CAMDEN NATIONAL CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2023 FINANCIAL RESULTS

Provided By PR Newswire

Last update: Jan 30, 2024

Reports Fourth Quarter 2023 Net Income of $8.5 million and Diluted EPS of $0.58;
Capital and Asset Quality Remain Strong at Year End

CAMDEN, Maine, Jan. 30, 2024 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; "Camden National" or the "Company"), a $5.7 billion bank holding company headquartered in Camden, Maine, reported net income of $8.5 million and diluted earnings per share ("EPS") of $0.58 for the fourth quarter of 2023, both decreases of 13% compared to the third quarter of 2023. Throughout 2023, financial institutions, including Camden National, were faced with many challenges due to the interest rate environment and well-publicized bank failures. In response to these dynamics, the Company prioritized actions designed to maintain long-term shareholder value and to position ourselves to be able to capitalize on future growth opportunities. We believe the actions we took during 2023 fortified our balance sheet, stabilized net interest margin and positioned the Company for future earnings capacity.