CAMDEN NATIONAL CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2024 FINANCIAL RESULTS
Camden National (NASDAQ: CAC) reported Q4 2024 earnings of $14.7 million and diluted EPS of $1.00, marking increases of 12% and 11% respectively over Q3 2024. The company successfully closed its merger with Northway Financial on January 2, 2025, creating a combined institution with approximately $7.0 billion in assets and 73 branches across Maine and New Hampshire.
Key Q4 2024 highlights include net interest margin expansion to 2.57% (up 11 basis points), return on average assets of 1.01%, and strong asset quality with non-performing loans at 0.16% of total loans. Total assets reached $5.8 billion, with loans totaling $4.1 billion and deposits at $4.6 billion. The company announced a cash dividend of $0.42 per share, representing a 3.93% annualized yield.
For full-year 2024, Camden National reported net income of $53.0 million and diluted EPS of $3.62, both representing 22% increases over 2023.
Camden National (NASDAQ: CAC) ha riportato guadagni per il quarto trimestre 2024 di $14,7 milioni e un utile per azione diluito di $1,00, segnando un aumento del 12% e dell'11% rispettivamente rispetto al terzo trimestre 2024. L'azienda ha completato con successo la fusione con Northway Financial il 2 gennaio 2025, creando un'istituzione combinata con circa $7,0 miliardi di attivi e 73 filiali in Maine e New Hampshire.
Le principali evidenze del quarto trimestre 2024 includono l'espansione del margine di interesse netto al 2,57% (in aumento di 11 punti base), un ritorno sugli attivi medi dell'1,01% e una forte qualità degli attivi con prestiti non performanti allo 0,16% del totale dei prestiti. Gli attivi totali hanno raggiunto $5,8 miliardi, con prestiti per un totale di $4,1 miliardi e depositi di $4,6 miliardi. L'azienda ha annunciato un dividendo in contante di $0,42 per azione, corrispondente a un rendimento annualizzato del 3,93%.
Per l'intero anno 2024, Camden National ha riportato un reddito netto di $53,0 milioni e un utile per azione diluito di $3,62, entrambi rappresentanti un aumento del 22% rispetto al 2023.
Camden National (NASDAQ: CAC) reportó ganancias en el cuarto trimestre de 2024 de $14.7 millones y una utilidad por acción diluida de $1.00, lo que representa aumentos del 12% y 11% respectivamente en comparación con el tercer trimestre de 2024. La empresa cerró con éxito su fusión con Northway Financial el 2 de enero de 2025, creando una institución combinada con aproximadamente $7.0 mil millones en activos y 73 sucursales en Maine y New Hampshire.
Los principales puntos destacados del cuarto trimestre de 2024 incluyen la expansión del margen de interés neto al 2.57% (un aumento de 11 puntos básicos), un rendimiento sobre activos promedio del 1.01% y una fuerte calidad de activos con préstamos no productivos al 0.16% del total de préstamos. Los activos totales alcanzaron $5.8 mil millones, con préstamos que suman $4.1 mil millones y depósitos de $4.6 mil millones. La empresa anunció un dividendo en efectivo de $0.42 por acción, representando un rendimiento anualizado del 3.93%.
Para el año completo de 2024, Camden National reportó un ingreso neto de $53.0 millones y una utilidad por acción diluida de $3.62, ambos representando aumentos del 22% en comparación con 2023.
캠든 내셔널 (NASDAQ: CAC)은 2024년 4분기 수익으로 1,470만 달러, 희석 주당순이익(EPS) 1.00달러를 보고하며, 각각 2024년 3분기 대비 12% 및 11% 증가했습니다. 회사는 2025년 1월 2일 북웨이 파이낸셜과의 합병을 성공적으로 완료하였으며, 메인과 뉴햄프셔에 걸쳐 약 70억 달러의 자산과 73개의 지점을 갖춘 통합 기관을 만들었습니다.
2024년 4분기 주요 하이라이트로는 순이자 마진이 2.57%로 확장되었고(11 베이시스 포인트 상승), 평균 자산에 대한 수익률이 1.01%이며, 총 대출의 0.16%가 부실 대출인 강력한 자산 품질을 보였습니다. 총 자산은 58억 달러에 도달하고, 대출은 41억 달러, 예금은 46억 달러에 달했습니다. 회사는 주당 0.42달러의 현금 배당금을 발표했으며, 이는 3.93%의 연환산 수익률을 나타냅니다.
2024년 전체 연도에 대해 캠든 내셔널은 5,300만 달러의 순이익과 3.62달러의 희석 주당순이익을 보고하였으며, 두 가지 모두 2023년에 비해 22% 증가한 수치입니다.
Camden National (NASDAQ: CAC) a annoncé un bénéfice pour le quatrième trimestre 2024 de 14,7 millions de dollars et un bénéfice par action dilué de 1,00 dollar, marquant des augmentations respectives de 12 % et 11 % par rapport au troisième trimestre 2024. La société a réussi à finaliser sa fusion avec Northway Financial le 2 janvier 2025, créant ainsi une institution combinée avec environ 7,0 milliards de dollars d'actifs et 73 agences dans le Maine et le New Hampshire.
Les points forts du quatrième trimestre 2024 incluent une expansion de la marge d'intérêt net à 2,57 % (en hausse de 11 points de base), un rendement des actifs moyens de 1,01 % et une solide qualité des actifs avec des prêts non performants représentant 0,16 % du total des prêts. Les actifs totaux ont atteint 5,8 milliards de dollars, avec des prêts totalisant 4,1 milliards de dollars et des dépôts atteignant 4,6 milliards de dollars. L'entreprise a annoncé un dividende en espèces de 0,42 dollar par action, correspondant à un rendement annualisé de 3,93 %.
Pour l'année complète 2024, Camden National a rapporté un revenu net de 53,0 millions de dollars et un bénéfice par action dilué de 3,62 dollars, représentant tous deux une augmentation de 22 % par rapport à 2023.
Camden National (NASDAQ: CAC) berichtete im vierten Quartal 2024 von einem Gewinn in Höhe von 14,7 Millionen Dollar und einem verwässerten Gewinn je Aktie von 1,00 Dollar, was jeweils einem Anstieg von 12 % und 11 % im Vergleich zum dritten Quartal 2024 entspricht. Das Unternehmen schloss erfolgreich seine Fusion mit Northway Financial am 2. Januar 2025 ab und schuf damit eine kombinierte Institution mit rund 7,0 Milliarden Dollar an Vermögenswerten und 73 Filialen in Maine und New Hampshire.
