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].

Core Viewpoint - Camden National (CAC) has consistently beaten earnings estimates and is well-positioned for future earnings surprises, particularly with a positive Earnings ESP and a strong Zacks Rank [1][3][6]. Earnings Performance - For the last reported quarter, Camden National achieved earnings of $0.94 per share, exceeding the Zacks Consensus Estimate of $0.83 per share, resulting in a surprise of 13.25% [2]. - In the previous quarter, the company was expected to earn $0.71 per share but delivered $0.81 per share, leading to a surprise of 14.08% [2]. Earnings Estimates - Recent estimates for Camden National have been increasing, indicating a bullish outlook on the company's earnings prospects [3]. - The current Earnings ESP for Camden National is +0.57%, suggesting analysts have become more optimistic about the company's upcoming earnings [6]. Predictive Metrics - Stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have a nearly 70% chance of producing a positive surprise [4]. - The combination of Camden National's positive Earnings ESP and Zacks Rank 1 (Strong Buy) indicates a high likelihood of another earnings beat [6]. Importance of Earnings ESP - The Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions [5]. - A negative Earnings ESP does not necessarily indicate an earnings miss, but it reduces predictive power [6].

Company Overview - Camden National Corporation (NASDAQ: CAC) is the largest publicly traded bank holding company in Northern New England, with total assets of $7.0 billion [3] - The company operates 73 branches in Maine and New Hampshire, providing full-service community banking and digital banking services [3] - Camden National Bank was founded in 1875 and is recognized for its personalized service [3] Upcoming Financial Results - Camden National Corporation will report its financial and operating results for the quarter and year ended December 31, 2024, on January 28, 2025 [1] - A conference call and webcast will be hosted by Simon Griffiths, President and CEO, and Michael Archer, Executive Vice President and CFO, at 3:00 p.m. Eastern on the same day [1] Conference Call Participation - Interested parties can join the teleconference by dialing in or connecting to the webcast 10-15 minutes prior to the start [2] - Domestic dial-in number is (833) 470-1428, and international dial-in number is (929) 526-1599, with a participant access code of 416800 [2] - The live webcast URL is available at Camden National Corporation's website, and a transcript and replay will be accessible post-conference [2] Wealth Management Services - Camden National Corporation offers comprehensive wealth management, investment, and financial planning services through Camden National Wealth Management [4] - The total assets and branch data reflect the completion of the merger with Northway Financial, Inc., which was announced previously [4]

Group 1: Stock Performance and Market Sentiment - Camden National (CAC) has experienced a downtrend with a 9.6% decline over the past four weeks due to excessive selling pressure [1] - The stock is currently in oversold territory, indicated by an RSI reading of 26.37, suggesting that heavy selling may be exhausting itself [5] - Wall Street analysts are optimistic about CAC's earnings potential, with a consensus EPS estimate increase of 5% over the last 30 days [6] Group 2: Technical Analysis and Indicators - The Relative Strength Index (RSI) is a key technical indicator used to identify oversold stocks, with readings below 30 typically indicating oversold conditions [2] - RSI helps investors identify potential price reversals, allowing them to seek entry opportunities when a stock is undervalued due to unwarranted selling [3] - While RSI is a useful tool, it has limitations and should not be the sole basis for investment decisions [4] Group 3: Analyst Ratings and Future Outlook - CAC holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises [7] - The upward trend in earnings estimate revisions is generally associated with price appreciation in the near term, reinforcing the potential for a stock turnaround [6]

Core Points - Camden National Corporation has successfully completed its merger with Northway Financial, Inc., creating a combined institution with total assets of approximately $7.0 billion and 73 branches in Maine and New Hampshire [1][2][7] - The merger was an all-stock transaction, with Northway shareholders receiving 0.83 shares of Camden National common stock for each share of Northway common stock [3] - Camden National has appointed Larry K. Haynes to its Board of Directors, who brings extensive experience and knowledge of the New Hampshire market [4][5] Company Overview - Camden National Corporation is the largest publicly traded bank holding company in Northern New England, founded in 1875, and offers a full range of banking services [7] - The bank emphasizes exceptional customer service and aims to deepen customer relationships through advice-based conversations [2] - Camden National Wealth Management provides comprehensive wealth management, investment, and financial planning services [8]

Core Points - Camden National Corporation has received all necessary regulatory approvals to complete its merger with Northway Financial, Inc., with the transaction expected to close on or about January 2, 2025 [1][2] - The merger aims to enhance Camden National's presence in New Hampshire and provide improved services to customers [2] - Northway shareholders approved the merger on December 17, 2024, following the announcement of the definitive agreement on September 9, 2024 [3] Company Overview - Camden National Corporation is the largest publicly traded bank holding company in Northern New England, with assets totaling $5.7 billion [4] - The company operates 57 branches across Maine and New Hampshire, offering full-service community banking and digital banking solutions [4] - Camden National Wealth Management provides comprehensive wealth management, investment, and financial planning services [5]

CAMDEN, Maine, Dec. 17, 2024 /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 3.66% based on the December 16, 2024 closing price of the Company's common stock at $45.91 per share as reported by NASDAQ. The dividend is payable on January 31, 2025 to sha ...

A downtrend has been apparent in Camden National (CAC) lately. While the stock has lost 6.6% over the past two weeks, it could witness a trend reversal as a hammer chart pattern was formed in its last trading session. This could mean that the bulls have been able to counteract the bears to help the stock find support.While the formation of a hammer pattern is a technical indication of nearing a bottom with potential exhaustion of selling pressure, rising optimism among Wall Street analysts about the future ...