Camden National Corp Q2 2024 10-Q Filing
Ticker: CAC · Form: 10-Q · Filed: 2024-08-08T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, financials, banking
TL;DR
Camden National Corp filed its Q2 2024 10-Q. Financials are in.
AI Summary
Camden National Corporation reported its financial results for the quarter ended June 30, 2024. The company, headquartered at Two Elm St, Camden, ME, operates as a national commercial bank. Key financial details and performance metrics for the period are detailed within this 10-Q filing.
Why It Matters
This filing provides investors and analysts with the latest financial performance and operational details of Camden National Corporation, crucial for understanding its current health and future prospects.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing (10-Q) with no immediate red flags or significant negative events indicated in the provided header information.
Key Players & Entities
- Camden National Corp (company) — Filer and subject of the report
- 0000750686-24-000238 (other) — Accession number for the filing
- 20240630 (date) — Conformed period of report
- 20240808 (date) — Filed as of date
- Two Elm St, Camden, ME 04843 (location) — Business and mail address
FAQ
What is the primary business of Camden National Corporation?
Camden National Corporation operates as a national commercial bank, as indicated by its Standard Industrial Classification code [6021].
What period does this 10-Q filing cover?
This 10-Q filing covers the period ended June 30, 2024 (2024 Q2).
When was this 10-Q filing submitted to the SEC?
The filing was submitted on August 8, 2024.
What is the SEC file number for Camden National Corporation?
The SEC file number for Camden National Corporation is 001-13227.
Where is Camden National Corporation headquartered?
Camden National Corporation is headquartered at Two Elm St, Camden, ME, with the zip code 04843.
Filing Stats: 4,734 words · 19 min read · ~16 pages · Grade level 14.8 · Accepted 2024-08-08 13:19:03
Filing Documents
- cac-20240630.htm (10-Q) — 4260KB
- a063024exhibit311.htm (EX-31.1) — 15KB
- a063024exhibit312.htm (EX-31.2) — 15KB
- a063024exhibit321.htm (EX-32.1) — 6KB
- a063024exhibit322.htm (EX-32.2) — 6KB
- 0000750686-24-000238.txt ( ) — 18443KB
- cac-20240630.xsd (EX-101.SCH) — 64KB
- cac-20240630_cal.xml (EX-101.CAL) — 129KB
- cac-20240630_def.xml (EX-101.DEF) — 511KB
- cac-20240630_lab.xml (EX-101.LAB) — 853KB
- cac-20240630_pre.xml (EX-101.PRE) — 674KB
- cac-20240630_htm.xml (XML) — 4460KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS Consolidated Statements of Condition (unaudited) - June 30, 2024 and December 31, 2023 3 Consolidated Statements of Income (unaudited) - Three and Six Months Ended June 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income (Loss) (unaudited) - Three and Six Months Ended June 30, 2024 and 2023 5 Consolidated Statements of Changes in Shareholders' Equity (unaudited) - Three and Six Months Ended June 30, 2024 and 2023 6 Consolidated Statements of Cash Flows (unaudited) - Six Months Ended June 30, 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 42
QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK 72
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK 72
CONTROLS AND PROCEDURES 73
ITEM 4. CONTROLS AND PROCEDURES 73
OTHER INFORMATION
PART II. OTHER INFORMATION
LEGAL PROCEEDINGS 74
ITEM 1. LEGAL PROCEEDINGS 74
RISK FACTORS 74
ITEM 1A. RISK FACTORS 74
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 74
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 74
DEFAULTS UPON SENIOR SECURITIES 74
ITEM 3. DEFAULTS UPON SENIOR SECURITIES 74
MINE SAFETY DISCLOSURES 74
ITEM 4. MINE SAFETY DISCLOSURES 74
OTHER INFORMATION 74
ITEM 5. OTHER INFORMATION 74
EXHIBITS 75
ITEM 6. EXHIBITS 75 SIGNATURES 76 2
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF CONDITION (unaudited) (In thousands, except number of shares) June 30, 2024 December 31, 2023 ASSETS Cash and due from banks $ 78,672 $ 77,649 Interest-bearing deposits in other banks (including restricted cash) 26,888 22,155 Total cash, cash equivalents and restricted cash 105,560 99,804 Investments: Trading securities 4,959 4,647 Available-for-sale securities, at fair value (amortized cost of $ 663,503 and $ 702,937 , respectively) 579,534 625,808 Held-to-maturity securities, at amortized cost (fair value of $ 485,820 and $ 510,595 , respectively) 533,600 544,931 Other investments 17,105 15,394 Total investments 1,135,198 1,190,780 Loans held for sale, at fair value (book value of $ 14,162 and $ 10,152 , respectively) 14,321 10,320 Loans 4,139,361 4,098,094 Less: allowance for credit losses on loans ( 35,412 ) ( 36,935 ) Net loans 4,103,949 4,061,159 Goodwill 94,697 94,697 Core deposit intangible assets 693 971 Bank-owned life insurance 102,878 101,501 Premises and equipment, net 34,958 35,049 Deferred tax assets 41,798 42,226 Other assets 90,328 77,999 Total assets $ 5,724,380 $ 5,714,506 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Deposits: Non-interest checking $ 921,605 $ 967,750 Interest checking 1,465,560 1,553,787 Savings and money market 1,399,464 1,364,401 Certificates of deposit 576,563 609,503 Brokered deposits 150,828 101,919 Total deposits 4,514,020 4,597,360 Short-term borrowings 552,606 485,607 Junior subordinated debentures 44,331 44,331 Accrued interest and other liabilities 105,137 92,144 Total liabilities 5,216,094 5,219,442 Commitments and Contingencies (Note 7) Shareholders' Equity Common stock, no par value: authorized 40,000,000 shares, issued and outstanding 14,569,262 and 14,565,952 on June 30, 2024 and December 31, 2023, respectively 115,543 115,602 Retained earnings 493,974 481,014 Accumulated other comprehensive loss ( 101,231