Zu den wichtigsten Highlights des vierten Quartals 2024 gehören die Expansion der Nettzinsmarge auf 2,57 % (ein Anstieg um 11 Basispunkte), eine Rendite auf das durchschnittliche Vermögen von 1,01 % sowie eine starke Vermögensqualität mit notleidenden Krediten von 0,16 % des gesamten Kreditvolumens. Die Gesamtvermögen beliefen sich auf 5,8 Milliarden Dollar, darunter Kredite in Höhe von 4,1 Milliarden Dollar und Einlagen von 4,6 Milliarden Dollar. Das Unternehmen gab eine Bardividende von 0,42 Dollar pro Aktie bekannt, was einer annualisierten Rendite von 3,93 % entspricht.
Für das Gesamtjahr 2024 meldete Camden National einen Nettogewinn von 53,0 Millionen Dollar und einen verwässerten Gewinn je Aktie von 3,62 Dollar, was beide einen Anstieg von 22 % gegenüber 2023 darstellen.
- Q4 earnings increased 12% to $14.7 million compared to Q3 2024
- Net interest margin expanded by 11 basis points to 2.57%
- Full-year 2024 net income grew 22% to $53.0 million
- Strong asset quality with non-performing loans at only 0.16% of total loans
- Successful merger completion adding significant assets and branch network expansion
- Slight decrease in common equity ratio (down 7 basis points) and tangible common equity ratio (down 5 basis points)
- Commercial and commercial real estate loan growth muted by large loan payoffs
- Temporary increase in cash balances expected to decrease in Q1 2025
Insights
Camden National's Q4 2024 results reveal a compelling growth story marked by strategic expansion and improving fundamentals. The successful completion of the Northway merger transforms the institution's competitive position in Northern New England, creating a
The financial metrics demonstrate robust operational execution:
- Net interest margin expansion of 11 basis points to
2.57% reflects successful management of funding costs, with average cost of funds declining 19 basis points to2.16% - The efficiency ratio improved dramatically to
58.51% (non-GAAP), indicating enhanced operational leverage - Asset quality remains exceptional with non-performing loans at just
0.16% of total loans and an allowance for credit losses covering 5.5x non-performing loans
The core deposit growth of
Looking ahead, the scheduled mid-March 2025 systems conversion for Northway will be a critical milestone. The merger's success will depend on retention of key relationships and achievement of cost synergies, particularly important given the anticipated higher merger-related expenses in Q1 2025. The bank's demonstrated ability to expand margins while maintaining strong asset quality provides confidence in its execution capabilities during this transformative period.
Fourth Quarter Net Interest Margin Expansion and Solid Earnings Set the Stage Heading Into 2025
On January 2, 2025, the Company announced the successful closing of its merger with Northway Financial, Inc. ("Northway"), the parent company of Northway Bank. The all-stock transaction was originally announced on September 10, 2024. As of the closing, the combined institution had total assets of approximately
Excluding the merger and acquisition costs incurred in the fourth quarter of 2024, on a non-GAAP basis, core net income for the fourth quarter of 2024 was
"We are pleased with our fourth quarter and full-year financial performance. These results reflect our team's collective efforts and commitment to serving our customers and communities," said Simon Griffiths, president and chief executive officer of Camden National Corporation. "We enter 2025 with tremendous momentum across our franchise, highlighted by our fourth quarter financial results, which included core earnings growth of
For the year ended December 31, 2024, the Company reported net income of
FOURTH QUARTER 2024 HIGHLIGHTS*
- Our net interest margin for the fourth quarter of 2024 was
2.57% , an increase of 11 basis points over the third quarter of 2024. - For the fourth quarter of 2024, our return on average assets was
1.01% , our return on average equity was10.99% , and, on a non-GAAP basis, our return on average tangible equity was13.50% . Excluding merger and acquisition costs, on a non-GAAP basis, our core return on average assets was1.04% and our core return on average tangible equity was13.88% . - For the fourth quarter of 2024, our efficiency ratio on a GAAP and non-GAAP basis was
59.62% and58.51% , respectively, showing continued momentum. - At and for the quarter ended December 31, 2024, asset quality remained strong without any signs of systemic stress. Loans 30-89 days past due at December 31, 2024, remained low and were
0.05% of total loans, an increase of 2 basis points from September 30, 2024. Non-performing loans at December 31, 2024, were0.16% of total loans, an improvement of 1 basis point compared to September 30, 2024. - At December 31, 2024, our capital position remained strong and well in excess of regulatory capital ratios. Our common equity ratio was
9.15% , and on a non-GAAP basis, our tangible common equity ratio was7.64% , a slight decrease of 7 and 5 basis points, respectively, from September 30, 2024.
FINANCIAL CONDITION
As of December 31, 2024, total assets were
Cash balances totaled
Investments totaled
Loans totaled
As of and for the quarter ended December 31, 2024, the Company's asset quality remained very strong across all key metrics. At December 31, 2024, loans 30-89 days past due were
Deposits totaled
As of December 31, 2024, the Company's regulatory capital ratios were each well in excess of regulatory capital requirements. The Company's common equity ratio was
The Company announced a cash dividend of
*2024 financial information does not include Northway, which the Company acquired on January 2, 2025. |
FINANCIAL OPERATING RESULTS (Q4 2024 vs. Q3 2024)
Net income for the fourth quarter of 2024 was
Net interest income for the fourth quarter of 2024 increased
Provision expense of
Non-interest income for the fourth quarter of 2024 was
Non-interest expense for the fourth quarter of 2024 was
NORTHWAY ACQUISITION
On January 2, 2025, the Company completed its previously announced acquisition of Northway in an all-stock transaction. At the effective time of the Merger, each share of Northway's common stock was converted into the right to receive 0.83 shares of the Company's common stock, which resulted in the issuance of approximately 2.3 million shares to Northway's shareholders. The total consideration paid by the Company was approximately
Q4 2024 CONFERENCE CALL
Camden National will host a conference call and webcast at 3:00 p.m., Eastern Time, on Tuesday, January 28, 2025, to discuss its fourth quarter 2024 financial results and outlook. Participants should dial into the call 10 - 15 minutes before it begins. Information about the conference call is as follows:
Live dial-in (Domestic): | (833) 470-1428 |
Live dial-in (All other locations): | (929) 526-1599 |
Participant access code: | 416800 |
Live webcast: |
A link to the live webcast will be available on Camden National's website under "About — Investor Relations" at CamdenNational.bank prior to the meeting, and a replay of the webcast will be available on Camden National's website following the conference call. The transcript of the conference call will also be available on Camden National's website approximately two days after the conference call.
