Fourth Quarter Net Interest Margin Expansion and Solid Earnings Set the Stage Heading Into 2025
CAMDEN, Maine, Jan. 28, 2025 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; "Camden National" or the "Company") today reported earnings for the quarter ended December 31, 2024, of $14.7 million and diluted earnings per share ("EPS") of $1.00, an increase of 12% and 11%, respectively, over the third quarter of 2024.
On January 2, 2025, the Company announced the successful closing of its merger with Northway Financial, Inc. ("Northway"), the parent company of Northway Bank. The all-stock transaction was originally announced on September 10, 2024. As of the closing, the combined institution had total assets of approximately $7.0 billion and 73 branches in Maine and New Hampshire. The conversion of Northway's banking products and services to Camden National systems is expected to occur in mid-March 2025.
Excluding the merger and acquisition costs incurred in the fourth quarter of 2024, on a non-GAAP basis, core net income for the fourth quarter of 2024 was $15.1 million and core diluted EPS was $1.03, an increase of 9% and 8%, respectively, over the third quarter of 2024.
"We are pleased with our fourth quarter and full-year financial performance. These results reflect our team's collective efforts and commitment to serving our customers and communities," said Simon Griffiths, president and chief executive officer of Camden National Corporation. "We enter 2025 with tremendous momentum across our franchise, highlighted by our fourth quarter financial results, which included core earnings growth of 9% for the quarter and signs of profitability returning to historical levels as our return on average assets surpassed 1%. As we enter 2025, we are excited to welcome our neighbors from Northway and bolster our franchise in New Hampshire. We remain confident in our plan to build the premier Northern New England community bank, and our strong 2024 financial performance provides us a solid foundation to do so."
For the year ended December 31, 2024, the Company reported net income of $53.0 million and diluted EPS of $3.62, each an increase of 22% over the year ended December 31, 2023. On a non-GAAP basis, core net income for the year ended December 31, 2024, was $53.4 million and core diluted EPS was $3.65, each an increase of 1% over the year ended December 31, 2023.
FOURTH QUARTER 2024 HIGHLIGHTS*
- Our net interest margin for the fourth quarter of 2024 was 2.57%, an increase of 11 basis points over the third quarter of 2024.
- For the fourth quarter of 2024, our return on average assets was 1.01%, our return on average equity was 10.99%, and, on a non-GAAP basis, our return on average tangible equity was 13.50%. Excluding merger and acquisition costs, on a non-GAAP basis, our core return on average assets was 1.04% and our core return on average tangible equity was 13.88%.
- For the fourth quarter of 2024, our efficiency ratio on a GAAP and non-GAAP basis was 59.62% and 58.51%, respectively, showing continued momentum.
- At and for the quarter ended December 31, 2024, asset quality remained strong without any signs of systemic stress. Loans 30-89 days past due at December 31, 2024, remained low and were 0.05% of total loans, an increase of 2 basis points from September 30, 2024. Non-performing loans at December 31, 2024, were 0.16% of total loans, an improvement of 1 basis point compared to September 30, 2024.
- At December 31, 2024, our capital position remained strong and well in excess of regulatory capital ratios. Our common equity ratio was 9.15%, and on a non-GAAP basis, our tangible common equity ratio was 7.64%, a slight decrease of 7 and 5 basis points, respectively, from September 30, 2024.
FINANCIAL CONDITION
As of December 31, 2024, total assets were $5.8 billion compared to $5.7 billion as of September 30, 2024.
Cash balances totaled $215.0 million at December 31, 2024, an increase of 54% since September 30, 2024. The increase is temporary, and we anticipate cash balances decreasing to prior period levels in the first quarter of 2025, in part as a result of the Company taking actions in early January 2025 to pay-off higher cost term borrowings of Northway and expected normal deposit outflows in the first quarter of each year due to seasonality within our markets.
Investments totaled $1.1 billion on December 31, 2024, a decrease of 2% since September 30, 2024. In the fourth quarter of 2024, the decrease in investment balances was due to the shifts in the interest rate environment, this led to a $17.7 million decrease in the fair value of our available-for-sale ("AFS") investment portfolio. As of December 31, 2024 and September 30, 2024, the duration of the Company's total investment portfolio was 5.2 years and 5.3 years, respectively. The duration of the AFS investment portfolio for both December 31, 2024 and September 30, 2024, was 4.3 years.
Loans totaled $4.1 billion on December 31, 2024, remaining largely consistent with reported balances as of September 30, 2024. During the fourth quarter of 2024, a few larger loan payoffs muted our commercial and commercial real estate loan growth. At December 31, 2024, our committed commercial and commercial real estate loan pipelines totaled $45.4 million. Within our retail loan business, we continue to sell the majority of our residential mortgage production. Our funded residential mortgage production for the fourth quarter was 14% higher than the previous quarter, and we sold 58% of our total fourth quarter residential mortgage production. Our committed retail loan production at December 31, 2024, totaled $41.8 million.
As of and for the quarter ended December 31, 2024, the Company's asset quality remained very strong across all key metrics. At December 31, 2024, loans 30-89 days past due were 0.05% of total loans, non-performing assets were 0.11% of total assets, and annualized net charge-offs for the fourth quarter of 2024 were 0.04% of average loans. We continue to review our loan portfolio regularly for any potential concerns, and as of December 31, 2024, we have not identified any signs of systemic stress or elevated risks across our loan portfolio. The Company's allowance for credit losses ("ACL") on loans increased by 1 basis point in the fourth quarter of 2024 to 0.87%. At December 31, 2024, the ACL was 5.5 times the total non-performing loans, increasing from 5.1 times as of September 30, 2024.
Deposits totaled $4.6 billion on December 31, 2024, an increase of 1% since September 30, 2024. On a non-GAAP basis, core deposits grew 2% in the fourth quarter of 2024 to $3.9 billion, primarily driven by the continued growth within savings deposits of 7% in the quarter and a temporary deposit of $61.8 million deposited by one large customer relationship that we anticipate being drawn down in the first quarter of 2025.
As of December 31, 2024, the Company's regulatory capital ratios were each well in excess of regulatory capital requirements. The Company's common equity ratio was 9.15%, and, on a non-GAAP basis, its tangible common equity ratio was 7.64%, a decrease of 7 and 5 basis points, respectively, from September 30, 2024. The decrease in the common equity ratio and tangible common equity ratios was driven by the shift in the interest rate curve, which drove down the valuation on the Company's AFS investment portfolio between quarters.
