Camden National Corporation Reports Record Quarterly Net Income of $12.8 Million

Company Release - 4/24/2018 8:30 AM ET

CAMDEN, Maine, April 24, 2018 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; "Camden National" or the "Company"), a $4.1 billion bank holding company headquartered in Camden, Maine, reported net income for the first quarter of 2018 of $12.8 million and diluted earnings per share ("EPS") of $0.82 per share, representing increases over the first quarter of 2017 of 27% and 28%, respectively. For the three months ended March, 31, 2018, the Company's return on average assets was 1.28%, return on average equity was 12.91% and efficiency ratio1 was 58.76%.

"We're very pleased to report first quarter 2018 net income growth of $2.7 million and diluted EPS growth of $0.18 per share over the same period last year," said Gregory A. Dufour, President and Chief Executive Officer of Camden National. "In the first quarter, we saw the benefit of the lower federal corporate income tax rate, which we estimate contributed $0.12 per diluted share to earnings for the first three months of 2018. Our strong first quarter results also reflect revenue2 growth of $1.3 million and improved asset quality over the past year. Through our ongoing efforts, we were able to favorably resolve one large loan relationship that drove a negative credit loss provision for the first quarter of 2018. We are fortunate to have a highly experienced credit team that is focused on maximizing potential recoveries and protecting the Company's assets."

FIRST QUARTER 2018 FINANCIAL HIGHLIGHTS

  • Net income for the first quarter of 2018 increased 27% to $12.8 million over the first quarter of 2017.
  • Total loans at March 31, 2018 of $2.8 billion increased 5% over March 31, 2017 and low-cost deposits3 of $2.3 billion at March 31, 2018 increased 8% over the same period.
  • First quarter 2018 efficiency ratio was 58.76%, compared to 58.00% for the first quarter of 2017.
  • Non-performing assets to total assets ratio was 0.47% at March 31, 2018, compared to 0.50% at December 31, 2017 and 0.68% at March 31, 2017.

_____________________________________________________________________________

1

This is a non-GAAP measure. Please refer to "Reconciliation of non-GAAP to GAAP Financial Measures" for further details.

2

Revenue is the sum of net interest income and non-interest income.

3

Low-cost deposits include demand, interest checking, savings and money market.

FINANCIAL CONDITION

Total assets of $4.1 billion at March 31, 2018 increased 4% over March 31, 2017. Year over year, total loans increased $144.0 million, or 5%, to $2.8 billion driven by commercial loan growth of 8%, commercial real estate loan growth of 7% and residential real estate loan growth of 5%. The consumer and home equity loan portfolio over the same time period remained relatively flat.

The Company sold $47.1 million, or 55% of its residential mortgage production in the first quarter of 2018 and sold $231.5 million, or 55%, over the last 12-months.

Total deposits at March 31, 2018 grew $88.4 million, or 3%, to $3.0 billion over March 31, 2017 led by low-cost deposit growth of $178.3 million, or 8%, while borrowings increased $65.4 million, or 12%, over the same period. Average deposits (excluding brokered deposits) for the first three months of 2018 were $2.7 billion, representing an increase of $194.2 million, or 8%, over the same period last year, which was driven by average low-cost deposit growth of 9%.

At March 31, 2018, our loan-to-deposit ratio was 92%, compared to 90% at March 31, 2017.

The Company's capital position remained strong at March 31, 2018 with a total risk-based capital ratio of 14.32%, well in excess of regulatory requirements, and a tangible common equity ratio1 of 7.59%.

ASSET QUALITY

The Company maintained strong asset quality across its loan portfolio throughout the first quarter of 2018 with non-performing loans to total loans of 0.69% at March 31, 2018, compared to 0.99% at March 31, 2017. Asset quality improvement over the past year led to a decrease in provision for credit losses of $1.1 million for the three months ended March 31, 2018 compared to the same period last year.

For the three months ended March 31, 2018, a negative credit loss provision of $497,000 was recognized primarily due to the favorable resolution of a large commercial real estate loan that was on non-accrual and credit quality improvement across our loan portfolio, which drove a 5 basis point decrease in the allowance for loan losses to total loans ratio since December 31, 2017.

