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  • Apr 30, 2024

      Show headlines and story abstract
    • 8:15AM ET on Tuesday Apr 30, 2024 by MT Newswires
      Companies Mentioned: CAC
      08:15 AM EDT, 04/30/2024 (MT Newswires) -- ...
    • 8:15AM ET on Tuesday Apr 30, 2024 by PR Newswire
      Companies Mentioned: CAC

      Asset Quality, Capital and Liquidity Remain Strong

      Camden National Corporation (NASDAQ: CAC; "Camden National" or the "Company") today reported earnings for the first quarter ended March 31, 2024. The Company reported first quarter net income available to common shareholders of $13.3 million and earnings per diluted share ("EPS") of $0.91.

    • 8:15AM ET on Tuesday Apr 30, 2024 by Dow Jones
      Companies Mentioned: CAC
      March 31, December 31, March 31, (In thousands) 2024 2023 2023 --------------- -------------------- --------------------- -------------------- Net income, as presented $ 13,272 $ 8,480 $ 12,727 Adjustment for (credit) provision for credit losses (2,102) 569 2,002 Adjustment for income tax expense 3,063 1,800 3,252 -------------------- --------------------- -------------------- Pre-tax, pre-provision income 14,233 10,849 17,981 Adjustment for net loss on sale of securities -- 4,975 -- -------------------- --------------------- -------------------- Adjusted pre-tax, pre-provision income $ 14,233 $ 15,824 $ 17,981 ==================== ===================== ==================== Efficiency Ratio: --------------------------------------------------------------------------------- For the Three Months Ended ------------------------------------------------------- March 31, December 31, March 31, (Dollars in thousands) 2024 2023 2023 ----------------------- ----------------- ----------------- ----------------- Non-interest expense, as presented $ 27,362 $ 27,846 $ 26,165 Net interest income, as presented $ 31,273 $ 32,709 $ 34,280 Adjustment for the effect of tax-exempt income(1) 150 199 229 Non-interest income, as presented 10,322 5,986 9,866 Adjustment for net loss on sale of securities -- 4,975 -- ----------------- ----------------- ----------------- Adjusted net interest income plus non-interest income $ 41,745 $ 43,869 $ 44,375 ================= ================= ================= GAAP efficiency ratio 65.78 % 71.96 % 59.27 % Non-GAAP efficiency ratio 65.55 % 63.48 % 58.96 % (1) Assumed a 21% tax rate. Return on Average Tangible Equity and Adjusted Return on Average Tangible Equity: ---------------------------------------------------------------------------------- For the Three Months Ended March 31, December 31, March 31, (Dollars in thousands) 2024 2023 2023 ----------------------- ----------------- ------------------ ----------------- Return on Average Tangible Equity: Net income, as presented $ 13,272 $ 8,480 $ 12,727 Adjustment for amortization of core deposit intangible assets 139 148 148 Tax impact of above adjustment(1) (29) (31) (31) ----------------- ------------------ ----------------- Net income, adjusted for amortization of core deposit intangible assets $ 13,382 $ 8,597 $ 12,844 ================= ================== ================= Average equity, as presented $ 495,513 $ 467,174 $ 462,651 Adjustment for average goodwill and core deposit intangible assets (95,604) (95,739) (96,191) ----------------- ------------------ ----------------- Average tangible equity $ 399,909 $ 371,435 $ 366,460 ================= ================== ================= Return on average equity 10.77 % 7.20 % 11.16 % Return on average tangible equity 13.46 % 9.18 % 14.21 % Adjusted Return on Average Tangible Equity: Adjusted net income (see "Adjusted Net Income" table above) $ 12,553 $ 12,410 $ 14,179 Adjustment for amortization of core deposit intangible assets 139 148 148 Tax impact of above adjustment(1) (29) (31) (31) ----------------- ------------------ ----------------- Adjusted net income, adjusted for amortization of core deposit intangible assets $ 12,663 $ 12,527 $ 14,296 ================= ================== ================= Adjusted return on average tangible equity 12.74 % 13.38 % 15.82 % (1) Assumed a 21% tax rate. Tangible Book Value Per Share and Tangible Common Equity Ratio: ---------------------------------------------------------------------------- (In thousands, except number of shares, per share data and March 31, December 