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Camden National Corporation (CAC-2.39%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing net income of $53.0 million, an increase from $43.4 million in the previous year. This increase was attributed to improved net interest margin and disciplined expense management.
Net interest income was $132.5 million for the year, slightly down from $132.3 million in 2023. The net interest margin remained stable at 2.46% for both years.
The company reported a provision for credit losses of $(0.4) million, compared to $2.1 million in the prior year, reflecting strong asset quality and improved macroeconomic forecasts.
Non-interest income increased to $44.5 million from $31.0 million, driven by higher brokerage and insurance commissions and a recovery from a previously written-off Signature Bank bond.
Non-interest expense rose to $111.9 million from $107.4 million, primarily due to increased salaries and employee benefits, and merger-related costs associated with the acquisition of Northway Financial.
Camden National completed the acquisition of Northway Financial on January 2, 2025, which is expected to enhance its presence in New Hampshire.
The company maintained strong asset quality, with non-performing assets at 0.11% of total assets and loans 30-89 days past due at 0.05% of total loans.
Total deposits were $4.6 billion, a slight increase from $4.6 billion the previous year, with a shift towards higher-yielding savings products.
Camden National's capital position remains strong, with all regulatory capital ratios well above requirements, and a tangible common equity ratio of 7.64% at year-end.
The filing also details various financial agreements, including the use of interest rate swaps to manage interest rate risk and the completion of a stock repurchase program.
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 annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.