Camden National Corporation Reports First Quarter 2024 Earnings of $13.3 Million and Diluted EPS of $0.91
Asset Quality, Capital and Liquidity Remain Stro ng
The Company continues to prioritize strong asset quality within the portfolio, which allowed the Company to release
"We are pleased with our first quarter financial results, demonstrating we can be nimble and take action to manage expenses, while managing the dynamics of our balance sheet," said
FIRST QUARTER 2024 HIGHLIGHTS
- Our return on average assets was 0.93%, and our adjusted return on average assets (non-GAAP) was 0.88% for the first quarter of 2024.
- Our return on average equity was 10.77%, and adjusted return on average equity (non-GAAP) was 10.19%, and on a non-GAAP basis, our return on average tangible equity was 13.46% and adjusted return on average tangible equity was 12.74%.
- 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 assets of 0.13% of total assets.
- Our capital position remained strong with regulatory capital ratios well in excess of required regulatory levels, and a common equity ratio of 8.66% and a tangible common equity ratio (non-GAAP) of 7.12%.
- Uninsured and uncollateralized1 deposits were 14.8% of total deposits and available liquidity sources were 2.1 times uninsured and uncollateralized deposits.
FINANCIAL CONDITION
As of
Investments totaled
Loans totaled
Deposits totaled
As part of our effort to optimize funding costs and our interest rate risk position, in the first quarter of 2024 we refinanced our existing Bank Term Funding Program ("BTFP") loan of
As of
The Company announced a cash dividend of
In the first quarter of 2024, the Company initiated a new share repurchase program for up to 750,000 shares of its common stock, or approximately 5% of the Company's shares outstanding. This share repurchase program replaces the 2023 program. We did not repurchase any shares of the Company's common stock during the first quarter of 2024.
1 Uncollateralized deposits are customer deposits for which the Company has not pledged any of its assets, including investment securities, or provided any other type of guarantee.
FINANCIAL OPERATING RESULTS (Q1 2024 vs. Q4 2023)
Net income for the first quarter of 2024 was
Net interest income for the first quarter of 2024 was
Negative provision expense of
Non-interest income for the first quarter of 2024 was
Non-interest expense for the first quarter of 2024 was
Q1 2024 CONFERENCE CALL
Live dial-in (Domestic): |
(833) 470-1428 |
Live dial-in (All other locations): |
(929) 526-1599 |
Participant access code: |
314687 |
Live webcast: |
A link to the live webcast will be available on
2024 ANNUAL MEETING OF SHAREHOLDERS
ABOUT
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
USE OF NON-GAAP MEASURES
In addition to evaluating the Company's results of operations in accordance with generally accepted accounting principles in
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 |
||||
(In thousands, except number of shares and per share data) |
|
|
|
|
|
|
Financial Condition Data |
|
|
|
|
|
|
Loans |
|
$ 4,121,040 |
|
$ 4,098,094 |
|
$ 4,073,108 |
Total assets |
