| Over a month ago | ||||
Tangible book value per… Tangible book value per share at quarter end was $24.37 from $22.97 at previous quarter end. Q4 provision for credit losses was $466K from $2.76M at previous quarter. Q4 net charge-offs were $764K from $502K in Q3. "We're pleased to report annual earnings of $61.4M for 2022 and $15.4M for 4Q22. The strength of our core operating earnings allowed us to further build loan loss reserves throughout the year in response to growing economic concerns, while our asset quality continues to remain extremely favorable," said CEO Gregory Dufour. "We are confident that our capital levels and strong credit quality position us for continued success in light of a dynamic and, at times, uncertain future economic conditions. The sharp rise in interest rates in 2022 resulted in a prolonged and steep yield curve, which we anticipate will continue in 2023. While this will challenge all financial institutions, our strong core deposit base, excellent credit quality, disciplined expense management, solid capital position, and commitment to long-term sustainable growth will help us navigate through the coming quarters." | ||||
| Over a quarter ago | ||||
Raymond James analyst… Raymond James analyst Steve Moss initiated coverage of Camden National with a Market Perform rating and no price target. | ||||
Gregory A. Dufour,… Gregory A. Dufour, president and CEO of Camden National announced that the board of directors of the Company declared a quarterly dividend of 42c per share, an increase of 2c per share, or 5%. This quarterly payout results in an annualized dividend yield of 4.10% based on the December 19 closing price of the Company's common stock at $40.95 per share as reported by NASDAQ. The dividend is payable on January 31, 2023 to shareholders of record on January 13, 2023. | ||||
Net interest margin… Net interest margin increased 4 basis points to 2.88%, compared to 2Q22, while adjusted net interest margin expanded 3 basis points to 2.88% over the same period. Tangible book value per share was $22.97 from $23.92 as of June 30, 2022. "Our revenues for the first nine months of the year grew 2% over the same period last year, this demonstrates the flexibility and strong core operating capacity of Camden National," said CEO Gregory Dufour. "The 2% increase in revenues were in light of the impact of the stock market on our wealth and brokerage businesses, as well as a reduction in mortgage sale activity and SBA Paycheck Protection Program loan income. Residential mortgage activity continues to slow in comparison to recent quarters and the prior year as mortgage interest rates have risen sharply, and we expect overall activity will continue to slow. Commercial activity, including small business lending, has remained fairly steady and we anticipate continued growth, in terms of both volume and yield, from these business lines moving forward. We will prioritize maintaining our allowance for credit losses in light of macro-economic conditions although current asset quality remains extremely strong. We added nearly $3M of provision expense during the quarter and $4M year-to-date, which increased our allowance for credit losses as a percent of total loans to 95 basis points and 7.2 times total non-performing loans." | ||||
Stephens analyst Matt… Stephens analyst Matt Breese downgraded Camden National to Equal Weight from Overweight with an unchanged price target of $48. While he still views Camden National as "a high quality name with a solid fundamental outlook," Breese thinks the story lacks a near-term catalyst and sees shares approaching near-term fair value. He thinks Camden shares will largely trade with the group in the near-term until closer to the end of the rate-hiking cycle, the analyst added. | ||||
Net interest margin… Net interest margin decreased 3 basis points to 2.84%, compared to the first quarter of 2022, while adjusted net interest margin expanded 1 basis point to 2.85% over the same period. | ||||
Virtual Meeting to be… Virtual Meeting to be held on May 25 hosted by Piper Sandler. | ||||
Virtual Meeting to be… Virtual Meeting to be held on May 25 hosted by Piper Sandler. | ||||
Net interest margin for… Net interest margin for the first quarter of 2022 was 2.87%, an increase of 5 basis points over the fourth quarter of 2021. "We are pleased to report a strong start to 2022 in light of emerging economic and geopolitical challenges," said Gregory A. Dufour, President and Chief Executive Officer. "Diluted EPS for the first quarter of 2022 increased 2% over last quarter, while diluted EPS decreased 14% compared to the first quarter of 2021. This decrease year-over-year was expected given the significant change in the macro-economic environment between periods. In the first quarter of 2021, we were originating SBA PPP loans and residential mortgage sales were at or near record levels, which drove higher revenues in comparison to the first quarter of this year." "We enter the second quarter with strong asset quality indicators and regulatory capital levels, which are essential as interest rates have begun to increase and are forecasted to rise sharply this year, along with a flattening yield curve that is at risk of inversion. We are closely monitoring these events," Dufour explained. | ||||
