Welcome to our dedicated page for Camden National Corporation news (Ticker: CAC), a resource for investors and traders seeking the latest updates and insights on Camden National Corporation stock.
Camden National Corporation (NASDAQ: CAC), founded in 1875 and headquartered in Camden, Maine, is the largest publicly traded bank holding company in Northern New England. With assets totaling $5.8 billion and a dedicated workforce of nearly 650 employees, Camden National Corporation is committed to delivering comprehensive banking solutions to its diverse client base.
Subsidiary Operations: The company’s primary subsidiary, Camden National Bank, offers a wide array of consumer and business financial products and services. These include loans, deposits, savings, online banking, and treasury management solutions designed to meet the unique needs of individuals, institutions, municipalities, non-profits, and commercial customers.
Community Presence: Camden National Bank operates through a robust network of 57 banking centers, 76 ATMs, and lending offices across New Hampshire and Massachusetts. It provides personalized service 24/7 through live phone support, ensuring that customers can manage their finances anytime, anywhere.
Wealth Management: Camden National Wealth Management offers specialized services in wealth management, investment, and financial planning, helping clients achieve their financial goals through tailored strategies and expert advice.
Recent Financial Performance: As of September 30, 2023, Camden National reported a net income of $9.8 million and diluted earnings per share of $0.67 for the third quarter, showcasing a strong capital position despite a 21% decrease from the previous quarter. The company’s strategic sale of investment securities worth $66.7 million resulted in a pre-tax loss of $5.3 million, aimed at repositioning its balance sheet in response to the changing interest rate environment.
Leadership and Strategy: With a keen focus on maintaining strong asset quality and optimizing net interest margins, Camden National’s leadership, under the guidance of President and CEO Gregory A. Dufour (retiring end of 2023), is transitioning to Simon Griffiths, ensuring a seamless leadership succession. This strategic move is set to fortify the company's future growth and operational stability.
Technological Advancements: Camden National Bank is dedicated to integrating the latest digital banking technologies to enhance customer experiences, making banking more accessible and efficient.
Recognition: Camden National Corporation has been recognized as one of the Best Places to Work in Maine for the past three years, highlighting its commitment to a positive workplace culture and employee satisfaction.
Camden National (NASDAQ: CAC) has received all necessary regulatory approvals for its merger with Northway Financial (OTCQB: NWYF). The merger, originally announced on September 9, 2024, is expected to close around January 2, 2025, following customary closing conditions. Northway shareholders approved all merger-related matters on December 17, 2024. The merger will expand Camden National's presence into New Hampshire, with customer account conversions planned for mid-March 2025.
Camden National (NASDAQ: CAC) has declared a quarterly dividend of $0.42 per share. Based on the company's closing stock price of $45.91 on December 16, 2024, this represents an annualized dividend yield of 3.66%. The dividend will be paid on January 31, 2025, to shareholders of record as of January 15, 2025.
Camden National reported Q3 2024 earnings of $13.1 million and diluted EPS of $0.90, marking increases of 9% and 11% respectively over Q2 2024. The company announced a pending merger with Northway Financial, which is expected to create a combined franchise with 74 branches, approximately $7.0 billion in assets, and $5.1 billion in loans. The merger is projected to be 19.9% accretive to Camden National's 2025 EPS and 32.7% accretive to 2026 EPS. Net interest margin expanded to 2.46%, while asset quality remained strong with non-performing loans at 0.17% of total loans. The company declared a cash dividend of $0.42 per share.
Camden National (NASDAQ: CAC) has announced it will release its financial and operating results for the quarter ended September 30, 2024, on Tuesday, October 29, 2024. The company will host a conference call and webcast at 3:00 p.m. Eastern on the same day to discuss the results.
Interested parties can participate in the teleconference by dialing in or connecting to the webcast link 10-15 minutes before the start time. The dial-in numbers are (833) 470-1428 for domestic calls and (929) 526-1599 for international calls, with the participant access code 504894. The live webcast will be available at https://events.q4inc.com/attendee/685424551.
A link to the webcast will also be provided on Camden National 's website prior to the meeting. Following the conference call, a transcript and replay will be made available on the company's website.
Camden National (NASDAQ: CAC) has announced its third quarter 2024 dividend. The board of directors declared a quarterly dividend of $0.42 per share, payable on October 31, 2024, to shareholders of record on October 15, 2024. This quarterly payout results in an annualized dividend yield of 4.27%, based on the September 23, 2024 closing price of the Company's common stock at $39.39 per share as reported by NASDAQ. The announcement was made by Simon R. Griffiths, President and Chief Executive Officer of Camden National
Camden National (NASDAQ: CAC) and Northway Financial, Inc. (OTCQB: NWYF) have announced a merger agreement valued at approximately $86.6 million. The all-stock transaction will create a premier northern New England bank with 74 branches across New Hampshire and Maine, boasting $7.0 billion in assets, $5.1 billion in loans, and $5.5 billion in deposits. The combined entity will operate under the Camden National Bank name.
The merger is expected to be 19.9% accretive to Camden National's 2025 earnings per share and 32.7% accretive to 2026 earnings per share. Subject to regulatory approvals and Northway shareholder approval, the transaction is anticipated to close in the first quarter of 2025. Post-merger, Camden National shareholders will own approximately 86% of the combined company, while Northway shareholders will own about 14%.
Camden National (NASDAQ: CAC) reported Q2 2024 earnings of $12.0 million and diluted EPS of $0.81, down from $13.3 million and $0.91 in Q1 2024. Key highlights include:
- Net interest margin increased to 2.36% from 2.30% in Q1
- Strong asset quality with non-performing loans at 0.23% of total loans
- Common equity ratio of 8.88% and tangible common equity ratio of 7.34%
- Total assets decreased 1% to $5.7 billion
- Loans increased by $18.3 million, driven by commercial and consumer growth
- Deposits decreased 1% to $4.5 billion
- Announced cash dividend of $0.42 per share
The company's performance reflects its strong capital position, disciplined credit culture, and expense management in a challenging economic environment.
Camden National (NASDAQ: CAC) will announce its financial results for the quarter ending June 30, 2024, on July 30, 2024.
A conference call and webcast will be held at 3:00 p.m. Eastern on the same day, hosted by President & CEO Simon Griffiths and EVP & CFO Michael Archer.
Interested parties can join the domestic or international dial-in numbers or connect via the webcast link 10-15 minutes before the event starts. The live webcast will also be accessible on Camden National 's website, with a transcript and replay available post-conference.
On June 25, 2024, Camden National (NASDAQ: CAC) announced that its board of directors declared a quarterly dividend of $0.42 per share. This dividend will yield an annualized return of 5.30%, based on the stock's closing price of $31.72 as of June 24, 2024. The dividend will be paid to shareholders of record on July 15, 2024, with the payment date set for July 31, 2024.
Camden National reported earnings of $13.3 million and diluted EPS of $0.91 for the first quarter of 2024. The company maintained strong asset quality, capital, and liquidity. The financial results showed an increase in adjusted net income and adjusted diluted EPS compared to the previous quarter. The return on average assets, equity, and tangible equity remained solid. Asset quality was highlighted by low past due loans and non-performing assets. Financial condition reflected an increase in total assets and a strategic focus on loan growth. The company announced a cash dividend and initiated a new share repurchase program. Financial operating results showed a rise in net income and non-interest income, along with a decline in net interest income. The negative provision expense was driven by favorable asset quality and loan growth. Non-interest expenses decreased, reflecting cost management actions.
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