|
5,794,785 |
|
5,714,506 |
|
5,716,605 |
Deposits |
|
4,551,524 |
|
4,597,360 |
|
4,642,734 |
Shareholders' equity |
|
501,577 |
|
495,064 |
|
464,874 |
Operating Data and Per Share Data |
|
|
|
|
|
|
Net income |
|
$ 13,272 |
|
$ 8,480 |
|
$ 12,727 |
Adjusted net income (non-GAAP)(1) |
|
12,553 |
|
12,410 |
|
14,179 |
Diluted EPS |
|
0.91 |
|
0.58 |
|
0.87 |
Adjusted diluted EPS (non-GAAP)(1) |
|
0.86 |
|
0.85 |
|
0.97 |
Pre-tax, pre-provision income (non-GAAP)(1) |
|
14,233 |
|
10,849 |
|
17,981 |
Adjusted pre-tax, pre-provision income (non-GAAP)(1) |
|
14,233 |
|
15,824 |
|
17,981 |
Profitability Ratios |
|
|
|
|
|
|
Return on average assets |
|
0.93 % |
|
0.59 % |
|
0.91 % |
Adjusted return on average assets (non-GAAP)(1) |
|
0.88 % |
|
0.87 % |
|
1.01 % |
Return on average equity |
|
10.77 % |
|
7.20 % |
|
11.16 % |
Adjusted return on average equity (non-GAAP)(1) |
|
10.19 % |
|
10.53 % |
|
12.43 % |
Return on average tangible equity (non-GAAP)(1) |
|
13.46 % |
|
9.18 % |
|
14.21 % |
Adjusted return on average tangible equity (non-GAAP)(1) |
|
12.74 % |
|
13.38 % |
|
15.82 % |
GAAP efficiency ratio |
|
65.78 % |
|
71.96 % |
|
59.27 % |
Efficiency ratio (non-GAAP)(1) |
|
65.55 % |
|
63.48 % |
|
58.96 % |
Net interest margin (fully-taxable equivalent) |
|
2.30 % |
|
2.40 % |
|
2.54 % |
Asset Quality Ratios |
|
|
|
|
|
|
ACL on loans to total loans |
|
0.86 % |
|
0.90 % |
|
0.91 % |
Non-performing loans to total loans |
|
0.19 % |
|
0.18 % |
|
0.13 % |
Annualized net charge-offs to average loans |
|
0.02 % |
|
0.04 % |
|
0.02 % |
Capital Ratios |
|
|
|
|
|
|
Common equity ratio |
|
8.66 % |
|
8.66 % |
|
8.13 % |
Tangible common equity ratio (non-GAAP)(1) |
|
7.12 % |
|
7.11 % |
|
6.56 % |
Tier 1 leverage capital ratio |
|
9.59 % |
|
9.40 % |
|
9.24 % |
Total risk-based capital ratio |
|
14.52 % |
|
14.36 % |
|
13.95 % |
|
|
(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) |
|
|
|
|
|
|
|
% Change |
|
% Change |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash |
|
$ 176,719 |
|
$ 99,804 |
|
$ 75,741 |
|
77 % |
|
133 % |
Investments: |
|
|
|
|
|
|
|
|
|
|
Trading securities |
|
4,847 |
|
4,647 |
|
3,971 |
|
4 % |
|
22 % |
Available-for-sale securities, at fair value |
|
601,576 |
|
625,808 |
|
686,423 |
|
(4) % |
|
(12) % |
Held-to-maturity securities, at amortized cost |
|
540,349 |
|
544,931 |
|
540,074 |
|
(1) % |
|
— % |
Other investments |
|
16,392 |
|
15,394 |
|
19,414 |
|
6 % |
|
(16) % |
Total investments |
|
1,163,164 |
|
1,190,780 |
|
1,249,882 |
|
(2) % |
|
(7) % |
Loans held for sale, at fair value |
|
9,524 |
|
10,320 |
|
4,562 |
|
(8) % |
|
109 % |
Loans: |
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
1,702,952 |
|
1,672,306 |
|
1,666,617 |
|
2 % |
|
2 % |
Commercial |
|
397,395 |
|
403,901 |
|
421,099 |
|
(2) % |
|
(6) % |
Residential real estate |
|
1,762,482 |
|
1,763,378 |
|
1,733,147 |
|
— % |
|
2 % |
Consumer and home equity |
|
258,211 |
|
258,509 |
|
252,245 |
|
— % |
|
2 % |
Total loans |
|
4,121,040 |
|
4,098,094 |
|
4,073,108 |
|
1 % |
|
1 % |
Less: allowance for credit losses on loans |
|
(35,613) |
|
(36,935) |
|
(37,134) |
|