OPERATING RESULTS

Net income for the first quarter of 2018 was $12.8 million, representing an increase over the first quarter of 2017 of $2.7 million, or 27%. The growth in net income between periods was driven by:

  • A decrease in income tax expense of $1.3 million primarily due to a decrease in the Company's effective income tax rate as the federal corporate income tax rate was reduced under the Tax Cuts and Jobs Act of 2017 ("Tax Act"), which went into effect in 2018.
  • A decrease in provision for credit losses of $1.1 million resulting from strong asset quality.
  • An increase in net interest income of $1.0 million, or 4%, driven by an increase in average loans of $156.4 million, or 6%, and an increase in average deposits of $194.2 million, or 8%.
    • Net interest margin on a fully-taxable equivalent basis, excluding loan and CD fair value mark accretion income and collection of previously charged-off loans, decreased 2 basis points to 3.04% for the first quarter of 2018, compared to the first quarter of 2017. The decrease between periods was due to the lower federal corporate income tax rate, effective January 1, 2018.
  • An increase in non-interest income of $232,000, or 3%
  • Partially offset by an increase in non-interest expense of $876,000, or 4%, due to (i) normal merit increases and continued wage inflation, an increase in headcount, and other personnel-related expenses; (ii) an increase in data processing costs due to recent technology investments and advancements over the past year; and (iii) an increase in recruiting, training, donation and marketing costs.

_____________________________________________________________________________

1

This is a non-GAAP measure. Please refer to "Reconciliation of non-GAAP to GAAP Financial Measures" for further details.

FIRST QUARTER 2018 DIVIDEND

The Company declared a first quarter 2018 dividend of $0.25 per share, payable on April 30, 2018, to shareholders of record as of April 13, 2018. This distribution represents an annualized dividend yield of 2.25%, based on the March 29, 2018 (last business day) closing price of Camden National's common stock at $44.50 per share as reported by NASDAQ.

ANNUAL MEETING

Camden National has scheduled its annual meeting of shareholders for Tuesday, April 24, 2018, at 3:00 p.m. local time, at Point Lookout Resort and Conference Center, 67 Atlantic Highway, Northport, Maine 04849. The date for determining the Company's shareholders of record for the annual meeting was February 23, 2018.

CONFERENCE CALL

Camden National will host a conference call and webcast at 1:00 p.m., Eastern time, on Tuesday, April 24, 2018 to discuss its first quarter 2018 financial results and outlook. Participants should dial in to the call 10 - 15 minutes before it begins. Information about the conference call is as follows:

Live dial-in (domestic):  

(888) 349-0139

Live dial-in (international):

(412) 542-4154

Live webcast:          

http://services.choruscall.com/links/cac180424.html

A link to the live webcast will be available on Camden National's website under "Investor Relations" at www.CamdenNational.com prior to the meeting, and a replay of the webcast will be available on Camden National's website following the conference call. The transcript of the conference call will also be available on Camden National's website approximately two days after the conference call.

ABOUT CAMDEN NATIONAL CORPORATION

Camden National Corporation (NASDAQ:CAC), headquartered in Camden, Maine, is the largest publicly traded bank holding company in Northern New England with $4.1 billion in assets and nearly 650 employees. Camden National Bank, its subsidiary, is a full-service community bank founded in 1875 that offers an array of consumer and business financial products and services, accompanied by the latest in digital banking technology to empower customers to bank the way they want. The Bank provides personalized service through a network of 60 banking centers, 74 ATMs, and lending offices in New Hampshire and Massachusetts, all complemented by 24/7 live phone support. This year marks the 8th time Camden National Bank has received the "Lender at Work for Maine" Award from the Finance Authority of Maine. Comprehensive wealth management, investment, and financial planning services are delivered by Camden National Wealth Management. To learn more, visit www.CamdenNational.com. Member FDIC.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including certain plans, expectations, goals, projections and other statements, which are subject to numerous risks, assumptions and uncertainties. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may." Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, changes in general economic conditions, operational risks including, but not limited to, cybersecurity, fraud and natural disasters, legislative and regulatory changes that adversely affect the business in which Camden National is engaged, changes in the securities markets and other risks and uncertainties disclosed from time to time in in Camden National's Annual Report on Form 10-K for the year ended December 31, 2017, as updated by other filings with the Securities and Exchange Commission ("SEC"). Camden National does not have any obligation to update forward-looking statements.

