CAMDEN, Maine, April 11, 2025 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC) will report financial and operating results for the quarter ended March 31, 2025 on Tuesday, May 6, 2025, which will include its recent acquisition of Northway Financial, Inc. that was completed on January 2, 2025. A conference call and webcast will be held at 2:00 p.m. Eastern on Tuesday, May 6, 2025 and hosted by Simon Griffiths, President and Chief Executive Officer, Michael Archer, Executive Vice President, Chief Fin ...

Camden National (CAC) shares rallied 5.1% in the last trading session to close at $38.39. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 9.4% loss over the past four weeks.The increased investor optimism in the stock can be attributed to President Donald Trump’s recent announcement to put a 90-day pause on the reciprocal tariff for most countries.This bank is expected to post quarterly earnings of $0.99 per ...

Camden National Corporation (NASDAQ: CAC ) is the holding company that owns Camden National Bank , a regional bank focusing on New England, founded in 1875. The bank has a strong history of low loan losses and strong financial results, and recently announced a smallHe is the leader of the investment group European Small Cap Ideas which offers exclusive access to actionable research on appealing Europe-focused investment opportunities not found elsewhere. The a focus is on high-quality ideas in the small-cap ...

CAMDEN, Maine, March 25, 2025 /PRNewswire/ -- Simon R. Griffiths, President and Chief Executive Officer of Camden National Corporation (NASDAQ: CAC; the "Company"), announced today that the board of directors of the Company declared a quarterly dividend of $0.42 per share. This quarterly payout results in an annualized dividend yield of 4.0% based on the March 24, 2025 closing price of the Company's common stock at $42.01 per share as reported by NASDAQ. The dividend is payable on April 30, 2025 to sharehol ...

Acquisition and Growth - The acquisition of Northway Financial added $971.9 million in deposits and $1.2 billion in total assets to the company's balance sheet as of January 2, 2025[19]. - The company achieved a five-year compounded annual asset growth rate of 6%, resulting in total assets of $5.8 billion as of December 31, 2024[23]. - The company expanded its presence in New Hampshire by adding 17 branches through the Northway acquisition, now having a physical presence in seven of New Hampshire's ten counties[26]. - The company focuses on driving organic growth by deepening customer relationships and market penetration, alongside pursuing strategic acquisitions[23]. - The company is evaluating expansion into new markets through both de novo expansion and acquisitions, while maximizing growth in current markets[24]. Financial Performance - Net interest income represented 75% of total revenues for the year ended December 31, 2024, compared to 81% in 2023 and 78% in 2022[23]. - The company offers competitive financial products and services, including advanced digital banking solutions to enhance customer experience[20]. Employee and Management Changes - As of December 31, 2024, the company employed 586 employees, emphasizing the importance of employee relationships for success[33]. - The Company appointed Garrett A. McKnight as Managing Director of Camden National Wealth Management in April 2024, bringing 15 years of experience from The Northern Trust Company[45]. - Barbara Raths was promoted to EVP, Commercial Banking in March 2024, previously leading treasury management and government banking efforts[46]. - Ryan A. Smith transitioned to EVP, Chief Credit Officer in December 2023, having served as EVP, Commercial Banking from 2020 to 2023[48]. Regulatory Compliance and Capital Requirements - The Company and the Bank are subject to risk-based capital requirements under Basel III, which reflect the relationship between capital and operational risk[70]. - The Company and the Bank are required to maintain a minimum CET1 capital to RWA ratio of 4.5%, a minimum Tier 1 capital to RWA ratio of 6%, and a minimum total capital to RWA ratio of 8%[72]. - A capital conservation buffer of 2.5% of total RWA is required, leading to effective CET1, Tier 1, and total capital ratios of 7%, 8.5%, and 10.5% respectively[72]. - The Company and the Bank meet all capital requirements under the Capital Rules, including the capital conservation buffer, and are considered "well capitalized" under the FDIA[81]. - The Company has opted not to apply the Community Bank Leverage Ratio framework, continuing to measure capital adequacy under the Capital Rules[75]. - The federal banking regulators proposed revisions to the Basel III Capital Rules, but these will not apply to the Company or Bank due to their asset size being below $100 billion[77]. - The FDIA establishes five capital categories, with "well capitalized" institutions required to have a total risk-based capital ratio of at least 10%[78]. - The Company’s ability to pay dividends is restricted if it does not maintain the capital conservation buffer[85]. - The Bank is subject to restrictions on dividends, including not declaring dividends in excess of undivided profits without OCC approval[87]. Consumer Protection and Compliance - The Company and the Bank are subject to various federal and state consumer protection laws, which mandate certain disclosure requirements[90]. - The Bank uses consumer reports in its underwriting activities, regulated under the Fair Credit Reporting Act (FCRA)[91]. - The Dodd-Frank Act prohibits prepayment penalties for certain mortgage transactions and requires lenders to verify a borrower's ability to repay[92]. - The GLBA mandates financial institutions to implement policies for the disclosure of nonpublic personal information and maintain a comprehensive information security program[93]. - The Bank must develop a written identity theft prevention program under the FACT Act to mitigate identity theft risks[94]. - Federal regulations require banks to notify authorities within 36 hours of significant computer security incidents that could disrupt services[95]. - The Bank Secrecy Act requires financial institutions to monitor and report suspicious activities and implement anti-money laundering compliance measures[96]. - The Anti-Money Laundering Act of 2020 codified a risk-based approach to AML compliance and expanded enforcement authority[97]. - The U.S. Treasury's OFAC administers economic sanctions affecting transactions with designated foreign countries and entities[98]. Compensation and Risk Management - Federal guidelines prohibit excessive compensation practices that could undermine the safety and soundness of banking organizations[99]. - The proposed rules on incentive-based payment arrangements are aimed at entities with at least $1 billion in total assets[101]. - The company must ensure its incentive compensation arrangements do not encourage excessive risk-taking and are compatible with effective risk management[100].

