Camden National Q4 2023 Earnings Report
Key Takeaways
Camden National Corporation reported a net income of $8.5 million and diluted EPS of $0.58 for Q4 2023, representing a 13% decrease compared to the previous quarter. The results include pre-tax investment losses of $5.0 million. The company focused on maintaining long-term shareholder value amidst challenges in the interest rate environment.
Capital position remained strong with increases in common equity ratio to 8.66% and tangible common equity ratio to 7.11%.
Asset quality continued to be strong, with loans 30-89 days past due at 0.12% of total loans and non-performing assets at 0.13% of total assets.
Return on average assets was 0.59%, and adjusted return on average assets was 0.87%.
Uninsured and uncollateralized deposits were 14.6% of total deposits, and available liquidity sources were 2.0 times uninsured and uncollateralized deposits.
Camden National
Camden National
Forward Guidance
Camden National will host a conference call and webcast at 3:00 p.m., Eastern Time, on Tuesday, January 30, 2024, to discuss its fourth quarter 2023 financial results and outlook.