Financial Performance - Camden National Corporation reported third quarter 2024 earnings of $13.1 million and diluted EPS of $0.90, representing increases of 9% and 11% respectively compared to the second quarter of 2024[1]. - On a non-GAAP basis, core net income for Q3 2024 was $13.6 million, with core EPS of $0.94, reflecting increases of 14% and 16% respectively over Q2 2024[3]. - Net income for the three months ended September 30, 2024, was $13,073 thousand, up from $11,993 thousand in the previous quarter, representing a 9.0% increase[33]. - Basic earnings per share for the quarter were $0.90, a 10% increase from $0.82 in the previous quarter and a 34% increase from $0.67 a year ago[35]. - Core net income for the three months ended September 30, 2024, was $13,073,000, an increase from $11,993,000 for the previous quarter[40]. - Core diluted earnings per share increased to $0.94 for the three months ended September 30, 2024, compared to $0.81 for the previous quarter[40]. - Net income for the period was $38,338,000, reflecting a 10% increase from $34,903,000 in the prior year[36]. Asset Quality - Asset quality remained strong, with loans 30-89 days past due at 0.03% of total loans and non-performing loans at 0.17% as of September 30, 2024[8][13]. - Non-performing loans to total loans decreased to 0.17% from 0.23% in the previous quarter, indicating improved asset quality[33]. - Non-performing loans totaled $6,995 thousand as of September 30, 2024, up from $6,621 thousand a year earlier, indicating a 5.65% increase[39]. - The ratio of non-performing loans to total loans was 0.17% for the nine months ended September 30, 2024, compared to 0.16% in the same period of 2023[39]. Capital Position - The Company maintained a strong capital position, with a common equity ratio of 9.22% and a tangible common equity ratio of 7.69% as of September 30, 2024[9][16]. - The common equity ratio increased to 9.22% from 8.88% in the previous quarter, reflecting a stronger capital position[33]. - Total risk-based capital ratio stood at 14.85%, up from 14.46% in the previous quarter, indicating a solid capital buffer[33]. - Tangible Common Equity Ratio improved to 7.69% in September 2024, compared to 7.34% in June 2024 and 6.47% in September 2023[44]. Deposits and Loans - Total deposits increased by 1% to $4.6 billion since June 30, 2024, with core deposits growing by 2% due to seasonal inflows and an 8% increase in savings deposits[14]. - Total loans as of September 30, 2024, were $4,116,729 thousand, a slight decrease from $4,139,361 thousand in the previous quarter[33]. - Total loans decreased by 1% to $4,116,729 from $4,139,361 in the previous quarter, but increased by 1% from $4,058,413 a year ago[34]. - Total deposits reached $4,575,226 thousand in September 2024, a slight increase from $4,514,020 thousand in June 2024 but a decrease from $4,678,406 thousand in September 2023[45]. Income and Expenses - Non-interest income for Q3 2024 was $11.4 million, an increase of 7% over Q2 2024, driven by higher mortgage banking income and debit card income[22]. - The efficiency ratio for Q3 2024 was 64.23%, compared to 63.77% in Q2 2024, indicating a slight increase in operational efficiency[25]. - Adjusted non-interest expense for the three months ended September 30, 2024, was $28,173,000, an increase from $27,310,000 in the previous quarter[42]. - Pre-tax, pre-provision income for the three months ended September 30, 2024, was $16,093,000, compared to $15,519,000 in the previous quarter[41]. Interest Income and Margin - The net interest margin for Q3 2024 was 2.46%, an increase of 10 basis points from Q2 2024, contributing to a net interest income of $33.6 million, up 4% from the previous quarter[7][20]. - Net interest income for the three months ended September 30, 2024, was $33,587,000, compared to $32,184,000 in the previous quarter[42]. - Interest income increased by 12% to $186,066,000 compared to $166,449,000 in the previous year[36]. - The net interest margin improved to 2.46% compared to 2.36% in the previous year[37]. Dividends - The Company announced a cash dividend of $0.42 per share, representing an annualized yield of 4.07% based on the closing share price on September 30, 2024[17].

CAMDEN, Maine, Oct. 2, 2024 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC) will report financial and operating results for the quarter ended September 30, 2024 on Tuesday, October 29, 2024. A conference call and webcast will be held at 3:00 p.m. Eastern on Tuesday, October 29, 2024 hosted by Simon Griffiths, President and Chief Executive Officer and Michael Archer, Executive Vice President, Chief Financial Officer. Parties interested in listening to the teleconference should dial into the call or ...

CAMDEN, Maine, Sept. 24, 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 4.27% based on the September 23, 2024 closing price of the Company's common stock at $39.39 per share as reported by NASDAQ. The dividend is payable on October 31, 2024 to s ...

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. A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years. ...

Here are three stocks with buy rank and strong income characteristics for investors to consider today, September 23rd: Opera Limited (OPRA) : This mobile and PC web browsers and related products and services company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 12.8% over the last 60 days. This Zacks Rank #1 company has a dividend yield of 5.4%, compared with the industry average of 0.0%. Southside Bancshares, Inc. (SBSI) : This bank holding company ...

Camden National Corp. (CAC) has signed an agreement to acquire Northway Financial, Inc. ("Northway") in an all-stock transaction valued at roughly $86.6 million. Key Details of the Acquisition by Camden National Northway, founded in 1881, and based in North Conway, New Hampshire, operates with 17 full-service branches with a stable and high-quality deposit base. As of June 30, 2024, it had roughly $1.3 billion in total assets, $0.9 billion in total loans and $1 billion in deposits. Upon the closure of the t ...

Positions Camden National as a Premier Northern New England Bank CAMDEN, Maine and NORTH CONWAY, N.H., Sept. 10, 2024 /PRNewswire/ -- Camden National Corporation ("Camden National") (NASDAQ: CAC), the bank holding company for Camden National Bank, and Northway Financial, Inc. ("Northway") (OTCQB: NWYF), the parent company of Northway Bank, announced today that they have entered into a definitive agreement under which Camden National will acquire Northway in an all-stock transaction valued at approximately $ ...

A downtrend has been apparent in Camden National (CAC) lately. While the stock has lost 5% over the past week, 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 earnin ...

Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, without par value CAC The NASDAQ Stock Market LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 0-28190 CAMDEN NATIONAL CORPORATION ( ...

Camden National Corporation (NASDAQ:CAC) Q2 2024 Earnings Conference Call July 30, 2024 3:00 PM ET Company Participants Renée Smyth - Chief Experience and Marketing Officer Simon Griffiths - President and CEO Mike Archer - EVP and CFO Conference Call Participants Steve Moss - Raymond James Matthew Breese - Stephen Operator Good day, and welcome to Camden National Operations Second Quarter 2024 Earnings Conference Call. My name is Lydia, and I will be your operator for today's call. [Operator Instructions] I ...