(4) % |
|
(4) % |
Net loans |
|
4,085,427 |
|
4,061,159 |
|
4,035,974 |
|
1 % |
|
1 % |
|
|
95,529 |
|
95,668 |
|
96,112 |
|
— % |
|
(1) % |
Other assets |
|
264,422 |
|
256,775 |
|
254,334 |
|
3 % |
|
4 % |
Total assets |
|
$ 5,794,785 |
|
$ 5,714,506 |
|
$ 5,716,605 |
|
1 % |
|
1 % |
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Non-interest checking |
|
$ 929,314 |
|
$ 967,750 |
|
$ 1,047,491 |
|
(4) % |
|
(11) % |
Interest checking |
|
1,503,045 |
|
1,553,787 |
|
1,609,330 |
|
(3) % |
|
(7) % |
Savings and money market |
|
1,379,437 |
|
1,364,401 |
|
1,409,861 |
|
1 % |
|
(2) % |
Certificates of deposit |
|
585,786 |
|
609,503 |
|
360,103 |
|
(4) % |
|
63 % |
Brokered deposits |
|
153,942 |
|
101,919 |
|
215,949 |
|
51 % |
|
(29) % |
Total deposits |
|
4,551,524 |
|
4,597,360 |
|
4,642,734 |
|
(1) % |
|
(2) % |
Short-term borrowings |
|
601,499 |
|
485,607 |
|
486,318 |
|
24 % |
|
24 % |
Junior subordinated debentures |
|
44,331 |
|
44,331 |
|
44,331 |
|
— % |
|
— % |
Accrued interest and other liabilities |
|
95,854 |
|
92,144 |
|
78,348 |
|
4 % |
|
22 % |
Total liabilities |
|
5,293,208 |
|
5,219,442 |
|
5,251,731 |
|
1 % |
|
1 % |
Commitments and Contingencies |
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
Common stock, no par value |
|
116,449 |
|
115,602 |
|
115,590 |
|
1 % |
|
1 % |
Retained earnings |
|
488,143 |
|
481,014 |
|
468,755 |
|
1 % |
|
4 % |
Accumulated other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
Net unrealized loss on debt securities, net of tax |
|
(111,357) |
|
(107,409) |
|
(122,445) |
|
4 % |
|
(9) % |
Net unrealized gain on cash flow hedging derivative instruments, net of tax |
|
8,587 |
|
6,096 |
|
3,286 |
|
41 % |
|
161 % |
Net unrecognized loss on postretirement plans, net of tax |
|
(245) |
|
(239) |
|
(312) |
|
3 % |
|
(21) % |
Total accumulated other comprehensive loss |
|
(103,015) |
|
(101,552) |
|
(119,471) |
|
1 % |
|
(14) % |
Total shareholders' equity |
|
501,577 |
|
495,064 |
|
464,874 |
|
1 % |
|
8 % |
Total liabilities and shareholders' equity |
|
$ 5,794,785 |
|
$ 5,714,506 |
|
$ 5,716,605 |
|
1 % |
|
1 % |
Consolidated Statements of Income Data (unaudited) |
||||||||||
|
||||||||||
|
|
For The Three Months Ended |
|
|
|
|
||||
(In thousands, except per share data) |
|
|
|
|
|
|
|
% Change |
|
% Change |
Interest Income |
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ 51,709 |
|
$ 51,287 |
|
$ 45,332 |
|
1 % |
|
14 % |
Taxable interest on investments |
|
7,027 |
|
6,638 |
|
5,963 |
|
6 % |
|
18 % |
Nontaxable interest on investments |
|
465 |
|
654 |
|
763 |
|
(29) % |
|
(39) % |
Dividend income |
|
312 |
|
273 |
|
219 |
|
14 % |
|
42 % |
Other interest income |
|
670 |
|
945 |
|
448 |
|
(29) % |
|
50 % |
Total interest income |
|
60,183 |
|
59,797 |
|
52,725 |
|
1 % |
|
14 % |
Interest Expense |
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
23,178 |
|
22,838 |
|
15,832 |
|
1 % |
|
46 % |
Interest on borrowings |
|
5,198 |
|
3,700 |
|
2,085 |
|
40 % |
|
149 % |
Interest on junior subordinated debentures |
|
534 |
|
550 |
|
528 |
|
(3) % |
|
1 % |
Total interest expense |
|
28,910 |
|
27,088 |