The Company announced a cash dividend of $0.42 per share, representing an annualized dividend yield of 3.93%, based on the Company's closing share price of $42.74 as reported by NASDAQ on December 31, 2024, payable on January 31, 2025, to shareholders of record on January 15, 2025.
*2024 financial information does not include Northway, which the Company acquired on January 2, 2025. |
FINANCIAL OPERATING RESULTS (Q4 2024 vs. Q3 2024)
Net income for the fourth quarter of 2024 was $14.7 million, an increase of $1.6 million, or 12%, compared to the third quarter of 2024. The increase was driven by the strong revenue growth of 6% in the fourth quarter and lower operating expenses of 2% between periods. Excluding merger and acquisition costs related to the acquisition of Northway in January of 2025, on a non-GAAP basis, core net income for the fourth quarter of 2024 grew by $1.3 million, or 9%, over the third quarter of 2024.
Net interest income for the fourth quarter of 2024 increased $1.8 million, or 5%, to $35.4 million, compared to the third quarter of 2024. The increase was driven by net interest margin expansion of 11 basis points between quarters to 2.57% for the fourth quarter. Our improved net interest margin between periods reflects the macroeconomic shift in short-term interest rates during the second half of 2024 and our ability to effectively lower deposit rates, which resulted in our average cost of funds declining 19 basis points between quarters to 2.16% for the fourth quarter of 2024.
Provision expense of $809,000 was recorded for the fourth quarter of 2024, consisting of a provision for loan losses of $746,000 and a provision for unfunded commitments of $63,000. The Company increased its ACL to loans coverage ratio 1 basis point to 0.87% for the fourth quarter of 2024.
Non-interest income for the fourth quarter of 2024 was $12.2 million, reflecting an increase of $760,000, or 7%, over the third quarter of 2024. The growth between periods was primarily driven by the recognition of our annual Visa bonus in the fourth quarter of 2024, which drove the increase in debit card income of $384,000 and an increase in back-to-back loan swap fee income of $232,000.
Non-interest expense for the fourth quarter of 2024 was $28.4 million, a decrease of $536,000, or 2%, compared to the third quarter of 2024. The primary drivers for the decline were lower salaries and employee benefits costs of 3% and lower Northway merger and acquisition costs. During the first quarter of 2025, we anticipate higher merger and acquisition costs as we integrate Northway with the Company following the closing of the Northway acquisition on January 2, 2025. Our GAAP efficiency ratio for the fourth quarter of 2024 was 59.62% and our non-GAAP efficiency ratio was 58.51%, compared to 64.23% and 62.39% for the third quarter of 2024, respectively.
NORTHWAY ACQUISITION
On January 2, 2025, the Company completed its previously announced acquisition of Northway in an all-stock transaction. At the effective time of the Merger, each share of Northway's common stock was converted into the right to receive 0.83 shares of the Company's common stock, which resulted in the issuance of approximately 2.3 million shares to Northway's shareholders. The total consideration paid by the Company was approximately $96.5 million, based on the Company's January 2, 2025 closing price of $42.25 per share as reported by Nasdaq.
Q4 2024 CONFERENCE CALL
Camden National will host a conference call and webcast at 3:00 p.m., Eastern Time, on Tuesday, January 28, 2025, to discuss its fourth quarter 2024 financial results and outlook. Participants should dial into the call 10 - 15 minutes before it begins. Information about the conference call is as follows:
Live dial-in (Domestic): | (833) 470-1428 |
Live dial-in (All other locations): | (929) 526-1599 |
Participant access code: | 416800 |
Live webcast: | https://events.q4inc.com/attendee/658938636 |
A link to the live webcast will be available on Camden National's website under "About - Investor Relations" at CamdenNational.bank prior to the meeting, and a replay of the webcast will be available on Camden National's website following the conference call. The transcript of the conference call will also be available on Camden National's website approximately two days after the conference call.
ABOUT CAMDEN NATIONAL CORPORATION
Camden National Corporation (NASDAQ: CAC) is Northern New England's largest publicly traded bank holding company, with approximately $7.0 billion in assets. Founded in 1875, Camden National Bank has 73 branches in Maine and New Hampshire, is a full-service community bank offering the latest digital banking, complemented by award-winning, personalized service. Additional information is available at CamdenNational.bank. Member FDIC. Equal Housing Lender.
Comprehensive wealth management, investment, and financial planning services are delivered by Camden National Wealth Management.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including certain plans, expectations, goals, projections, and other statements, which are subject to numerous risks, assumptions, and uncertainties. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could," or "may." Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures; inflation; ongoing competition in labor markets and employee turnover; deterioration in the value of Camden National's investment securities; changes in consumer spending and savings habits; changes in the interest rate environment; changes in general economic conditions; operational risks including, but not limited to, cybersecurity, fraud, pandemics and natural disasters; legislative and regulatory changes that adversely affect the business in which Camden National is engaged; turmoil and volatility in the financial services industry, including failures or rumors of failures of other depository institutions which could affect Camden National's ability to attract and retain depositors, and could affect the ability of financial services providers, including the Company, to borrow or raise capital; actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions; changes to regulatory capital requirements in response to recent developments affecting the banking sector; changes in the securities markets and other risks and uncertainties disclosed from time to time in Camden National's Annual Report on Form 10-K for the year ended December 31, 2023, as updated by other filings with the Securities and Exchange Commission ("SEC"). Further, statements regarding the potential effects of the war in Ukraine, conflict in the Middle East and other notable and global current events on the Company's business, financial condition, liquidity and results of operations may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possible materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond the Company's control. This release may also contain forward-looking statements relating to the Company's acquisition of Northway. Factors that could cause actual results to differ materially include the following: the reaction to the transaction of the companies' customers, employees and counterparties; customer disintermediation; expected synergies, cost savings and other financial benefits of the proposed transaction might not be realized within the expected timeframes or might be less than projected; credit and interest rate risks associated with Camden's and Northway's respective businesses, customers, borrowings, repayment, investment and deposit practices; and other risks. Camden National does not have any obligation to update forward-looking statements.
