Camden National Corporation has recently released its 10-K report, providing a comprehensive overview of its financial performance and operations. The company operates as the bank holding company for Camden National Bank, offering a wide range of commercial and consumer banking products and services in Maine, New Hampshire, and Massachusetts. In 2023, the company reported a net income of $43.4 million, representing a decrease from $61.4 million in 2022 and $69.0 million in 2021. The adjusted net income for 2023 was $53.0 million, compared to $62.2 million in 2022 and $69.0 million in 2021. The diluted earnings per share for 2023 stood at $2.97, down from $4.17 in 2022 and $4.60 in 2021. The adjusted diluted earnings per share for 2023 were $3.63, compared to $4.22 in 2022 and $4.60 in 2021.
The company's return on average assets for 2023 was 0.76%, a decrease from 1.12% in 2022 and 1.31% in 2021. The adjusted return on average assets for 2023 was 0.93%, compared to 1.14% in 2022 and 1.31% in 2021. Additionally, the return on average equity for 2023 stood at 9.30%, down from 13.15% in 2022 and 12.72% in 2021. The adjusted return on average equity for 2023 was 11.35%, compared to 13.31% in 2022 and 12.72% in 2021. The company's efficiency ratio for 2023 was 61.52%, a slight increase from 56.16% in 2022 and 54.85% in 2021.
Camden National Corporation reported a tangible book value per share of $27.42 in 2023, down from $24.37 in 2022. The tangible common equity ratio for 2023 was 7.11%, a decrease from 6.37% in 2022. The company's net interest income on a fully-taxable equivalent basis for 2023 was $133.2 million, compared to $148.6 million in 2022 and $138.4 million in 2021.
Furthermore, the company's core deposits in 2023 amounted to $3.9 billion, up from $4.3 billion in 2022. The average core deposits for 2023 were $4.0 billion, compared to $4.2 billion in 2022 and $3.8 billion in 2021.
Camden National Corporation's 10-K report also highlighted critical accounting policies, including estimates and assumptions related to the allowance for credit losses, acquisitions, impairment of goodwill and intangible assets, income taxes, and defined benefit and postretirement plans. These policies reflect significant judgments and uncertainties that could potentially result in materially different financial results under different conditions.
If you want to know more, read the company's complete 10-K report here.
