Asset Quality, Capital and Liquidity Remain
Strong
CAMDEN,
Maine, April 30, 2024 /PRNewswire/ -- Camden
National Corporation (NASDAQ: CAC; "Camden National" or the
"Company") today reported earnings for the first quarter ended
March 31, 2024. The Company reported
first quarter net income available to common shareholders of
$13.3 million and earnings per
diluted share ("EPS") of $0.91.
The Company continues to prioritize strong asset quality within
the portfolio, which allowed the Company to release $2.1 million in the provision for credit losses,
including a $910,000 recovery on the
sale of the Signature Bank corporate bond that the Company wrote
off in 2023. Excluding the sale of the Signature Bank corporate
bond, the Company reported adjusted net income (non-GAAP) for the
first quarter of 2024 of $12.6
million and adjusted diluted EPS (non-GAAP) of $0.86, each an increase of 1% over the fourth
quarter of 2023.
"We are pleased with our first quarter financial results,
demonstrating we can be nimble and take action to manage expenses,
while managing the dynamics of our balance sheet," said
Simon Griffiths, president and chief
executive officer of Camden National Corporation. "Our operating
results reflect our dedication to prudent risk management and the
benefits of a relationship banking approach, which have
allowed us to build a solid financial foundation. Our
confidence comes from our strategic plan centered around our strong
customer base and driving long-term profitable growth, stewarded by
a talented team across our organization."
FIRST QUARTER 2024 HIGHLIGHTS
- Our return on average assets was 0.93%, and our adjusted return
on average assets (non-GAAP) was 0.88% for the first quarter of
2024.
- Our return on average equity was 10.77%, and adjusted return on
average equity (non-GAAP) was 10.19%, and on a non-GAAP basis, our
return on average tangible equity was 13.46% and adjusted return on
average tangible equity was 12.74%.
- Our asset quality continues to be very strong, highlighted by
loans 30-89 days past due of 0.05% of total loans and
non-performing assets of 0.13% of total assets.
- Our capital position remained strong with regulatory capital
ratios well in excess of required regulatory levels, and a common
equity ratio of 8.66% and a tangible common equity ratio (non-GAAP)
of 7.12%.
- Uninsured and uncollateralized1 deposits were 14.8%
of total deposits and available liquidity sources were 2.1 times
uninsured and uncollateralized deposits.
FINANCIAL CONDITION
As of March 31, 2024, total assets
were $5.8 billion, an increase of 1%
since December 31, 2023.
Investments totaled $1.2 billion
on March 31, 2024, a decrease of 2%
since December 31, 2023. We continue
to redeploy monthly cash flows from the investment portfolio to
fund loan growth and maximize asset yield growth. The investment
portfolio represented 20% of total assets at March 31, 2024, compared to 21% of total assets
at December 31, 2023. As of
March 31, 2024 and December 31, 2023, the duration of the Company's
securities was 5.5 years and 5.7 years, respectively, and the
weighted-average life was 7.8 years at each date.
Loans totaled $4.1 billion on
March 31, 2024, an increase of 1%
since December 31, 2023, driven by
commercial real estate loan growth of 2%. In the first quarter of
2024, we sold 50% of our residential mortgages originated and our
residential real estate loans were slightly down from December 31, 2023. We continue to actively manage
and review our loan portfolio, particularly our commercial real
estate loans in light of the current macroenvironment and its
effects on commercial real estate. Our disciplined and consistent
underwriting of loans has served us well and there are no
significant signs of distress in our loan portfolio. On
March 31, 2024, loans 30-89 days past
due to total loans were 0.05% of total loans, compared to 0.12% at
December 31, 2023, and annualized net
charge-offs were 0.02% of average loans for the first quarter of
2024, compared to 0.03% for the fourth quarter of 2023. The
Company's allowance for credit losses ("ACL") on loans was 0.86% as
of March 31, 2024, compared to 0.90%
at December 31, 2023. At March 31, 2024, the ACL was 4.7 times total
non-performing loans, compared to 5.0 times at December 31, 2023.
Deposits totaled $4.6 billion on
March 31, 2024, a decrease of 1%
since December 31, 2023. Checking
account balances decreased 4% during the quarter, primarily due to
seasonality and our active rate management of a single higher-cost
deposit relationship of $72.0
million. From time to time, we move in and out of certain
higher-cost deposit relationships based on funding needs and to
optimize our funding costs.
As part of our effort to optimize funding costs and our interest
rate risk position, in the first quarter of 2024 we refinanced our
existing Bank Term Funding Program ("BTFP") loan of $135.0 million that was scheduled to mature in
May 2024 and increased our borrowings
in the BTFP to $225.0 million at a
fixed interest rate of 4.76% scheduled to mature in January 2025. The Company may exercise its right
to prepay the BTFP at any time without penalty.
As of March 31, 2024, the
Company's regulatory capital ratios were each well in excess of
regulatory capital requirements. The Company's common equity ratio
was 8.66%, and its tangible common equity ratio (non-GAAP) was
7.12%, compared to 8.66% and 7.11%, respectively, at December 31, 2023.
The Company announced a cash dividend of $0.42 per share, representing an annualized
dividend yield of 5.01%, based on the Company's closing share price
of $33.52, as reported by NASDAQ on
March 28, 2024 (the last trading day
of the first quarter of 2024), payable on April 30, 2024, to shareholders of record on
April 15, 2024.