USE OF NON-GAAP MEASURES
In addition to evaluating the Company's results of operations in accordance with generally accepted accounting principles in the United States ("GAAP"), management supplements this evaluation with certain non-GAAP financial measures such as: core net income; core diluted earnings per share; core return on average assets; core return on average equity; pre-tax, pre-provision income; return on average tangible equity and core return on average tangible equity; the efficiency and tangible common equity ratios; tangible book value per share; core deposits and average core deposits. Management utilizes these non-GAAP financial measures for purposes of measuring our performance against our peer group and other financial institutions and analyzing our internal performance. We also believe these non-GAAP financial measures help investors better understand the Company's operating performance and trends and allow for better performance comparisons to other financial institutions. In addition, these non-GAAP financial measures remove the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for GAAP operating results, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other financial institutions. Reconciliations to the comparable GAAP financial measures can be found in this document.
ANNUALIZED DATA
Certain returns, yields and performance ratios are presented on an "annualized" basis. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts. Annualized data may not be indicative of any four-quarter period and is presented for illustrative purposes only.
Selected Financial Data (unaudited) | ||||||||||
At or For The Three Months Ended | At or For The Year Ended | |||||||||
(In thousands, except number of shares and per share data) | December 31, | September 30, | December 31, | December 31, | December 31, | |||||
Financial Condition Data | ||||||||||
Loans | $ 4,115,259 | $ 4,116,729 | $ 4,098,094 | $ 4,115,259 | $ 4,098,094 | |||||
Total assets | 5,805,138 | 5,745,180 | 5,714,506 | 5,805,138 | 5,714,506 | |||||
Deposits | 4,633,167 | 4,575,226 | 4,597,360 | 4,633,167 | 4,597,360 | |||||
Shareholders' equity | 531,231 | 529,900 | 495,064 | 531,231 | 495,064 | |||||
Operating Data and Per Share Data | ||||||||||
Net income | $ 14,666 | $ 13,073 | $ 8,480 | $ 53,004 | $ 43,383 | |||||
Core net income (non-GAAP)(1) | 15,086 | 13,800 | 12,410 | 53,432 | 52,980 | |||||
Pre-tax, pre-provision income non-GAAP)(1) | 19,211 | 16,093 | 10,849 | 65,056 | 55,936 | |||||
Diluted EPS | 1.00 | 0.90 | 0.58 | 3.62 | 2.97 | |||||
Core diluted EPS (non-GAAP)(1) | 1.03 | 0.95 | 0.85 | 3.65 | 3.63 | |||||
Profitability Ratios | ||||||||||
Return on average assets | 1.01 % | 0.91 % | 0.59 % | 0.92 % | 0.76 % | |||||
Core return on average assets (non-GAAP)(1) | 1.04 % | 0.96 % | 0.87 % | 0.92 % | 0.93 % | |||||
Return on average equity | 10.99 % | 10.04 % | 7.20 % | 10.36 % | 9.30 % | |||||
Core return on average equity (non-GAAP)(1) | 11.30 % | 10.48 % | 10.53 % | 10.45 % | 11.35 % | |||||
Return on average tangible equity (non-GAAP)(1) | 13.50 % | 12.40 % | 9.18 % | 12.83 % | 11.83 % | |||||
Core return on average tangible equity (non-GAAP)(1) | 13.88 % | 12.94 % | 13.40 % | 12.94 % | 14.42 % | |||||
GAAP efficiency ratio | 59.62 % | 64.23 % | 71.96 % | 63.24 % | 65.75 % | |||||
Efficiency ratio (non-GAAP)(1) | 58.51 % | 62.39 % | 63.48 % | 62.36 % | 61.52 % | |||||
Net interest margin (fully-taxable equivalent) | 2.57 % | 2.46 % | 2.40 % | 2.46 % | 2.46 % | |||||
Asset Quality Ratios | ||||||||||
ACL on loans to total loans | 0.87 % | 0.86 % | 0.90 % | 0.87 % | 0.90 % | |||||
Non-performing loans to total loans | 0.16 % | 0.17 % | 0.18 % | 0.16 % | 0.18 % | |||||
Loans 30-89 days past due to total loans | 0.05 % | 0.03 % | 0.12 % | 0.05 % | 0.12 % | |||||
Annualized net charge-offs to average loans | 0.04 % | 0.03 % | 0.04 % | 0.03 % | 0.03 % | |||||
Capital Ratios | ||||||||||
Common equity ratio | 9.15 % | 9.22 % | 8.66 % | 9.15 % | 8.66 % | |||||
Tangible common equity ratio (non-GAAP)(1) | 7.64 % | 7.69 % | 7.11 % | 7.64 % | 7.11 % | |||||
Tier 1 leverage capital ratio | 9.90 % | 9.84 % | 9.40 % | 9.90 % | 9.40 % | |||||
Total risk-based capital ratio | 15.11 % | 14.85 % | 14.36 % | 15.11 % | 14.36 % | |||||
(1) This is a non-GAAP measure, please see "Reconciliation of non-GAAP to GAAP Financial Measures (unaudited)." |
Consolidated Statements of Condition Data (unaudited) | ||||||||||
(In thousands) | December 31, | September 30, | December 31, | % Change | % Change | |||||
ASSETS | ||||||||||
Cash, cash equivalents and restricted cash | $ 214,963 | $ 139,512 | $ 99,804 | 54 % | 115 % | |||||
Investments: | ||||||||||
Trading securities | 5,243 | 5,141 | 4,647 | 2 % | 13 % | |||||
Available-for-sale securities, at fair value | 593,749 | 603,211 | 625,808 | (2) % | (5) % | |||||
Held-to-maturity securities, at amortized cost | 517,778 | 526,251 | 544,931 | (2) % | (5) % | |||||
Other investments | 22,514 | 22,513 | 15,394 | - % | 46 % | |||||
Total investments | 1,139,284 | 1,157,116 | 1,190,780 | (2) % | (4) % | |||||
