Camden National Corporation reported a solid financial performance for the third quarter and the first nine months of 2024, with notable increases in net income and strategic developments, including a significant acquisition.

For the three months ended September 30, 2024, Camden National's net income reached $13.1 million, a 34% increase from $9.8 million in the same period of 2023. The diluted earnings per share (EPS) also rose to $0.90, compared to $0.67 in the prior year. For the nine months ended September 30, 2024, net income was $38.3 million, reflecting a 10% increase from $34.9 million in 2023, with diluted EPS increasing to $2.62 from $2.39.

Total interest income for the third quarter was $63.7 million, up from $57.7 million in the same quarter of 2023, driven by a higher interest rate environment. However, total interest expense also increased significantly, from $25.1 million to $30.1 million year-over-year. Consequently, net interest income for the third quarter was $33.6 million, slightly up from $32.6 million in the previous year. For the nine-month period, net interest income decreased by 3% to $97.0 million compared to $99.6 million in 2023.

Non-interest income saw a substantial increase, totaling $11.4 million for the third quarter, compared to $5.1 million in the same quarter of 2023. This growth was attributed to higher service charges and increased income from fiduciary services and mortgage banking.

As of September 30, 2024, total assets stood at $5.7 billion, a slight increase from $5.7 billion at the end of 2023. Total loans increased to $4.1 billion, up from $4.1 billion at the end of 2023, while total deposits decreased to $4.6 billion from $4.6 billion. The company’s allowance for credit losses on loans decreased to $35.4 million, or 0.86% of total loans, down from 0.90% at the end of 2023.

A significant strategic development was the announcement of Camden National's agreement to acquire Northway Financial, Inc. in an all-stock transaction valued at approximately $86.6 million. This acquisition aims to enhance Camden's presence in New England and is expected to close in the first quarter of 2025, pending regulatory and shareholder approvals.

Overall, Camden National Corporation demonstrated resilience in its financial performance, with increased profitability and strategic growth through the upcoming acquisition, despite challenges in the interest rate environment and competitive market conditions.