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Camden National Corporation Reports Second Quarter 2024 Earnings of $12.0 Million and Diluted EPS of $0.81

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Camden National (NASDAQ: CAC) reported Q2 2024 earnings of $12.0 million and diluted EPS of $0.81, down from $13.3 million and $0.91 in Q1 2024. Key highlights include:

- Net interest margin increased to 2.36% from 2.30% in Q1
- Strong asset quality with non-performing loans at 0.23% of total loans
- Common equity ratio of 8.88% and tangible common equity ratio of 7.34%
- Total assets decreased 1% to $5.7 billion
- Loans increased by $18.3 million, driven by commercial and consumer growth
- Deposits decreased 1% to $4.5 billion
- Announced cash dividend of $0.42 per share

The company's performance reflects its strong capital position, disciplined credit culture, and expense management in a challenging economic environment.

Camden National (NASDAQ: CAC) ha riportato un utile del secondo trimestre 2024 di 12,0 milioni di dollari e un utile per azione diluito di 0,81 dollari, in calo rispetto ai 13,3 milioni di dollari e 0,91 dollari del primo trimestre 2024. I punti salienti includono:

- Il margine d'interesse netto è aumentato al 2,36% rispetto al 2,30% del primo trimestre
- Qualità degli attivi forte, con prestiti non performanti pari allo 0,23% del totale dei prestiti
- Rapporto di capitale comune dell'8,88% e rapporto di capitale comune tangibile del 7,34%
- Gli attivi totali sono diminuiti dell'1% a 5,7 miliardi di dollari
- I prestiti sono aumentati di 18,3 milioni di dollari, grazie alla crescita commerciale e dei consumatori
- I depositi sono diminuiti dell'1% a 4,5 miliardi di dollari
- Annunciato un dividendo in contante di 0,42 dollari per azione

Le prestazioni dell'azienda riflettono la sua forte posizione patrimoniale, una cultura creditizia disciplinata e una gestione delle spese in un contesto economico difficile.

Camden National (NASDAQ: CAC) reportó ganancias del segundo trimestre de 2024 por 12,0 millones de dólares y una utilidad por acción diluida de 0,81 dólares, en comparación con 13,3 millones de dólares y 0,91 dólares en el primer trimestre de 2024. Los aspectos destacados incluyen:

- El margen de interés neto aumentó al 2,36% desde el 2,30% en el primer trimestre
- Fuerte calidad de activos con préstamos no productivos en el 0,23% del total de préstamos
- Ratio de capital común del 8,88% y ratio de capital común tangible del 7,34%
- Los activos totales disminuyeron un 1% hasta 5,7 mil millones de dólares
- Los préstamos aumentaron en 18,3 millones de dólares, impulsados por el crecimiento comercial y del consumidor
- Los depósitos disminuyeron un 1% hasta 4,5 mil millones de dólares
- Anuncio de un dividendo en efectivo de 0,42 dólares por acción

El desempeño de la compañía refleja su sólida posición de capital, una cultura crediticia disciplinada y la gestión de gastos en un entorno económico desafiante.

Camden National (NASDAQ: CAC)는 2024년 2분기 수익 1200만 달러 및 희석 주당 순이익 0.81달러를 발표했으며, 이는 2024년 1분기의 1330만 달러 및 0.91달러에서 감소한 수치입니다. 주요 하이라이트는 다음과 같습니다:

- 순이자 마진이 2.36%로 1분기의 2.30%에서 증가했습니다.
- 비수익 대출 비율 0.23%로 강력한 자산 품질 유지
- 일반 자본 비율 8.88% 및 유형 자본 비율 7.34%
- 총 자산이 1% 감소하여 57억 달러
- 상업 및 소비자 성장에 의해 1830만 달러 증가한 대출
- 예금이 1% 감소하여 45억 달러
- 주당 0.42달러 현금 배당금 발표

회사의 성과는 어려운 경제 환경에서 강력한 자본 위치, 고도의 신용 문화 및 비용 관리가 반영된 결과입니다.

Camden National (NASDAQ: CAC) a annoncé un bénéfice pour le deuxième trimestre 2024 de 12,0 millions de dollars et un BPA dilué de 0,81 dollars, en baisse par rapport à 13,3 millions de dollars et 0,91 dollars au premier trimestre 2024. Les faits saillants comprennent :

- La marge d'intérêt nette a augmenté à 2,36% contre 2,30% au premier trimestre
- Qualité des actifs solide avec des prêts non performants à 0,23% du total des prêts
- Ratio de capitaux propres communs de 8,88% et ratio de capitaux propres tangibles de 7,34%
- Les actifs totaux ont diminué de 1% pour atteindre 5,7 milliards de dollars
- Les prêts ont augmenté de 18,3 millions de dollars, soutenus par la croissance commerciale et des consommateurs
- Les dépôts ont diminué de 1% pour atteindre 4,5 milliards de dollars
- Annonce d'un dividende en espèces de 0,42 dollar par action

La performance de l'entreprise reflète sa solide position en capital, une culture de crédit disciplinée et une gestion des coûts dans un environnement économique difficile.

Camden National (NASDAQ: CAC) berichtete von einem Gewinn im zweiten Quartal 2024 von 12,0 Millionen Dollar und einem verwässerten Gewinn pro Aktie von 0,81 Dollar, was einen Rückgang von 13,3 Millionen Dollar und 0,91 Dollar im ersten Quartal 2024 darstellt. Zu den wichtigsten Punkten gehören:

- Die Nettozinsmarge stieg auf 2,36% von 2,30% im ersten Quartal
- Hohe Vermögensqualität mit nicht leistungsfähigen Krediten bei 0,23% der Gesamtkredite
- Eigenkapitalquote von 8,88% und ratio des sogenannten „tangiblen Eigenkapitals“ von 7,34%
- Die Gesamtheiten verringerten sich um 1% auf 5,7 Milliarden Dollar
- Kredite stiegen um 18,3 Millionen Dollar, getrieben durch kommerzielles und individuelles Wachstum
- Einlagen verringerten sich um 1% auf 4,5 Milliarden Dollar
- Ankündigung einer Bardividende von 0,42 Dollar pro Aktie

Die Leistung des Unternehmens spiegelt die starke Kapitalposition, die disziplinierte Kreditkultur und das Ausgabenmanagement in einem herausfordernden wirtschaftlichen Umfeld wider.