Loans held for sale, at fair value | 11,049 | 11,706 | 10,320 | (6) % | 7 % | |||||
Loans: | ||||||||||
Commercial real estate | 1,711,964 | 1,707,923 | 1,672,306 | - % | 2 % | |||||
Commercial | 382,785 | 382,507 | 403,901 | - % | (5) % | |||||
Residential real estate | 1,752,249 | 1,762,395 | 1,763,378 | (1) % | (1) % | |||||
Consumer and home equity | 268,261 | 263,904 | 258,509 | 2 % | 4 % | |||||
Total loans | 4,115,259 | 4,116,729 | 4,098,094 | - % | - % | |||||
Less: allowance for credit losses on loans | (35,728) | (35,414) | (36,935) | 1 % | (3) % | |||||
Net loans | 4,079,531 | 4,081,315 | 4,061,159 | - % | - % | |||||
Goodwill and core deposit intangible assets | 95,112 | 95,251 | 95,668 | - % | (1) % | |||||
Other assets | 265,199 | 260,280 | 256,775 | 2 % | 3 % | |||||
Total assets | $ 5,805,138 | $ 5,745,180 | $ 5,714,506 | 1 % | 2 % | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
Liabilities | ||||||||||
Deposits: | ||||||||||
Non-interest checking | $ 925,571 | 940,702 | $ 967,750 | (2) % | (4) % | |||||
Interest checking | 1,483,589 | 1,445,828 | 1,553,787 | 3 % | (5) % | |||||
Savings and money market | 1,511,589 | 1,466,541 | 1,364,401 | 3 % | 11 % | |||||
Certificates of deposit | 532,424 | 553,481 | 609,503 | (4) % | (13) % | |||||
Brokered deposits | 179,994 | 168,674 | 101,919 | 7 % | 77 % | |||||
Total deposits | 4,633,167 | 4,575,226 | 4,597,360 | 1 % | 1 % | |||||
Short-term borrowings | 500,621 | 516,336 | 485,607 | (3) % | 3 % | |||||
Junior subordinated debentures | 44,331 | 44,331 | 44,331 | - % | - % | |||||
Accrued interest and other liabilities | 95,788 | 79,387 | 92,144 | 21 % | 4 % | |||||
Total liabilities | 5,273,907 | 5,215,280 | 5,219,442 | 1 % | 1 % | |||||
Commitments and Contingencies | ||||||||||
Shareholders' Equity | ||||||||||
Common stock, no par value | 116,425 | 116,072 | 115,602 | - % | 1 % | |||||
Retained earnings | 509,452 | 500,927 | 481,014 | 2 % | 6 % | |||||
Accumulated other comprehensive loss: | ||||||||||
Net unrealized loss on debt securities, net of tax | (104,015) | (91,349) | (107,409) | 14 % | (3) % | |||||
Net unrealized gain on cash flow hedging derivative instruments, net of tax | 8,958 | 4,506 | 6,096 | 99 % | 47 % | |||||
Net unrecognized gain (loss) on postretirement plans, net of tax | 411 | (256) | (239) | (261) % | (272) % | |||||
Total accumulated other comprehensive loss | (94,646) | (87,099) | (101,552) | 9 % | (7) % | |||||
Total Shareholders' equity | 531,231 | 529,900 | 495,064 | - % | 7 % | |||||
Total liabilities and shareholders' equity | $ 5,805,138 | $ 5,745,180 | $ 5,714,506 | 1 % | 2 % | |||||
Consolidated Statements of Income Data (unaudited) | ||||||||||
For the Three Months Ended | % Change Dec | % Change Dec | ||||||||
(In thousands, except per share data) | December 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||
Interest Income | ||||||||||
Interest and fees on loans | $ 54,035 | $ 55,484 | $ 51,287 | (3) % | 5 % | |||||
Taxable interest on investments | 6,925 | 6,622 | 6,638 | 5 % | 4 % | |||||
Nontaxable interest on investments | 461 | 462 | 654 | - % | (30) % | |||||
Dividend income | 408 | 389 | 273 | 5 % | 49 % | |||||
Other interest income | 1,662 | 764 | 945 | 118 % | 76 % | |||||
Total interest income | 63,491 | 63,721 | 59,797 | - % | 6 % | |||||
Interest Expense | ||||||||||
Interest on deposits | 23,408 | 25,051 | 22,838 | (7) % | 2 % | |||||
Interest on borrowings | 4,134 | 4,549 | 3,700 | (9) % | 12 % | |||||
Interest on junior subordinated debentures | 540 | 534 | 550 | 1 % | (2) % | |||||
Total interest expense | 28,082 | 30,134 | 27,088 | (7) % | 4 % | |||||
Net interest income | 35,409 | 33,587 | 32,709 | 5 % | 8 % | |||||
Provision for credit losses | 809 | 239 | 569 | 238 % | 42 % | |||||
Net interest income after provision for credit losses | 34,600 | 33,348 | 32,140 | 4 % | 8 % | |||||
Non-Interest Income | ||||||||||
Debit card income | 3,553 | 3,169 | 3,466 | 12 % | 3 % | |||||
Service charges on deposit accounts | 2,136 | 2,168 | 2,102 | (1) % | 2 % | |||||
Income from fiduciary services | 1,834 | 1,817 | 1,653 | 1 % | 11 % | |||||
Mortgage banking income, net | 933 | 973 | 1,032 | (4) % | (10) % | |||||
Brokerage and insurance commissions | 1,441 | 1,414 | 1,188 | 2 % | 21 % | |||||
Bank-owned life insurance | 720 | 709 | 500 | 2 % | 44 % | |||||
Net loss on sale of securities | - | - | (4,975) | - % | N.M. | |||||
Other income | 1,549 | 1,156 | 1,020 | 34 % | 52 % | |||||
Total non-interest income | 12,166 | 11,406 | 5,986 | 7 % | 103 % | |||||
Non-Interest Expense | ||||||||||
Salaries and employee benefits | 15,973 | 16,545 | 15,404 | (3) % | 4 % | |||||
Furniture, equipment and data processing | 3,660 | 3,578 | 3,605 | 2 % | 2 % | |||||
Net occupancy costs | 1,971 | 1,890 | 1,939 | 4 % | 2 % | |||||
Debit card expense | 1,344 | 1,368 | 1,345 | (2) % | - % | |||||
Regulatory assessments | 804 | 784 | 839 | 3 % | (4) % | |||||
Consulting and professional fees | 786 | 788 | 1,193 | - % | (34) % | |||||
Merger and acquisition costs | 432 | 727 | - | (41) % | N.M. | |||||