|
18,445 |
|
7 % |
|
57 % |
Net interest income |
|
31,273 |
|
32,709 |
|
34,280 |
|
(4) % |
|
(9) % |
(Credit) provision for credit losses |
|
(2,102) |
|
569 |
|
2,002 |
|
(469) % |
|
(205) % |
Net interest income after (credit) provision for credit losses |
|
33,375 |
|
32,140 |
|
32,278 |
|
4 % |
|
3 % |
Non-Interest Income |
|
|
|
|
|
|
|
|
|
|
Debit card income |
|
2,866 |
|
3,466 |
|
2,938 |
|
(17) % |
|
(2) % |
Service charges on deposit accounts |
|
2,027 |
|
2,102 |
|
1,762 |
|
(4) % |
|
15 % |
Income from fiduciary services |
|
1,749 |
|
1,653 |
|
1,600 |
|
6 % |
|
9 % |
Brokerage and insurance commissions |
|
1,239 |
|
1,188 |
|
1,093 |
|
4 % |
|
13 % |
Mortgage banking income, net |
|
808 |
|
1,032 |
|
716 |
|
(22) % |
|
13 % |
Bank-owned life insurance |
|
683 |
|
500 |
|
592 |
|
37 % |
|
15 % |
Net loss on sale of securities |
|
— |
|
(4,975) |
|
— |
|
(100) % |
|
— % |
Other income |
|
950 |
|
1,020 |
|
1,165 |
|
(7) % |
|
(18) % |
Total non-interest income |
|
10,322 |
|
5,986 |
|
9,866 |
|
72 % |
|
5 % |
Non-Interest Expense |
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
15,954 |
|
15,404 |
|
14,573 |
|
4 % |
|
9 % |
Furniture, equipment and data processing |
|
3,629 |
|
3,605 |
|
3,211 |
|
1 % |
|
13 % |
Net occupancy costs |
|
2,070 |
|
1,939 |
|
2,079 |
|
7 % |
|
— % |
Debit card expense |
|
1,264 |
|
1,345 |
|
1,201 |
|
(6) % |
|
5 % |
Consulting and professional fees |
|
860 |
|
1,193 |
|
1,055 |
|
(28) % |
|
(18) % |
Regulatory assessments |
|
857 |
|
839 |
|
845 |
|
2 % |
|
1 % |
Amortization of core deposit intangible assets |
|
139 |
|
148 |
|
148 |
|
(6) % |
|
(6) % |
Other real estate owned and collection costs, net |
|
10 |
|
67 |
|
5 |
|
(85) % |
|
100 % |
Other expenses |
|
2,579 |
|
3,306 |
|
3,048 |
|
(22) % |
|
(15) % |
Total non-interest expense |
|
27,362 |
|
27,846 |
|
26,165 |
|
(2) % |
|
5 % |
Income before income tax expense |
|
16,335 |
|
10,280 |
|
15,979 |
|
59 % |
|
2 % |
Income Tax Expense |
|
3,063 |
|
1,800 |
|
3,252 |
|
70 % |
|
(6) % |
Net Income |
|
$ 13,272 |
|
$ 8,480 |
|
$ 12,727 |
|
57 % |
|
4 % |
Per Share Data |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ 0.91 |
|
$ 0.58 |
|
$ 0.87 |
|
57 % |
|
5 % |
Diluted earnings per share |
|
$ 0.91 |
|
$ 0.58 |
|
$ 0.87 |
|
57 % |
|
5 % |
Quarterly Average Balance and Yield/Rate Analysis (unaudited) |
||||||||||||
|
||||||||||||
|
|
Average Balance |
|
Yield/Rate |
||||||||
|
|
For The Three Months Ended |
|
For The Three Months Ended |
||||||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits in other banks and other interest-earning assets |
|
$ 44,487 |
|
$ 44,577 |
|
$ 26,018 |
|
4.34 % |
|
6.70 % |
|
3.89 % |
Investments - taxable |
|
1,187,699 |
|
1,186,959 |
|
1,237,351 |
|
2.53 % |
|
2.39 % |
|
2.06 % |
Investments - nontaxable(1) |
|
62,385 |
|
89,029 |
|
105,502 |
|
3.78 % |
|
3.72 % |
|
3.66 % |
Loans(2): |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
1,682,599 |
|
1,661,720 |
|
1,646,005 |
|
4.94 % |
|
4.87 % |
|
4.61 % |
Commercial(1) |
|
389,695 |
|
388,518 |
|
409,112 |
|
6.05 % |
|
6.25 % |
|
5.49 % |
SBA PPP |
|
324 |
|
389 |
|
594 |
|
4.46 % |
|
2.43 % |
|
2.55 % |
Municipal(1) |
|
14,653 |
|
14,430 |
|
15,997 |
|
4.40 % |
|
4.13 % |
|
3.56 % |
Residential real estate |
|
1,773,077 |
|
1,765,099 |
|
1,715,192 |
|
4.41 % |
|
4.35 % |
|
3.78 % |
Consumer and home equity |
|
257,305 |
|
256,073 |
|
253,760 |
|
7.89 % |
|
7.86 % |
|
7.10 % |
Total loans |
|
4,117,653 |
|
4,086,229 |
|
4,040,660 |
|
5.00 % |
|
4.96 % |
|
4.50 % |
Total interest-earning assets |
|
5,412,224 |
|
5,406,794 |
|
5,409,531 |
|
4.44 % |
|
4.39 % |
|
3.92 % |
Other assets |
|
305,756 |
|
305,159 |
|
278,136 |
|
|
|
|
|
|
Total assets |
|
$ 5,717,980 |
|
$ 5,711,953 |
|
$ 5,687,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities & Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest checking |
|
$ 933,321 |
|
$ 985,458 |
|
$ 1,076,469 |
|
— % |
|
— % |
|
— % |
Interest checking |
|
1,490,185 |
|
1,547,438 |
|
1,689,862 |
|
2.53 % |
|
2.53 % |
|
2.00 % |
Savings |
|
599,791 |
|
622,094 |
|
734,804 |
|
0.20 % |
|
0.17 % |
|
0.08 % |
Money market |
|
764,585 |
|
756,407 |
|
699,080 |
|
3.29 % |
|
3.14 % |
|
2.20 % |
Certificates of deposit |
|
582,806 |
|
583,738 |
|
320,209 |
|
3.77 % |
|
3.49 % |
|
1.73 % |
Total deposits |
|
4,370,688 |
|
4,495,135 |
|
4,520,424 |
|
1.97 % |
|
1.87 % |
|
1.22 % |
Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
Brokered deposits |
|
133,385 |
|
120,920 |
|
220,559 |
|
5.31 % |
|
5.24 % |
|
4.05 % |
Customer repurchase agreements |
|
182,487 |
|
197,920 |
|
182,754 |
|
1.60 % |
|
1.68 % |
|
1.07 % |
Junior subordinated debentures |
|
44,331 |
|
44,331 |
|
44,331 |
|
4.85 % |
|
4.92 % |
|
4.83 % |
Other borrowings |
|
401,683 |
|
271,316 |
|
175,223 |
|
4.40 % |
|
4.19 % |
|
3.71 % |
Total borrowings |
|
761,886 |
|
634,487 |
|
622,867 |
|
3.96 % |
|
3.66 % |
|
3.13 % |
Total funding liabilities |
|
5,132,574 |
|
5,129,622 |
|
5,143,291 |
|
2.27 % |
|
2.10 % |
|
1.45 % |
Other liabilities |
|
89,893 |
|
115,157 |
|
81,725 |
|
|
|
|
|
|
Shareholders' equity |
|
495,513 |
|
467,174 |
|
462,651 |
|
|
|
|
|
|
Total liabilities & shareholders' equity |
|
$ 5,717,980 |
|
$ 5,711,953 |
|
$ 5,687,667 |
|
|
|
|
|
|
Net interest rate spread (fully-taxable equivalent) |
|
2.17 % |
|
2.29 % |
|
2.47 % |
||||||
Net interest margin (fully-taxable equivalent) |
|
2.30 % |
|
2.40 % |
|
2.54 % |
|
|
(1) |
Reported on a 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
Three Months
|
|
At or for the Year Ended
|
|
At or for the
|
|
At or for the
Six Months
|
|
At or for the
Three Months
|
Non-accrual loans: |
|
|
|
|
|
|
|
|
|
|
Residential real estate |
|
$ 2,473 |
|
$ 2,539 |
|
$ 2,775 |
|
$ 1,781 |
|
$ 1,713 |
Commercial real estate |
|
205 |
|
386 |
|
92 |
|
56 |
|
56 |
Commercial |
|
1,980 |
|
1,725 |
|
1,083 |
|
729 |
|
748 |
Consumer and home equity |
|
1,000 |
|
798 |
|
674 |
|
482 |
|
441 |
Total non-accrual loans |
|
5,658 |
|
5,448 |
|
4,624 |
|
3,048 |
|
2,958 |
Accruing troubled-debt restructured loans prior to adoption of ASU 2022-02 |
|
1,973 |
|
1,990 |
|
1,997 |
|
2,140 |
|
2,154 |
Total non-performing loans |
|
7,631 |
|
7,438 |
|
6,621 |
|
5,188 |
|
5,112 |
Other real estate owned |
|
— |
|
— |