ABOUT CAMDEN NATIONAL CORPORATION
Camden National Corporation (NASDAQ: CAC) is Northern New England's largest publicly traded bank holding company, with approximately
Comprehensive wealth management, investment, and financial planning services are delivered by Camden National Wealth Management.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including certain plans, expectations, goals, projections, and other statements, which are subject to numerous risks, assumptions, and uncertainties. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could," or "may." Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures; inflation; ongoing competition in labor markets and employee turnover; deterioration in the value of Camden National's investment securities; changes in consumer spending and savings habits; changes in the interest rate environment; changes in general economic conditions; operational risks including, but not limited to, cybersecurity, fraud, pandemics and natural disasters; legislative and regulatory changes that adversely affect the business in which Camden National is engaged; turmoil and volatility in the financial services industry, including failures or rumors of failures of other depository institutions which could affect Camden National's ability to attract and retain depositors, and could affect the ability of financial services providers, including the Company, to borrow or raise capital; actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions; changes to regulatory capital requirements in response to recent developments affecting the banking sector; changes in the securities markets and other risks and uncertainties disclosed from time to time in Camden National's Annual Report on Form 10-K for the year ended December 31, 2023, as updated by other filings with the Securities and Exchange Commission ("SEC"). Further, statements regarding the potential effects of the war in
USE OF NON-GAAP MEASURES
In addition to evaluating the Company's results of operations in accordance with generally accepted accounting principles in
ANNUALIZED DATA
Certain returns, yields and performance ratios are presented on an "annualized" basis. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts. Annualized data may not be indicative of any four-quarter period and is presented for illustrative purposes only.
Selected Financial Data (unaudited) | ||||||||||
At or For The Three Months Ended | At or For The Year Ended | |||||||||
(In thousands, except number of shares and per share data) | December 31, | September 30, | December 31, | December 31, | December 31, | |||||
Financial Condition Data | ||||||||||
Loans | $ 4,115,259 | $ 4,116,729 | $ 4,098,094 | $ 4,115,259 | $ 4,098,094 | |||||
Total assets | 5,805,138 | 5,745,180 | 5,714,506 | 5,805,138 | 5,714,506 | |||||
Deposits | 4,633,167 | 4,575,226 | 4,597,360 | 4,633,167 | 4,597,360 | |||||
Shareholders' equity | 531,231 | 529,900 | 495,064 | 531,231 | 495,064 | |||||
Operating Data and Per Share Data | ||||||||||
Net income | $ 14,666 | $ 13,073 | $ 8,480 | $ 53,004 | $ 43,383 | |||||
Core net income (non-GAAP)(1) | 15,086 | 13,800 | 12,410 | 53,432 | 52,980 | |||||
Pre-tax, pre-provision income non-GAAP)(1) | 19,211 | 16,093 | 10,849 | 65,056 | 55,936 | |||||
Diluted EPS | 1.00 | 0.90 | 0.58 | 3.62 | 2.97 | |||||
Core diluted EPS (non-GAAP)(1) | 1.03 | 0.95 | 0.85 | 3.65 | 3.63 | |||||
Profitability Ratios | ||||||||||
Return on average assets | 1.01 % | 0.91 % | 0.59 % | 0.92 % | 0.76 % | |||||
Core return on average assets (non-GAAP)(1) | 1.04 % | 0.96 % | 0.87 % | 0.92 % | 0.93 % | |||||
Return on average equity | 10.99 % | 10.04 % | 7.20 % | 10.36 % | 9.30 % | |||||
Core return on average equity (non-GAAP)(1) | 11.30 % | 10.48 % | 10.53 % | 10.45 % | 11.35 % | |||||
Return on average tangible equity (non-GAAP)(1) | 13.50 % | 12.40 % | 9.18 % | 12.83 % | 11.83 % | |||||
Core return on average tangible equity (non-GAAP)(1) | 13.88 % | 12.94 % | 13.40 % | 12.94 % | 14.42 % | |||||
GAAP efficiency ratio | 59.62 % | 64.23 % | 71.96 % | 63.24 % | 65.75 % | |||||
Efficiency ratio (non-GAAP)(1) | 58.51 % | 62.39 % | 63.48 % | 62.36 % | 61.52 % | |||||
Net interest margin (fully-taxable equivalent) | 2.57 % | 2.46 % | 2.40 % | 2.46 % | 2.46 % | |||||
Asset Quality Ratios | ||||||||||
ACL on loans to total loans | 0.87 % | 0.86 % | 0.90 % | 0.87 % | 0.90 % | |||||
Non-performing loans to total loans | 0.16 % | 0.17 % | 0.18 % | 0.16 % | 0.18 % | |||||
Loans 30-89 days past due to total loans | 0.05 % | 0.03 % | 0.12 % | 0.05 % | 0.12 % | |||||
Annualized net charge-offs to average loans | 0.04 % | 0.03 % | 0.04 % | 0.03 % | 0.03 % | |||||
Capital Ratios | ||||||||||
Common equity ratio | 9.15 % | 9.22 % | 8.66 % | 9.15 % | 8.66 % | |||||
Tangible common equity ratio (non-GAAP)(1) | 7.64 % | 7.69 % | 7.11 % | 7.64 % | 7.11 % | |||||
Tier 1 leverage capital ratio | 9.90 % | 9.84 % | 9.40 % | 9.90 % | 9.40 % | |||||
Total risk-based capital ratio | 15.11 % | 14.85 % | 14.36 % | 15.11 % | 14.36 % | |||||
(1) This is a non-GAAP measure, please see "Reconciliation of non-GAAP to GAAP Financial Measures (unaudited)." |
Consolidated Statements of Condition Data (unaudited)
| ||||||||||
