WS Investor
28 Jan 2025, 21:37
Camden National Corporation reported strong financial results for the fourth quarter and full year of 2024, positioning the company for continued growth in 2025. Fourth-quarter net income was $14.7 million, a 12% increase from the prior quarter, with diluted EPS of $1.00, up 11%. Core net income excluding merger costs was $15.1 million, a 9% increase from the third quarter, with core diluted EPS of $1.03.
Full-year 2024 net income totaled $53.0 million, with diluted EPS of $3.62, reflecting a 22% increase from 2023. Core net income and core diluted EPS both increased 1% year-over-year, reaching $53.4 million and $3.65, respectively.
The fourth quarter saw improvements in net interest income, up 5% to $35.4 million, driven by an 11-basis-point expansion in the net interest margin to 2.57%. Non-interest income grew 7% to $12.2 million, supported by higher debit card and loan swap fee income. Non-interest expenses decreased 2% to $28.4 million, reflecting lower salaries and benefits costs as well as reduced merger expenses.
Asset quality remained strong, with loans 30-89 days past due at 0.05% of total loans and non-performing loans at 0.16%. The allowance for credit losses (ACL) on loans increased slightly to 0.87%, 5.5 times the total non-performing loans. Deposits grew 1% to $4.6 billion, with core deposits increasing 2%.
The company completed its acquisition of Northway Financial, Inc. on January 2, 2025, in an all-stock transaction valued at $96.5 million. This merger expands Camden National’s footprint to include 73 branches across Maine and New Hampshire, with combined assets of $7.0 billion. Integration efforts are underway, with Northway's systems expected to convert by mid-March 2025.
Camden National enters 2025 with strong momentum, highlighted by its return on average assets surpassing 1% in the fourth quarter, alongside continued growth in profitability and efficiency. CEO Simon Griffiths emphasized the company’s commitment to becoming the leading community bank in Northern New England while building on its solid 2024 performance.
Full-year 2024 net income totaled $53.0 million, with diluted EPS of $3.62, reflecting a 22% increase from 2023. Core net income and core diluted EPS both increased 1% year-over-year, reaching $53.4 million and $3.65, respectively.
The fourth quarter saw improvements in net interest income, up 5% to $35.4 million, driven by an 11-basis-point expansion in the net interest margin to 2.57%. Non-interest income grew 7% to $12.2 million, supported by higher debit card and loan swap fee income. Non-interest expenses decreased 2% to $28.4 million, reflecting lower salaries and benefits costs as well as reduced merger expenses.
Asset quality remained strong, with loans 30-89 days past due at 0.05% of total loans and non-performing loans at 0.16%. The allowance for credit losses (ACL) on loans increased slightly to 0.87%, 5.5 times the total non-performing loans. Deposits grew 1% to $4.6 billion, with core deposits increasing 2%.
The company completed its acquisition of Northway Financial, Inc. on January 2, 2025, in an all-stock transaction valued at $96.5 million. This merger expands Camden National’s footprint to include 73 branches across Maine and New Hampshire, with combined assets of $7.0 billion. Integration efforts are underway, with Northway's systems expected to convert by mid-March 2025.
Camden National enters 2025 with strong momentum, highlighted by its return on average assets surpassing 1% in the fourth quarter, alongside continued growth in profitability and efficiency. CEO Simon Griffiths emphasized the company’s commitment to becoming the leading community bank in Northern New England while building on its solid 2024 performance.