Stocks
ETFs
Options
Commodities
Crypto
Currency
Pro Newsletters
Research Tools
Daily Feeds
Calendars
Economic Indicators
Class Actions
Calculators
Education
About Us
Working with TipRanks
Follow Us
Camden National Corp. (CAC)
NASDAQ:CAC
Holding CAC?
Track your performance easily
Earnings Data
Report Date
Feb 04, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.89Last Year’s EPS
$0.85Same Quarter Last Year
Moderate Buy
Based on 1 Analysts Ratings
---
Earnings Call Summary
Earnings Call Date:Oct 29, 2024
|% Change Since: 4.70%
|Next Earnings Date:Feb 04, 2025
Earnings Call Sentiment|Positive
The earnings call reflected a positive outlook with strong operating results, significant strategic investments, and the acquisition of Northway Financial. While there were challenges such as a decrease in loan balances and modest growth expectations, the overall performance and strategic direction suggest a positive trajectory.Company Guidance
During the earnings call for Camden National Corporation's third quarter of 2024, the guidance provided highlighted key financial metrics and strategic initiatives. The company reported a net income of $13.1 million, or $0.90 diluted earnings per share, reflecting a 9% and 11% increase over the previous quarter, respectively. Excluding merger and acquisition costs, the non-GAAP net income was $13.6 million, with an EPS of $0.94, marking a 14% and 16% increase, respectively. The net interest margin rose by 10 basis points to 2.46%, contributing to a 4% growth in net interest income. Noninterest income saw a 7% increase, driven by mortgage activity and fee income. The company's strong asset quality was evidenced by a decrease in nonperforming loans to 17 basis points and past due loans to 3 basis points. The efficiency ratio improved to 62.39%, with a tangible book value per share growth of 5%. Looking forward, Camden National plans to maintain its strategic investments and expects continued positive momentum, leveraging its merger with Northway Financial to enhance market position and shareholder value.Acquisition of Northway Financial
Camden National announced the acquisition of Northway Financial, a significant move to enhance market share in Northern New England. The merger is expected to be completed in the first quarter of 2025.
Increase in Net Income
Net income for the third quarter was $13.1 million, a 9% increase over the second quarter. Excluding merger costs, net income was $13.6 million, a 14% increase over the previous quarter.
Net Interest Margin Expansion
Net interest margin expanded by 10 basis points to 2.46% compared to the previous quarter.
Strong Asset Quality
Nonperforming loans decreased to 17 basis points from 23 basis points. Past due loans were just 3 basis points of total loans, down from 5 basis points in the last quarter.
Deposit Growth
Deposits increased by 1% compared to the previous quarter, with a notable 8% increase in high-yield savings deposits.
Technology Investments
Strategic transformation of the Account Opening Process is on track for year-end launch, enhancing digital capabilities.
---
CAC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
---
CAC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 29, 2024 | $41.47 | $42.20 | +1.76% |
| Jul 30, 2024 | $39.64 | $40.96 | +3.33% |
| Apr 30, 2024 | $29.49 | $30.54 | +3.56% |
| Jan 30, 2024 | $36.26 | $35.81 | -1.24% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
---
FAQ
When does Camden National Corp. (CAC) report earnings?
Camden National Corp. (CAC) is schdueled to report earning on Feb 04, 2025, TBA Not Confirmed.
What is Camden National Corp. (CAC) earnings time?
Camden National Corp. (CAC) earnings time is at Feb 04, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CAC EPS forecast?
CAC EPS forecast for the fiscal quarter 2024 (Q4) is $0.89.
---