(In thousands) | December 31, | September 30, | December 31, | % Change | % Change | |||||
ASSETS | ||||||||||
Cash, cash equivalents and restricted cash | $ 214,963 | $ 139,512 | $ 99,804 | 54 % | 115 % | |||||
Investments: | ||||||||||
Trading securities | 5,243 | 5,141 | 4,647 | 2 % | 13 % | |||||
Available-for-sale securities, at fair value | 593,749 | 603,211 | 625,808 | (2) % | (5) % | |||||
Held-to-maturity securities, at amortized cost | 517,778 | 526,251 | 544,931 | (2) % | (5) % | |||||
Other investments | 22,514 | 22,513 | 15,394 | — % | 46 % | |||||
Total investments | 1,139,284 | 1,157,116 | 1,190,780 | (2) % | (4) % | |||||
Loans held for sale, at fair value | 11,049 | 11,706 | 10,320 | (6) % | 7 % | |||||
Loans: | ||||||||||
Commercial real estate | 1,711,964 | 1,707,923 | 1,672,306 | — % | 2 % | |||||
Commercial | 382,785 | 382,507 | 403,901 | — % | (5) % | |||||
Residential real estate | 1,752,249 | 1,762,395 | 1,763,378 | (1) % | (1) % | |||||
Consumer and home equity | 268,261 | 263,904 | 258,509 | 2 % | 4 % | |||||
Total loans | 4,115,259 | 4,116,729 | 4,098,094 | — % | — % | |||||
Less: allowance for credit losses on loans | (35,728) | (35,414) | (36,935) | 1 % | (3) % | |||||
Net loans | 4,079,531 | 4,081,315 | 4,061,159 | — % | — % | |||||
Goodwill and core deposit intangible assets | 95,112 | 95,251 | 95,668 | — % | (1) % | |||||
Other assets | 265,199 | 260,280 | 256,775 | 2 % | 3 % | |||||
Total assets | $ 5,805,138 | $ 5,745,180 | $ 5,714,506 | 1 % | 2 % | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
Liabilities | ||||||||||
Deposits: | ||||||||||
Non-interest checking | $ 925,571 | 940,702 | $ 967,750 | (2) % | (4) % | |||||
Interest checking | 1,483,589 | 1,445,828 | 1,553,787 | 3 % | (5) % | |||||
Savings and money market | 1,511,589 | 1,466,541 | 1,364,401 | 3 % | 11 % | |||||
Certificates of deposit | 532,424 | 553,481 | 609,503 | (4) % | (13) % | |||||
Brokered deposits | 179,994 | 168,674 | 101,919 | 7 % | 77 % | |||||
Total deposits | 4,633,167 | 4,575,226 | 4,597,360 | 1 % | 1 % | |||||
Short-term borrowings | 500,621 | 516,336 | 485,607 | (3) % | 3 % | |||||
Junior subordinated debentures | 44,331 | 44,331 | 44,331 | — % | — % | |||||
Accrued interest and other liabilities | 95,788 | 79,387 | 92,144 | 21 % | 4 % | |||||
Total liabilities | 5,273,907 | 5,215,280 | 5,219,442 | 1 % | 1 % | |||||
Commitments and Contingencies | ||||||||||
Shareholders' Equity | ||||||||||
Common stock, no par value | 116,425 | 116,072 | 115,602 | — % | 1 % | |||||
Retained earnings | 509,452 | 500,927 | 481,014 | 2 % | 6 % | |||||
Accumulated other comprehensive loss: | ||||||||||
Net unrealized loss on debt securities, net of tax | (104,015) | (91,349) | (107,409) | 14 % | (3) % | |||||
Net unrealized gain on cash flow hedging derivative instruments, net of tax | 8,958 | 4,506 | 6,096 | 99 % | 47 % | |||||
Net unrecognized gain (loss) on postretirement plans, net of tax | 411 | (256) | (239) | (261) % | (272) % | |||||
Total accumulated other comprehensive loss | (94,646) | (87,099) | (101,552) | 9 % | (7) % | |||||
Total Shareholders' equity | 531,231 | 529,900 | 495,064 | — % | 7 % | |||||
Total liabilities and shareholders' equity | $ 5,805,138 | $ 5,745,180 | $ 5,714,506 | 1 % | 2 % | |||||
Consolidated Statements of Income Data (unaudited) | ||||||||||
For the Three Months Ended | % Change Dec | % Change Dec | ||||||||
(In thousands, except per share data) | December 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||
Interest Income | ||||||||||
Interest and fees on loans | $ 54,035 | $ 55,484 | $ 51,287 | (3) % | 5 % | |||||
Taxable interest on investments | 6,925 | 6,622 | 6,638 | 5 % | 4 % | |||||
Nontaxable interest on investments | 461 | 462 | 654 | — % | (30) % | |||||
Dividend income | 408 | 389 | 273 | 5 % | 49 % | |||||
Other interest income | 1,662 | 764 | 945 | 118 % | 76 % | |||||
Total interest income | 63,491 | 63,721 | 59,797 | — % | 6 % | |||||
Interest Expense | ||||||||||
Interest on deposits | 23,408 | 25,051 | 22,838 | (7) % | 2 % | |||||
Interest on borrowings | 4,134 | 4,549 | 3,700 | (9) % | 12 % | |||||
Interest on junior subordinated debentures | 540 | 534 | 550 | 1 % | (2) % | |||||
Total interest expense | 28,082 | 30,134 | 27,088 | (7) % | 4 % | |||||
Net interest income | 35,409 | 33,587 | 32,709 | 5 % | 8 % | |||||
Provision for credit losses | 809 | 239 | 569 | 238 % | 42 % | |||||
Net interest income after provision for credit losses | 34,600 | 33,348 | 32,140 | 4 % | 8 % | |||||
Non-Interest Income | ||||||||||
Debit card income | 3,553 | 3,169 | 3,466 | 12 % | 3 % | |||||
Service charges on deposit accounts | 2,136 | 2,168 | 2,102 | (1) % | 2 % | |||||
Income from fiduciary services | 1,834 | 1,817 | 1,653 | 1 % | 11 % | |||||
Mortgage banking income, net | 933 | 973 | 1,032 | (4) % | (10) % | |||||
Brokerage and insurance commissions | 1,441 | 1,414 | 1,188 | 2 % | 21 % | |||||
Bank-owned life insurance | 720 | 709 | 500 | 2 % | 44 % | |||||
Net loss on sale of securities | — | — | (4,975) | — % | N.M. | |||||
Other income | 1,549 | 1,156 | 1,020 | 34 % | 52 % | |||||
Total non-interest income | 12,166 | 11,406 | 5,986 | 7 % | 103 % | |||||
Non-Interest Expense | ||||||||||
Salaries and employee benefits | 15,973 | 16,545 | 15,404 | (3) % | 4 % | |||||