Amortization of core deposit intangible assets | 139 | 139 | 148 | - % | (6) % | |||||
Other real estate owned and collection costs, net | 50 | 94 | 67 | (47) % | (25) % | |||||
Other expenses | 3,205 | 2,987 | 3,306 | 7 % | (3) % | |||||
Total non-interest expense | 28,364 | 28,900 | 27,846 | (2) % | 2 % | |||||
Income before income tax expense | 18,402 | 15,854 | 10,280 | 16 % | 79 % | |||||
Income Tax Expense | 3,736 | 2,781 | 1,800 | 34 % | 108 % | |||||
Net Income | $ 14,666 | $ 13,073 | $ 8,480 | 12 % | 73 % | |||||
Per Share Data | ||||||||||
Basic earnings per share | $ 1.01 | $ 0.90 | $ 0.58 | 12 % | 74 % | |||||
Diluted earnings per share | 1.00 | 0.90 | 0.58 | 11 % | 72 % | |||||
N.M. = Not meaningful |
Consolidated Statements of Income Data (unaudited) | ||||||
For the Year Ended | % Change Dec | |||||
(In thousands, except per share data) | December 31, 2024 | December 31, 2023 | ||||
Interest Income | ||||||
Interest and fees on loans | $ 214,650 | $ 195,379 | 10 % | |||
Taxable interest on investments | 27,381 | 24,267 | 13 % | |||
Nontaxable interest on investments | 1,849 | 2,927 | (37) % | |||
Dividend income | 1,630 | 1,061 | 54 % | |||
Other interest income | 4,047 | 2,612 | 55 % | |||
Total interest income | 249,557 | 226,246 | 10 % | |||
Interest Expense | ||||||
Interest on deposits | 95,806 | 78,884 | 21 % | |||
Interest on borrowings | 19,166 | 12,949 | 48 % | |||
Interest on junior subordinated debentures | 2,132 | 2,150 | (1) % | |||
Total interest expense | 117,104 | 93,983 | 25 % | |||
Net interest income | 132,453 | 132,263 | - % | |||
(Credit) provision for credit losses | (404) | 2,100 | (119) % | |||
Net interest income after (credit) provision for credit losses | 132,857 | 130,163 | 2 % | |||
Non-Interest Income | ||||||
Debit card income | 12,657 | 12,613 | - % | |||
Service charges on deposit accounts | 8,444 | 7,839 | 8 % | |||
Income from fiduciary services | 7,270 | 6,669 | 9 % | |||
Brokerage and insurance commissions | 5,535 | 4,650 | 19 % | |||
Mortgage banking income, net | 3,230 | 2,921 | 11 % | |||
Bank-owned life insurance | 2,806 | 2,349 | 19 % | |||
Net loss on sale of securities | - | (10,310) | N.M. | |||
Other income | 4,597 | 4,303 | 7 % | |||
Total non-interest income | 44,539 | 31,034 | 44 % | |||
Non-Interest Expense | ||||||
Salaries and employee benefits | 64,073 | 60,009 | 7 % | |||
Furniture, equipment and data processing | 14,364 | 13,377 | 7 % | |||
Net occupancy costs | 7,912 | 7,674 | 3 % | |||
Debit card expense | 5,287 | 5,126 | 3 % | |||
Consulting and professional fees | 3,583 | 4,520 | (21) % | |||
Regulatory assessments | 3,258 | 3,413 | (5) % | |||
Merger and acquisition costs | 1,159 | - | N.M. | |||
Amortization of core deposit intangible assets | 556 | 592 | (6) % | |||
Other real estate owned and collection costs, net | 201 | 42 | N.M. | |||
Other expenses | 11,543 | 12,608 | (8) % | |||
Total non-interest expense | 111,936 | 107,361 | 4 % | |||
Income before income tax expense | 65,460 | 53,836 | 22 % | |||
Income Tax Expense | 12,456 | 10,453 | 19 % | |||
Net Income | $ 53,004 | $ 43,383 | 22 % | |||
Per Share Data | ||||||
Basic earnings per share | $ 3.63 | $ 2.98 | 22 % | |||
Diluted earnings per share | 3.62 | 2.97 | 22 % | |||
N.M. = Not meaningful |
Quarterly Average Balance and Yield/Rate Analysis (unaudited) | ||||||||||||
Average Balance | Yield/Rate | |||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||
(In thousands) | December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||||
Assets | ||||||||||||
Interest-earning assets: | ||||||||||||
Interest-bearing deposits in other | $ 130,405 | $ 48,914 | $ 44,577 | 4.49 % | 4.66 % | 6.70 % | ||||||
Investments - taxable | 1,150,351 | 1,138,979 | 1,186,959 | 2.61 % | 2.53 % | 2.39 % | ||||||
Investments - nontaxable(1) | 61,929 | 61,864 | 89,029 | 3.77 % | 3.78 % | 3.72 % | ||||||
Loans(2): | ||||||||||||
Commercial real estate | 1,707,914 | 1,706,509 | 1,661,720 | 5.36 % | 5.41 % | 4.87 % | ||||||
Commercial(1) | 359,954 | 375,944 | 388,907 | 6.29 % | 6.51 % | 6.25 % | ||||||
Municipal(1) | 15,237 | 17,186 | 14,430 | 5.30 % | 5.17 % | 4.13 % | ||||||
Residential real estate | 1,766,143 | 1,780,665 | 1,765,099 | 4.45 % | 4.53 % | 4.35 % | ||||||
Consumer and home equity | 267,065 | 264,178 | 256,073 | 7.52 % | 7.96 % | 7.86 % | ||||||
Total loans | 4,116,313 | 4,144,482 | 4,086,229 | 5.19 % | 5.29 % | 4.96 % | ||||||
Total interest-earning assets | 5,458,998 | 5,394,239 | 5,406,794 | 4.61 % | 4.69 % | 4.39 % | ||||||
Other assets | 315,181 | 317,319 | 305,159 | |||||||||
Total assets | $ 5,774,179 | $ 5,711,558 | $ 5,711,953 | |||||||||
Liabilities & Shareholders' Equity | ||||||||||||
Deposits: | ||||||||||||
Non-interest checking | $ 948,015 | $ 934,403 | $ 985,458 | - % | - % | - % | ||||||
Interest checking | 1,449,281 | 1,440,374 | 1,547,438 | 2.29 % | 2.56 % | 2.53 % | ||||||
Savings | 726,179 | 679,118 | 622,094 | 1.06 % | 0.95 % | 0.17 % | ||||||
Money market | 779,893 | 760,977 | 756,407 | 3.09 % | 3.46 % | 3.14 % | ||||||
Certificates of deposit | 537,922 | 565,063 | 583,738 | 3.67 % | 3.85 % | 3.49 % | ||||||
