Camden National Corporation (NASDAQ: CAC) has reported its financial results for the fourth quarter and year ended December 31, 2024. The company's net interest margin for the fourth quarter of 2024 expanded to 2.57%, marking an increase of 11 basis points over the third quarter of 2024. Furthermore, the return on average assets in the fourth quarter was 1.01%, and the return on average equity was 10.99%. On a non-GAAP basis, the core return on average assets was 1.04%, and the core return on average tangible equity was 13.88%, both showing growth over the third quarter of 2024.
The company's net income for the fourth quarter of 2024 was $14.7 million, representing a 12% increase over the third quarter of 2024. Excluding merger and acquisition costs, the core net income for the same period grew by 9%. Additionally, the net interest income for the fourth quarter increased by 5% to $35.4 million compared to the third quarter of 2024, driven by net interest margin expansion and effective reduction in deposit rates.
The efficiency ratio for the fourth quarter of 2024 on a GAAP and non-GAAP basis was 59.62% and 58.51% respectively, showing continued momentum. The company's asset quality remained strong, with loans 30-89 days past due at 0.05% of total loans and non-performing loans at 0.16% of total loans as of December 31, 2024.
In terms of financial condition, total assets were reported at $5.8 billion as of December 31, 2024, compared to $5.7 billion as of September 30, 2024. Cash balances totaled $215.0 million at December 31, 2024, representing a 54% increase since September 30, 2024. Investments totaled $1.1 billion, a decrease of 2% since September 30, 2024, primarily due to shifts in the interest rate environment.
The company's loans totaled $4.1 billion on December 31, 2024, remaining largely consistent with reported balances as of September 30, 2024. Deposits totaled $4.6 billion on December 31, 2024, reflecting a 1% increase since September 30, 2024. On a non-GAAP basis, core deposits grew 2% in the fourth quarter of 2024 to $3.9 billion, primarily driven by growth within savings deposits.
Camden National Corporation also announced a cash dividend of $0.42 per share, representing an annualized dividend yield of 3.93%, based on the company's closing share price of $42.74 as reported by NASDAQ on December 31, 2024, payable on January 31, 2025.
As a result of these announcements, the company's shares have moved 1.6% on the market, and are now trading at a price of $45.16. If you want to know more, read the company's complete 8-K report here.