In the first quarter of 2024, the Company initiated a new share
repurchase program for up to 750,000 shares of its common stock, or
approximately 5% of the Company's shares outstanding. This share
repurchase program replaces the 2023 program. We did not repurchase
any shares of the Company's common stock during the first quarter
of 2024.
1 Uncollateralized deposits are customer
deposits for which the Company has not pledged any of its assets,
including investment securities, or provided any other type of
guarantee.
FINANCIAL OPERATING RESULTS (Q1 2024 vs. Q4 2023)
Net income for the first quarter of 2024 was $13.3 million, an increase of $4.8 million, or 57%, compared to the fourth
quarter of 2023. Over the same period, adjusted net income
(non-GAAP) increased $143,000, and
adjusted diluted EPS (non-GAAP) increased $0.01, each an increase of 1%.
Net interest income for the first quarter of 2024 was
$31.3 million, a decrease of
$1.4 million, compared to the fourth
quarter of 2023. The decline was driven by a decrease in net
interest margin of 10 basis points to 2.30% for the first quarter
of 2024. Funding costs increased 17 basis points to 2.27% for the
first quarter of 2024, primarily due to the decrease in average
non-interest checking and savings balances of 5% and 4%,
respectively.
Negative provision expense of $2.1
million was recorded for the first quarter of 2024 and was
driven by favorable asset quality and an improved macroeconomic
outlook, combined with modest loan growth during the quarter of
less than 1%. Also, during the first quarter of 2024, the Company
sold its Signature Bank corporate bond it had written-off in 2023
and recorded a partial recovery of $910,000.
Non-interest income for the first quarter of 2024 was
$10.3 million, an increase of
$4.3 million, or 72%, over the fourth
quarter of 2023. In the fourth quarter of 2023, we executed on a
balance sheet repositioning strategy and sold certain investment
securities, which resulted in a $5.0
million pre-tax loss, with no corresponding investment gains
or losses in the first quarter of 2024. This was partially offset
by a decrease in debit card income of $600,000 between periods, which was driven by the
recognition of our annual Visa incentive bonus in the fourth
quarter of 2023 that totaled $400,000.
Non-interest expense for the first quarter of 2024 was
$27.4 million, a decrease of
$484,000, or 2%, compared to the
fourth quarter of 2023. In the first quarter of 2024, we took
certain actions to maintain and manage costs in response to revenue
pressures from a decreasing net interest margin. Our GAAP
efficiency ratio for the first quarter of 2024 was 65.78% and
non-GAAP efficiency ratio was 65.55%.
Q1 2024 CONFERENCE CALL
Camden National Corporation will host a conference call and
webcast at 3:00 p.m., Eastern Time,
on Tuesday, April 30, 2024 to discuss
its first quarter 2024 financial results and outlook. Participants
should dial into the call 10 - 15 minutes before it begins.
Information about the conference call is as follows:
|
Live dial-in
(Domestic):
|
(833)
470-1428
|
|
Live dial-in (All other
locations):
|
(929)
526-1599
|
|
Participant access
code:
|
314687
|
|
Live
webcast:
|
https://events.q4inc.com/attendee/289257246
|
A link to the live webcast will be available on Camden
National's website under "About — Investor Relations" at
CamdenNational.bank prior to the meeting, and a replay of the
webcast will be available on Camden National's website following
the conference call. The transcript of the conference call will
also be available on Camden National's website approximately two
days after the conference call.
2024 ANNUAL MEETING OF SHAREHOLDERS
Camden National has scheduled its annual meeting of shareholders
("Annual Meeting") for Tuesday, May 21,
2024, at 9:00 a.m., Eastern Daylight
Time. The Annual Meeting will be held virtually via a live
audio webcast at www.virtualshareholdermeeting.com/CAC2024 and
in person at Camden National's Hanley Center, Fox Ridge Office
Park, 245 Commercial Street, Rockport,
Maine 04856. We encourage all shareholders as of the
March 25, 2024 record date to attend
the Annual Meeting.
ABOUT CAMDEN NATIONAL CORPORATION
Camden National Corporation (NASDAQ: CAC) is the largest
publicly traded bank holding company in Northern New England, with
$5.8 billion in assets and 57 banking
centers. Founded in 1875, Camden National
Bank is a full-service community bank, offering the latest
digital banking, complemented by award-winning, personalized
service. Camden National Bank has
been recognized as one of the Best Places to Work by Best Companies
Group and named to Forbes' World's Best Banks list. To learn more,
visit CamdenNational.bank. Member FDIC. Equal Housing Lender.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release that are not
statements of historical fact constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, as amended, including certain plans, expectations, goals,
projections and other statements, which are subject to numerous
risks, assumptions and uncertainties. Forward-looking statements
can be identified by the fact that they do not relate strictly to
historical or current facts. They often include words like
"believe," "expect," "anticipate," "estimate," and "intend" or
future or conditional verbs such as "will," "would," "should,"
"could" or "may." Certain factors that could cause actual results
to differ materially from expected results include increased
competitive pressures; inflation; ongoing competition in labor
markets and employee turnover; deterioration in the value of Camden
National's investment securities; changes in consumer spending and
savings habits; changes in the interest rate environment; changes
in general economic conditions; operational risks including, but
not limited to, cybersecurity, fraud, pandemics and
natural disasters; legislative and regulatory changes that
adversely affect the business in which Camden National is engaged;
turmoil and volatility in the financial services industry,
including failures or rumors of failures of other depository
institutions which could affect Camden National's ability to
attract and retain depositors, and could affect the ability of
financial services providers, including the Company, to borrow or
raise capital; actions taken by governmental agencies to stabilize
the financial system and the effectiveness of such actions; changes
to regulatory capital requirements in response to recent
developments affecting the banking sector; changes in the
securities markets and other risks and uncertainties disclosed from
time to time in Camden National's Annual Report on Form 10-K for
the year ended December 31, 2023, as
updated by other filings with the Securities and Exchange
Commission ("SEC"). Further, statements regarding the potential
effects of the war in Ukraine,
conflict in the Middle East and
other notable and global current events on the Company's business,
financial condition, liquidity and results of operations may
constitute forward-looking statements and are subject to the risk
that the actual effects may differ, possible materially, from what
is reflected in those forward-looking statements due to factors and
future developments that are uncertain, unpredictable and in many
cases beyond the Company's control. Camden National does not have
any obligation to update forward-looking statements.