Total deposits | 4,441,290 | 4,379,935 | 4,495,135 | 1.91 % | 2.09 % | 1.87 % | ||||||
Borrowings: | ||||||||||||
Brokered deposits | 170,638 | 156,618 | 120,920 | 4.93 % | 5.25 % | 5.24 % | ||||||
Customer repurchase agreements | 182,017 | 190,936 | 197,920 | 1.58 % | 1.92 % | 1.68 % | ||||||
Junior subordinated debentures | 44,331 | 44,331 | 44,331 | 4.84 % | 4.79 % | 4.92 % | ||||||
Other borrowings | 325,000 | 336,899 | 271,316 | 4.17 % | 4.28 % | 4.19 % | ||||||
Total borrowings | 721,986 | 728,784 | 634,487 | 3.74 % | 3.90 % | 3.66 % | ||||||
Total funding liabilities | 5,163,276 | 5,108,719 | 5,129,622 | 2.16 % | 2.35 % | 2.10 % | ||||||
Other liabilities | 80,144 | 84,617 | 115,157 | |||||||||
Shareholders' equity | 530,759 | 518,222 | 467,174 | |||||||||
Total liabilities & shareholders' equity | $ 5,774,179 | $ 5,711,558 | $ 5,711,953 | |||||||||
Net interest rate spread (fully-taxable equivalent) | 2.45 % | 2.34 % | 2.29 % | |||||||||
Net interest margin (fully-taxable equivalent) | 2.57 % | 2.46 % | 2.40 % | |||||||||
(1) | Reported on tax-equivalent basis calculated using the federal corporate income tax rate of 21%, including certain commercial loans. |
(2) | Non-accrual loans and loans held for sale are included in total average loans. |
Year-to-Date Average Balance and Yield/Rate Analysis (unaudited) | ||||||||
Average Balance | Yield/Rate | |||||||
For the Year Ended | For the Year Ended | |||||||
(In thousands) | December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||
Assets | ||||||||
Interest-earning assets: | ||||||||
Interest-bearing deposits in other banks and other interest-earning assets | $ 68,633 | $ 33,676 | 4.86 % | 5.50 % | ||||
Investments - taxable | 1,159,910 | 1,203,445 | 2.56 % | 2.17 % | ||||
Investments - nontaxable(1) | 61,992 | 100,614 | 3.78 % | 3.68 % | ||||
Loans(2): | ||||||||
Commercial real estate | 1,699,655 | 1,659,078 | 5.29 % | 4.83 % | ||||
Commercial(1) | 378,257 | 398,948 | 6.44 % | 5.99 % | ||||
Municipal(1) | 15,859 | 16,702 | 4.94 % | 4.04 % | ||||
Residential real estate | 1,773,149 | 1,748,076 | 4.47 % | 4.09 % | ||||
Consumer and home equity | 262,251 | 253,877 | 7.82 % | 7.56 % | ||||
Total loans | 4,129,171 | 4,076,681 | 5.20 % | 4.80 % | ||||
Total interest-earning assets | 5,419,706 | 5,414,416 | 4.62 % | 4.19 % | ||||
Other assets | 315,335 | 292,910 | ||||||
Total assets | $ 5,735,041 | $ 5,707,326 | ||||||
Liabilities & Shareholders' Equity | ||||||||
Deposits: | ||||||||
Non-interest checking | $ 929,443 | $ 1,020,045 | - % | - % | ||||
Interest checking | 1,464,651 | 1,614,598 | 2.48 % | 2.30 % | ||||
Savings | 657,529 | 675,478 | 0.71 % | 0.12 % | ||||
Money market | 766,596 | 717,478 | 3.31 % | 2.68 % | ||||
Certificates of deposit | 567,182 | 453,723 | 3.80 % | 2.85 % | ||||
Total deposits | 4,385,401 | 4,481,322 | 2.00 % | 0.42 % | ||||
Borrowings: | ||||||||
Brokered deposits | 152,918 | 184,709 | 5.18 % | 4.74 % | ||||
Customer repurchase agreements | 185,299 | 191,646 | 1.73 % | 1.49 % | ||||
Junior subordinated debentures | 44,331 | 44,331 | 4.81 % | 4.85 % | ||||
Other borrowings | 365,989 | 246,058 | 4.36 % | 4.11 % | ||||
Total borrowings | 748,537 | 666,744 | 3.90 % | 3.58 % | ||||
Total funding liabilities | 5,133,938 | 5,148,066 | 2.28 % | 1.83 % | ||||
Other liabilities | 89,290 | 92,543 | ||||||
Shareholders' equity | 511,813 | 466,717 | ||||||
Total liabilities & shareholders' equity | $ 5,735,041 | $ 5,707,326 | ||||||
Net interest rate spread (fully-taxable equivalent) | 2.34 % | 2.36 % | ||||||
Net interest margin (fully-taxable equivalent) | 2.46 % | 2.46 % | ||||||
(1) | Reported on tax-equivalent basis calculated using the federal corporate income tax rate of 21%, including certain commercial loans. |
(2) | Non-accrual loans and loans held for sale are included in total average loans. |
Asset Quality Data (unaudited) | ||||||||||
(In thousands) | At or for the Year Ended December 31, 2024 | At or for the Nine Months Ended September 30, 2024 | At or for the Six Months Ended June 30, 2024 | At or for the Three Months Ended March 31, 2024 | At or for the Year Ended December 31, 2023 | |||||
Non-accrual loans: | ||||||||||
Residential real estate | $ 1,891 | $ 2,497 | $ 2,497 | $ 2,473 | $ 2,539 | |||||
Commercial real estate | 559 | 130 | 79 | 205 | 386 | |||||
Commercial | 1,927 | 2,057 | 4,409 | 1,980 | 1,725 | |||||
Consumer and home equity | 452 | 666 | 810 | 1,000 | 798 | |||||
Total non-accrual loans | 4,829 | 5,350 | 7,795 | 5,658 | 5,448 | |||||
Accruing troubled-debt restructured loans prior to adoption of ASU 2022-02 | 1,631 | 1,645 | 1,846 | 1,973 | 1,990 | |||||
Total non-performing loans | 6,460 | 6,995 | 9,641 | 7,631 | 7,438 | |||||
Other real estate owned | - | - | - | - | - | |||||
Total non-performing assets | $ 6,460 | $ 6,995 | $ 9,641 | $ 7,631 | $ 7,438 | |||||
Loans 30-89 days past due: | ||||||||||
Residential real estate | $ 558 | $ 216 | $ 400 | $ 797 | $ 1,290 | |||||
Commercial real estate | 689 | 239 | 678 | 92 | 740 | |||||
Commercial | 393 | 578 | 539 | 537 | 2,007 | |||||
Consumer and home equity | 621 | 358 | 628 | 618 | 922 | |||||
Total loans 30-89 days past due | $ 2,261 | $ 1,391 | $ 2,245 | $ 2,044 | $ 4,959 | |||||
ACL on loans at the beginning of the period | $ 36,935 | $ 36,935 | $ 36,935 | $ 36,935 | $ 36,922 | |||||
Provision (credit) for loan losses | 53 | (693) | (976) | (1,164) | 1,174 | |||||
Charge-offs: | ||||||||||
Residential real estate | - | - | - | - | 18 | |||||
Commercial real estate | - | - | - | - | 58 | |||||
Commercial | 1,784 | 1,157 | 763 | 309 | 1,560 | |||||
Consumer and home equity | 99 | 83 | 55 | 36 | 91 | |||||
Total charge-offs | 1,883 | 1,240 | 818 | 345 | 1,727 | |||||
Total recoveries | (623) | (412) | (271) | (187) | (566) | |||||
Net charge-offs | 1,260 | 828 | 547 | 158 | 1,161 | |||||
ACL on loans at the end of the period | $ 35,728 | $ 35,414 | $ 35,412 | $ 35,613 | $ 36,935 | |||||
Components of ACL: | ||||||||||
ACL on loans | $ 35,728 | $ 35,414 | $ 35,412 | $ 35,613 | $ 36,935 | |||||
ACL on off-balance sheet credit exposures(1) | 2,806 | 2,743 | 2,787 | 2,325 | 2,353 | |||||
ACL, end of period | $ 38,534 | $ 38,157 | $ 38,199 | $ 37,938 | $ 39,288 | |||||
Ratios: | ||||||||||
Non-performing loans to total loans | 0.16 % | 0.17 % | 0.23 % | 0.19 % | 0.18 % | |||||
Non-performing assets to total assets | 0.11 % | 0.12 % | 0.17 % | 0.13 % | 0.13 % | |||||
ACL on loans to total loans | 0.87 % | 0.86 % | 0.86 % | 0.86 % | 0.90 % | |||||
Net charge-offs to average loans (annualized) | ||||||||||
Quarter-to-date | 0.04 % | 0.03 % | 0.04 % | 0.02 % | 0.04 % | |||||
Year-to-date | 0.03 % | 0.03 % | 0.03 % | 0.02 % | 0.03 % | |||||
ACL on loans to non-performing loans | 553.07 % | 506.28 % | 367.31 % | 466.69 % | 496.57 % | |||||
Loans 30-89 days past due to total loans | 0.05 % | 0.03 % | 0.05 % | 0.05 % | 0.12 % | |||||
(1) Presented within accrued interest and other liabilities on the consolidated statements of condition. |
Reconciliation of non-GAAP to GAAP Financial Measures (unaudited)
| ||||||||||
Core Net Income; Core Diluted Earnings per Share; Core Return on Average Assets; and Core Return on Average Equity: | ||||||||||
For the Three Months Ended | For the Year Ended | |||||||||
(In thousands, except number of shares, per share | December 31, | September 30, | December 31, | December 31, | December 31, | |||||
Core Net Income: | ||||||||||
Net income, as presented | $ 14,666 | $ 13,073 | $ 8,480 | $ 53,004 | $ 43,383 | |||||
Adjustment for net loss on sale of securities | - | - | 4,975 | - | 10,310 | |||||
Adjustment for Signature Bank bond (recovery) write-off | - | - | - | (910) | 1,838 | |||||
Adjustment for merger and acquisition costs | 432 | 727 | - | 1,159 | - | |||||
Tax impact of above adjustments(1) | (12) | - | (1,045) | 179 | (2,551) | |||||
Core net income | $ 15,086 | $ 13,800 | $ 12,410 | $ 53,432 | $ 52,980 | |||||
Core Diluted Earnings per Share: | ||||||||||
Diluted earnings per share, as presented | $ 1.00 | $ 0.90 | $ 0.58 | $ 3.62 | $ 2.97 | |||||
Adjustment for net loss on sale of securities | - | - | 0.34 | - | 0.71 | |||||
Adjustment for Signature Bank bond (recovery) write-off | - | - | - | (0.06) | 0.13 | |||||
Adjustment for merger and acquisition costs | 0.03 | 0.05 | - | 0.08 | - | |||||
Tax impact of above adjustments(1) | - | - | (0.07) | 0.01 | (0.18) | |||||
Core diluted earnings per share | $ 1.03 | $ 0.95 | $ 0.85 | $ 3.65 | $ 3.63 | |||||
Core Return on Average Assets: | ||||||||||
Return on average assets, as presented | 1.01 % | 0.91 % | 0.59 % | 0.92 % | 0.76 % | |||||
Adjustment for net loss on sale of securities | - % | - % | 0.35 % | - % | 0.18 % | |||||
Adjustment for Signature Bank bond (recovery) write-off | - | - % | - | (0.02) % | 0.03 | |||||
Adjustment for merger and acquisition costs | 0.03 % | 0.05 % | - % | 0.02 % | - | |||||
Tax impact of above adjustments(1) | - % | - % | (0.07) % | - % | (0.04) | |||||
Core return on average assets | 1.04 % | 0.96 % | 0.87 % | 0.92 % | 0.93 % | |||||
Core Return on Average Equity: | ||||||||||
Return on average equity, as presented | 10.99 % | 10.04 % | 7.20 % | 10.36 % | 9.30 % | |||||
Adjustment for net loss on sale of securities | - % | - % | 4.22 % | - % | 2.21 % | |||||
Adjustment for Signature Bank bond (recovery) write-off | - | - % | - | (0.18) % | 0.39 % | |||||
Adjustment for merger and acquisition costs | 0.32 % | 0.56 % | - % | 0.23 % | - % | |||||
Tax impact of above adjustments(1) | (0.01) % | (0.12) % | (0.89) % | 0.04 % | (0.55) % | |||||
Core return on average equity | 11.30 % | 10.48 % | 10.53 % | 10.45 % | 11.35 % | |||||
(1) Assumed a 21% tax rate for eligible costs. |
Pre-Tax, Pre-Provision Income: | ||||||||||
For the Three Months Ended | For the Year Ended | |||||||||
(In thousands) | December 31, | September 30, | December 31, | December 31, | December 31, | |||||
Net income, as presented | $ 14,666 | $ 13,073 | $ 8,480 | $ 53,004 | $ 43,383 | |||||
Adjustment for provision (credit) for credit losses | 809 | 239 | 569 | (404) | 2,100 | |||||
Adjustment for income tax expense | 3,736 | 2,781 | 1,800 | 12,456 | 10,453 | |||||
