Camden National Corp Files 10-Q for Period Ending March 31, 2024
Ticker: CAC · Form: 10-Q · Filed: 2024-05-08T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, Camden National Corp, Financial Report, Q1 2024, SEC Filing
TL;DR
<b>Camden National Corp filed its Q1 2024 10-Q report on May 8, 2024.</b>
AI Summary
CAMDEN NATIONAL CORP (CAC) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Camden National Corp filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31. Camden National Corp is incorporated in Maine. The company operates in the National Commercial Banks sector.
Why It Matters
For investors and stakeholders tracking CAMDEN NATIONAL CORP, this filing contains several important signals. This filing provides an update on the company's financial performance and position for the first quarter of 2024, crucial for investors assessing recent operational results. As a 10-Q filing, it offers interim financial statements and management's discussion and analysis, giving insight into the company's current business trends and outlook.
Risk Assessment
Risk Level: low — CAMDEN NATIONAL CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant deviations from typical reporting.
Analyst Insight
Review the detailed financial statements and management's discussion within the 10-Q to understand Camden National Corp's Q1 2024 performance and any emerging trends.
Key Numbers
- 2024-03-31 — Reporting Period End Date (Conformed period of report)
- 2024-05-08 — Filing Date (Filed as of date)
- 1231 — Fiscal Year End (Fiscal year end)
Key Players & Entities
- CAMDEN NATIONAL CORP (company) — Filer name
- 2024-03-31 (date) — Conformed period of report
- 2024-05-08 (date) — Filed as of date
- ME (location) — State of incorporation
- 6021 (industry_code) — Standard Industrial Classification
- CAC (ticker) — Ticker symbol
FAQ
When did CAMDEN NATIONAL CORP file this 10-Q?
CAMDEN NATIONAL CORP filed this Quarterly Report (10-Q) with the SEC on May 8, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by CAMDEN NATIONAL CORP (CAC).
Where can I read the original 10-Q filing from CAMDEN NATIONAL CORP?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by CAMDEN NATIONAL CORP.
What are the key takeaways from CAMDEN NATIONAL CORP's 10-Q?
CAMDEN NATIONAL CORP filed this 10-Q on May 8, 2024. Key takeaways: Camden National Corp filed a 10-Q report for the period ending March 31, 2024.. The filing covers the first quarter of 2024.. The company's fiscal year ends on December 31..
Is CAMDEN NATIONAL CORP a risky investment based on this filing?
Based on this 10-Q, CAMDEN NATIONAL CORP presents a relatively low-risk profile. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant deviations from typical reporting.
What should investors do after reading CAMDEN NATIONAL CORP's 10-Q?
Review the detailed financial statements and management's discussion within the 10-Q to understand Camden National Corp's Q1 2024 performance and any emerging trends. The overall sentiment from this filing is neutral.
How does CAMDEN NATIONAL CORP compare to its industry peers?
Camden National Corp operates within the National Commercial Banks industry, a sector characterized by lending, deposit-taking, and other financial services.
Are there regulatory concerns for CAMDEN NATIONAL CORP?
As a publicly traded bank, Camden National Corp is subject to regulations from the SEC and banking authorities, requiring regular financial disclosures like this 10-Q.
Industry Context
Camden National Corp operates within the National Commercial Banks industry, a sector characterized by lending, deposit-taking, and other financial services.
Regulatory Implications
As a publicly traded bank, Camden National Corp is subject to regulations from the SEC and banking authorities, requiring regular financial disclosures like this 10-Q.
What Investors Should Do
- Analyze the balance sheet and income statement for Q1 2024.
- Review management's discussion and analysis for insights into operational performance and strategy.
- Compare Q1 2024 results to previous periods and industry benchmarks.
Key Dates
- 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
- 2024-05-08: Filing Date — Date the 10-Q report was officially filed with the SEC.
Year-Over-Year Comparison
This is the initial filing analyzed for the specified period; therefore, no comparison to a previous filing is available within this data.