USE OF NON-GAAP MEASURES

In addition to evaluating the Company's results of operations in accordance with generally accepted accounting principles in the United States ("GAAP"), management supplements this evaluation with certain non-GAAP financial measures, such as adjusted net income, adjusted diluted EPS, adjusted return on average assets, adjusted return on average equity and average tangible equity; the efficiency and tangible common equity ratios; and tangible book value per share. Management utilizes these non-GAAP financial measures for purposes of measuring our performance against our peer group and other financial institutions and analyzing our internal performance. We also believe these non-GAAP financial measures help investors better understand the Company's operating performance and trends and allow for better performance comparisons to other financial institutions. In addition, these non-GAAP financial measures remove the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for GAAP operating results, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other financial institutions. Reconciliation to the comparable GAAP financial measure can be found in this document.

ANNUALIZED DATA

Certain returns, yields and performance ratios are presented on an "annualized" basis. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts.

 


Selected Financial Data

(unaudited)



At or For The

Three Months Ended

(In thousands, except number of shares and per share data)


March 31,
 2018


December 31,
 2017


March 31,
 2017

Financial Condition Data







Investments


$

913,653



$

907,642



$

943,061


Loans and loans held for sale


2,798,696



2,790,542



2,650,818


Allowance for loan losses


22,990



24,171



23,721


Total assets


4,113,185



4,065,398



3,938,465


Deposits


3,025,580



3,000,491



2,937,183


Borrowings


622,347



611,498



556,922


Shareholders' equity


404,055



403,413



397,827


Operating Data







Net interest income


$

28,902



$

29,659



$

27,855


(Credit) provision for credit losses


(497)



238



579


Non-interest income


8,804



9,840



8,572


Non-interest expense


22,304



23,099



21,428


Income before income tax expense


15,899



16,162



14,420


Income tax expense


3,079



19,335



4,344


Net income (loss)


$

12,820



$

(3,173)



$

10,076


Key Ratios







Return on average assets


1.28

%


(0.31)

%


1.05

%

Return on average equity


12.91

%


(3.02)

%


10.36

%

Net interest margin


3.10

%


3.20

%


3.15

%

Non-performing loans to total loans


0.69

%


0.73

%


0.99

%

Non-performing assets to total assets


0.47

%


0.50

%


0.68

%

Annualized net charge-offs to average loans


0.10

%


0.07

%


0.00

%

Tier I leverage capital ratio


9.23

%


9.07

%


8.90

%

Total risk-based capital ratio


14.32

%


14.14

%


14.05

%

Per Share Data







Basic earnings per share


$

0.82



$

(0.20)



$

0.65


Diluted earnings per share


$

0.82



$

(0.20)



$

0.64


Cash dividends declared per share


$

0.25



$

0.25



$

0.23


Book value per share


$

25.96



$

25.99



$

25.65


Weighted average number of common shares outstanding


15,541,975



15,521,447



15,488,848


Diluted weighted average number of common shares outstanding


15,603,380



15,521,447



15,568,639


Non-GAAP Measures(1)







Adjusted net income


$

12,820



$

11,090



$

10,076


Adjusted return on average assets


1.28

%


1.09

%


1.05

%

Adjusted return on average equity


12.91

%


10.56

%


10.36

%

Adjusted return on average tangible equity


17.35

%


14.20

%


14.37

%

Tangible common equity ratio


7.59

%


7.66

%


7.74

%

Tangible book value per share


$

19.57



$

19.57



$

19.14


Adjusted diluted earnings per share


$

0.82



$

0.71



$

0.64


Efficiency ratio


58.76

%


57.75

%


58.00

%


(1) Please see "Reconciliation of non-GAAP to GAAP Financial Measures (unaudited)."

