Camden National Corporation has recently released its 10-Q report, providing an in-depth look at the company's financial performance. The company operates as the bank holding company for Camden National Bank, offering various commercial and consumer banking products and services in Maine, New Hampshire, and Massachusetts. Its offerings include checking, savings, time, and brokered deposits, as well as loan products, brokerage, insurance services, and wealth management. The company was founded in 1875 and is headquartered in Camden, Maine.
In the 10-Q report, Camden National Corporation discussed forward-looking statements, highlighting the potential risks and uncertainties that could affect the company's financial performance. These include factors such as changes in economic conditions, trade policies, inflation, interest rates, competition, regulatory changes, and geopolitical events. The company emphasized the importance of carefully reviewing these factors and not placing undue reliance on forward-looking statements.
Furthermore, the report included non-GAAP financial measures and reconciliations to GAAP, providing insights into adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average equity, pre-tax, pre-provision income, efficiency ratio, return on average tangible equity, tangible book value per share, tangible common equity ratio, core deposits, and average core deposits. These measures are used by management to analyze the company's performance, compare it to peers, and assess its operating trends.
For instance, the report showed that for the three months ended June 30, 2024, Camden National Corporation reported adjusted net income of $11,993, adjusted diluted earnings per share of $0.81, and an adjusted return on average assets of 0.84%. Additionally, the company's efficiency ratio for the same period was 63.53%. The report also provided information on the company's tangible book value per share, tangible common equity ratio, core deposits, and average core deposits, offering a comprehensive overview of its financial position.
Following these announcements, the company's shares moved 0.7%, and are now trading at a price of $36.62. If you want to know more, read the company's complete 10-Q report here.
