Camden National ( (CAC) ) has realeased its Q3 earnings. Here is a breakdown of the information Camden National presented to its investors.
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Camden National Corporation, a prominent bank holding company in Northern New England, offers comprehensive banking and wealth management services through its extensive branch network in Maine and New Hampshire.
In its third quarter of 2024, Camden National Corporation reported robust financial performance with net earnings of $13.1 million and a diluted earnings per share (EPS) of $0.90, marking a 9% and 11% increase, respectively, from the previous quarter. The company also announced a strategic merger with Northway Financial, Inc., expected to significantly enhance its market presence.
Key highlights from the quarter include a 10 basis point increase in net interest margin to 2.46%, a strong capital position with a common equity ratio of 9.22%, and continued exceptional asset quality with non-performing loans reduced to 0.17% of total loans. The company also managed to grow core deposits by 2% and witnessed improvements in non-interest income by 7% due to increased mortgage banking and debit card income.
Looking forward, Camden National Corporation remains optimistic about its growth prospects, buoyed by strategic investments and the anticipated benefits of the Northway merger. The company emphasizes its commitment to maintaining strong capital positions and exceptional asset quality while navigating through improving macroeconomic conditions.
