Camden National Corporation (NASDAQ:CAC) Q1 2022 Earnings Conference Call April 26, 2022 1:00 PM ET
Company Participants
Greg Dufour - President & Chief Executive Officer
Mike Archer - Executive Vice President & Chief Financial Officer
Conference Call Participants
Damon DelMonte - KBW
Matthew Breese - Stephens
Operator
Good day and welcome to the Camden National Corporation's First Quarter 2022 Earnings Conference Call. My name is Jason and I will be the operator for today's call. All participants will be on listen-only during today's presentation. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions]
Please note that this presentation contains forward-looking statements which involve significant risks and uncertainties that may cause actual results to vary materially from those projected in the forward-looking statements. Additionally, information concerning factors that could cause actual results to differ materially from those in such forward-looking statements are described in the company's earnings press release, the company's 2021 annual report on Form 10-K, and other filings with the SEC.
The company does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the forward-looking statements are made. Any references in today's presentation to non-GAAP financial measures are intended to provide meaningful insights and are reconciled with GAAP in the press release.
Today's presenters are David [ph] Dufour, President and Chief Executive Officer; and Mike Archer, Executive Vice President and Chief Financial Officer. Please note that this event is being recorded.
At this time, I would like to turn the conference over to Greg Dufour. Please go ahead sir.
Greg Dufour
Great. Thank you, Jason. Good afternoon and welcome to Camden National's first quarter 2022 earnings call. Earlier today, we reported first quarter 2022 earnings of $16.8 million or $1.13 on a diluted share basis. This is up 2% from the fourth quarter 2021 and 15% lower on a net income basis when compared to the first quarter of 2021.
Mike will provide more detail in a few moments, but I want to comment that we believe this is a solid start to the year in light of several factors and conditions. First, as we all know, the economy and interest rate environment are dramatically different than they were just a few months ago and certainly a year ago.
Second, like most banks, we've seen a decline in residential mortgage activity and related income as well as declines in PPP-related revenues as those loans are being forgiven.