10/7/2023 0 Comments Loanstar home lending olympiaLoans and deposits each grew 1% during the second quarter of 2023.Net interest margin decreased 14 basis points to 2.40%, compared to the first quarter of 2023, as funding costs increased 36 basis points, partially offset by an increase in interest-earning asset yields of 20 basis points.Net income decreased $338,000, or 3%, and diluted EPS decreased $0.02, or 2%, compared to the first quarter. ![]() These decreases were primarily driven by the change in interest rates between periods, highlighted by a Federal Funds Interest Rate range of 5.00% - 5.25% at June 30, 2023, compared to a range of 1.50% - 1.75% at June 30, 2022, as well as the write-off of a $1.8 million Signature Bank corporate bond in the first quarter of 2023.Īt June 30, 2023, the Company's regulatory capital ratios were well in excess of regulatory requirements nonperforming assets were 0.09% of total assets loans 30-89 days past due were 0.05% of total loans and total deposits increased 1% from the first quarter of 2023.ġ Uncollateralized deposits are customer deposits for which the Company has not pledged any of its assets, including investment securities, or provided any other type of guarantee. "As I shared last quarter, our short-term organizational priorities continue to be centered around deposits and net interest margin optimization and maintaining our strong asset quality through proactive management and early identification of any credit-related trends."įor the first six months of 2023, the Company reported net income of $25.1 million and EPS of $1.72, decreases of 21% and 20%, respectively, compared to the six months ended June 30, 2022. Dufour, President and Chief Executive Officer. Our strong capital levels, asset quality, and reserves provide us with stability for the future," said Gregory A. "Camden National is well-positioned to weather the current turbulent markets, highlighted by prolonged and steep yield curve inversion that has caused significant profitability pressure across the banking industry. The Company's return on average equity was 10.66% and return on average tangible equity (non-GAAP) was 13.55% for the second quarter of 2023, compared to 11.16% and 14.21%, respectively, for the first quarter of 2023. ![]() ![]() The Company's second quarter operating results were impacted by continued rising short-term interest rates driving higher deposit and funding costs and compressing net interest margin 14 basis points on a linked quarter basis. Balance Sheet and Asset Quality Remain StrongĬAMDEN, Maine, J/PRNewswire/ - Camden National Corporation (NASDAQ: CAC "Camden National" or the "Company"), a $5.8 billion bank holding company headquartered in Camden, Maine, reported net income of $12.4 million and diluted earnings per share of ("EPS") of $0.85 for the second quarter of 2023, decreases of 3% and 2%, respectively, compared to the first quarter of 2023.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |