Camden National ( (CAC) ) has released its Q4 earnings. Here is a breakdown of the information Camden National presented to its investors.
Camden National Corporation is Northern New England’s largest publicly traded bank holding company, providing full-service community banking through its branches in Maine and New Hampshire, alongside wealth management and financial planning services.
Camden National Corporation reported a strong financial performance for the fourth quarter and full year 2024, showing significant growth in earnings and concluding the year with a successful merger with Northway Financial, Inc. The merger has expanded their assets to approximately $7.0 billion and increased their footprint to 73 branches across Maine and New Hampshire.
Key financial highlights for the fourth quarter include a net income of $14.7 million, marking a 12% increase from the previous quarter, and a net interest margin expansion to 2.57%. The company also reported a return on average assets of 1.01% and a return on average equity of 10.99%. The merger costs were excluded from core earnings, which showed a 9% growth for the quarter.
The full year 2024 saw a net income of $53.0 million, a 22% increase compared to 2023, reflecting Camden National’s strong operational efficiencies and strategic growth initiatives. The company maintained robust asset quality with low non-performing loans and a strong capital position.
Looking ahead, Camden National Corporation’s management remains optimistic about 2025, with plans to integrate Northway’s operations seamlessly and continue building a premier community bank in Northern New England, leveraging the solid foundation laid in 2024.