|
— |
|
— |
|
— |
Total non-performing assets |
|
$ 7,631 |
|
$ 7,438 |
|
$ 6,621 |
|
$ 5,188 |
|
$ 5,112 |
Loans 30-89 days past due: |
|
|
|
|
|
|
|
|
|
|
Residential real estate |
|
$ 797 |
|
$ 1,290 |
|
$ 751 |
|
$ 1,192 |
|
$ 313 |
Commercial real estate |
|
92 |
|
740 |
|
188 |
|
112 |
|
111 |
Commercial |
|
537 |
|
2,007 |
|
2,260 |
|
294 |
|
1,030 |
Consumer and home equity |
|
618 |
|
922 |
|
603 |
|
653 |
|
684 |
Total loans 30-89 days past due |
|
$ 2,044 |
|
$ 4,959 |
|
$ 3,802 |
|
$ 2,251 |
|
$ 2,138 |
ACL on loans at the beginning of the period |
|
$ 36,935 |
|
$ 36,922 |
|
$ 36,922 |
|
$ 36,922 |
|
$ 36,922 |
(Credit) provision for loan losses |
|
(1,164) |
|
1,174 |
|
288 |
|
744 |
|
439 |
Charge-offs: |
|
|
|
|
|
|
|
|
|
|
Residential real estate |
|
— |
|
18 |
|
18 |
|
18 |
|
18 |
Commercial real estate |
|
— |
|
58 |
|
58 |
|
— |
|
— |
Commercial |
|
309 |
|
1,560 |
|
1,101 |
|
846 |
|
312 |
Consumer and home equity |
|
36 |
|
91 |
|
63 |
|
31 |
|
4 |
Total charge-offs |
|
345 |
|
1,727 |
|
1,240 |
|
895 |
|
334 |
Total recoveries |
|
(187) |
|
(566) |
|
(437) |
|
(212) |
|
(107) |
Net charge-offs |
|
158 |
|
1,161 |
|
803 |
|
683 |
|
227 |
ACL on loans at the end of the period |
|
$ 35,613 |
|
$ 36,935 |
|
$ 36,407 |
|
$ 36,983 |
|
$ 37,134 |
Components of ACL: |
|
|
|
|
|
|
|
|
|
|
ACL on loans |
|
$ 35,613 |
|
$ 36,935 |
|
$ 36,407 |
|
$ 36,983 |
|
$ 37,134 |
ACL on off-balance sheet credit exposures(1) |
|
2,325 |
|
2,353 |
|
2,670 |
|
2,788 |
|
2,990 |
ACL, end of period |
|
$ 37,938 |
|
$ 39,288 |
|
$ 39,077 |
|
$ 39,771 |
|
$ 40,124 |
Ratios: |
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total loans |
|
0.19 % |
|
0.18 % |
|
0.16 % |
|
0.13 % |
|
0.13 % |
Non-performing assets to total assets |
|
0.13 % |
|
0.13 % |
|
0.11 % |
|
0.09 % |
|
0.09 % |
ACL on loans to total loans |
|
0.86 % |
|
0.90 % |
|
0.90 % |
|
0.90 % |
|
0.91 % |
Net charge-offs to average loans (annualized): |
|
|
|
|
|
|
|
|
|
|
Quarter-to-date |
|
0.02 % |
|
0.04 % |
|
0.01 % |
|
0.04 % |
|
0.02 % |
Year-to-date |
|
0.02 % |
|
0.03 % |
|
0.03 % |
|
0.03 % |
|
0.02 % |
ACL on loans to non-performing loans |
|
466.69 % |
|
496.57 % |
|
549.87 % |
|
712.86 % |
|
726.41 % |
Loans 30-89 days past due to total loans |
|
0.05 % |
|
0.12 % |
|
0.09 % |
|
0.05 % |
|
0.05 % |
|
|
(1) |
Presented within accrued interest and other liabilities on the consolidated statements of condition. |
Reconciliation of non-GAAP to GAAP Financial Measures (unaudited) |
||||||
|
||||||
Adjusted Net Income; Adjusted Diluted Earnings per Share; Adjusted Return on Average Assets; and Adjusted Return on Average Equity: |
||||||
|
||||||
|
|
For the Three Months Ended |
||||
(In thousands, except number of shares, per share data and ratios) |
|
|
|
|
|
|
Adjusted Net Income: |
|
|
|
|
|
|
Net income, as presented |
|
$ 13,272 |
|
$ 8,480 |
|
$ 12,727 |
Adjustment for net loss on sale of securities |
|
— |
|
4,975 |
|
— |
Adjustment for Signature Bank bond (recovery) write-off |
|
(910) |
|
— |
|
1,838 |
Tax impact of above adjustments(1) |
|
191 |
|
(1,045) |
|
(386) |
Adjusted net income |
|
$ 12,553 |
|