Positive
  • Net interest margin expanded to 2.36% from 2.30% in Q1 2024
  • Strong asset quality with non-performing loans at only 0.23% of total loans
  • Loans increased by $18.3 million, driven by 3% growth in commercial loans
  • Pre-tax, pre-provision income increased 9% to $15.5 million
  • Regulatory capital ratios remained well above required levels
Negative
  • Net income decreased 10% to $12.0 million compared to Q1 2024
  • Diluted EPS declined to $0.81 from $0.91 in Q1 2024
  • Total assets decreased 1% to $5.7 billion
  • Deposits decreased 1% to $4.5 billion
  • Provision expense of $650,000 in Q2 compared to negative provision of $2.1 million in Q1

Insights

Camden National 's Q2 2024 results demonstrate resilience in a challenging economic environment. The bank reported $12.0 million in earnings and diluted EPS of $0.81, down from $13.3 million and $0.91 in Q1 2024. However, there are several positive indicators worth noting:

  • Net interest margin expanded to 2.36% from 2.30% in Q1, indicating improved profitability on lending activities.
  • Asset quality remains strong, with non-performing loans at just 0.23% of total loans.
  • The bank's capital position is robust, with regulatory ratios well above required levels.
  • Pre-tax, pre-provision income increased by 9% to $15.5 million, showing underlying operational strength.

The slight decrease in earnings can be attributed to a $650,000 provision expense in Q2, compared to a $2.1 million negative provision in Q1. This prudent approach to risk management is commendable given the uncertain economic outlook.

The bank's focus on relationship banking and customer service appears to be paying off, as evidenced by the 8% growth in savings deposits through a new high-yield product. This strategy could help mitigate funding cost pressures in the future.

Overall, Camden National's performance suggests a well-managed institution navigating effectively through a complex financial landscape.

Camden National's Q2 results offer intriguing insights into regional banking trends. The bank's ability to grow its loan portfolio by $18.3 million in a challenging environment is noteworthy, particularly the 3% increase in commercial loans and 2% rise in consumer and home equity loans. This suggests continued demand for credit in the Northern New England region, despite economic headwinds.

The launch of a high-yield savings product, resulting in 8% savings deposit growth, indicates a competitive deposit market. Banks are increasingly turning to such products to attract and retain deposits, which could pressure net interest margins industry-wide in the coming quarters.

Camden National's decision to sell 52% of its residential mortgage production reflects a broader trend among regional banks to manage interest rate risk and generate fee income. This strategy could prove beneficial if interest rates remain elevated or increase further.

The bank's strong capital position, with a common equity ratio of 8.88% and tangible common equity ratio of 7.34%, provides a solid foundation for potential growth opportunities or to weather economic uncertainties. This strength is particularly relevant given recent concerns about regional bank stability in the broader market.

The 5.09% annualized dividend yield is likely to be attractive to income-focused investors in the current market environment, potentially supporting the stock price.

Net Interest Margin Expands, Asset Quality Remains Strong

CAMDEN, Maine, July 30, 2024 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; "Camden National" or the "Company") today reported earnings for the quarter ended June 30, 2024 of $12.0 million and diluted earnings per share ("EPS") of $0.81, compared to $13.3 million and $0.91, respectively, for the first quarter of 2024.

On a non-GAAP-basis, earnings before provision expense and income tax expense ("Pre-tax, pre-provision income") for the second quarter of 2024 was $15.5 million, compared to $14.2 million for the first quarter of 2024.

"This quarter's results highlight the strength and stability of our long-standing organization," said Simon Griffiths, president and chief executive officer of Camden National Corporation. "We're benefiting from our strong capital position, disciplined credit culture and expense management. Our well-diversified and stable funding mix positions us well to win new client relationships and deepen existing ones through our relationship banking approach and exceptional customer service."

For the first six months of 2024, the Company reported net income of $25.3 million and diluted EPS of $1.72, compared to $25.1 million and $1.72, respectively, for the six months ended June 30, 2023.

SECOND QUARTER 2024 HIGHLIGHTS

  • Our return on average assets was 0.84% for the second quarter of 2024, and our return on average equity was 9.60% and, on a non-GAAP basis, our return on average tangible equity was 11.96%.
  • Our net interest margin increased to 2.36% for the second quarter of 2024 from 2.30% for the first quarter of 2024.
  • Our asset quality continues to be very strong, highlighted by loans 30-89 days past due of 0.05% of total loans and non-performing loans of 0.23% of total loans at June 30, 2024.
  • Our capital position remained strong with regulatory capital ratios well in excess of required regulatory levels. At June 30, 2024, our common equity ratio was 8.88% and, on a non-GAAP basis, tangible common equity ratio was 7.34%.
  • At June 30, 2024, uninsured and uncollateralized1 deposits accounted for 14.6% of total deposits, and available liquidity sources were 2.0 times uninsured and uncollateralized deposits.

FINANCIAL CONDITION

As of June 30, 2024, total assets were $5.7 billion, a decrease of 1% since March 31, 2024. The decrease was driven by lower cash balances of $71.2 million between periods.

Investments totaled $1.1 billion on June 30, 2024, a decrease of 2% since March 31, 2024. We continue to redeploy monthly cash flows from the investment portfolio to fund loan growth to maximize our earning-asset yield. The investment portfolio represented 20% of total assets on June 30, 2024, and March 31, 2024. As of June 30, 2024, and March 31, 2024, the duration of the Company's securities was 5.5 years, and the weighted average life was 7.2 years at each date.

Loans totaled $4.1 billion on June 30, 2024, an increase of $18.3 million since March 31, 2024, driven by a 3% increase in our commercial loans and a 2% increase in consumer and home equity loans during the quarter. In the second quarter of 2024, we sold 52% of our residential mortgage production.

