Camden National (CAC) - 2024 Q4 - Annual Results

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].