31, March 31, ratios) 2024 2023 2023 --------------- ------------------ ------------------ ------------------ Tangible Book Value Per Share: --------------- Shareholders' equity, as presented $ 501,577 $ 495,064 $ 464,874 Adjustment for goodwill and core deposit intangible assets (95,529) (95,668) (96,112) ------------------ ------------------ ------------------ Tangible shareholders' equity $ 406,048 $ 399,396 $ 368,762 ================== ================== ================== Shares outstanding at period end 14,593,830 14,565,952 14,587,906 Book value per share $ 34.37 $ 33.99 $ 31.87 Tangible book value per share 27.82 27.42 25.28 Tangible Common Equity Ratio: ---------------------------------------------------------------------------- Total assets $ 5,794,785 $ 5,714,506 $ 5,716,605 Adjustment for goodwill and core deposit intangible assets (95,529) (95,668) (96,112) ------------------ ------------------ ------------------ Tangible assets $ 5,699,256 $ 5,618,838 $ 5,620,493 ================== ================== ================== Common equity ratio 8.66 % 8.66 % 8.13 % Tangible common equity ratio 7.12 % 7.11 % 6.56 % Core Deposits: ---------------------------------------------------------------------------- March 31, December 31, March 31, (In thousands) 2024 2023 2023 --------------- ------------------ ------------------ ------------------ Total deposits $ 4,551,524 $ 4,597,360 $ 4,642,734 Adjustment for certificates of deposit (585,786) (609,503) (360,103) Adjustment for brokered deposits (153,942) (101,919) (215,949) ------------------ ------------------ ------------------ Core deposits $ 3,811,796 $ 3,885,938 $ 4,066,682 ================== ================== ================== Average Core Deposits: ---------------------------------------------------------------------------- For the Three Months Ended ---------------------------------------------------------- March 31, December 31, March 31, (In thousands) 2024 2023 2023 --------------- ------------------ ------------------ ------------------ Total average deposits, as presented(1) $ 4,370,688 $ 4,495,135 $ 4,520,424 Adjustment for average certificates of deposit (582,806) (583,738) (320,209) ------------------ ------------------ ------------------ Average core deposits $ 3,787,882 $ 3,911,397 $ 4,200,215 ================== ================== ================== (1) Brokered deposits are excluded from total average deposits, as presented on the Average Balance, Interest and Yield/Rate analysis table.
    • 8:15AM ET on Tuesday Apr 30, 2024 by Dow Jones
      Companies Mentioned: CAC
      March 31, December 31, March 31, (In thousands) 2024 2023 2023 --------------- -------------------- --------------------- -------------------- Net income, as presented $ 13,272 $ 8,480 $ 12,727 Adjustment for (credit) provision for credit losses (2,102) 569 2,002 Adjustment for income tax expense 3,063 1,800 3,252 -------------------- --------------------- -------------------- Pre-tax, pre-provision income 14,233 10,849 17,981 Adjustment for net loss on sale of securities -- 4,975 -- -------------------- --------------------- -------------------- Adjusted pre-tax, pre-provision income $ 14,233 $ 15,824 $ 17,981 ==================== ===================== ==================== Efficiency Ratio: --------------------------------------------------------------------------------- For the Three Months Ended ------------------------------------------------------- March 31, December 31, March 31, (Dollars in thousands) 2024 2023 2023 ----------------------- ----------------- ----------------- ----------------- Non-interest expense, as presented $ 27,362 $ 27,846 $ 26,165 Net interest income, as presented $ 31,273 $ 32,709 $ 34,280 Adjustment for the effect of tax-exempt income(1) 150 199 229 Non-interest income, as presented 10,322 5,986 9,866 Adjustment for net loss on sale of securities -- 4,975 -- ----------------- ----------------- ----------------- Adjusted net interest income plus non-interest income $ 41,745 $ 43,869 $ 44,375 ================= ================= ================= GAAP efficiency ratio 65.78 % 71.96 % 59.27 % Non-GAAP efficiency ratio 65.55 % 63.48 % 58.96 % (1) Assumed a 21% tax rate. Return on Average Tangible Equity and Adjusted Return on Average Tangible Equity: ---------------------------------------------------------------------------------- For