Asset quality through the second quarter of 2024 remained strong. We continue to review our loan portfolio and, to-date, we have not identified any signs of systemic stress. On June 30, 2024, loans 30-89 days past due to total loans remained flat from March 31, 2024 at 0.05% of total loans. Annualized net charge-offs for the second quarter of 2024 increased 2 basis points from the first quarter of 2024 to 0.04% of average loans. The Company's allowance for credit losses ("ACL") on loans was 0.86% as of June 30, 2024, and March 31, 2024. On June 30, 2024, the ACL was 3.7 times the total non-performing loans, compared to 4.7 times on March 31, 2024.

Deposits totaled $4.5 billion on June 30, 2024, a decrease of 1% since March 31, 2024. Checking account balances decreased by 2% during the second quarter of 2024, primarily due to normal business activities of one of our large commercial relationships and managed outflow of high-cost municipal deposits to optimize our funding costs. In the second quarter of 2024, we launched a high-yield savings deposit product in an effort to raise cost effective deposits and drive new customer acquisition. Through this new product, we drove savings deposit growth of 8% during the second quarter of 2024.

In June 2024, we prepaid a portion of our Bank Term Funding Program ("BTFP") funding totaling $55.0 million. As of June 30, 2024, the Company had remaining BTFP funding of $170.0 million at a fixed interest rate of 4.76% that is scheduled to mature in January 2025.

As of June 30, 2024, the Company's regulatory capital ratios were each well in excess of regulatory capital requirements. The Company's common equity ratio was 8.88%, and, on a non-GAAP basis, its tangible common equity ratio was 7.34%, compared to 8.66% and 7.12%, respectively, at March 31, 2024.

The Company announced a cash dividend of $0.42 per share, representing an annualized dividend yield of 5.09%, based on the Company's closing share price of $33.00, as reported by NASDAQ on June 28, 2024 (the last trading day of the second quarter of 2024), payable on July 31, 2024, to shareholders of record on July 15, 2024.

The Company repurchased 50,000 shares of its common stock at an average price of $32.19 per share through the first six months of 2024.

1 Uncollateralized deposits are customer deposits for which the Company has not pledged any of its assets, including investment securities, or provided any other type of guarantee

FINANCIAL OPERATING RESULTS (Q2 2024 vs. Q1 2024)

Net income for the second quarter of 2024 was $12.0 million, a decrease of $1.3 million, or 10%, compared to the first quarter of 2024. The decrease was driven by negative provision expense in the first quarter of 2024 of $2.1 million compared to provision expense of $650,000 for the second quarter. On a non-GAAP basis, pre-tax, pre-provision income was $15.5 million an increase $1.3 million, or 9%, between the same periods.

Net interest income for the second quarter of 2024 was $32.2 million, an increase of $911,000, or 3%, compared to the first quarter of 2024. The increase was driven by net interest margin expansion of six basis points between periods to 2.36% for the second quarter of 2024. Interest-earning asset yields increased 14 basis points to 4.58% for the second quarter of 2024, primarily due to the deployment of investment cash flows to fund new loan originations at current market interest rates and the maturity of a $100.0 million balance sheet derivative in June 2024 that contributed to the yield increase in the commercial real estate loan portfolio. The increase in our earning-asset yield more than offset the increase in funding costs, which increased eight basis points to 2.35% for the second quarter of 2024, led by an eight basis point increase in deposit costs to 2.05% over the same period.

Provision expense of $650,000 was recorded for the second quarter of 2024, consisting of provision for loan losses of $188,000 and the provision for unfunded commitments of $462,000. The provision for loan losses for the second quarter of 2024 was driven by modest loan growth. The provision for unfunded commitment for the second quarter of 2024 was driven by the increase in the committed commercial loan pipeline to $148.4 million as of June 30, 2024 compared to $86.0 million as of March 31, 2024.

Non-interest income for the second quarter of 2024 was $10.6 million, an increase of $323,000, or 3%, over the first quarter of 2024. The increase between periods was driven by an increase in debit card income of $203,000, and brokerage and wealth management income of $323,000 in total. Mortgage banking income was lower by $292,000 between periods and was driven by the change in fair value on loans held for sale and loan pipelines.

Non-interest expense for the second quarter of 2024 was $27.3 million, a decrease of $52,000, compared to the first quarter of 2024. We continue to manage costs in response to revenue pressures from the current economic environment. Our GAAP efficiency ratio for the second quarter of 2024 was 63.77% and non-GAAP efficiency ratio was 63.53%, compared to 65.78% and 65.55% for the first quarter of 2024, respectively.

Q2 2024 CONFERENCE CALL

Camden National Corporation will host a conference call and webcast at 3:00 p.m., Eastern Time, on Tuesday, July 30, 2024 to discuss its second quarter 2024 financial results and outlook. Participants should dial into the call 10 - 15 minutes before it begins. Information about the conference call is as follows:

Live dial-in (Domestic):

(833) 470-1428

Live dial-in (All other locations):

(929) 526-1599

Participant access code:

401866

Live webcast:

https://events.q4inc.com/attendee/309824299

A link to the live webcast will be available on Camden National's website under "About — Investor Relations" at CamdenNational.bank 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) is Northern New England's largest publicly traded bank holding company, with $5.7 billion in assets and 57 banking centers in Maine and New Hampshire. Founded in 1875, Camden National Bank is a full-service community bank, offering the latest digital banking, complemented by award-winning, personalized service. Camden National Bank has been recognized as one of the Best Places to Work by Best Companies Group for three years in a row. To learn more, visit CamdenNational.bank. Member FDIC. Equal Housing Lender.

