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Dec 31, 2022
Camden National Q4 2022 Earnings Report
Camden National Corporation reported an increase in fourth quarter net income, driven by core operating earnings and strong asset quality.
Key Takeaways
Camden National Corporation reported Q4 2022 earnings of $15.4 million, with diluted earnings per share of $1.05, representing an 8% increase over the third quarter of 2022. The company's returns on average equity, tangible equity, and assets were 14.03%, 18.18%, and 1.09%, respectively. Loan growth and deposit growth contributed to the solid performance.
Net income increased by 8% over the third quarter of 2022.
Net interest margin decreased to 2.76% due to rising funding costs outpacing asset yields.
Loans grew by 4% during the fourth quarter of 2022.
Deposits grew by 6% during the fourth quarter of 2022.