Filing Stats: 4,658 words · 19 min read · ~16 pages · Grade level 14.8 · Accepted 2024-05-08 13:22:15
Filing Documents
- cac-20240331.htm (10-Q) — 3503KB
- a033124exhibit101.htm (EX-10.1) — 42KB
- a033124exhibit311.htm (EX-31.1) — 15KB
- a033124exhibit312.htm (EX-31.2) — 15KB
- a033124exhibit321.htm (EX-32.1) — 6KB
- a033124exhibit322.htm (EX-32.2) — 6KB
- 0000750686-24-000186.txt ( ) — 16607KB
- cac-20240331.xsd (EX-101.SCH) — 64KB
- cac-20240331_cal.xml (EX-101.CAL) — 125KB
- cac-20240331_def.xml (EX-101.DEF) — 510KB
- cac-20240331_lab.xml (EX-101.LAB) — 851KB
- cac-20240331_pre.xml (EX-101.PRE) — 672KB
- cac-20240331_htm.xml (XML) — 3854KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS Consolidated Statements of Condition (unaudited) - March 31, 2024 and December 31, 2023 3 Consolidated Statements of Income (unaudited) - Three Months Ended March 31, 2024 and 2023 4 Consolidated Statements of Comprehensive Income (Loss) (unaudited) - Three Months Ended March 31, 2024 and 2023 5 Consolidated Statements of Changes in Shareholders' Equity (unaudited) - Three Months Ended March 31, 2024 and 2023 6 Consolidated Statements of Cash Flows (unaudited) - Three Months Ended March 31, 2024 and 2023 7 Notes to the Unaudited Consolidated Financial Statements 8
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 40
QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK 68
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK 68
CONTROLS AND PROCEDURES 69
ITEM 4. CONTROLS AND PROCEDURES 69
OTHER INFORMATION
PART II. OTHER INFORMATION
LEGAL PROCEEDINGS 70
ITEM 1. LEGAL PROCEEDINGS 70
RISK FACTORS 70
ITEM 1A. RISK FACTORS 70
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 70
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 70
DEFAULTS UPON SENIOR SECURITIES 70
ITEM 3. DEFAULTS UPON SENIOR SECURITIES 70
MINE SAFETY DISCLOSURES 70
ITEM 4. MINE SAFETY DISCLOSURES 70
OTHER INFORMATION 70
ITEM 5. OTHER INFORMATION 70
EXHIBITS 71
ITEM 6. EXHIBITS 71 SIGNATURES 72 2
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF CONDITION (unaudited) (In thousands, except number of shares) March 31, 2024 December 31, 2023 ASSETS Cash and due from banks $ 68,690 $ 77,649 Interest-bearing deposits in other banks (including restricted cash) 108,029 22,155 Total cash, cash equivalents and restricted cash 176,719 99,804 Investments: Trading securities 4,847 4,647 Available-for-sale securities, at fair value (amortized cost of $ 685,263 and $ 702,937 , respectively) 601,576 625,808 Held-to-maturity securities, at amortized cost (fair value of $ 496,517 and $ 510,595 , respectively) 540,349 544,931 Other investments 16,392 15,394 Total investments 1,163,164 1,190,780 Loans held for sale, at fair value (book value of $ 9,441 and $ 10,152 , respectively) 9,524 10,320 Loans 4,121,040 4,098,094 Less: allowance for credit losses on loans ( 35,613 ) ( 36,935 ) Net loans 4,085,427 4,061,159 Goodwill 94,697 94,697 Core deposit intangible assets 832 971 Bank-owned life insurance 102,184 101,501 Premises and equipment, net 34,789 35,049 Deferred tax assets 42,087 42,226 Other assets 85,362 77,999 Total assets $ 5,794,785 $ 5,714,506 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Deposits: Non-interest checking $ 929,314 $ 967,750 Interest checking 1,503,045 1,553,787 Savings and money market 1,379,437 1,364,401 Certificates of deposit 585,786 609,503 Brokered deposits 153,942 101,919 Total deposits 4,551,524 4,597,360 Short-term borrowings 601,499 485,607 Junior subordinated debentures 44,331 44,331 Accrued interest and other liabilities 95,854 92,144 Total liabilities 5,293,208 5,219,442 Commitments and Contingencies (Note 7) Shareholders' Equity Common stock, no par value: authorized 40,000,000 shares, issued and outstanding 14,593,830 and 14,565,952 on March 31, 2024 and December 31, 2023, respectively 116,449 115,602 Retained earnings 488,143 481,014 Accumulated other comprehensive loss ( 103,015