Camden National Corp [CAC], a leading financial institut ion, has released its unaudited consolidated financial statements for the first quarter of 2023, showcasing its financial performance during the period. The report highlights both the net income achieved and the revenue generated by the company.
Camden National Corp achieved a net income of $12.7 million in the first quarter of 2023. Compared to the same period last year, the net income has decreased, reflecting the dynamics of the current economic landscape and the financial sector.
Revenue for Q1 2023
The company's revenue for the first quarter of 2023 amounted to $52.7 million. This substantial revenue demonstrates Camden National Corp's strong market presence and ability to generate income in a challenging economic environment.
Financial Overview
Camden National Corp's total assets, as of March 31, 2023, were $5.72 billion, representing a marginal increase compared to December 31, 2022. The company's assets include cash, investments, loans, and other assets.
Assets
Cash and due from banks saw a rise to $53.9 million, while interest-bearing deposits in other banks decreased to $21.9 million. Total cash, cash equivalents, and restricted cash slightly increased to $75.7 million.
The investments held by Camden National Corp totaled $1.25 billion, with trading securities amounting to $4.0 million and available-for-sale securities at $686.4 million. Held-to-maturity securities stood at $540.1 million, while other investments amounted to $19.4 million.
The company's loans, a significant source of revenue, reached $4.07 billion, and the net loans amounted to $4.04 billion after considering the allowance for credit losses.
Other assets, including goodwill, core deposit intangible assets, bank-owned life insurance, and deferred tax assets, contributed to the overall asset value.
Total liabilities for the company were reported at $5.25 billion. Deposits, including non-interest checking, interest checking, savings, money market, certificates of deposit, and brokered deposits, amounted to $4.64 billion.
Short-term borrowings and junior subordinated debentures were $486.3 million and $44.3 million, respectively. Accrued interest and other liabilities stood at $78.3 million.
Shareholders' equity for Camden National Corp reached $464.9 million, reflecting common stock, retained earnings, and accumulated other comprehensive loss.
For the three months ending March 31, 2023, Camden National Corp recorded a net interest income of $34.3 million after accounting for interest income and interest expense. The company provisioned $2.0 million for credit losses during the quarter.
Non-interest income, including debit card income, service charges, and income from fiduciary services, contributed $9.9 million to the overall income.
On the expense side, salaries and employee benefits accounted for $14.6 million, and non-interest expenses amounted to $26.2 million.
Income before income tax expense stood at $16.0 million, with an income tax expense of $3.3 million, resulting in a net income of $12.7 million.
The comprehensive income for Q1 2023 amounted to $19.2 million, reflecting the net income and other comprehensive income (loss). The latter includes changes in unrealized loss on debt securities, unrealized gain on cash flow hedging derivatives, and other items.
Camden National Corp's shareholders' equity grew to $464.9 million by the end of March 2023, driven by net income, stock-based compensation, and other transactions affecting equity.
The net cash provided by operating activities for the first quarter of 2023 was $14.5 million. Investing activities resulted in a net cash outflow of $45.0 million, while financing activities contributed a net cash inflow of $30.8 million.
Camden National Corp closed the first quarter of 2023 with $75.7 million in cash, cash equivalents, and restricted cash.
Overall, the financial statements indicate that Camden National Corp continues to perform well in a challenging economic environment, generating substantial revenue and maintaining a healthy net income.