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, as amended, 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; inflation; ongoing competition in labor markets and employee turnover; deterioration in the value of Camden National's investment securities; changes in consumer spending and savings habits; changes in the interest rate environment; changes in general economic conditions; operational risks including, but not limited to, cybersecurity, fraud, pandemics and natural disasters; legislative and regulatory changes that adversely affect the business in which Camden National is engaged; turmoil and volatility in the financial services industry, including failures or rumors of failures of other depository institutions which could affect Camden National's ability to attract and retain depositors, and could affect the ability of financial services providers, including the Company, to borrow or raise capital; actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions; changes to regulatory capital requirements in response to recent developments affecting the banking sector; changes in the securities markets and other risks and uncertainties disclosed from time to time in Camden National's Annual Report on Form 10-K for the year ended December 31, 2023, as updated by other filings with the Securities and Exchange Commission ("SEC"). Further, statements regarding the potential effects of the war in Ukraine, conflict in the Middle East and other notable and global current events on the Company's business, financial condition, liquidity and results of operations may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possible materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond the Company's control. 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 earnings per share; adjusted return on average assets; adjusted return on average equity; pre-tax, pre-provision income; return on average tangible equity and adjusted return on average tangible equity; the efficiency and tangible common equity ratios; tangible book value per share; core deposits and average core deposits. 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. Reconciliations to the comparable GAAP financial measures 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. Annualized data may not be indicative of any four-quarter period and is presented for illustrative purposes only.

 

Selected Financial Data

(unaudited)




At or For The

Three Months Ended


At or For The

Six Months Ended

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


June 30,
2024


March 31,
2024


June 30,
2023


June 30,
2024


June 30,
2023

Financial Condition Data











Loans


$  4,139,361


$   4,121,040


$   4,100,131


$   4,139,361


$   4,100,131

Total assets


5,724,380


5,794,785


5,743,931


5,724,380


5,743,931

Deposits


4,514,020


4,551,524


4,693,745


4,514,020


4,693,745

Shareholders' equity


508,286


501,577


467,376


508,286


467,376

Operating Data and Per Share Data











Net income


$       11,993


$        13,272


$        12,389


$        25,265


$        25,116

Adjusted net income (non-GAAP)(1)


11,993


12,553


12,389


24,546


27,340

Pre-tax, pre-provision income (non-GAAP)(1)


15,519


14,233


15,657


29,752


33,638

Diluted EPS


0.81


0.91


0.85


1.72


1.72

Adjusted diluted EPS (non-GAAP)(1)


0.81


0.86


0.85


1.67


1.82

Profitability Ratios











Return on average assets


0.84 %


0.93 %


0.87 %


0.89 %


0.89 %

Adjusted return on average assets (non-GAAP)(1)


0.84 %


0.88 %


0.87 %


0.87 %


0.95 %

Return on average equity


9.60 %


10.77 %


10.66 %


10.18 %


10.91 %

Adjusted return on average equity (non-GAAP)(1)


9.60 %


10.19 %


10.66 %


9.89 %


11.54 %

Return on average tangible equity (non-GAAP)(1)


11.96 %


13.46 %


13.55 %


12.70 %


13.88 %

Adjusted return on average tangible equity (non-GAAP)(1)


11.96 %


12.74 %


13.55 %


12.34 %


15.10 %

GAAP efficiency ratio


63.77 %


65.78 %


63.42 %


64.76 %


61.31 %

Efficiency ratio (non-GAAP)(1)


63.53 %


65.55 %


63.07 %


64.52 %


60.99 %

Net interest margin (fully-taxable equivalent)


2.36 %


2.30 %


2.40 %


2.32 %


2.47 %

Asset Quality Ratios











ACL on loans to total loans


0.86 %


0.86 %


0.90 %


0.86 %


0.90 %

Non-performing loans to total loans


0.23 %


0.19 %


0.13 %


0.23 %


0.13 %

Annualized net charge-offs to average loans


0.04 %


0.02 %


0.04 %


0.03 %


0.03 %

Capital Ratios











Common equity ratio


8.88 %


8.66 %


8.14 %


8.88 %


8.14 %

Tangible common equity ratio (non-GAAP)(1)


7.34 %


7.12 %


6.58 %


7.34 %


6.58 %

Tier 1 leverage capital ratio


9.64 %


9.59 %


9.29 %


9.64 %


9.29 %

Total risk-based capital ratio


14.46 %


14.52 %


13.95 %


14.46 %


13.95 %


(1)  This is a non-GAAP measure, please see "Reconciliation of non-GAAP to GAAP Financial Measures (unaudited).

 

Consolidated Statements of Condition Data

(unaudited)

 


(In thousands)


June 30,
2024


March 30,
2024


June 30,
2023


% Change
Jun 2024
vs. Mar
2024


% Change
Jun 2024
vs. Jun
2023

ASSETS











Cash, cash equivalents and restricted cash


$          105,560


$          176,719


$            94,278


(40) %


12 %

Investments:











Trading securities


4,959


4,847


4,235


2 %


17 %

Available-for-sale securities, at fair value


579,534


601,576


658,205


(4) %


(12) %

Held-to-maturity securities, at amortized cost


533,600


540,349


534,584


(1) %


— %

Other investments


17,105


16,392


14,655


4 %


17 %

Total investments


1,135,198


1,163,164


1,211,679


(2) %


(6) %

Loans held for sale, at fair value


14,321


9,524


12,036


50 %


19 %

Loans:











Commercial real estate


1,697,979


1,702,952


1,677,002


— %


1 %

Commercial


409,682


397,395


422,437


3 %


(3) %

Residential real estate


1,768,357


1,762,482


1,748,303


— %


1 %

Consumer and home equity


263,343


258,211


252,389


2 %


4 %

Total loans


4,139,361


4,121,040


4,100,131


— %


1 %

      Less: allowance for credit losses on loans


(35,412)


(35,613)


(36,983)


(1) %


(4) %

       Net loans


4,103,949


4,085,427


4,063,148


— %


1 %

Goodwill and core deposit intangible assets


95,390


95,529


95,964


— %


(1) %

Other assets


269,962


264,422


266,826


2 %


1 %

Total assets


$       5,724,380


$       5,794,785


$       5,743,931


(1) %


— %

LIABILITIES AND SHAREHOLDERS' EQUITY











Liabilities











Deposits:











