CAC - Camden National: Yield Pressure To Drag Earnings

• Due to the scheduled repricing of loans this year, the average portfolio yield, and consequently the net interest margin, will likely face pressure.
• The upcoming maturity of certificates of deposits will ease some of the pressure on the net interest margin.
• The provision expense will likely decline this year because the credit risk has subsided, as gauged by loans requiring payment modifications.
• The year-end target price suggests a small downside from the current market price. Further, Camden National is offering a modest dividend yield.

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