USE OF NON-GAAP MEASURES
In addition to evaluating the Company's results of operations in
accordance with generally accepted accounting principles in
the United States ("GAAP"),
management supplements this evaluation with certain non-GAAP
financial measures such as: adjusted net income; adjusted diluted
earnings per share; adjusted return on average assets; adjusted
return on average equity; pre-tax, pre-provision income; adjusted
pre-tax, pre-provision income; return on average tangible equity
and adjusted return on average tangible equity; the efficiency and
tangible common equity ratios; tangible book value per share; core
deposits and average core deposits. Management utilizes these
non-GAAP financial measures for purposes of measuring our
performance against our peer group and other financial institutions
and analyzing our internal performance. We also believe these
non-GAAP financial measures help investors better understand the
Company's operating performance and trends and allow for better
performance comparisons to other financial institutions. In
addition, these non-GAAP financial measures remove the impact of
unusual items that may obscure trends in the Company's underlying
performance. These disclosures should not be viewed as a substitute
for GAAP operating results, nor are they necessarily comparable to
non-GAAP performance measures that may be presented by other
financial institutions. Reconciliations to the comparable GAAP
financial measures can be found in this document.
ANNUALIZED DATA
Certain returns, yields and performance ratios are presented on
an "annualized" basis. This is done for analytical and
decision-making purposes to better discern underlying performance
trends when compared to full-year or year-over-year amounts.
Annualized data may not be indicative of any four-quarter period
and is presented for illustrative purposes only.
|
Selected Financial
Data
(unaudited)
|
|
|
|
|
|
At or For
The
Three Months
Ended
|
|
(In thousands,
except number of shares and per share data)
|
|
March 31,
2024
|
|
December 31,
2023
|
|
March 31,
2023
|
|
Financial Condition
Data
|
|
|
|
|
|
|
|
Loans
|
|
$
4,121,040
|
|
$
4,098,094
|
|
$
4,073,108
|
|
Total assets
|
|
5,794,785
|
|
5,714,506
|
|
5,716,605
|
|
Deposits
|
|
4,551,524
|
|
4,597,360
|
|
4,642,734
|
|
Shareholders'
equity
|
|
501,577
|
|
495,064
|
|
464,874
|
|
Operating Data and
Per Share Data
|
|
|
|
|
|
|
|
Net income
|
|
$
13,272
|
|
$
8,480
|
|
$
12,727
|
|
Adjusted net income
(non-GAAP)(1)
|
|
12,553
|
|
12,410
|
|
14,179
|
|
Diluted EPS
|
|
0.91
|
|
0.58
|
|
0.87
|
|
Adjusted diluted EPS
(non-GAAP)(1)
|
|
0.86
|
|
0.85
|
|
0.97
|
|
Pre-tax, pre-provision
income (non-GAAP)(1)
|
|
14,233
|
|
10,849
|
|
17,981
|
|
Adjusted pre-tax,
pre-provision income (non-GAAP)(1)
|
|
14,233
|
|
15,824
|
|
17,981
|
|
Profitability
Ratios
|
|
|
|
|
|
|
|
Return on average
assets
|
|
0.93 %
|
|
0.59 %
|
|
0.91 %
|
|
Adjusted return on
average assets (non-GAAP)(1)
|
|
0.88 %
|
|
0.87 %
|
|
1.01 %
|
|
Return on average
equity
|
|
10.77 %
|
|
7.20 %
|
|
11.16 %
|
|
Adjusted return on
average equity (non-GAAP)(1)
|
|
10.19 %
|
|
10.53 %
|
|
12.43 %
|
|
Return on average
tangible equity (non-GAAP)(1)
|
|
13.46 %
|
|
9.18 %
|
|
14.21 %
|
|
Adjusted return on
average tangible equity (non-GAAP)(1)
|
|
12.74 %
|
|
13.38 %
|
|
15.82 %
|
|
GAAP efficiency
ratio
|
|
65.78 %
|
|
71.96 %
|
|
59.27 %
|
|
Efficiency ratio
(non-GAAP)(1)
|
|
65.55 %
|
|
63.48 %
|
|
58.96 %
|
|
Net interest margin
(fully-taxable equivalent)
|
|
2.30 %
|
|
2.40 %
|
|
2.54 %
|
|
Asset Quality
Ratios
|
|
|
|
|
|
|
|
ACL on loans to total
loans
|
|
0.86 %
|
|
0.90 %
|
|
0.91 %
|
|
Non-performing loans to
total loans
|
|
0.19 %
|
|
0.18 %
|
|
0.13 %
|
|
Annualized net
charge-offs to average loans
|
|
0.02 %
|
|
0.04 %
|
|
0.02 %
|
|
Capital
Ratios
|
|
|
|
|
|
|
|
Common equity
ratio
|
|
8.66 %
|
|
8.66 %
|
|
8.13 %
|
|
Tangible common equity
ratio (non-GAAP)(1)
|
|
7.12 %
|
|
7.11 %
|
|
6.56 %
|
|
Tier 1 leverage capital
ratio
|
|
9.59 %
|
|
9.40 %
|
|
9.24 %
|
|
Total risk-based
capital ratio
|
|
14.52 %
|
|
14.36 %
|
|
13.95 %
|
|
|
|
(1)
|
This is a non-GAAP
measure, please see "Reconciliation of non-GAAP to GAAP Financial
Measures (unaudited)."
