Camden National (US:CAC)2024-10-29 12:11Financial 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].