 

 

Consolidated Statements of Condition Data

(unaudited)




(In thousands, except number of shares)


March 31,
 2018


December 31,
 2017


March 31,
 2017

ASSETS







Cash and due from banks


$

48,159



$

44,057



$

43,634


Interest-bearing deposits in other banks


76,950



58,914



34,461


Total cash and cash equivalents


125,109



102,971



78,095


Investments:







Available-for-sale debt securities, at fair value


796,687



789,093



822,465


Held-to-maturity debt securities, at amortized cost (fair value of $91.9 million, $94.9
million and $94.3 million, respectively)


93,192



94,073



94,474


Other investments


23,774



24,476



26,122


Total investments


913,653



907,642



943,061


Loans held for sale, at fair value


9,548



8,103



5,679


Loans:







Residential real estate


860,533



858,369



819,639


Commercial real estate


1,169,533



1,164,023



1,096,475


Commercial(1)


420,429



418,520



389,530


Consumer and home equity


338,653



341,527



339,495


Total loans


2,789,148



2,782,439



2,645,139


      Less: allowance for loan losses


(22,990)



(24,171)



(23,721)


       Net loans


2,766,158



2,758,268



2,621,418


Goodwill


94,697



94,697



94,697


Other intangible assets


4,774



4,955



6,292


Bank-owned life insurance


88,097



87,489



78,697


Premises and equipment, net


41,545



41,891



42,100


Deferred tax assets


23,181



22,776



37,278


Other assets


46,423



36,606



31,148


Total assets


$

4,113,185



$

4,065,398



$

3,938,465


LIABILITIES AND SHAREHOLDERS' EQUITY







Liabilities







Deposits:







Demand


$

463,496



$

478,643



$

387,173


Interest checking


840,054



855,570



767,521


Savings and money market


1,005,329



985,508



975,856


Certificates of deposit


471,155



475,010



458,069


Brokered deposits


245,546



205,760



348,564


Total deposits


3,025,580



3,000,491



2,937,183


Short-term borrowings


552,624



541,796



487,287


Long-term borrowings


10,773



10,791



10,841


Subordinated debentures


58,950



58,911



58,794


Accrued interest and other liabilities


61,203



49,996



46,533


Total liabilities


3,709,130



3,661,985



3,540,638


Shareholders' equity


404,055



403,413



397,827


Total liabilities and shareholders' equity


$

4,113,185



$

4,065,398



$

3,938,465




(1)

Includes the Healthcare Professional Funding Corporation ("HPFC") loan portfolio.

 

 

Consolidated Statements of Income Data

(unaudited)



For The

Three Months Ended

(In thousands, except per share data)


March 31,
 2018


December 31,

2017


March 31,

2017

Interest Income







Interest and fees on loans


$

29,834



$

29,728



$

27,062


Interest on U.S. government and sponsored enterprise obligations (taxable)


4,225



4,091



4,256


Interest on state and political subdivision obligations (nontaxable)


672



685



702


Interest on deposits in other banks and other investments


547



536



394


Total interest income


35,278



35,040



32,414


Interest Expense







Interest on deposits


3,749



3,243



2,554


Interest on borrowings


1,780



1,283



1,161


Interest on subordinated debentures


847



855



844


Total interest expense


6,376



5,381



4,559


Net interest income


28,902



29,659



27,855


(Credit) provision for credit losses


(497)



238



579


Net interest income after (credit) provision for credit losses


29,399



29,421



27,276


Non-Interest Income







Debit card income


1,929



2,192



1,834


Service charges on deposit accounts


1,836



1,897



1,823


Mortgage banking income, net


1,391



1,797



1,553


Income from fiduciary services


1,283



1,277



1,247


Brokerage and insurance commissions


650



546



453


Bank-owned life insurance


608



620



577


Other service charges and fees


462



471



468


Net gain on sale of securities




28




Other income


645



1,012



617


Total non-interest income


8,804



9,840



8,572


Non-Interest Expense







Salaries and employee benefits


12,562



12,866



11,933


Furniture, equipment and data processing


2,586



2,690



2,325


Net occupancy costs


1,873



1,650



1,946


Consulting and professional fees


804



706



845


Debit card expense


730



721



660


Regulatory assessments


499



559



545


Amortization of intangible assets


181



392



472


Other real estate owned and collection costs (recoveries), net


75



413



(44)