|
|
Consolidated
Statements of Condition Data
(unaudited)
|
|
|
(In thousands)
|
|
March 31,
2024
|
|
December 31,
2023
|
|
March 31,
2023
|
|
% Change
Mar 2024
vs. Dec
2023
|
|
% Change
Mar 2024
vs. Mar
2023
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash
|
|
$
176,719
|
|
$
99,804
|
|
$
75,741
|
|
77 %
|
|
133 %
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
Trading
securities
|
|
4,847
|
|
4,647
|
|
3,971
|
|
4 %
|
|
22 %
|
|
Available-for-sale
securities, at fair value
|
|
601,576
|
|
625,808
|
|
686,423
|
|
(4) %
|
|
(12) %
|
|
Held-to-maturity
securities, at amortized cost
|
|
540,349
|
|
544,931
|
|
540,074
|
|
(1) %
|
|
— %
|
|
Other
investments
|
|
16,392
|
|
15,394
|
|
19,414
|
|
6 %
|
|
(16) %
|
|
Total
investments
|
|
1,163,164
|
|
1,190,780
|
|
1,249,882
|
|
(2) %
|
|
(7) %
|
|
Loans held for sale, at
fair value
|
|
9,524
|
|
10,320
|
|
4,562
|
|
(8) %
|
|
109 %
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
|
1,702,952
|
|
1,672,306
|
|
1,666,617
|
|
2 %
|
|
2 %
|
|
Commercial
|
|
397,395
|
|
403,901
|
|
421,099
|
|
(2) %
|
|
(6) %
|
|
Residential real
estate
|
|
1,762,482
|
|
1,763,378
|
|
1,733,147
|
|
— %
|
|
2 %
|
|
Consumer and home
equity
|
|
258,211
|
|
258,509
|
|
252,245
|
|
— %
|
|
2 %
|
|
Total loans
|
|
4,121,040
|
|
4,098,094
|
|
4,073,108
|
|
1 %
|
|
1 %
|
|
Less: allowance for
credit losses on loans
|
|
(35,613)
|
|
(36,935)
|
|
(37,134)
|
|
(4) %
|
|
(4) %
|
|
Net
loans
|
|
4,085,427
|
|
4,061,159
|
|
4,035,974
|
|
1 %
|
|
1 %
|
|
Goodwill and core
deposit intangible assets
|
|
95,529
|
|
95,668
|
|
96,112
|
|
— %
|
|
(1) %
|
|
Other assets
|
|
264,422
|
|
256,775
|
|
254,334
|
|
3 %
|
|
4 %
|
|
Total
assets
|
|
$
5,794,785
|
|
$
5,714,506
|
|
$
5,716,605
|
|
1 %
|
|
1 %
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
checking
|
|
$
929,314
|
|
$
967,750
|
|
$
1,047,491
|
|
(4) %
|
|
(11) %
|
|
Interest
checking
|
|
1,503,045
|
|
1,553,787
|
|
1,609,330
|
|
(3) %
|
|
(7) %
|
|
Savings and money
market
|
|
1,379,437
|
|
1,364,401
|
|
1,409,861
|
|
1 %
|
|
(2) %
|
|
Certificates of
deposit
|
|
585,786
|
|
609,503
|
|
360,103
|
|
(4) %
|
|
63 %
|
|
Brokered
deposits
|
|
153,942
|
|
101,919
|
|
215,949
|
|
51 %
|
|
(29) %
|
|
Total
deposits
|
|
4,551,524
|
|
4,597,360
|
|
4,642,734
|
|
(1) %
|
|
(2) %
|
|
Short-term
borrowings
|
|
601,499
|
|
485,607
|
|
486,318
|
|
24 %
|
|
24 %
|
|
Junior subordinated
debentures
|
|
44,331
|
|
44,331
|
|
44,331
|
|
— %
|
|
— %
|
|
Accrued interest and
other liabilities
|
|
95,854
|
|
92,144
|
|
78,348
|
|
4 %
|
|
22 %
|
|
Total
liabilities
|
|
5,293,208
|
|
5,219,442
|
|
5,251,731
|
|
1 %
|
|
1 %
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, no par
value
|
|
116,449
|
|
115,602
|
|
115,590
|
|
1 %
|
|
1 %
|
|
Retained
earnings
|
|
488,143
|
|
481,014
|
|
468,755
|
|
1 %
|
|
4 %
|
|
Accumulated other
comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized loss on
debt securities, net of tax
|
|
(111,357)
|
|
(107,409)
|
|
(122,445)
|
|
4 %
|
|
(9) %
|
|
Net unrealized gain on
cash flow hedging derivative instruments, net of tax
|
|
8,587
|
|
6,096
|
|
3,286
|
|
41 %
|
|
161 %
|
|
Net unrecognized loss
on postretirement plans, net of tax
|
|
(245)
|
|
(239)
|
|
(312)
|
|
3 %
|
|
(21) %
|
|
Total accumulated
other comprehensive loss
|
|
(103,015)
|
|
(101,552)
|
|
(119,471)
|
|
1 %
|
|
(14) %
|
|
Total shareholders'
equity
|
|
501,577
|
|
495,064
|
|
464,874
|
|
1 %
|
|
8 %
|
|
Total liabilities
and shareholders' equity
|
|
$
5,794,785
|
|
$
5,714,506
|
|
$
5,716,605
|
|
1 %
|
|
1 %
|
|
Consolidated
Statements of Income Data
(unaudited)
|
|
|
|
For
The
Three Months
Ended
|
|
|
|
|
|
(In thousands, except per
share data)
|
|
March 31,
2024
|
|
December 31,
2023
|
|
March 31,
2023
|
|
% Change
Mar 2024 vs.
