CAMDEN NATIONAL CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2024 FINANCIAL RESULTS

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]