Investors might want to bet on Camden National (CAC) , as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the s ...

Board welcomes customer experience and financial leader to drive innovation and growthCAMDEN, Maine, Feb. 26, 2025 /PRNewswire/ -- Camden National Corporation ("Camden National") (NASDAQ: CAC), the bank holding company for Camden National Bank, today announced Raina L. Maxwell's appointment to both Camden National Corporation's and Camden National Bank's Board of Directors, effective February 25, 2025. Ms. Maxwell has also been appointed to the Camden National Credit Committee. Raina Maxwell "We're deli ...

Core Viewpoint - Camden National (CAC) reported quarterly earnings of $1.03 per share, exceeding the Zacks Consensus Estimate of $0.89 per share, and showing an increase from $0.85 per share a year ago, indicating a strong performance in the recent quarter [1][2]. Financial Performance - The company achieved revenues of $47.58 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 5.16% and up from $38.7 million year-over-year [2]. - Over the last four quarters, Camden National has consistently exceeded consensus EPS estimates, achieving this four times [2]. Stock Performance - Camden National shares have increased approximately 4% since the beginning of the year, outperforming the S&P 500's gain of 2.2% [3]. - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating expectations for continued outperformance in the near future [6]. Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.90, with projected revenues of $51.1 million, and for the current fiscal year, the EPS estimate is $4.16 on revenues of $238.09 million [7]. - The trend of estimate revisions for Camden National is favorable, which is a positive indicator for future stock performance [6]. Industry Context - The Banks - Northeast industry, to which Camden National belongs, is currently ranked in the top 9% of over 250 Zacks industries, suggesting a strong overall industry performance [8].

Core Insights - Camden National Corporation reported a net income of $14.7 million for Q4 2024, reflecting a 12% increase from Q3 2024, with diluted EPS rising to $1.00, an 11% increase [1][14] - The company successfully completed its merger with Northway Financial, resulting in total assets of approximately $7.0 billion and 73 branches across Maine and New Hampshire [2][20] - Core net income for Q4 2024, excluding merger costs, was $15.1 million, marking a 9% increase from the previous quarter [3][14] Financial Performance - For the year ended December 31, 2024, net income reached $53.0 million, a 22% increase compared to 2023, with diluted EPS at $3.62 [4][33] - The company achieved a net interest margin of 2.57% in Q4 2024, an increase of 11 basis points from Q3 2024, driven by a 5% rise in net interest income to $35.4 million [15][17] - Non-interest income for Q4 2024 was $12.2 million, a 7% increase from Q3 2024, primarily due to higher debit card income and loan swap fee income [18][14] Asset Quality and Capital Position - As of December 31, 2024, the company's asset quality remained strong, with loans 30-89 days past due at 0.05% and non-performing assets at 0.11% of total assets [10][17] - The allowance for credit losses (ACL) on loans increased to 0.87%, with the ACL being 5.5 times the total non-performing loans [10][12] - The common equity ratio stood at 9.15%, well above regulatory requirements, despite a slight decrease from the previous quarter [12][17] Deposits and Loans - Total deposits increased by 1% to $4.6 billion as of December 31, 2024, with core deposits growing by 2% [11][29] - Loans totaled $4.1 billion, remaining stable compared to the previous quarter, with a notable increase in residential mortgage production by 14% [9][28] Merger and Acquisition - The merger with Northway Financial was finalized on January 2, 2025, with a total consideration of approximately $96.5 million, resulting in the issuance of about 2.3 million shares to Northway's shareholders [2][20]

