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EX - 99.1 2 ex991 earningsreleaseq221.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 SECOND QUARTER 2021 FINANCIAL RESULTS Camden National Corporation Reports Net Income of $ 18.1 Million for the Second Quarter of 2021 and $ 37.9 Million for the Six Months Ended June 30 , 2021 CAMDEN , Maine , July 27 , 2021 / PRNewswire / -- Camden National Corporation ( NASDAQ : CAC ; " Camden National ” or the " Company " ) , a $ 5.2 billion bank holding company headquartered in Camden , Maine , reported net income of $ 18.1 million and diluted earnings per share ( " EPS " ) of $ 1.21 for the second quarter of 2021 , an increase of 66 % over the second quarter of 2020. Net income and diluted EPS for the six months ended June 30 , 2021 was $ 37.9 million and $ 2.52 , respectively , increases of 55 % and 56 % compared to the same period of 2020. These strong financial results led to a return on average equity of 13.50 % and return on average tangible equity ( non - GAAP ) of 16.60 % for the second quarter of 2021 , and a return on average equity of 14.24 % and return on average tangible equity ( non - GAAP ) of 17.52 % for the six months ended June 30 , 2021 . " We have had an excellent first half of the year with very strong financial results that included net income of $ 37.9 million and diluted EPS of $ 2.52 , superior asset quality , and continued momentum on our various strategic initiatives , all while navigating the intricacies of the pandemic and its impact on our customers and employees , " said Gregory A. Dufour , President and Chief Executive Officer . " We are optimistic about the future based on vaccination rates , tourism and real estate activity within our markets . Our ongoing conversations with customers about economic recovery and growth further solidify this . " On a linked - quarter - basis , the Company's second quarter 2021 net income and diluted EPS each decreased 8 % compared to the first quarter of 2021. This was driven by a shift in the Company's strategy in recent months to hold more of its residential mortgage loan production within its loan portfolio , which resulted in a decrease in mortgage banking income between periods . In June 2021 , the Company announced a cash dividend of $ 0.36 per share , payable on July 30 , 2021 , to shareholders of record on July 15 , 2021 , representing an annualized dividend yield of 3.02 % , based on the Company's closing share price of $ 47.76 , as reported by NASDAQ as of June 30 , 2021 . " During the quarter , we welcomed Stephens , Inc. ( ' Stephens ' ) to our group of stock analysts who provide research on our stock . With the addition of Stephens , we now have four stock analysts covering our stock , " added Dufour .