Non-interest checking


$          921,605


$          929,314


$       1,015,184


(1) %


(9) %

Interest checking


1,465,560


1,503,045


1,627,250


(2) %


(10) %

Savings and money market


1,399,464


1,379,437


1,377,791


1 %


2 %

Certificates of deposit


576,563


585,786


449,265


(2) %


28 %

Brokered deposits


150,828


153,942


224,255


(2) %


(33) %

Total deposits


4,514,020


4,551,524


4,693,745


(1) %


(4) %

Short-term borrowings


552,606


601,499


448,182


(8) %


23 %

Junior subordinated debentures


44,331


44,331


44,331


— %


— %

Accrued interest and other liabilities


105,137


95,854


90,297


10 %


16 %

Total liabilities


5,216,094


5,293,208


5,276,555


(1) %


(1) %

Commitments and Contingencies











Shareholders' Equity











Common stock, no par value


115,543


116,449


114,302


(1) %


1 %

Retained earnings


493,974


488,143


475,008


1 %


4 %

Accumulated other comprehensive loss:











Net unrealized loss on debt securities, net of tax


(110,308)


(111,357)


(127,829)


(1) %


(14) %

Net unrealized gain on cash flow hedging derivative instruments, net of tax


9,327


8,587


6,213


9 %


50 %

Net unrecognized loss on postretirement plans, net of tax


(250)


(245)


(318)


2 %


(21) %

 Total accumulated other comprehensive loss


(101,231)


(103,015)


(121,934)


(2) %


(17) %

 Total shareholders' equity


508,286


501,577


467,376


1 %


9 %

 Total liabilities and shareholders' equity


$       5,724,380


$       5,794,785


$       5,743,931


(1) %


— %

 

Consolidated Statements of Income Data

(unaudited)




For The

Three Months Ended





(In thousands, except per share data)


June 30,
2024


March 31,
2024


June 30,
2023


% Change Jun
2024 vs. Mar
2024


% Change Jun
2024 vs. Jun
2023

Interest Income











Interest and fees on loans


$            53,422


$            51,709


$            48,645


3 %


10 %

Taxable interest on investments


6,807


7,027


5,852


(3) %


16 %

Nontaxable interest on investments


461


465


762


(1) %


(40) %

Dividend income


521


312


267


67 %


95 %

Other interest income


951


670


529


42 %


80 %

Total interest income


62,162


60,183


56,055


3 %


11 %

Interest Expense











Interest on deposits


24,169


23,178


19,245


4 %


26 %

Interest on borrowings


5,285


5,198


3,587


2 %


47 %

Interest on junior subordinated debentures


524


534


533


(2) %


(2) %

Total interest expense


29,978


28,910


23,365


4 %


28 %

Net interest income


32,184


31,273


32,690


3 %


(2) %

Provision (credit) for credit losses


650


(2,102)


103


131 %


531 %

Net interest income after provision (credit) for credit losses


31,534


33,375


32,587


(6) %


(3) %

Non-Interest Income











Debit card income


3,069


2,866


3,079


7 %


— %

Service charges on deposit accounts


2,113


2,027


1,935


4 %


9 %

Income from fiduciary services


1,870


1,749


1,775


7 %


5 %

Brokerage and insurance commissions


1,441


1,239


1,152


16 %


25 %

Bank-owned life insurance


694


683


613


2 %


13 %

Mortgage banking income, net


516


808


590


(36) %


(13) %

Other income


942


950


966


(1) %


(2) %

Total non-interest income


10,645


10,322


10,110


3 %


5 %

Non-Interest Expense











Salaries and employee benefits


15,601


15,954


15,288


(2) %


2 %

Furniture, equipment and data processing


3,497


3,629


3,179


(4) %


10 %

Net occupancy costs


1,981


2,070


1,852


(4) %


7 %

Debit card expense


1,311


1,264


1,262


4 %


4 %

Consulting and professional fees


1,149


860


1,375


34 %


(16) %

Regulatory assessments


813


857


868


(5) %


(6) %

Amortization of core deposit intangible assets


139


139


148


— %


(6) %

Other real estate owned and collection costs, net


47


10


4


N.M.


N.M.

Other expenses


2,772


2,579


3,167


7 %


(12) %

Total non-interest expense


27,310


27,362


27,143


— %


1 %

Income before income tax expense


14,869


16,335


15,554


(9) %


(4) %

Income Tax Expense


2,876


3,063


3,165


(6) %


(9) %

Net Income


$            11,993


$            13,272


$            12,389


(10) %


(3) %

Per Share Data











Basic earnings per share


$                 0.82


$                 0.91


$                 0.85


(10) %


(4) %

Diluted earnings per share


$                 0.81


$                 0.91


$                 0.85


(11) %


(5) %












N.M. = Not meaningful











 

Consolidated Statements of Income Data

(unaudited)




For the

Six Months Ended



(In thousands, except per share data)


June 30,

2024


June 30,

2023


% Change Jun
2024 vs. Jun
2023

Interest Income







Interest and fees on loans


$          105,131


$            93,977


12 %

Taxable interest on investments


13,834


11,815


17 %

Nontaxable interest on investments


926


1,525


(39) %

Dividend income


833


486


71 %

Other interest income


1,621


977


66 %

Total interest income


122,345


108,780


12 %

Interest Expense







Interest on deposits


47,347


35,077


35 %

Interest on borrowings


10,483


5,672


85 %

Interest on junior subordinated debentures


1,058


1,061


— %

Total interest expense


58,888


41,810


41 %

Net interest income


63,457


66,970


(5) %

(Credit) provision for credit losses


(1,452)


2,105


(169) %

Net interest income after (credit) provision for credit losses


64,909


64,865


— %

Non-Interest Income







Debit card income


5,935


6,017


(1) %

Service charges on deposit accounts


4,140


3,697


12 %

Income from fiduciary services


3,619


3,375


7 %

Brokerage and insurance commissions


2,680


2,245


19 %

Bank-owned life insurance


1,377


1,205


14 %

Mortgage banking income, net


1,324


1,306


1 %

Other income


1,892


2,131


(11) %

Total non-interest income


20,967


19,976


5 %

Non-Interest Expense







Salaries and employee benefits


31,555


29,861


6 %

Furniture, equipment and data processing


7,126


6,390


12 %

Net occupancy costs


4,051


3,931


3 %

Debit card expense


2,575


2,463


5 %

Consulting and professional fees


2,009


2,430


(17) %

Regulatory assessments


1,670


1,713


(3) %

Amortization of core deposit intangible assets


278


296


(6) %

Other real estate owned and collection costs, net


57


9


533 %

Other expenses


5,351


6,215


(14) %

Total non-interest expense


54,672


53,308


3 %

Income before income tax expense


31,204


31,533


(1) %

Income Tax Expense


5,939


6,417


(7) %

Net Income


$            25,265


$            25,116


1 %

Per Share Data







Basic earnings per share


$                1.73


$                1.72


1 %

Diluted earnings per share


$                1.72


$                1.72


— %

 

