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Camden National Corporation (CAC-2.39%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total assets of $5.7 billion, an increase from $5.7 billion at the end of 2023. Total loans were $4.1 billion, up slightly from $4.1 billion at the end of 2023.
Net income for the quarter was $13.1 million, an increase from $9.8 million in the same quarter the previous year. Diluted earnings per share were $0.90, compared to $0.67 in the previous year.
Net interest income was $33.6 million, up from $32.6 million in the same quarter the previous year. The net interest margin increased to 2.46% from 2.39% in the previous year.
The provision for credit losses was $239,000 for the quarter, compared to a credit of $574,000 in the same quarter the previous year.
Non-interest income totaled $11.4 million, up from $5.1 million in the previous year, primarily due to an increase in mortgage banking income and a net loss on the sale of securities in the previous year.
Non-interest expenses were $28.9 million, up from $26.2 million in the previous year, driven by higher salaries and employee benefits and merger-related costs.
The company announced the acquisition of Northway Financial, Inc., expected to close in the first quarter of 2025, subject to regulatory and shareholder approvals.
Camden National Corporation's capital ratios remained strong, with a total risk-based capital ratio of 14.85% and a tangible common equity ratio of 7.69% as of September 30, 2024.
Non-performing assets were 0.12% of total assets, with an allowance for credit losses on loans to total loans ratio of 0.86%.
The filing also details various financial agreements and recent accounting pronouncements that may impact future financial statements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Camden National Corporation quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.