Other expenses


2,994



3,102



2,746


Total non-interest expense


22,304



23,099



21,428


Income before income tax expense


15,899



16,162



14,420


Income tax expense


3,079



19,335



4,344


Net Income (Loss)


$

12,820



$

(3,173)



$

10,076


Per Share Data







Basic earnings per share


$

0.82



$

(0.20)



$

0.65


Diluted earnings per share


$

0.82



$

(0.20)



$

0.64


 

 

Quarterly Average Balance and Yield/Rate Analysis

(unaudited)



For The Three Months Ended



Average Balance


Yield/Rate

(In thousands)


March 31,
 2018


December 31,

2017


March 31,

2017


March 31,
 2018


December 31,

2017


March 31,

2017

Assets













Interest-earning assets:













Interest-bearing deposits in other banks(1)


$

52,510



$

51,020



$

34,529



1.40

%


1.08

%


0.69

%

Securities - taxable


826,529



811,006



833,162



2.22

%


2.21

%


2.20

%

Securities - nontaxable(2)


99,560



101,371



102,928



3.42

%


4.16

%


4.20

%

Loans(3)(4):













Residential real estate


860,783



861,658



814,626



4.12

%


4.15

%


4.10

%

Commercial real estate


1,171,598



1,153,842



1,076,788



4.20

%


4.15

%


3.93

%

Commercial(2)


349,963



343,921



319,556



4.27

%


4.12

%


4.09

%

Municipal(2)


17,277



18,442



16,071



3.33

%


3.73

%


3.39

%

Consumer and home equity


341,078



343,942



342,775



4.76

%


4.54

%


4.33

%

HPFC


43,757



46,565



58,252



7.99

%


8.14

%


8.34

%

     Total loans


2,784,456



2,768,370



2,628,068



4.30

%


4.26

%


4.15

%

Total interest-earning assets(1)


3,763,055



3,731,767



3,598,687



3.78

%


3.77

%


3.67

%

Other assets


292,312



307,329



305,155








Total assets


$

4,055,367



$

4,039,096



$

3,903,842





















Liabilities & Shareholders' Equity













Deposits:













Demand


$

452,629



$

486,753



$

391,671



%


%


%

Interest checking


833,410



824,247



716,940



0.38

%


0.28

%


0.15

%

Savings


493,660



497,929



489,041



0.06

%


0.06

%


0.06

%

Money market


487,685



489,426



483,914



0.66

%


0.58

%


0.45

%

Certificates of deposit(4)


472,213



490,779



463,786



1.00

%


0.90

%


0.88

%

Total deposits


2,739,597



2,789,134



2,545,352



0.42

%


0.36

%


0.30

%

Borrowings:













Brokered deposits


238,870



217,328



308,594



1.59

%


1.35

%


0.87

%

Customer repurchase agreements


237,056



254,529



221,590



0.72

%


0.50

%


0.32

%

Subordinated debentures


58,930



58,892



58,775



5.83

%


5.76

%


5.83

%

Other borrowings


328,141



257,420



330,918



1.68

%


1.48

%


1.21

%

Total borrowings


862,997



788,169



919,877



1.68

%


1.45

%


1.18

%

Total funding liabilities


3,602,594



3,577,303



3,465,229



0.72

%


0.60

%


0.53

%

Other liabilities


50,147



44,979



44,337








Shareholders' equity


402,626



416,814



394,276








Total liabilities & Shareholders' Equity


$

4,055,367



$

4,039,096



$

3,903,842








Net interest rate spread (fully-taxable equivalent)(1)


3.06

%


3.17

%


3.14

%

Net interest margin (fully-taxable equivalent)(1)


3.10

%


3.20

%


3.15

%

Net interest margin (fully-taxable equivalent), excluding fair value mark accretion and collection of previously charged-off acquired loans(1)(4)


3.04

%


3.12

%


3.06

%


(1)   Prior periods were revised to include average interest-bearing deposits in other banks in total average interest-earning assets. Previously, average 
        interest-bearing deposits in other banks was presented in other assets.