$ 12,410 |
|
$ 14,179 |
Adjusted Diluted Earnings per Share: |
|
|
|
|
|
|
Diluted earnings per share, as presented |
|
$ 0.91 |
|
$ 0.58 |
|
$ 0.87 |
Adjustment for net loss on sale of securities |
|
— |
|
0.34 |
|
— |
Adjustment for Signature Bank bond (recovery) write-off |
|
(0.06) |
|
— |
|
0.13 |
Tax impact of above adjustments(1) |
|
0.01 |
|
(0.07) |
|
(0.03) |
Adjusted diluted earnings per share |
|
$ 0.86 |
|
$ 0.85 |
|
$ 0.97 |
Adjusted Return on Average Assets: |
|
|
|
|
|
|
Return on average assets, as presented |
|
0.93 % |
|
0.59 % |
|
0.91 % |
Adjustment for net loss on sale of securities |
|
— |
|
0.35 % |
|
— |
Adjustment for Signature Bank bond (recovery) write-off |
|
(0.06) % |
|
— |
|
0.13 % |
Tax impact of above adjustments(1) |
|
0.01 % |
|
(0.07) % |
|
(0.03) % |
Adjusted return on average assets |
|
0.88 % |
|
0.87 % |
|
1.01 % |
Adjusted Return on Average Equity: |
|
|
|
|
|
|
Return on average equity, as presented |
|
10.77 % |
|
7.20 % |
|
11.16 % |
Adjustment for net loss on sale of securities |
|
— |
|
4.22 % |
|
— |
Adjustment for Signature Bank bond (recovery) write-off |
|
(0.74) % |
|
— |
|
1.61 % |
Tax impact of above adjustments(1) |
|
0.16 % |
|
(0.89) % |
|
(0.34) % |
Adjusted return on average equity |
|
10.19 % |
|
10.53 % |
|
12.43 % |
|
|
(1) |
Assumed a 21% tax rate. |
Pre-Tax, Pre-Provision Income and Adjusted Pre-Tax, Pre-Provision Income: |
||||||
|
||||||
|
|
For the Three Months Ended |
||||
(In thousands) |
|
|
|
|
|
|
Net income, as presented |
|
$ 13,272 |
|
$ 8,480 |
|
$ 12,727 |
Adjustment for (credit) provision for credit losses |
|
(2,102) |
|
569 |
|
2,002 |
Adjustment for income tax expense |
|
3,063 |
|
1,800 |
|
3,252 |
Pre-tax, pre-provision income |
|
14,233 |
|
10,849 |
|
17,981 |
Adjustment for net loss on sale of securities |
|
— |
|
4,975 |
|
— |
Adjusted pre-tax, pre-provision income |
|
$ 14,233 |
|
$ 15,824 |
|
$ 17,981 |
Efficiency Ratio: |
||||||
|
|
For the Three Months Ended |
||||
(Dollars in thousands) |
|
|
|
|
|
|
Non-interest expense, as presented |
|
$ 27,362 |
|
$ 27,846 |
|
$ 26,165 |
Net interest income, as presented |
|
$ 31,273 |
|
$ 32,709 |
|
$ 34,280 |
Adjustment for the effect of tax-exempt income(1) |
|
150 |
|
199 |
|
229 |
Non-interest income, as presented |
|
10,322 |
|
5,986 |
|
9,866 |
Adjustment for net loss on sale of securities |
|
— |
|
4,975 |
|
— |
Adjusted net interest income plus non-interest income |
|
$ 41,745 |
|
$ 43,869 |
|
$ 44,375 |
GAAP efficiency ratio |
|
65.78 % |
|
71.96 % |
|
59.27 % |
Non-GAAP efficiency ratio |
|
65.55 % |
|
63.48 % |
|
58.96 % |
|
|
(1) |
Assumed a 21% tax rate. |
Return on Average Tangible Equity and Adjusted Return on Average Tangible Equity: |
||||||
|
||||||
|
|
For the Three Months Ended |
||||
(Dollars in thousands) |
|
|
|
|
|
|
Return on Average Tangible Equity: |
|
|
|
|
|
|
Net income, as presented |
|
$ 13,272 |
|
$ 8,480 |
|
$ 12,727 |
Adjustment for amortization of core deposit intangible assets |
|
139 |
|
148 |
|
148 |
Tax impact of above adjustment(1) |
|
(29) |
|
(31) |
|
(31) |
Net income, adjusted for amortization of core deposit intangible assets |
