00 p.m., Eastern Time, on Tuesday, October 31, 2023 to discuss its third quarter 2023 financial results and outlook.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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