the Three Months Ended March 31, December 31, March 31, (Dollars in thousands) 2024 2023 2023 ----------------------- ----------------- ------------------ ----------------- Return on Average Tangible Equity: Net income, as presented $ 13,272 $ 8,480 $ 12,727 Adjustment for amortization of core deposit intangible assets 139 148 148 Tax impact of above adjustment(1) (29) (31) (31) ----------------- ------------------ ----------------- Net income, adjusted for amortization of core deposit intangible assets $ 13,382 $ 8,597 $ 12,844 ================= ================== ================= Average equity, as presented $ 495,513 $ 467,174 $ 462,651 Adjustment for average goodwill and core deposit intangible assets (95,604) (95,739) (96,191) ----------------- ------------------ ----------------- Average tangible equity $ 399,909 $ 371,435 $ 366,460 ================= ================== ================= Return on average equity 10.77 % 7.20 % 11.16 % Return on average tangible equity 13.46 % 9.18 % 14.21 % Adjusted Return on Average Tangible Equity: Adjusted net income (see "Adjusted Net Income" table above) $ 12,553 $ 12,410 $ 14,179 Adjustment for amortization of core deposit intangible assets 139 148 148 Tax impact of above adjustment(1) (29) (31) (31) ----------------- ------------------ ----------------- Adjusted net income, adjusted for amortization of core deposit intangible assets $ 12,663 $ 12,527 $ 14,296 ================= ================== ================= Adjusted return on average tangible equity 12.74 % 13.38 % 15.82 % (1) Assumed a 21% tax rate. Tangible Book Value Per Share and Tangible Common Equity Ratio: ---------------------------------------------------------------------------- (In thousands, except number of shares, per share data and March 31, December 31, March 31, ratios) 2024 2023 2023 --------------- ------------------ ------------------ ------------------ Tangible Book Value Per Share: --------------- Shareholders' equity, as presented $ 501,577 $ 495,064 $ 464,874 Adjustment for goodwill and core deposit intangible assets (95,529) (95,668) (96,112) ------------------ ------------------ ------------------ Tangible shareholders' equity $ 406,048 $ 399,396 $ 368,762 ================== ================== ================== Shares outstanding at period end 14,593,830 14,565,952 14,587,906 Book value per share $ 34.37 $ 33.99 $ 31.87 Tangible book value per share 27.82 27.42 25.28 Tangible Common Equity Ratio: ---------------------------------------------------------------------------- Total assets $ 5,794,785 $ 5,714,506 $ 5,716,605 Adjustment for goodwill and core deposit intangible assets (95,529) (95,668) (96,112) ------------------ ------------------ ------------------ Tangible assets $ 5,699,256 $ 5,618,838 $ 5,620,493 ================== ================== ================== Common equity ratio 8.66 % 8.66 % 8.13 % Tangible common equity ratio 7.12 % 7.11 % 6.56 % Core Deposits: ---------------------------------------------------------------------------- March 31, December 31, March 31, (In thousands) 2024 2023 2023 --------------- ------------------ ------------------ ------------------ Total deposits $ 4,551,524 $ 4,597,360 $ 4,642,734 Adjustment for certificates of deposit (585,786) (609,503) (360,103) Adjustment for brokered deposits (153,942) (101,919) (215,949) ------------------ ------------------ ------------------ Core deposits $ 3,811,796 $ 3,885,938 $ 4,066,682 ================== ================== ================== Average Core Deposits: ---------------------------------------------------------------------------- For the Three Months Ended ---------------------------------------------------------- March 31, December 31, March 31, (In thousands) 2024 2023 2023 --------------- ------------------ ------------------ ------------------ Total average deposits, as presented(1) $ 4,370,688 $ 4,495,135 $ 4,520,424 Adjustment for average certificates of deposit (582,806) (583,738) (320,209) ------------------ ------------------ ------------------ Average core deposits $ 3,787,882 $ 3,911,397 $ 4,200,215 ================== ================== ================== (1) Brokered deposits are excluded from total average deposits, as presented on the Average Balance, Interest and Yield/Rate analysis table.

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