|
$ 13,382 |
|
$ 8,597 |
|
$ 12,844 |
Average equity, as presented |
|
$ 495,513 |
|
$ 467,174 |
|
$ 462,651 |
Adjustment for average goodwill and core deposit intangible assets |
|
(95,604) |
|
(95,739) |
|
(96,191) |
Average tangible equity |
|
$ 399,909 |
|
$ 371,435 |
|
$ 366,460 |
Return on average equity |
|
10.77 % |
|
7.20 % |
|
11.16 % |
Return on average tangible equity |
|
13.46 % |
|
9.18 % |
|
14.21 % |
Adjusted Return on Average Tangible Equity: |
|
|
|
|
|
|
Adjusted net income (see "Adjusted Net Income" table above) |
|
$ 12,553 |
|
$ 12,410 |
|
$ 14,179 |
Adjustment for amortization of core deposit intangible assets |
|
139 |
|
148 |
|
148 |
Tax impact of above adjustment(1) |
|
(29) |
|
(31) |
|
(31) |
Adjusted net income, adjusted for amortization of core deposit intangible assets |
|
$ 12,663 |
|
$ 12,527 |
|
$ 14,296 |
Adjusted return on average tangible equity |
|
12.74 % |
|
13.38 % |
|
15.82 % |
|
|
(1) |
Assumed a 21% tax rate. |
Tangible Book Value Per Share and Tangible Common Equity Ratio: |
||||||
|
||||||
|
|
|
|
|
|
|
(In thousands, except number of shares, per share data and ratios) |
|
|||||
Tangible Book Value Per Share: |
|
|
|
|
|
|
Shareholders' equity, as presented |
|
$ 501,577 |
|
$ 495,064 |
|
$ 464,874 |
Adjustment for goodwill and core deposit intangible assets |
|
(95,529) |
|
(95,668) |
|
(96,112) |
Tangible shareholders' equity |
|
$ 406,048 |
|
$ 399,396 |
|
$ 368,762 |
Shares outstanding at period end |
|
14,593,830 |
|
14,565,952 |
|
14,587,906 |
Book value per share |
|
$ 34.37 |
|
$ 33.99 |
|
$ 31.87 |
Tangible book value per share |
|
27.82 |
|
27.42 |
|
25.28 |
Tangible Common Equity Ratio: |
||||||
Total assets |
|
$ 5,794,785 |
|
$ 5,714,506 |
|
$ 5,716,605 |
Adjustment for goodwill and core deposit intangible assets |
|
(95,529) |
|
(95,668) |
|
(96,112) |
Tangible assets |
|
$ 5,699,256 |
|
$ 5,618,838 |
|
$ 5,620,493 |
Common equity ratio |
|
8.66 % |
|
8.66 % |
|
8.13 % |
Tangible common equity ratio |
|
7.12 % |
|
7.11 % |
|
6.56 % |
|
||||||
|
||||||
Core Deposits: |
||||||
(In thousands) |
|
|
|
|
|
|
Total deposits |
|
$ 4,551,524 |
|
$ 4,597,360 |
|
$ 4,642,734 |
Adjustment for certificates of deposit |
|
(585,786) |
|
(609,503) |
|
(360,103) |
Adjustment for brokered deposits |
|
(153,942) |
|
(101,919) |
|
(215,949) |
Core deposits |
|
$ 3,811,796 |
|
$ 3,885,938 |
|
$ 4,066,682 |
|
||||||
|
||||||
Average Core Deposits: |
||||||
|
|
For the Three Months Ended |
||||
(In thousands) |
|
|
|
|
|
|
Total average deposits, as presented(1) |
|
$ 4,370,688 |
|
$ 4,495,135 |
|
$ 4,520,424 |
Adjustment for average certificates of deposit |
|
(582,806) |
|
(583,738) |
|
(320,209) |
Average core deposits |
|
$ 3,787,882 |
|
$ 3,911,397 |
|
$ 4,200,215 |
|
|
(1) |
Brokered deposits are excluded from total average deposits, as presented on the Average Balance, Interest and Yield/Rate analysis table. |
View original content to download multimedia:https://www.prnewswire.com/news-releases/camden-national-corporation-reports-first-quarter-2024-earnings-of-13-3-million-and-diluted-eps-of-0-91--302130579.html
SOURCE