Pre-tax, pre-provision income | $ 19,211 | $ 16,093 | $ 10,849 | $ 65,056 | $ 55,936 | |||||
Efficiency Ratio: | ||||||||||
For the Three Months Ended | For the Year Ended | |||||||||
(Dollars in thousands) | December 31, | September 30, | December 31, | December 31, | December 31, | |||||
Non-interest expense, as presented | $ 28,364 | $ 28,900 | $ 27,846 | $ 111,936 | $ 107,361 | |||||
Adjustment for merger and acquisition costs | 432 | 727 | - | 1,159 | - | |||||
Adjusted non-interest expense | $ 27,932 | $ 28,173 | $ 27,846 | $ 110,777 | $ 107,361 | |||||
Net interest income, as presented | $ 35,409 | $ 33,587 | $ 32,709 | $ 132,453 | $ 132,263 | |||||
Adjustment for the effect of tax-exempt income(1) | 162 | 165 | 199 | 637 | 901 | |||||
Non-interest income, as presented | 12,166 | 11,406 | 5,986 | 44,539 | 31,034 | |||||
Adjustment for net loss on sale of securities | - | - | 4,975 | - | 10,310 | |||||
Core net interest income plus non-interest income | $ 47,737 | $ 45,158 | $ 43,869 | $ 177,629 | $ 174,508 | |||||
GAAP efficiency ratio | 59.62 % | 64.23 % | 71.96 % | 63.24 % | 65.75 % | |||||
Non-GAAP efficiency ratio | 58.51 % | 62.39 % | 63.48 % | 62.36 % | 61.52 % | |||||
(1) Assumed a 21% tax rate. |
Return on Average Tangible Equity and Core Return on Average Tangible Equity: | ||||||||||
For the Three Months Ended | For the Year Ended | |||||||||
(Dollars in thousands) | December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||
Return on Average Tangible Equity: | ||||||||||
Net income, as presented | $ 14,666 | $ 13,073 | $ 8,480 | $ 53,004 | $ 43,383 | |||||
Adjustment for amortization of core deposit intangible assets | 139 | 139 | 148 | 556 | 592 | |||||
Tax impact of above adjustment(1) | (29) | (29) | (31) | (117) | (124) | |||||
Net income, adjusted for amortization of core deposit intangible assets | $ 14,776 | $ 13,183 | $ 8,597 | $ 53,443 | $ 43,851 | |||||
Average equity, as presented | $ 530,759 | $ 518,222 | $ 467,174 | $ 511,813 | $ 466,717 | |||||
Adjustment for average goodwill and core deposit intangible assets | (95,179) | (95,319) | (95,739) | (95,389) | (95,962) | |||||
Average tangible equity | $ 435,580 | $ 422,903 | $ 371,435 | $ 416,424 | $ 370,755 | |||||
Return on average equity | 10.99 % | 10.04 % | 7.20 % | 10.36 % | 9.30 % | |||||
Return on average tangible equity | 13.50 % | 12.40 % | 9.18 % | 12.83 % | 11.83 % | |||||
Core Return on Average Tangible Equity: | ||||||||||
Core net income (see "Core Net Income" table above) | $ 15,086 | $ 13,647 | $ 12,410 | $ 53,432 | $ 52,980 | |||||
Adjustment for amortization of core deposit intangible assets | 139 | 139 | 148 | 556 | 592 | |||||
Tax impact of above adjustment(1) | (29) | (29) | (31) | (117) | (124) | |||||
Core net income, adjusted for amortization of core deposit intangible assets | $ 15,196 | $ 13,757 | $ 12,527 | $ 53,871 | $ 53,448 | |||||
Core return on average tangible equity | 13.88 % | 12.94 % | 13.38 % | 12.94 % | 14.42 % | |||||
(1) Assumed a 21% tax rate. |
Tangible Book Value Per Share and Tangible Common Equity Ratio: | ||||||
December 31, | September 30, | December 31, | ||||
(In thousands, except number of shares and per share data) | ||||||
Tangible Book Value Per Share: | ||||||
Shareholders' equity, as presented | $ 531,231 | $ 529,900 | $ 495,064 | |||
Adjustment for goodwill and core deposit intangible assets | (95,112) | (95,251) | (95,668) | |||
Tangible shareholders' equity | $ 436,119 | $ 434,649 | $ 399,396 | |||
Shares outstanding at period end | 14,579,339 | 14,577,218 | 14,565,952 | |||
Book value per share | $ 36.44 | $ 36.35 | $ 33.99 | |||
Tangible book value per share | 29.91 | 29.82 | 27.42 | |||
Tangible Common Equity Ratio: | ||||||
Total assets | $ 5,805,138 | $ 5,745,180 | $ 5,714,506 | |||
Adjustment for goodwill and core deposit intangible assets | (95,112) | (95,251) | (95,668) | |||
Tangible assets | $ 5,710,026 | $ 5,649,929 | $ 5,618,838 | |||
Common equity ratio | 9.15 % | 9.22 % | 8.66 % | |||
Tangible common equity ratio | 7.64 % | 7.69 % | 7.11 % | |||
Core Deposits: | ||||||
(Dollars in thousands) | December 31, 2024 | September 30, 2024 | December 31, 2023 | |||
Total deposits | $ 4,633,167 | $ 4,575,226 | $ 4,597,360 | |||
Adjustment for certificates of deposit | (532,424) | (553,481) | (609,503) | |||
Adjustment for brokered deposits | (179,994) | (168,674) | (101,919) | |||
Core deposits | $ 3,920,749 | $ 3,853,071 | $ 3,885,938 | |||
Average Core Deposits: | ||||||||||
For the Three Months Ended | For the Year Ended | |||||||||
(Dollars in thousands) | December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||
Total average deposits, as presented(1) | $ 4,441,290 | $ 4,379,935 | $ 4,495,135 | $ 4,385,401 | $ 4,481,322 | |||||
Adjustment for average certificates of deposit | (537,922) | (565,063) | (583,738) | (567,182) | (453,723) | |||||
Average core deposits | $ 3,903,368 | $ 3,814,872 | $ 3,911,397 | $ 3,818,219 | $ 4,027,599 | |||||
(1) | Brokered deposits are excluded from total average deposits, as presented on the Average Balance, Interest and Yield/Rate analysis table. |
SOURCE Camden National Corporation