Dec 2023
|
|
% Change
Mar 2024 vs.
Mar 2023
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
51,709
|
|
$
51,287
|
|
$
45,332
|
|
1 %
|
|
14 %
|
|
Taxable interest on
investments
|
|
7,027
|
|
6,638
|
|
5,963
|
|
6 %
|
|
18 %
|
|
Nontaxable interest on
investments
|
|
465
|
|
654
|
|
763
|
|
(29) %
|
|
(39) %
|
|
Dividend
income
|
|
312
|
|
273
|
|
219
|
|
14 %
|
|
42 %
|
|
Other interest
income
|
|
670
|
|
945
|
|
448
|
|
(29) %
|
|
50 %
|
|
Total interest
income
|
|
60,183
|
|
59,797
|
|
52,725
|
|
1 %
|
|
14 %
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
|
23,178
|
|
22,838
|
|
15,832
|
|
1 %
|
|
46 %
|
|
Interest on
borrowings
|
|
5,198
|
|
3,700
|
|
2,085
|
|
40 %
|
|
149 %
|
|
Interest on junior
subordinated debentures
|
|
534
|
|
550
|
|
528
|
|
(3) %
|
|
1 %
|
|
Total interest
expense
|
|
28,910
|
|
27,088
|
|
18,445
|
|
7 %
|
|
57 %
|
|
Net interest
income
|
|
31,273
|
|
32,709
|
|
34,280
|
|
(4) %
|
|
(9) %
|
|
(Credit) provision
for credit losses
|
|
(2,102)
|
|
569
|
|
2,002
|
|
(469) %
|
|
(205) %
|
|
Net interest income
after (credit) provision for credit losses
|
|
33,375
|
|
32,140
|
|
32,278
|
|
4 %
|
|
3 %
|
|
Non-Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Debit card
income
|
|
2,866
|
|
3,466
|
|
2,938
|
|
(17) %
|
|
(2) %
|
|
Service charges on
deposit accounts
|
|
2,027
|
|
2,102
|
|
1,762
|
|
(4) %
|
|
15 %
|
|
Income from fiduciary
services
|
|
1,749
|
|
1,653
|
|
1,600
|
|
6 %
|
|
9 %
|
|
Brokerage and insurance
commissions
|
|
1,239
|
|
1,188
|
|
1,093
|
|
4 %
|
|
13 %
|
|
Mortgage banking
income, net
|
|
808
|
|
1,032
|
|
716
|
|
(22) %
|
|
13 %
|
|
Bank-owned life
insurance
|
|
683
|
|
500
|
|
592
|
|
37 %
|
|
15 %
|
|
Net loss on sale of
securities
|
|
—
|
|
(4,975)
|
|
—
|
|
(100) %
|
|
— %
|
|
Other income
|
|
950
|
|
1,020
|
|
1,165
|
|
(7) %
|
|
(18) %
|
|
Total non-interest
income
|
|
10,322
|
|
5,986
|
|
9,866
|
|
72 %
|
|
5 %
|
|
Non-Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
15,954
|
|
15,404
|
|
14,573
|
|
4 %
|
|
9 %
|
|
Furniture, equipment
and data processing
|
|
3,629
|
|
3,605
|
|
3,211
|
|
1 %
|
|
13 %
|
|
Net occupancy
costs
|
|
2,070
|
|
1,939
|
|
2,079
|
|
7 %
|
|
— %
|
|
Debit card
expense
|
|
1,264
|
|
1,345
|
|
1,201
|
|
(6) %
|
|
5 %
|
|
Consulting and
professional fees
|
|
860
|
|
1,193
|
|
1,055
|
|
(28) %
|
|
(18) %
|
|
Regulatory
assessments
|
|
857
|
|
839
|
|
845
|
|
2 %
|
|
1 %
|
|
Amortization of core
deposit intangible assets
|
|
139
|
|
148
|
|
148
|
|
(6) %
|
|
(6) %
|
|
Other real estate owned
and collection costs, net
|
|
10
|
|
67
|
|
5
|
|
(85) %
|
|
100 %
|
|
Other
expenses
|
|
2,579
|
|
3,306
|
|
3,048
|
|
(22) %
|
|
(15) %
|
|
Total non-interest
expense
|
|
27,362
|
|
27,846
|
|
26,165
|
|
(2) %
|
|
5 %
|
|
Income before
income tax expense
|
|
16,335
|
|
10,280
|
|
15,979
|
|
59 %
|
|
2 %
|
|
Income Tax
Expense
|
|
3,063
|
|
1,800
|
|
3,252
|
|
70 %
|
|
(6) %
|
|
Net
Income
|
|
$
13,272
|
|
$
8,480
|
|
$
12,727
|
|
57 %
|
|
4 %
|
|
Per Share
Data
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
|
$
0.91
|
|
$
0.58
|
|
$
0.87
|
|
57 %
|
|
5 %
|
|
Diluted earnings per
share
|
|
$
0.91
|
|
$
0.58
|
|
$
0.87
|
|
57 %
|
|
5 %
|
|
Quarterly Average
Balance and Yield/Rate Analysis
(unaudited)
|
|
|
|
Average
Balance
|
|
Yield/Rate
|
|
|
For The Three Months
Ended
