Camden National Corporation (NASDAQ: CAC) has reported its first quarter 2024 earnings, with a net income available to common shareholders of $13.3 million and earnings per diluted share ("EPS") of $0.91. The company's adjusted net income (non-GAAP) for the first quarter of 2024 was $12.6 million, with adjusted diluted EPS (non-GAAP) of $0.86, both representing a 1% increase over the fourth quarter of 2023.
The return on average assets for the first quarter of 2024 was 0.93%, and the adjusted return on average assets (non-GAAP) was 0.88%, while the return on average equity was 10.77%, and the adjusted return on average equity (non-GAAP) was 10.19%. On a non-GAAP basis, the return on average tangible equity was 13.46%, and the adjusted return on average tangible equity was 12.74%.
Total assets as of March 31, 2024, stood at $5.8 billion, representing a 1% increase since December 31, 2023. Investments totaled $1.2 billion, a decrease of 2% since December 31, 2023. Loans totaled $4.1 billion, marking a 1% increase since the end of the previous quarter, driven by 2% growth in commercial real estate loans.
The company's asset quality remained strong, with loans 30-89 days past due amounting to 0.05% of total loans and non-performing assets representing 0.13% of total assets. Deposits totaled $4.6 billion, showing a 1% decrease since December 31, 2023, with checking account balances declining by 4% during the quarter, primarily due to seasonality and active rate management of a single higher-cost deposit relationship.
In terms of financial operating results, net income for the first quarter of 2024 increased by $4.8 million, or 57%, compared to the fourth quarter of 2023. Adjusted net income (non-GAAP) increased by $143,000, and adjusted diluted EPS (non-GAAP) increased by $0.01, both representing a 1% increase over the same period.
Net interest income for the first quarter of 2024 was $31.3 million, a decrease of $1.4 million compared to the fourth quarter of 2023, driven by a decrease in net interest margin. Non-interest income for the first quarter of 2024 was $10.3 million, an increase of $4.3 million, or 72%, over the fourth quarter of 2023.
Non-interest expense for the first quarter of 2024 was $27.4 million, a decrease of $484,000, or 2%, compared to the fourth quarter of 2023.
The company announced a cash dividend of $0.42 per share, representing an annualized dividend yield of 5.01%, payable on April 30, 2024, to shareholders of record on April 15, 2024. Additionally, a new share repurchase program for up to 750,000 shares of its common stock, approximately 5% of the company’s shares outstanding, was initiated in the first quarter of 2024.
Camden National Corporation will host a conference call and webcast at 3:00 p.m., Eastern Time, on Tuesday, April 30, 2024, to discuss its first quarter 2024 financial results and outlook. The company's annual meeting of shareholders has been scheduled for Tuesday, May 21, 2024.
Camden National Corporation (NASDAQ: CAC) is the largest publicly traded bank holding company in northern New England, with $5.8 billion in assets and 57 banking centers. As a result of these announcements, the company's shares have moved 5.5% on the market, and are now trading at a price of $31.82. If you want to know more, read the company's complete 8-K report here.
