Camden National (CAC) Tops Q1 EPS by 30c

Camden National (NASDAQ: CAC) reported Q1 EPS of $1.31, $0.30 better than the analyst estimate of $1.01.

"I'm very pleased with our strong start to the year reporting record quarterly earnings of $19.7 million for the quarter," said Gregory A. Dufour, President and Chief Executive Officer of the Company. "Mortgage banking income for the first quarter doubled that reported for the same period a year ago, while we also recognized $1.9 million of income from Small Business Administration Paycheck Protection Program ('SBA PPP') loans. The actions we took last year in response to the COVID-19 pandemic, which included increasing reserve levels, positioned us well during the early stages of the pandemic, providing flexibility to offer short-term loan deferral arrangements to qualified borrowers and originate SBA PPP loans. As we continue to monitor economic factors closely, our asset quality continues to be favorable, with non-performing assets at 0.20% of total assets and only $2.4 million of loans remaining on short-term deferral arrangement at March 31, 2021. Given the strength of our asset quality and improving market conditions, we released provision of $2.0 million for the quarter. At quarter-end, our loan loss reserves of 1.11% of total loans continued to be well above reserve levels at the onset of the pandemic of 0.84% of total loans at March 31, 2020."

Dufour added, "In addition to great financial results for the first quarter, we were excited to learn Camden National was named to S&P Global's top 50 performing publicly-traded community banks of 2020 with $3 - $10 billion in assets and was named a Raymond James Community Bankers Cup recipient, which recognizes the top 10% of community banks. These are major accomplishments and a testament to our whole team's hard work over the past year."

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

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