|
|
For The Three Months
Ended
|
|
(Dollars in
thousands)
|
|
March 31,
2024
|
|
December 31,
2023
|
|
March 31,
2023
|
|
March 31,
2024
|
|
December 31,
2023
|
|
March 31,
2023
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits in other banks and other interest-earning
assets
|
|
$
44,487
|
|
$
44,577
|
|
$
26,018
|
|
4.34 %
|
|
6.70 %
|
|
3.89 %
|
|
Investments -
taxable
|
|
1,187,699
|
|
1,186,959
|
|
1,237,351
|
|
2.53 %
|
|
2.39 %
|
|
2.06 %
|
|
Investments -
nontaxable(1)
|
|
62,385
|
|
89,029
|
|
105,502
|
|
3.78 %
|
|
3.72 %
|
|
3.66 %
|
|
Loans(2):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
|
1,682,599
|
|
1,661,720
|
|
1,646,005
|
|
4.94 %
|
|
4.87 %
|
|
4.61 %
|
|
Commercial(1)
|
|
389,695
|
|
388,518
|
|
409,112
|
|
6.05 %
|
|
6.25 %
|
|
5.49 %
|
|
SBA
PPP
|
|
324
|
|
389
|
|
594
|
|
4.46 %
|
|
2.43 %
|
|
2.55 %
|
|
Municipal(1)
|
|
14,653
|
|
14,430
|
|
15,997
|
|
4.40 %
|
|
4.13 %
|
|
3.56 %
|
|
Residential real
estate
|
|
1,773,077
|
|
1,765,099
|
|
1,715,192
|
|
4.41 %
|
|
4.35 %
|
|
3.78 %
|
|
Consumer and
home equity
|
|
257,305
|
|
256,073
|
|
253,760
|
|
7.89 %
|
|
7.86 %
|
|
7.10 %
|
|
Total loans
|
|
4,117,653
|
|
4,086,229
|
|
4,040,660
|
|
5.00 %
|
|
4.96 %
|
|
4.50 %
|
|
Total
interest-earning assets
|
|
5,412,224
|
|
5,406,794
|
|
5,409,531
|
|
4.44 %
|
|
4.39 %
|
|
3.92 %
|
|
Other assets
|
|
305,756
|
|
305,159
|
|
278,136
|
|
|
|
|
|
|
|
Total
assets
|
|
$ 5,717,980
|
|
$
5,711,953
|
|
$
5,687,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities &
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
checking
|
|
$
933,321
|
|
$
985,458
|
|
$ 1,076,469
|
|
— %
|
|
— %
|
|
— %
|
|
Interest
checking
|
|
1,490,185
|
|
1,547,438
|
|
1,689,862
|
|
2.53 %
|
|
2.53 %
|
|
2.00 %
|
|
Savings
|
|
599,791
|
|
622,094
|
|
734,804
|
|
0.20 %
|
|
0.17 %
|
|
0.08 %
|
|
Money
market
|
|
764,585
|
|
756,407
|
|
699,080
|
|
3.29 %
|
|
3.14 %
|
|
2.20 %
|
|
Certificates of
deposit
|
|
582,806
|
|
583,738
|
|
320,209
|
|
3.77 %
|
|
3.49 %
|
|
1.73 %
|
|
Total
deposits
|
|
4,370,688
|
|
4,495,135
|
|
4,520,424
|
|
1.97 %
|
|
1.87 %
|
|
1.22 %
|
|
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokered
deposits
|
|
133,385
|
|
120,920
|
|
220,559
|
|
5.31 %
|
|
5.24 %
|
|
4.05 %
|
|
Customer repurchase
agreements
|
|
182,487
|
|
197,920
|
|
182,754
|
|
1.60 %
|
|
1.68 %
|
|
1.07 %
|
|
Junior subordinated
debentures
|
|
44,331
|
|
44,331
|
|
44,331
|
|
4.85 %
|
|
4.92 %
|
|
4.83 %
|
|
Other
borrowings
|
|
401,683
|
|
271,316
|
|
175,223
|
|
4.40 %
|
|
4.19 %
|
|
3.71 %
|
|
Total
borrowings
|
|
761,886
|
|
634,487
|
|
622,867
|
|
3.96 %
|
|
3.66 %
|
|
3.13 %
|
|
Total funding
liabilities
|
|
5,132,574
|
|
5,129,622
|
|
5,143,291
|
|
2.27 %
|
|
2.10 %
|
|
1.45 %
|
|
Other
liabilities
|
|
89,893
|
|
115,157
|
|
81,725
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
495,513
|
|
467,174
|
|
462,651
|
|
|
|
|
|
|
|
Total liabilities
& shareholders' equity
|
|
$ 5,717,980
|
|
$
5,711,953
|
|
$
5,687,667
|
|
|
|
|
|
|
|
Net interest rate
spread (fully-taxable equivalent)
|
|
2.17 %
|
|
2.29 %
|
|
2.47 %
|
|
Net interest margin
(fully-taxable equivalent)
|
|
2.30 %
|
|
2.40 %
|
|
2.54 %
|
|
|
|
(1)
|
Reported on a
tax-equivalent basis calculated using the federal corporate income
tax rate of 21%, including certain commercial loans.