Furniture, equipment and data processing | 3,660 | 3,578 | 3,605 | 2 % | 2 % | |||||
Net occupancy costs | 1,971 | 1,890 | 1,939 | 4 % | 2 % | |||||
Debit card expense | 1,344 | 1,368 | 1,345 | (2) % | — % | |||||
Regulatory assessments | 804 | 784 | 839 | 3 % | (4) % | |||||
Consulting and professional fees | 786 | 788 | 1,193 | — % | (34) % | |||||
Merger and acquisition costs | 432 | 727 | — | (41) % | N.M. | |||||
Amortization of core deposit intangible assets | 139 | 139 | 148 | — % | (6) % | |||||
Other real estate owned and collection costs, net | 50 | 94 | 67 | (47) % | (25) % | |||||
Other expenses | 3,205 | 2,987 | 3,306 | 7 % | (3) % | |||||
Total non-interest expense | 28,364 | 28,900 | 27,846 | (2) % | 2 % | |||||
Income before income tax expense | 18,402 | 15,854 | 10,280 | 16 % | 79 % | |||||
Income Tax Expense | 3,736 | 2,781 | 1,800 | 34 % | 108 % | |||||
Net Income | $ 14,666 | $ 13,073 | $ 8,480 | 12 % | 73 % | |||||
Per Share Data | ||||||||||
Basic earnings per share | $ 1.01 | $ 0.90 | $ 0.58 | 12 % | 74 % | |||||
Diluted earnings per share | 1.00 | 0.90 | 0.58 | 11 % | 72 % | |||||
N.M. = Not meaningful |
Consolidated Statements of Income Data (unaudited) | ||||||
For the Year Ended | % Change Dec | |||||
(In thousands, except per share data) | December 31, 2024 | December 31, 2023 | ||||
Interest Income | ||||||
Interest and fees on loans | $ 214,650 | $ 195,379 | 10 % | |||
Taxable interest on investments | 27,381 | 24,267 | 13 % | |||
Nontaxable interest on investments | 1,849 | 2,927 | (37) % | |||
Dividend income | 1,630 | 1,061 | 54 % | |||
Other interest income | 4,047 | 2,612 | 55 % | |||
Total interest income | 249,557 | 226,246 | 10 % | |||
Interest Expense | ||||||
Interest on deposits | 95,806 | 78,884 | 21 % | |||
Interest on borrowings | 19,166 | 12,949 | 48 % | |||
Interest on junior subordinated debentures | 2,132 | 2,150 | (1) % | |||
Total interest expense | 117,104 | 93,983 | 25 % | |||
Net interest income | 132,453 | 132,263 | — % | |||
(Credit) provision for credit losses | (404) | 2,100 | (119) % | |||
Net interest income after (credit) provision for credit losses | 132,857 | 130,163 | 2 % | |||
Non-Interest Income | ||||||
Debit card income | 12,657 | 12,613 | — % | |||
Service charges on deposit accounts | 8,444 | 7,839 | 8 % | |||
Income from fiduciary services | 7,270 | 6,669 | 9 % | |||
Brokerage and insurance commissions | 5,535 | 4,650 | 19 % | |||
Mortgage banking income, net | 3,230 | 2,921 | 11 % | |||
Bank-owned life insurance | 2,806 | 2,349 | 19 % | |||
Net loss on sale of securities | — | (10,310) | N.M. | |||
Other income | 4,597 | 4,303 | 7 % | |||
Total non-interest income | 44,539 | 31,034 | 44 % | |||
Non-Interest Expense | ||||||
Salaries and employee benefits | 64,073 | 60,009 | 7 % | |||
Furniture, equipment and data processing | 14,364 | 13,377 | 7 % | |||
Net occupancy costs | 7,912 | 7,674 | 3 % | |||
Debit card expense | 5,287 | 5,126 | 3 % | |||
Consulting and professional fees | 3,583 | 4,520 | (21) % | |||
Regulatory assessments | 3,258 | 3,413 | (5) % | |||
Merger and acquisition costs | 1,159 | — | N.M. | |||
Amortization of core deposit intangible assets | 556 | 592 | (6) % | |||
Other real estate owned and collection costs, net | 201 | 42 | N.M. | |||
Other expenses | 11,543 | 12,608 | (8) % | |||
Total non-interest expense | 111,936 | 107,361 | 4 % | |||
Income before income tax expense | 65,460 | 53,836 | 22 % | |||
Income Tax Expense | 12,456 | 10,453 | 19 % | |||
Net Income | $ 53,004 | $ 43,383 | 22 % | |||
Per Share Data | ||||||
Basic earnings per share | $ 3.63 | $ 2.98 | 22 % | |||
Diluted earnings per share | 3.62 | 2.97 | 22 % | |||
N.M. = Not meaningful |
Quarterly Average Balance and Yield/Rate Analysis (unaudited) | ||||||||||||
Average Balance | Yield/Rate | |||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||
(In thousands) | December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||||
Assets | ||||||||||||
Interest-earning assets: | ||||||||||||
Interest-bearing deposits in other | $ 130,405 | $ 48,914 | $ 44,577 | 4.49 % | 4.66 % | 6.70 % | ||||||
Investments - taxable | 1,150,351 | 1,138,979 | 1,186,959 | 2.61 % | 2.53 % | 2.39 % | ||||||
Investments - nontaxable(1) | 61,929 | 61,864 | 89,029 | 3.77 % | 3.78 % | 3.72 % | ||||||
Loans(2): | ||||||||||||
Commercial real estate | 1,707,914 | 1,706,509 | 1,661,720 | 5.36 % | 5.41 % | 4.87 % | ||||||
Commercial(1) | 359,954 | 375,944 | 388,907 | 6.29 % | 6.51 % | 6.25 % | ||||||
Municipal(1) | 15,237 | 17,186 | 14,430 | 5.30 % | 5.17 % | 4.13 % | ||||||
Residential real estate | 1,766,143 | 1,780,665 | 1,765,099 | 4.45 % | 4.53 % | 4.35 % | ||||||
Consumer and home equity | 267,065 | 264,178 | 256,073 | 7.52 % | 7.96 % | 7.86 % | ||||||
Total loans | 4,116,313 | 4,144,482 | 4,086,229 | 5.19 % | 5.29 % | 4.96 % | ||||||
Total interest-earning assets | 5,458,998 | 5,394,239 | 5,406,794 | 4.61 % | 4.69 % | 4.39 % | ||||||
Other assets | 315,181 | 317,319 | 305,159 | |||||||||
Total assets | $ 5,774,179 | $ 5,711,558 | $ 5,711,953 | |||||||||
Liabilities & Shareholders' Equity | ||||||||||||
Deposits: | ||||||||||||
Non-interest checking | $ 948,015 | $ 934,403 | $ 985,458 | — % | — % | — % | ||||||