(2)   Reported on a tax-equivalent basis using the corporate federal income tax rate in effect for the period, including certain commercial loans.

(3)   Non-accrual loans and loans held for sale are included in total average loans.

(4)   Excludes the impact of the fair value mark accretion on loans and certificates of deposit generated in purchase accounting and collection of 
        previously charged-off acquired loans for the three months ended March 31, 2018, December 31, 2017 and March 31, 2017 totaling $558,000, 
        $689,000 and $804,000, respectively.

 

 

Asset Quality Data

(unaudited)


(In thousands)


At or For The
Three Months Ended
March 31, 2018


At or For The
Year Ended
December 31, 2017


At or For The
Nine Months Ended
September 30, 2017


At or For The
Six Months Ended
June 30, 2017


At or For The
Three Months Ended
March 31, 2017

Non-accrual loans:











Residential real estate


$

6,185



$

4,979



$

4,465



$

4,890



$

4,105


Commercial real estate


4,603



5,642



5,887



16,291



12,858


Commercial


1,991



2,000



1,830



2,056



1,994


Consumer


1,464



1,650



1,626



1,371



1,552


HPFC


655



1,043



838



1,083



1,014


Total non-accrual loans


14,898



15,314



14,646



25,691



21,523


Loans 90 days past due and accruing








76




   Accruing troubled-debt restructured loans not
     included above


4,361



5,012



5,154



4,809



4,558


Total non-performing loans


19,259



20,326



19,800



30,576



26,081


Other real estate owned


130



130



341



341



621


Total non-performing assets


$

19,389



$

20,456



$

20,141



$

30,917



$

26,702


Loans 30-89 days past due:











Residential real estate


$

2,777



$

5,277



$

3,169



$

3,020



$

2,379


Commercial real estate


1,121



1,135



2,297



3,442



2,531


Commercial


243



518



712



269



168


Consumer


1,190



1,197



1,256



1,378



1,008


HPFC


528



887



938



639



777


Total loans 30-89 days past due


$

5,859



$

9,014



$

8,372



$

8,748



$

6,863


Allowance for loan losses at the beginning of the
  period


$

24,171



$

23,116



$

23,116



$

23,116



$

23,116


(Credit) provision for loan losses


(500)



3,026



2,786



1,984



581


Charge-offs:











Residential real estate


31



482



433



195



5


Commercial real estate


426



124



81



12



3


Commercial


171



1,014



650



281



136


Consumer


175



558



493



454



15


HPFC




290



274



81




Total charge-offs


803



2,468



1,931



1,023



159


Total recoveries


(122)



(497)



(442)



(317)



(183)


Net charge-offs (recoveries)


681



1,971



1,489



706



(24)


Allowance for loan losses at the end of the
  period


$

22,990



$

24,171



$

24,413



$

24,394



$

23,721


Components of allowance for credit losses:











Allowance for loan losses


$

22,990



$

24,171



$

24,413



$

24,394



$

23,721


Liability for unfunded credit commitments


23



20



22



7



9


Allowance for credit losses


$

23,013



$

24,191



$

24,435



$

24,401



$

23,730


Ratios:











Non-performing loans to total loans


0.69

%


0.73

%


0.72

%


1.12

%


0.99

%

Non-performing assets to total assets


0.47

%


0.50

%


0.50

%


0.77

%


0.68

%

Allowance for loan losses to total loans


0.82

%


0.87

%


0.89

%


0.89

%


0.90

%

Net charge-offs to average loans (annualized):











Quarter-to-date


0.10

%


0.07

%


0.11

%


0.11

%


%

Year-to-date


0.10

%


0.07

%


0.07

%


0.05

%


%

Allowance for loan losses to non-performing loans


119.37

%


118.92

%


123.30

%


79.78

%


90.95

%

Loans 30-89 days past due to total loans


0.21

%


0.32

%


0.30

%


0.32

%


0.26

%

 

 

Reconciliation of non-GAAP to GAAP Financial Measures (unaudited)


Adjusted Net Income; Adjusted Diluted EPS; and Adjusted Return on Average Assets:



For the
Three Months Ended

(In thousands, except per share data)