|
|
(2)
|
Non-accrual loans and
loans held for sale are included in total average loans.
|
|
Asset Quality
Data
(unaudited)
|
|
|
(In
thousands)
|
|
At or for
the
Three Months
Ended
March 31,
2024
|
|
At or for
the
Year
Ended
December 31,
2023
|
|
At or for the
Nine Months
Ended
September 30,
2023
|
|
At or for
the
Six Months
Ended
June 30,
2023
|
|
At or for
the
Three Months
Ended
March 31,
2023
|
|
Non-accrual
loans:
|
|
|
|
|
|
|
|
|
|
|
|
Residential real
estate
|
|
$
2,473
|
|
$
2,539
|
|
$
2,775
|
|
$
1,781
|
|
$
1,713
|
|
Commercial real
estate
|
|
205
|
|
386
|
|
92
|
|
56
|
|
56
|
|
Commercial
|
|
1,980
|
|
1,725
|
|
1,083
|
|
729
|
|
748
|
|
Consumer and home
equity
|
|
1,000
|
|
798
|
|
674
|
|
482
|
|
441
|
|
Total non-accrual
loans
|
|
5,658
|
|
5,448
|
|
4,624
|
|
3,048
|
|
2,958
|
|
Accruing troubled-debt
restructured loans prior to adoption of ASU 2022-02
|
|
1,973
|
|
1,990
|
|
1,997
|
|
2,140
|
|
2,154
|
|
Total non-performing
loans
|
|
7,631
|
|
7,438
|
|
6,621
|
|
5,188
|
|
5,112
|
|
Other real estate
owned
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Total non-performing
assets
|
|
$
7,631
|
|
$
7,438
|
|
$
6,621
|
|
$
5,188
|
|
$
5,112
|
|
Loans 30-89 days
past due:
|
|
|
|
|
|
|
|
|
|
|
|
Residential real
estate
|
|
$
797
|
|
$
1,290
|
|
$
751
|
|
$
1,192
|
|
$
313
|
|
Commercial real
estate
|
|
92
|
|
740
|
|
188
|
|
112
|
|
111
|
|
Commercial
|
|
537
|
|
2,007
|
|
2,260
|
|
294
|
|
1,030
|
|
Consumer and home
equity
|
|
618
|
|
922
|
|
603
|
|
653
|
|
684
|
|
Total loans 30-89
days past due
|
|
$
2,044
|
|
$
4,959
|
|
$
3,802
|
|
$
2,251
|
|
$
2,138
|
|
ACL on loans at the
beginning of the period
|
|
$
36,935
|
|
$
36,922
|
|
$
36,922
|
|
$
36,922
|
|
$
36,922
|
|
(Credit) provision for
loan losses
|
|
(1,164)
|
|
1,174
|
|
288
|
|
744
|
|
439
|
|
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
Residential real
estate
|
|
—
|
|
18
|
|
18
|
|
18
|
|
18
|
|
Commercial real
estate
|
|
—
|
|
58
|
|
58
|
|
—
|
|
—
|
|
Commercial
|
|
309
|
|
1,560
|
|
1,101
|
|
846
|
|
312
|
|
Consumer and home
equity
|
|
36
|
|
91
|
|
63
|
|
31
|
|
4
|
|
Total
charge-offs
|
|
345
|
|
1,727
|
|
1,240
|
|
895
|
|
334
|
|
Total
recoveries
|
|
(187)
|
|
(566)
|
|
(437)
|
|
(212)
|
|
(107)
|
|
Net
charge-offs
|
|
158
|
|
1,161
|
|
803
|
|
683
|
|
227
|
|
ACL on loans at the
end of the period
|
|
$
35,613
|
|
$
36,935
|
|
$
36,407
|
|
$
36,983
|
|
$
37,134
|
|
Components of
ACL:
|
|
|
|
|
|
|
|
|
|
|
|
ACL on
loans
|
|
$
35,613
|
|
$
36,935
|
|
$
36,407
|
|
$
36,983
|
|
$
37,134
|
|
ACL on off-balance
sheet credit exposures(1)
|
|
2,325
|
|
2,353
|
|
2,670
|
|
2,788
|
|
2,990
|
|
ACL, end of
period
|
|
$
37,938
|
|
$
39,288
|
|
$
39,077
|
|
$
39,771
|
|
$
40,124
|
|
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to
total loans
|
|
0.19 %
|
|
0.18 %
|
|
0.16 %
|
|
0.13 %
|
|
0.13 %
|
|
Non-performing assets
to total assets
|
|
0.13 %
|
|
0.13 %
|
|
0.11 %
|
|
0.09 %
|
|
0.09 %
|
|
ACL on loans to total
loans
|
|
0.86 %
|
|
0.90 %
|
|
0.90 %
|
|
0.90 %
|
|
0.91 %
|
|
Net charge-offs to
average loans (annualized):
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
|
|
0.02 %
|
|
0.04 %
|
|
0.01 %
|
|
0.04 %
|
|
0.02 %
|
|
Year-to-date
|
|
0.02 %
|
|
0.03 %
|
|
0.03 %
|
|
0.03 %
|
|
0.02 %
|
|
ACL on loans to
non-performing loans
|
|
466.69 %
|
|
496.57 %
|
|
549.87 %
|
|
712.86 %
|
|
726.41 %
|
|
Loans 30-89 days past
due to total loans
|
|
0.05 %
|
|
0.12 %
|
|
0.09 %
|
|
0.05 %
|
|
0.05 %
|
|
|
|
(1)
|
Presented within
accrued interest and other liabilities on the consolidated
statements of condition.