Interest checking | 1,449,281 | 1,440,374 | 1,547,438 | 2.29 % | 2.56 % | 2.53 % | ||||||
Savings | 726,179 | 679,118 | 622,094 | 1.06 % | 0.95 % | 0.17 % | ||||||
Money market | 779,893 | 760,977 | 756,407 | 3.09 % | 3.46 % | 3.14 % | ||||||
Certificates of deposit | 537,922 | 565,063 | 583,738 | 3.67 % | 3.85 % | 3.49 % | ||||||
Total deposits | 4,441,290 | 4,379,935 | 4,495,135 | 1.91 % | 2.09 % | 1.87 % | ||||||
Borrowings: | ||||||||||||
Brokered deposits | 170,638 | 156,618 | 120,920 | 4.93 % | 5.25 % | 5.24 % | ||||||
Customer repurchase agreements | 182,017 | 190,936 | 197,920 | 1.58 % | 1.92 % | 1.68 % | ||||||
Junior subordinated debentures | 44,331 | 44,331 | 44,331 | 4.84 % | 4.79 % | 4.92 % | ||||||
Other borrowings | 325,000 | 336,899 | 271,316 | 4.17 % | 4.28 % | 4.19 % | ||||||
Total borrowings | 721,986 | 728,784 | 634,487 | 3.74 % | 3.90 % | 3.66 % | ||||||
Total funding liabilities | 5,163,276 | 5,108,719 | 5,129,622 | 2.16 % | 2.35 % | 2.10 % | ||||||
Other liabilities | 80,144 | 84,617 | 115,157 | |||||||||
Shareholders' equity | 530,759 | 518,222 | 467,174 | |||||||||
Total liabilities & shareholders' equity | $ 5,774,179 | $ 5,711,558 | $ 5,711,953 | |||||||||
Net interest rate spread (fully-taxable equivalent) | 2.45 % | 2.34 % | 2.29 % | |||||||||
Net interest margin (fully-taxable equivalent) | 2.57 % | 2.46 % | 2.40 % | |||||||||
(1) | Reported on tax-equivalent basis calculated using the federal corporate income tax rate of |
(2) | Non-accrual loans and loans held for sale are included in total average loans. |
Year-to-Date Average Balance and Yield/Rate Analysis (unaudited) | ||||||||
Average Balance | Yield/Rate | |||||||
For the Year Ended | For the Year Ended | |||||||
(In thousands) | December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||
Assets | ||||||||
Interest-earning assets: | ||||||||
Interest-bearing deposits in other banks and other interest-earning assets | $ 68,633 | $ 33,676 | 4.86 % | 5.50 % | ||||
Investments - taxable | 1,159,910 | 1,203,445 | 2.56 % | 2.17 % | ||||
Investments - nontaxable(1) | 61,992 | 100,614 | 3.78 % | 3.68 % | ||||
Loans(2): | ||||||||
Commercial real estate | 1,699,655 | 1,659,078 | 5.29 % | 4.83 % | ||||
Commercial(1) | 378,257 | 398,948 | 6.44 % | 5.99 % | ||||
Municipal(1) | 15,859 | 16,702 | 4.94 % | 4.04 % | ||||
Residential real estate | 1,773,149 | 1,748,076 | 4.47 % | 4.09 % | ||||
Consumer and home equity | 262,251 | 253,877 | 7.82 % | 7.56 % | ||||
Total loans | 4,129,171 | 4,076,681 | 5.20 % | 4.80 % | ||||
Total interest-earning assets | 5,419,706 | 5,414,416 | 4.62 % | 4.19 % | ||||
Other assets | 315,335 | 292,910 | ||||||
Total assets | $ 5,735,041 | $ 5,707,326 | ||||||
Liabilities & Shareholders' Equity | ||||||||
Deposits: | ||||||||
Non-interest checking | $ 929,443 | $ 1,020,045 | — % | — % | ||||
Interest checking | 1,464,651 | 1,614,598 | 2.48 % | 2.30 % | ||||
Savings | 657,529 | 675,478 | 0.71 % | 0.12 % | ||||
Money market | 766,596 | 717,478 | 3.31 % | 2.68 % | ||||
Certificates of deposit | 567,182 | 453,723 | 3.80 % | 2.85 % | ||||
Total deposits | 4,385,401 | 4,481,322 | 2.00 % | 0.42 % | ||||
Borrowings: | ||||||||
Brokered deposits | 152,918 | 184,709 | 5.18 % | 4.74 % | ||||
Customer repurchase agreements | 185,299 | 191,646 | 1.73 % | 1.49 % | ||||
Junior subordinated debentures | 44,331 | 44,331 | 4.81 % | 4.85 % | ||||
Other borrowings | 365,989 | 246,058 | 4.36 % | 4.11 % | ||||
Total borrowings | 748,537 | 666,744 | 3.90 % | 3.58 % | ||||
Total funding liabilities | 5,133,938 | 5,148,066 | 2.28 % | 1.83 % | ||||
Other liabilities | 89,290 | 92,543 | ||||||
Shareholders' equity | 511,813 | 466,717 | ||||||
Total liabilities & shareholders' equity | $ 5,735,041 | $ 5,707,326 | ||||||
Net interest rate spread (fully-taxable equivalent) | 2.34 % | 2.36 % | ||||||
Net interest margin (fully-taxable equivalent) | 2.46 % | 2.46 % | ||||||
(1) | Reported on tax-equivalent basis calculated using the federal corporate income tax rate of |
(2) | Non-accrual loans and loans held for sale are included in total average loans. |
Asset Quality Data (unaudited)
| ||||||||||
(In thousands) | At or for the Year Ended December 31, 2024 | At or for the Nine Months Ended September 30, 2024 | At or for the Six Months Ended June 30, 2024 | At or for the Three Months Ended March 31, 2024 | At or for the Year Ended December 31, 2023 | |||||
Non-accrual loans: | ||||||||||
Residential real estate | $ 1,891 | $ 2,497 | $ 2,497 | $ 2,473 | $ 2,539 | |||||
Commercial real estate | 559 | 130 | 79 | 205 | 386 | |||||
Commercial | 1,927 | 2,057 | 4,409 | 1,980 | 1,725 | |||||
Consumer and home equity | 452 | 666 | 810 | 1,000 | 798 | |||||
Total non-accrual loans | 4,829 | 5,350 | 7,795 | 5,658 | 5,448 | |||||
Accruing troubled-debt restructured loans prior to adoption of ASU 2022-02 | 1,631 | 1,645 | 1,846 | 1,973 | 1,990 | |||||
Total non-performing loans | 6,460 | 6,995 | 9,641 | 7,631 | 7,438 | |||||
Other real estate owned | — | — | — | — | — | |||||
Total non-performing assets | $ 6,460 | $ 6,995 | $ 9,641 | $ 7,631 | $ 7,438 | |||||
Loans 30-89 days past due: | ||||||||||
Residential real estate | $ 558 | $ 216 | $ 400 | $ 797 | $ 1,290 | |||||
Commercial real estate | 689 | 239 | 678 | 92 | 740 | |||||