Quarterly Average Balance and Yield/Rate Analysis

(unaudited)




Average Balance


Yield/Rate



For The Three Months Ended


For The Three Months Ended

(Dollars in thousands)


June 30,
2024


March 31,
2024


June 30,
2023


June 30,
2024


March 31,
2024


June 30,
2023

Assets













Interest-earning assets:













Interest-bearing deposits in other banks and other interest-earning assets


$          50,266


$           44,487


$           27,008


6.06 %


4.34 %


4.90 %

Investments - taxable


1,162,941


1,187,699


1,212,942


2.58 %


2.53 %


2.08 %

Investments - nontaxable(1)


61,794


62,385


105,210


3.78 %


3.78 %


3.67 %

Loans(2):













 Commercial real estate


1,701,431


1,682,599


1,670,299


5.09 %


4.94 %


4.75 %

 Commercial(1)


387,093


389,695


405,485


6.51 %


6.05 %


5.83 %

 SBA PPP


244


324


512


2.29 %


4.46 %


4.27 %

 Municipal(1)


16,351


14,653


17,484


4.84 %


4.40 %


3.98 %

 Residential real estate


1,772,707


1,773,077


1,748,443


4.48 %


4.41 %


4.06 %

 Consumer and home equity


260,384


257,305


253,308


7.93 %


7.89 %


7.53 %

     Total loans 


4,138,210


4,117,653


4,095,531


5.14 %


5.00 %


4.73 %

Total interest-earning assets


5,413,211


5,412,224


5,440,691


4.58 %


4.44 %


4.12 %

Other assets


323,065


305,756


271,822







Total assets


$     5,736,276


$      5,717,980


$      5,712,513




















Liabilities & Shareholders' Equity













Deposits:













Non-interest checking


$        901,774


$         933,321


$         999,809


— %


— %


— %

Interest checking


1,479,201


1,490,185


1,638,677


2.52 %


2.53 %


2.28 %

Savings


624,034


599,791


685,282


0.52 %


0.20 %


0.10 %

Money market


760,844


764,585


692,330


3.41 %


3.29 %


2.47 %

Certificates of deposit


583,282


582,806


410,272


3.90 %


3.77 %


2.55 %

 Total deposits


4,349,135


4,370,688


4,426,370


2.05 %


1.97 %


1.48 %

Borrowings:













Brokered deposits


150,799


133,385


237,083


5.28 %


5.31 %


4.89 %

Customer repurchase agreements


185,729


182,487


192,428


1.81 %


1.60 %


1.47 %

Junior subordinated debentures


44,331


44,331


44,331


4.75 %


4.85 %


4.83 %

Other borrowings


401,144


401,683


272,737


4.46 %


4.40 %


4.23 %

 Total borrowings


782,003


761,886


746,579


4.00 %


3.96 %


3.77 %

Total funding liabilities


5,131,138


5,132,574


5,172,949


2.35 %


2.27 %


1.81 %

Other liabilities


102,658


89,893


73,366







Shareholders' equity


502,480


495,513


466,198







Total liabilities & shareholders' equity


$     5,736,276


$      5,717,980


$      5,712,513







Net interest rate spread (fully-taxable equivalent)


2.23 %


2.17 %


2.31 %

Net interest margin (fully-taxable equivalent)


2.36 %


2.30 %


2.40 %


(1)  Reported on a tax-equivalent basis calculated using the federal corporate income tax rate of 21%, including certain commercial loans.

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

 

Year-to-Date Average Balance and Yield/Rate Analysis

(unaudited)




Average Balance


Yield/Rate



For The Six Months Ended


For The Six Months Ended

(Dollars in thousands)


June 30,
2024


June 30,
2023


June 30,
2024


June 30,
2023

Assets









Interest-earning assets:









Interest-bearing deposits in other banks and other interest-earning assets


$           47,376


$           26,515


5.25 %


4.41 %

Investments - taxable


1,175,320


1,225,079


2.56 %


2.07 %

Investments - nontaxable(1)


62,090


105,355


3.78 %


3.67 %

Loans(2):









 Commercial real estate


1,692,015


1,658,219


5.02 %


4.68 %

 Commercial(1)


388,394


407,288


6.28 %


5.66 %

 SBA PPP


284


553


3.53 %


3.35 %

 Municipal(1)


15,502


16,744


4.63 %


3.78 %

 Residential real estate


1,772,892


1,731,911


4.45 %


3.92 %

 Consumer and home equity


258,844


253,533


7.91 %


7.31 %

     Total loans 


4,127,931


4,068,248


5.07 %


4.61 %

Total interest-earning assets


5,412,717


5,425,197


4.51 %


4.02 %

Other assets


314,411


274,961





Total assets


$      5,727,128


$      5,700,158














Liabilities & Shareholders' Equity









Deposits:









Non-interest checking


$         917,547


$      1,037,927


— %


— %

Interest checking


1,484,693


1,664,128


2.53 %


2.14 %

Savings


611,913


709,907


0.37 %


0.09 %

Money market


762,715


695,687


3.35 %


2.33 %

Certificates of deposit


583,044


365,489


3.84 %


2.19 %

 Total deposits


4,359,912


4,473,138


2.01 %


1.35 %

Borrowings:









Brokered deposits


142,092


228,866


5.29 %


4.49 %

Customer repurchase agreements


184,108


187,618


1.71 %


1.28 %

Junior subordinated debentures


44,331


44,331


4.80 %


4.83 %

Other borrowings


401,413


224,249


4.47 %


4.03 %

 Total borrowings


771,944


685,064


3.98 %


3.48 %

Total funding liabilities


5,131,856


5,158,202


2.31 %


1.63 %

Other liabilities


96,275


77,522





Shareholders' equity


498,997


464,434





Total liabilities & shareholders' equity


$      5,727,128


$      5,700,158





Net interest rate spread (fully-taxable equivalent)


2.20 %


2.39 %

Net interest margin (fully-taxable equivalent)


2.32 %


2.47 %


(1)  Reported on a tax-equivalent basis calculated using the federal corporate income tax rate of 21%, including certain commercial loans.