March 31,

 2018


December 31,

 2017


March 31,

 2017

Adjusted Net Income:







Net income (loss), as presented


$

12,820



$

(3,173)



$

10,076


Add: impact of the revaluation of deferred tax assets and liabilities due to the
    Tax Act




14,263




Adjusted net income


$

12,820



$

11,090



$

10,076


Adjusted Diluted EPS:







Diluted EPS, as presented


$

0.82



$

(0.20)



$

0.64


Add: impact of the revaluation of deferred tax assets and liabilities due to the
    Tax Act




0.91




Adjusted diluted EPS


$

0.82



$

0.71



$

0.64


Adjusted Return on Average Assets:







Return on average assets, as presented


1.28

%


(0.31)

%


1.05

%

Add: impact of the revaluation of deferred tax assets and liabilities due to the
    Tax Act


%


1.40

%


%

Adjusted return on average assets


1.28

%


1.09

%


1.05

%




Adjusted Return on Average Tangible Equity and Adjusted Return on Average Equity:



For the
Three Months Ended

(In thousands)


March 31,

 2018


December 31,

 2017


March 31,

 2017

Net income (loss), as presented


$

12,820



$

(3,173)



$

10,076


Add: impact of the revaluation of deferred tax assets and liabilities due to the
    Tax Act




14,263




Adjusted net income


12,820



11,090



10,076


Add: amortization of intangible assets, net of tax(1)


143



255



307


Adjusted tangible net income


$

12,963



$

11,345



$

10,383


Average equity


$

402,626



$

416,814



$

394,276


Less: average goodwill and other intangible assets


(99,568)



(99,823)



(101,229)


Average tangible equity


$

303,058



$

316,991



$

293,047


Adjusted return on average tangible equity


17.35

%


14.20

%


14.37

%

Adjusted return on average equity


12.91

%


10.56

%


10.36

%

Return on average equity


12.91

%


(3.02)

%


10.36

%


(1) Reported on a tax-equivalent basis using the corporate federal income tax rate in effect for the period.

 

 

Efficiency Ratio:









For the

Three Months Ended

(In thousands)


March 31,
 2018


December 31,
 2017


March 31,
 2017

Non-interest expense, as presented


$

22,304



$

23,099



$

21,428


Net interest income, as presented


$

28,902



$

29,659



$

27,855


Add: effect of tax-exempt income(1)


254



525



520


Non-interest income, as presented


8,804



9,840



8,572


Less: net gain on sale of securities




(28)




Adjusted net interest income plus non-interest income


$

37,960



$

39,996



$

36,947


Non-GAAP efficiency ratio


58.76

%


57.75

%


58.00

%

GAAP efficiency ratio


59.15

%


58.48

%


58.82

%


(1) Reported on a tax-equivalent basis using the corporate federal income tax rate in effect for the period.



Tangible Book Value Per Share and Tangible Common Equity Ratio:



March 31,
 2018


December 31,

 2017


March 31,
 2017

(In thousands, except number of shares and per share data)


Tangible Book Value Per Share:







Shareholders' equity, as presented


$

404,055



$

403,413



$

397,827


Less: goodwill and other intangible assets


(99,471)



(99,652)



(100,989)


Tangible equity


$

304,584



$

303,761



$

296,838


Shares outstanding at period end


15,565,868



15,524,704



15,508,025


Tangible book value per share


$

19.57



$

19.57



$

19.14


Book value per share


$

25.96



$

25.99



$

25.65


Tangible Common Equity Ratio:

Total assets


$

4,113,185



$

4,065,398



$

3,938,465


Less: goodwill and other intangibles


(99,471)



(99,652)



(100,989)


Tangible assets


$

4,013,714



$

3,965,746



$

3,837,476


Tangible common equity ratio


7.59

%


7.66

%


7.74

%

Shareholders' equity to total assets


9.82

%


9.92

%


10.10

%


 

www.camdennational.com.  (PRNewsFoto/Camden National Corporation) (PRNewsfoto/Camden National Corporation)

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/camden-national-corporation-reports-record-quarterly-net-income-of-12-8-million-300634807.html

SOURCE Camden National Corporation