Commercial | 393 | 578 | 539 | 537 | 2,007 | |||||
Consumer and home equity | 621 | 358 | 628 | 618 | 922 | |||||
Total loans 30-89 days past due | $ 2,261 | $ 1,391 | $ 2,245 | $ 2,044 | $ 4,959 | |||||
ACL on loans at the beginning of the period | $ 36,935 | $ 36,935 | $ 36,935 | $ 36,935 | $ 36,922 | |||||
Provision (credit) for loan losses | 53 | (693) | (976) | (1,164) | 1,174 | |||||
Charge-offs: | ||||||||||
Residential real estate | — | — | — | — | 18 | |||||
Commercial real estate | — | — | — | — | 58 | |||||
Commercial | 1,784 | 1,157 | 763 | 309 | 1,560 | |||||
Consumer and home equity | 99 | 83 | 55 | 36 | 91 | |||||
Total charge-offs | 1,883 | 1,240 | 818 | 345 | 1,727 | |||||
Total recoveries | (623) | (412) | (271) | (187) | (566) | |||||
Net charge-offs | 1,260 | 828 | 547 | 158 | 1,161 | |||||
ACL on loans at the end of the period | $ 35,728 | $ 35,414 | $ 35,412 | $ 35,613 | $ 36,935 | |||||
Components of ACL: | ||||||||||
ACL on loans | $ 35,728 | $ 35,414 | $ 35,412 | $ 35,613 | $ 36,935 | |||||
ACL on off-balance sheet credit exposures(1) | 2,806 | 2,743 | 2,787 | 2,325 | 2,353 | |||||
ACL, end of period | $ 38,534 | $ 38,157 | $ 38,199 | $ 37,938 | $ 39,288 | |||||
Ratios: | ||||||||||
Non-performing loans to total loans | 0.16 % | 0.17 % | 0.23 % | 0.19 % | 0.18 % | |||||
Non-performing assets to total assets | 0.11 % | 0.12 % | 0.17 % | 0.13 % | 0.13 % | |||||
ACL on loans to total loans | 0.87 % | 0.86 % | 0.86 % | 0.86 % | 0.90 % | |||||
Net charge-offs to average loans (annualized) | ||||||||||
Quarter-to-date | 0.04 % | 0.03 % | 0.04 % | 0.02 % | 0.04 % | |||||
Year-to-date | 0.03 % | 0.03 % | 0.03 % | 0.02 % | 0.03 % | |||||
ACL on loans to non-performing loans | 553.07 % | 506.28 % | 367.31 % | 466.69 % | 496.57 % | |||||
Loans 30-89 days past due to total loans | 0.05 % | 0.03 % | 0.05 % | 0.05 % | 0.12 % | |||||
(1) Presented within accrued interest and other liabilities on the consolidated statements of condition. |
Reconciliation of non-GAAP to GAAP Financial Measures (unaudited)
| ||||||||||
Core Net Income; Core Diluted Earnings per Share; Core Return on Average Assets; and Core Return on Average Equity: | ||||||||||
For the Three Months Ended | For the Year Ended | |||||||||
(In thousands, except number of shares, per share | December 31, | September 30, | December 31, | December 31, | December 31, | |||||
Core Net Income: | ||||||||||
Net income, as presented | $ 14,666 | $ 13,073 | $ 8,480 | $ 53,004 | $ 43,383 | |||||
Adjustment for net loss on sale of securities | — | — | 4,975 | — | 10,310 | |||||
Adjustment for Signature Bank bond (recovery) write-off | — | — | — | (910) | 1,838 | |||||
Adjustment for merger and acquisition costs | 432 | 727 | — | 1,159 | — | |||||
Tax impact of above adjustments(1) | (12) | — | (1,045) | 179 | (2,551) | |||||
Core net income | $ 15,086 | $ 13,800 | $ 12,410 | $ 53,432 | $ 52,980 | |||||
Core Diluted Earnings per Share: | ||||||||||
Diluted earnings per share, as presented | $ 1.00 | $ 0.90 | $ 0.58 | $ 3.62 | $ 2.97 | |||||
Adjustment for net loss on sale of securities | — | — | 0.34 | — | 0.71 | |||||
Adjustment for Signature Bank bond (recovery) write-off | — | — | — | (0.06) | 0.13 | |||||
Adjustment for merger and acquisition costs | 0.03 | 0.05 | — | 0.08 | — | |||||
Tax impact of above adjustments(1) | — | — | (0.07) | 0.01 | (0.18) | |||||
Core diluted earnings per share | $ 1.03 | $ 0.95 | $ 0.85 | $ 3.65 | $ 3.63 | |||||
Core Return on Average Assets: | ||||||||||
Return on average assets, as presented | 1.01 % | 0.91 % | 0.59 % | 0.92 % | 0.76 % | |||||
Adjustment for net loss on sale of securities | — % | — % | 0.35 % | — % | 0.18 % | |||||
Adjustment for Signature Bank bond (recovery) write-off | — | — % | — | (0.02) % | 0.03 | |||||
Adjustment for merger and acquisition costs | 0.03 % | 0.05 % | — % | 0.02 % | — | |||||
Tax impact of above adjustments(1) | — % | — % | (0.07) % | — % | (0.04) | |||||
Core return on average assets | 1.04 % | 0.96 % | 0.87 % | 0.92 % | 0.93 % | |||||
Core Return on Average Equity: | ||||||||||
Return on average equity, as presented | 10.99 % | 10.04 % | 7.20 % | 10.36 % | 9.30 % | |||||
Adjustment for net loss on sale of securities | — % | — % | 4.22 % | — % | 2.21 % | |||||
Adjustment for Signature Bank bond (recovery) write-off | — | — % | — | (0.18) % | 0.39 % | |||||
Adjustment for merger and acquisition costs | 0.32 % | 0.56 % | — % | 0.23 % | — % | |||||
Tax impact of above adjustments(1) | (0.01) % | (0.12) % | (0.89) % | 0.04 % | (0.55) % | |||||
Core return on average equity | 11.30 % | 10.48 % | 10.53 % | 10.45 % | 11.35 % | |||||
(1) Assumed a |
Pre-Tax, Pre-Provision Income: | ||||||||||
For the Three Months Ended | For the Year Ended | |||||||||
(In thousands) | December 31, | September 30, | December 31, | December 31, | December 31, | |||||
Net income, as presented | $ 14,666 | $ 13,073 | $ 8,480 | $ 53,004 | $ 43,383 | |||||
Adjustment for provision (credit) for credit losses | 809 | 239 | 569 | (404) | 2,100 | |||||
Adjustment for income tax expense | 3,736 | 2,781 | 1,800 | 12,456 | 10,453 | |||||
Pre-tax, pre-provision income | $ 19,211 | $ 16,093 | $ 10,849 | $ 65,056 | $ 55,936 | |||||
Efficiency Ratio: | ||||||||||
