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EX - 99.1 2 ex991 earningsreleaseq121.htm EX - 99.1 CONTACT : Michael Archer Senior Vice President Corporate Controller Camden National Corporation ( 800 ) 860-8821 marcher@CamdenNational.com FOR IMMEDIATE RELEASE ↑ Camden NATIONAL CORPORATION CAMDEN NATIONAL CORPORATION REPORTS FIRST QUARTER 2021 FINANCIAL RESULTS Camden National Corporation Reports Record Net Income of $ 19.7 Million for the First Quarter of 2021 CAMDEN , Maine , April 27 , 2021 / PRNewswire / -- Camden National Corporation ( NASDAQ : CAC ; “ Camden National " or the " Company " ) , a $ 5.1 billion bank holding company headquartered in Camden , Maine , reported net income of $ 19.7 million and diluted earnings per share ( " EPS " ) of $ 1.31 for the first quarter of 2021 , increases of 46 % and 47 % over the first quarter of 2020 , respectively . On a linked - quarter basis , the Company's first quarter 2021 net income and diluted EPS increased 8 % and 7 % over the fourth quarter of 2020 , respectively . These strong financial results led to a return on average equity of 15.00 % and a return on average tangible equity ( non - GAAP ) of 18.47 % for the first quarter of 2021 . " I'm very pleased with our strong start to the year reporting record quarterly earnings of $ 19.7 million for the quarter , " said Gregory A. Dufour , President and Chief Executive Officer of the Company . " Mortgage banking income for the first quarter doubled that reported for the same period a year ago , while we also recognized $ 1.9 million of income from Small Business Administration Paycheck Protection Program ( ' SBA PPP ' ) loans . The actions we took last year in response to the COVID - 19 pandemic , which included increasing reserve levels , positioned us well during the early stages of the pandemic , providing flexibility to offer short - term loan deferral arrangements to qualified borrowers and originate SBA PPP loans . As we continue to monitor economic factors closely , our asset quality continues to be favorable , with non - performing assets at 0.20 % of total assets and only $ 2.4 million of loans remaining on short - term deferral arrangement at March 31 , 2021. Given the strength of our asset quality and improving market conditions , we released provision of $ 2.0 million for the quarter . At quarter - end , our loan loss reserves of 1.11 % of total loans continued to be well above reserve levels at the onset of the pandemic of 0.84 % of total loans at March 31 , 2020. " Dufour added , " In addition to great financial results for the first quarter , we were excited to learn Camden National was named to S & P Global's top 50 performing publicly - traded community banks of 2020 with $ 3 - $ 10 billion in assets and was named a Raymond James Community Bankers Cup recipient , which recognizes the top 10 % of community banks . These are major accomplishments and a testament to our whole team's hard work over the past year . " In March 2021 , the Company announced a 9 % increase in its quarterly cash dividend to $ 0.36 , payable on April 30 , 2021 to shareholders of record on April 15 , 2021. The Company's book value per share grew 8 % year - over - year to