Financial Performance - For Q4 2024, Camden National reported net income of $14.7 million and diluted EPS of $1.00, representing increases of 12% and 11% respectively compared to Q3 2024[1]. - Core net income for Q4 2024, excluding merger costs, was $15.1 million with core diluted EPS of $1.03, reflecting increases of 9% and 8% respectively over Q3 2024[3]. - Net income for the quarter was $14,666, up 12.2% from $13,073 in the previous quarter and up 73.5% from $8,480 year-over-year[30]. - Core net income (non-GAAP) reached $15,086, a 9.3% increase from $13,800 in the previous quarter and a 21.5% increase from $12,410 year-over-year[30]. - Diluted EPS for the quarter was $1.00, compared to $0.90 in the previous quarter and $0.58 year-over-year, reflecting a 11.1% and 72.4% increase respectively[30]. - Net income for Q4 2024 reached $14,666,000, reflecting a 73% increase year-over-year[34]. - Basic earnings per share for Q4 2024 were $1.01, up 74% from $0.58 in Q4 2023[34]. - Net income for the year 2024 was $53,004,000, representing a 22% increase from $43,383,000 in 2023[36]. Asset and Loan Management - Total assets as of December 31, 2024, were $5.8 billion, up from $5.7 billion as of September 30, 2024[6]. - Loans totaled $4.1 billion as of December 31, 2024, remaining consistent with the previous quarter, while funded residential mortgage production increased by 14%[9]. - Total loans remained stable at $4,115,259, showing no significant change from $4,116,729 in the previous quarter and a slight increase from $4,098,094 year-over-year[30]. - Total loans amounted to $4,116,313 thousand for the three months ended December 31, 2024, a slight decrease from $4,144,482 thousand in the previous quarter, representing a decline of 0.68%[38]. - Non-performing loans to total loans ratio was 0.16% for the year ended December 31, 2024, slightly down from 0.17% for the year ended September 30, 2024[44]. Deposit Growth - Deposits increased by 1% to $4.6 billion, with core deposits growing by 2% to $3.9 billion, primarily due to a 7% increase in savings deposits[13]. - Total deposits as of December 31, 2024, were $4,633,167 thousand, an increase from $4,575,226 thousand in the previous quarter, reflecting a growth of 1.27%[51]. - Total deposits rose to $4,441,290 thousand, marking an increase of 1.91% from $4,379,935 thousand in the prior quarter[38]. Efficiency and Profitability Ratios - The efficiency ratio for Q4 2024 improved to 59.62% (GAAP) and 58.51% (non-GAAP), compared to 64.23% and 62.39% in Q3 2024[20]. - Return on average assets improved to 1.01%, up from 0.91% in the previous quarter and 0.59% year-over-year[30]. - Core return on average equity (non-GAAP) was 11.30%, compared to 10.48% in the previous quarter and 10.53% year-over-year[30]. - The GAAP efficiency ratio improved to 59.62% for the three months ended December 31, 2024, down from 64.23% in the previous quarter[48]. - The non-GAAP efficiency ratio also improved to 58.51% for the same period, compared to 62.39% in the previous quarter[48]. Non-Interest Income and Expenses - Total non-interest income for Q4 2024 was $12,166,000, a significant 103% increase compared to Q4 2023[34]. - The company reported a 44% increase in total non-interest income for the year 2024, totaling $44,539,000 compared to $31,034,000 in 2023[36]. - Total non-interest expense for the year 2024 was $111,936,000, a 4% increase compared to $107,361,000 in 2023[36]. - Non-interest expense for the three months ended December 31, 2024, was $28,364 thousand, compared to $28,900 thousand for the previous quarter, reflecting a decrease of 1.85%[48]. Credit Quality - The company's asset quality remained strong, with loans 30-89 days past due at 0.05% of total loans and non-performing assets at 0.11% of total assets[10]. - Provision for credit losses for Q4 2024 was $809,000, a 238% increase from $239,000 in Q3 2024[34]. - The allowance for credit losses (ACL) on loans at the end of the period was $35,728,000, down from $36,935,000 at the beginning of the period[44]. - The ACL on loans to non-performing loans ratio was 553.07% for the year ended December 31, 2024, indicating strong coverage of non-performing loans[44]. Mergers and Acquisitions - The company completed its merger with Northway Financial on January 2, 2025, resulting in total assets of approximately $7.0 billion and 73 branches in Maine and New Hampshire[2].