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

 

Asset Quality Data

(unaudited)

 


(In thousands)


At or for the

Six Months
Ended

June 30,

2024


At or for the

Three Months
Ended

March 31,

2024


At or for the

Year Ended

December 31,

2023


At or for the

Nine Months
Ended

September 30,

2023


At or for the

Six Months
Ended

June 30,

2023

Non-accrual loans:











Residential real estate


$              2,497


$              2,473


$              2,539


$              2,775


$              1,781

Commercial real estate


79


205


386


92


56

Commercial


4,409


1,980


1,725


1,083


729

Consumer and home equity


810


1,000


798


674


482

Total non-accrual loans


7,795


5,658


5,448


4,624


3,048

Accruing troubled-debt restructured loans prior to adoption of ASU 2022-02


1,846


1,973


1,990


1,997


2,140

Total non-performing loans


9,641


7,631


7,438


6,621


5,188

Other real estate owned






Total non-performing assets


$              9,641


$              7,631


$              7,438


$              6,621


$              5,188

Loans 30-89 days past due:











Residential real estate


$                 400


$                 797


$              1,290


$                 751


$              1,192

Commercial real estate


678


92


740


188


112

Commercial


539


537


2,007


2,260


294

Consumer and home equity


628


618


922


603


653

Total loans 30-89 days past due


$              2,245


$              2,044


$              4,959


$              3,802


$              2,251

ACL on loans at the beginning of the period


$            36,935


$            36,935


$            36,922


$            36,922


$            36,922

(Credit) provision for loan losses


(976)


(1,164)


1,174


288


744

Charge-offs:











Residential real estate




18


18


18

Commercial real estate




58


58


Commercial


763


309


1,560


1,101


846

Consumer and home equity


55


36


91


63


31

Total charge-offs 


818


345


1,727


1,240


895

Total recoveries 


(271)


(187)


(566)


(437)


(212)

Net charge-offs


547


158


1,161


803


683

ACL on loans at the end of the period


$            35,412


$            35,613


$            36,935


$            36,407


$            36,983

Components of ACL:











ACL on loans


$            35,412


$            35,613


$            36,935


$            36,407


$            36,983

ACL on off-balance sheet credit exposures(1)


2,787


2,325


2,353


2,670


2,788

ACL, end of period


$            38,199


$            37,938


$            39,288


$            39,077


$            39,771

Ratios:











Non-performing loans to total loans


0.23 %


0.19 %


0.18 %


0.16 %


0.13 %

Non-performing assets to total assets


0.17 %


0.13 %


0.13 %


0.11 %


0.09 %

ACL on loans to total loans


0.86 %


0.86 %


0.90 %


0.90 %


0.90 %

Net charge-offs to average loans (annualized):











Quarter-to-date


0.04 %


0.02 %


0.04 %


0.01 %


0.04 %

Year-to-date


0.03 %


0.02 %


0.03 %


0.03 %


0.03 %

ACL on loans to non-performing loans


367.31 %


466.69 %


496.57 %


549.87 %


712.86 %

Loans 30-89 days past due to total loans


0.05 %


0.05 %


0.12 %


0.09 %


0.05 %


(1)  Presented within accrued interest and other liabilities on the consolidated statements of condition.

 

Reconciliation of non-GAAP to GAAP Financial Measures

(unaudited)


Adjusted Net Income; Adjusted Diluted Earnings per Share; Adjusted Return on Average Assets; and Adjusted Return on Average Equity:



For the

Three Months Ended


For the

Six Months Ended

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


June 30,
2024


March 31,
2024


June 30,
2023


June 30,
2024


June 30,
2023

Adjusted Net Income:











Net income, as presented


$           11,993


$           13,272


$           12,389


$           25,265


$           25,116

Adjustment for Signature Bank bond (recovery) write-off



(910)



(910)


1,838

Tax impact of above adjustments(1)



191



191


386

Adjusted net income


$           11,993


$           12,553


$           12,389


$           24,546


$           27,340

Adjusted Diluted Earnings per Share:











Diluted earnings per share, as presented


$               0.81


$               0.91


$               0.85


$               1.72


$               1.72

Adjustment for Signature Bank bond (recovery) write-off



(0.06)



(0.06)


0.13

Tax impact of above adjustments(1)



0.01



0.01


(0.03)

Adjusted diluted earnings per share


$               0.81


$               0.86


$               0.85


$               1.67


$               1.82

Adjusted Return on Average Assets:











Return on average assets, as presented


0.84 %


0.93 %


0.87 %


0.89 %


0.89 %

Adjustment for Signature Bank bond (recovery) write-off



(0.06) %



(0.03) %


0.07 %

Tax impact of above adjustments(1)



0.01 %



0.01 %


(0.01) %

Adjusted return on average assets


0.84 %


0.88 %


0.87 %


0.87 %


0.95 %

Adjusted Return on Average Equity:











Return on average equity, as presented


9.60 %


10.77 %


10.66 %


10.18 %


10.91 %

Adjustment for Signature Bank bond (recovery) write-off



(0.74) %



(0.37) %


0.80 %

Tax impact of above adjustments(1)



0.16 %



0.08 %


(0.17) %

Adjusted return on average equity


9.60 %


10.19 %


10.66 %


9.89 %


11.54 %






(1)  Assumed a 21% tax rate.










