Camden National (CAC) Tops Q1 EPS by 11c

Camden National (NASDAQ: CAC) reported Q1 EPS of $0.91, $0.11 better than the analyst estimate of $0.80.

"We are thrilled to start 2019 on such a strong note, reporting record earnings for the quarter of $14.3 million," said Gregory A. Dufour, President and Chief Executive Officer of the Company. "Our financial results are the culmination of the strategic investments we have made in products, technology and talent, all focused to continuously expand our customer base and enhance the customer experience. These investments have translated into strong loan and deposit growth that includes a 10% increase in average loans and 17% increase in average core deposits1 in the first quarter of 2019 over the first quarter last year."

Dufour added, "In the first quarter of 2019, our net interest margin on a fully-taxable basis reached 3.18%, an increase of 8 basis points over the first quarter last year, as our core deposit growth outpaced loan growth. However, because we are asset sensitive, we anticipate that if interest rates remain at current levels or decrease there will be downward pressure on our net interest margin in future periods as funding costs continue to increase."

"In January, we announced a stock repurchase plan of up to 775,000 shares of the Company\'s common stock. Through April 26, 2019, we repurchased 95,967 shares at an average price of $41.87 per share. We continue to be active in the market and prudently repurchase shares based on our market price," said Dufour.

For earnings history and earnings-related data on Camden National (CAC) click here.

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