Press release
Camden National Corporation Reports Second Quarter 2024 Earnings of $12.0 Million and Diluted EPS of $0.81
Net Interest Margin Expands, Asset Quality Remains Strong CAMDEN, Maine, July 30, 2024 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; "Camden
About this update from Camden National Corporation
[{"type":"text","content":"Net Interest Margin Expands, Asset Quality Remains Strong \nCAMDEN, Maine, July 30, 2024 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; \"Camden National\" or the \"Company\") today reported earnings for the quarter ended June 30, 2024 of $12.0 million and diluted earnings per share (\"EPS\") of $0.81, compared to $13.3 million and $0.91, respectively, for the first quarter of 2024.\nOn a non-GAAP-basis, earnings before provision expense and income tax expense (\"Pre-tax, pre-provision income\") for the second quarter of 2024 was $15.5 million, compared to $14.2 million for the first quarter of 2024.\n\"This quarter's results highlight the strength and stability of our long-standing organization,\" said Simon Griffiths, president and chief executive officer of Camden National Corporation. \"We're benefiting from our strong capital position, disciplined credit culture and expense management. Our well-diversified and stable funding mix positions us well to win new client relationships and deepen existing ones through our relationship banking approach and exceptional customer service.\"\nFor the first six months of 2024, the Company reported net income of $25.3 million and diluted EPS of $1.72, compared to $25.1 million and $1.72, respectively, for the six months ended June 30, 2023.\nSECOND QUARTER 2024 HIGHLIGHTS\nOur return on average assets was 0.84% for the second quarter of 2024, and our return on average equity was 9.60% and, on a non-GAAP basis, our return on average tangible equity was 11.96%.Our net interest margin increased to 2.36% for the second quarter of 2024 from 2.30% for the first quarter of 2024.Our asset quality continues to be very strong, highlighted by loans 30-89 days past due of 0.05% of total loans and non-performing loans of 0.23% of total loans at June 30, 2024.Our capital position remained strong with regulatory capital ratios well in excess of required regulatory levels. At June 30, 2024, our common equity ratio was 8.88% and, on a non-GAAP basis, tangible common equity ratio was 7.34%.At June 30, 2024, uninsured and uncollateralized1 deposits accounted for 14.6% of total deposits, and available liquidity sources were 2.0 times uninsured and uncollateralized deposits.FINANCIAL CONDITION\nAs of June 30, 2024, total assets were $5.7 billion, a decrease of 1% since March 31, 2024. The decrease ...