Pre-Tax, Pre-Provision Income:







For the

Three Months Ended


For the

Six Months Ended

(In thousands)


June 30,
2024


March 31,
2024


June 30,
2023


June 30,
2024


June 30,
2023

Net income, as presented


$              11,993


$              13,272


$              12,389


$              25,265


$              25,116

Adjustment for provision (credit) for credit losses


650


(2,102)


103


(1,452)


2,105

Adjustment for income tax expense


2,876


3,063


3,165


5,939


6,417

 Pre-tax, pre-provision income


$              15,519


$              14,233


$              15,657


$              29,752


$              33,638












Efficiency Ratio:













For the

Three Months Ended


For the

Six Months Ended

(Dollars in thousands)


June 30,
2024


March 31,
2024


June 30,
2023


June 30,
2024


June 30,
2023

Non-interest expense, as presented


$           27,310


$           27,362


$           27,143


$           54,672


$           53,308

Net interest income, as presented


$           32,184


$           31,273


$           32,690


$           63,457


$           66,970

Adjustment for the effect of tax-exempt income(1)


159


150


235


309


464

Non-interest income, as presented


10,645


10,322


10,110


20,967


19,976

Adjusted net interest income plus non-interest income


$           42,988


$           41,745


$           43,035


$           84,733


$           87,410

GAAP efficiency ratio


63.77 %


65.78 %


63.42 %


64.76 %


61.31 %

Non-GAAP efficiency ratio


63.53 %


65.55 %


63.07 %


64.52 %


60.99 %






(1)  Assumed a 21% tax rate.










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







For the

Three Months Ended


For the

Six Months Ended

(Dollars in thousands)


June 30,
2024


March 31,
2024


June 30,
2023


June 30,
2024


June 30,
2023

Return on Average Tangible Equity:











Net income, as presented


$           11,993


$           13,272


$           12,389


$           25,265


$           25,116

Adjustment for amortization of core deposit intangible assets


139


139


148


278


296

Tax impact of above adjustment(1)


(29)


(29)


(31)


(58)


(62)

Net income, adjusted for amortization of core deposit intangible assets


$           12,103


$           13,382


$           12,506


$           25,485


$           25,350

Average equity, as presented


$         502,480


$         495,513


$         466,198


$         498,997


$         464,434

Adjustment for average goodwill and core deposit intangible assets


(95,458)


(95,604)


(96,036)


(95,531)


(96,113)

Average tangible equity


$         407,022


$         399,909


$         370,162


$         403,466


$         368,321

Return on average equity


9.60 %


10.77 %


10.66 %


10.18 %


10.91 %

Return on average tangible equity


11.96 %


13.46 %


13.55 %


12.70 %


13.88 %

Adjusted Return on Average Tangible Equity:











Adjusted net income (see "Adjusted Net Income" table above)


$           11,993


$           12,553


$           12,389


$           24,546


$           27,340

Adjustment for amortization of core deposit intangible assets


139


139


148


278


296

Tax impact of above adjustment(1)


(29)


(29)


(31)


(58)


(62)

Adjusted net income, adjusted for amortization of core deposit intangible assets


$           12,103


$           12,663


$           12,506


$           24,766


$           27,574

Adjusted return on average tangible equity


11.96 %


12.74 %


13.55 %


12.34 %


15.10 %












(1)  Assumed a 21% tax rate. 











 

Tangible Book Value Per Share and Tangible Common Equity Ratio:



June 30,
2024


March 31,
2024


June 30,
2023

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


Tangible Book Value Per Share:







Shareholders' equity, as presented


$         508,286


$         501,577


$         467,376

Adjustment for goodwill and core deposit intangible assets


(95,390)


(95,529)


(95,964)

Tangible shareholders' equity


$         412,896


$         406,048


$         371,412

Shares outstanding at period end


14,569,262


14,593,830


14,554,778

Book value per share


$             34.89


$             34.37


$             32.11

Tangible book value per share


28.34


27.82


25.52

Tangible Common Equity Ratio:

Total assets


$      5,724,380


$      5,794,785


$      5,743,931

Adjustment for goodwill and core deposit intangible assets


(95,390)


(95,529)


(95,964)

Tangible assets


$      5,628,990


$      5,699,256


$      5,647,967

Common equity ratio


8.88 %


8.66 %


8.14 %

Tangible common equity ratio


7.34 %


7.12 %


6.58 %








Core Deposits:

(In thousands)


June 30,
2024


March 31,
2024


June 30,
2023

Total deposits


$         4,514,020


$         4,551,524


$         4,693,745

Adjustment for certificates of deposit


(576,563)


(585,786)


(449,265)

Adjustment for brokered deposits


(150,828)


(153,942)


(224,255)

Core deposits


$         3,786,629


$         3,811,796


$         4,020,225






Average Core Deposits:







For the

Three Months Ended


For the

Six Months Ended

(In thousands)


June 30,
2024


March 31,
2024


June 30,
2023


June 30,
2024


June 30,
2023

Total average deposits, as presented(1)


$         4,349,135


$         4,370,688


$         4,426,370


$         4,359,912


$         4,473,138

Adjustment for average certificates of deposit


(583,282)


(582,806)


(410,272)


(583,044)


(365,489)

Average core deposits


$         3,765,853


$         3,787,882


$         4,016,098


$         3,776,868


$         4,107,649


(1)  Brokered deposits are excluded from total average deposits, as presented on the Average Balance, Interest and Yield/Rate analysis table.

 

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SOURCE Camden National Corporation

FAQ

What was Camden National 's (CAC) earnings per share in Q2 2024?

Camden National reported diluted earnings per share (EPS) of $0.81 for Q2 2024.

How did Camden National's (CAC) net interest margin change in Q2 2024?

Camden National's net interest margin increased to 2.36% in Q2 2024 from 2.30% in Q1 2024.

What was the total loan growth for Camden National (CAC) in Q2 2024?

Camden National's total loans increased by $18.3 million in Q2 2024, driven by a 3% increase in commercial loans and a 2% increase in consumer and home equity loans.

How much did Camden National (CAC) pay in dividends for Q2 2024?

Camden National announced a cash dividend of $0.42 per share for Q2 2024, payable on July 31, 2024.

What was Camden National's (CAC) provision for loan losses in Q2 2024?

Camden National recorded a provision expense of $650,000 for Q2 2024, consisting of $188,000 for loan losses and $462,000 for unfunded commitments.

Camden National Corporation

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