Camden National (CAC) Reports In-Line Q2 EPS

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Go back to Camden National (CAC) Reports In-Line Q2 EPS

Camden National Corporation Reports Second Quarter 2020 Financial Results

July 28, 2020 8:30 AM EDT

CAMDEN, Maine, July 28, 2020 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; "Camden National" or the "Company"), a $5.0 billion bank holding company headquartered in Camden, Maine, reported net income for the second quarter 2020 of $10.9 million, a decrease of 17% compared to the second quarter of 2019, and diluted earnings per share ("EPS") of $0.73, a decrease of 14% over the same period. The decrease in net income between periods was driven by higher provision expense in response to the COVID-19 pandemic. Second quarter 2020 pre-tax, pre-provision earnings1 increased $5.4 million, or 31%, over the second quarter of 2019.

"Over the past several months, we have... More