For the Three Months Ended | For the Year Ended | |||||||||
(Dollars in thousands) | December 31, | September 30, | December 31, | December 31, | December 31, | |||||
Non-interest expense, as presented | $ 28,364 | $ 28,900 | $ 27,846 | $ 111,936 | $ 107,361 | |||||
Adjustment for merger and acquisition costs | 432 | 727 | — | 1,159 | — | |||||
Adjusted non-interest expense | $ 27,932 | $ 28,173 | $ 27,846 | $ 110,777 | $ 107,361 | |||||
Net interest income, as presented | $ 35,409 | $ 33,587 | $ 32,709 | $ 132,453 | $ 132,263 | |||||
Adjustment for the effect of tax-exempt income(1) | 162 | 165 | 199 | 637 | 901 | |||||
Non-interest income, as presented | 12,166 | 11,406 | 5,986 | 44,539 | 31,034 | |||||
Adjustment for net loss on sale of securities | — | — | 4,975 | — | 10,310 | |||||
Core net interest income plus non-interest income | $ 47,737 | $ 45,158 | $ 43,869 | $ 177,629 | $ 174,508 | |||||
GAAP efficiency ratio | 59.62 % | 64.23 % | 71.96 % | 63.24 % | 65.75 % | |||||
Non-GAAP efficiency ratio | 58.51 % | 62.39 % | 63.48 % | 62.36 % | 61.52 % | |||||
(1) Assumed a |
Return on Average Tangible Equity and Core Return on Average Tangible Equity: | ||||||||||
For the Three Months Ended | For the Year Ended | |||||||||
(Dollars in thousands) | December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||
Return on Average Tangible Equity: | ||||||||||
Net income, as presented | $ 14,666 | $ 13,073 | $ 8,480 | $ 53,004 | $ 43,383 | |||||
Adjustment for amortization of core deposit intangible assets | 139 | 139 | 148 | 556 | 592 | |||||
Tax impact of above adjustment(1) | (29) | (29) | (31) | (117) | (124) | |||||
Net income, adjusted for amortization of core deposit intangible assets | $ 14,776 | $ 13,183 | $ 8,597 | $ 53,443 | $ 43,851 | |||||
Average equity, as presented | $ 530,759 | $ 518,222 | $ 467,174 | $ 511,813 | $ 466,717 | |||||
Adjustment for average goodwill and core deposit intangible assets | (95,179) | (95,319) | (95,739) | (95,389) | (95,962) | |||||
Average tangible equity | $ 435,580 | $ 422,903 | $ 371,435 | $ 416,424 | $ 370,755 | |||||
Return on average equity | 10.99 % | 10.04 % | 7.20 % | 10.36 % | 9.30 % | |||||
Return on average tangible equity | 13.50 % | 12.40 % | 9.18 % | 12.83 % | 11.83 % | |||||
Core Return on Average Tangible Equity: | ||||||||||
Core net income (see "Core Net Income" table above) | $ 15,086 | $ 13,647 | $ 12,410 | $ 53,432 | $ 52,980 | |||||
Adjustment for amortization of core deposit intangible assets | 139 | 139 | 148 | 556 | 592 | |||||
Tax impact of above adjustment(1) | (29) | (29) | (31) | (117) | (124) | |||||
Core net income, adjusted for amortization of core deposit intangible assets | $ 15,196 | $ 13,757 | $ 12,527 | $ 53,871 | $ 53,448 | |||||
Core return on average tangible equity | 13.88 % | 12.94 % | 13.38 % | 12.94 % | 14.42 % | |||||
(1) Assumed a |
Tangible Book Value Per Share and Tangible Common Equity Ratio: | ||||||
December 31, | September 30, | December 31, | ||||
(In thousands, except number of shares and per share data) | ||||||
Tangible Book Value Per Share: | ||||||
Shareholders' equity, as presented | $ 531,231 | $ 529,900 | $ 495,064 | |||
Adjustment for goodwill and core deposit intangible assets | (95,112) | (95,251) | (95,668) | |||
Tangible shareholders' equity | $ 436,119 | $ 434,649 | $ 399,396 | |||
Shares outstanding at period end | 14,579,339 | 14,577,218 | 14,565,952 | |||
Book value per share | $ 36.44 | $ 36.35 | $ 33.99 | |||
Tangible book value per share | 29.91 | 29.82 | 27.42 | |||
Tangible Common Equity Ratio: | ||||||
Total assets | $ 5,805,138 | $ 5,745,180 | $ 5,714,506 | |||
Adjustment for goodwill and core deposit intangible assets | (95,112) | (95,251) | (95,668) | |||
Tangible assets | $ 5,710,026 | $ 5,649,929 | $ 5,618,838 | |||
Common equity ratio | 9.15 % | 9.22 % | 8.66 % | |||
Tangible common equity ratio | 7.64 % | 7.69 % | 7.11 % | |||
Core Deposits: | ||||||
(Dollars in thousands) | December 31, 2024 | September 30, 2024 | December 31, 2023 | |||
Total deposits | $ 4,633,167 | $ 4,575,226 | $ 4,597,360 | |||
Adjustment for certificates of deposit | (532,424) | (553,481) | (609,503) | |||
Adjustment for brokered deposits | (179,994) | (168,674) | (101,919) | |||
Core deposits | $ 3,920,749 | $ 3,853,071 | $ 3,885,938 | |||
Average Core Deposits: | ||||||||||
For the Three Months Ended | For the Year Ended | |||||||||
(Dollars in thousands) | December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||
Total average deposits, as presented(1) | $ 4,441,290 | $ 4,379,935 | $ 4,495,135 | $ 4,385,401 | $ 4,481,322 | |||||
Adjustment for average certificates of deposit | (537,922) | (565,063) | (583,738) | (567,182) | (453,723) | |||||
Average core deposits | $ 3,903,368 | $ 3,814,872 | $ 3,911,397 | $ 3,818,219 | $ 4,027,599 | |||||
(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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SOURCE Camden National Corporation
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What was the value of Camden National's (CAC) merger with Northway Financial?
What is Camden National's (CAC) quarterly dividend payment for Q4 2024?
How many branches does Camden National (CAC) have after the Northway merger?