|
|
Reconciliation of
non-GAAP to GAAP Financial Measures (unaudited)
|
|
|
Adjusted Net
Income; Adjusted Diluted Earnings per Share; Adjusted Return on
Average Assets; and Adjusted Return on Average
Equity:
|
|
|
|
For
the
Three Months
Ended
|
|
(In thousands,
except number of shares, per share data and ratios)
|
|
March 31,
2024
|
|
December 31,
2023
|
|
March 31,
2023
|
|
Adjusted Net
Income:
|
|
|
|
|
|
|
|
Net income, as
presented
|
|
$
13,272
|
|
$
8,480
|
|
$
12,727
|
|
Adjustment for net
loss on sale of securities
|
|
—
|
|
4,975
|
|
—
|
|
Adjustment for
Signature Bank bond (recovery) write-off
|
|
(910)
|
|
—
|
|
1,838
|
|
Tax impact of above
adjustments(1)
|
|
191
|
|
(1,045)
|
|
(386)
|
|
Adjusted net
income
|
|
$
12,553
|
|
$
12,410
|
|
$
14,179
|
|
Adjusted Diluted
Earnings per Share:
|
|
|
|
|
|
|
|
Diluted earnings per
share, as presented
|
|
$
0.91
|
|
$
0.58
|
|
$
0.87
|
|
Adjustment for net
loss on sale of securities
|
|
—
|
|
0.34
|
|
—
|
|
Adjustment for
Signature Bank bond (recovery) write-off
|
|
(0.06)
|
|
—
|
|
0.13
|
|
Tax impact of above
adjustments(1)
|
|
0.01
|
|
(0.07)
|
|
(0.03)
|
|
Adjusted diluted
earnings per share
|
|
$
0.86
|
|
$
0.85
|
|
$
0.97
|
|
Adjusted Return
on Average Assets:
|
|
|
|
|
|
|
|
Return on average
assets, as presented
|
|
0.93 %
|
|
0.59 %
|
|
0.91 %
|
|
Adjustment for net
loss on sale of securities
|
|
—
|
|
0.35 %
|
|
—
|
|
Adjustment for
Signature Bank bond (recovery) write-off
|
|
(0.06) %
|
|
—
|
|
0.13 %
|
|
Tax impact of above
adjustments(1)
|
|
0.01 %
|
|
(0.07) %
|
|
(0.03) %
|
|
Adjusted return on
average assets
|
|
0.88 %
|
|
0.87 %
|
|
1.01 %
|
|
Adjusted Return
on Average Equity:
|
|
|
|
|
|
|
|
Return on average
equity, as presented
|
|
10.77 %
|
|
7.20 %
|
|
11.16 %
|
|
Adjustment for net
loss on sale of securities
|
|
—
|
|
4.22 %
|
|
—
|
|
Adjustment for
Signature Bank bond (recovery) write-off
|
|
(0.74) %
|
|
—
|
|
1.61 %
|
|
Tax impact of above
adjustments(1)
|
|
0.16 %
|
|
(0.89) %
|
|
(0.34) %
|
|
Adjusted return on
average equity
|
|
10.19 %
|
|
10.53 %
|
|
12.43 %
|
|
|
|
(1)
|
Assumed a 21% tax
rate.
|
|
Pre-Tax,
Pre-Provision Income and Adjusted Pre-Tax, Pre-Provision
Income:
|
|
|
|
For
the
Three Months
Ended
|
|
(In
thousands)
|
|
March 31,
2024
|
|
December 31,
2023
|
|
March 31,
2023
|
|
Net income, as
presented
|
|
$
13,272
|
|
$
8,480
|
|
$
12,727
|
|
Adjustment for
(credit) provision for credit losses
|
|
(2,102)
|
|
569
|
|
2,002
|
|
Adjustment for income
tax expense
|
|
3,063
|
|
1,800
|
|
3,252
|
|
Pre-tax, pre-provision
income
|
|
14,233
|
|
10,849
|
|
17,981
|
|
Adjustment for net
loss on sale of securities
|
|
—
|
|
4,975
|
|
—
|
|
Adjusted pre-tax,
pre-provision income
|
|
$
14,233
|
|
$
15,824
|
|
$
17,981
|
|
Efficiency
Ratio:
|
|
|
For
the
Three Months
Ended
|
|
(Dollars in
thousands)
|
|
March 31,
2024
|
|
December 31,
2023
|
|
March 31,
2023
|
|
Non-interest expense,
as presented
|
|
$
27,362
|
|
$
27,846
|
|
$
26,165
|
|
Net interest income, as
presented
|
|
$
31,273
|
|
$
32,709
|
|
$
34,280
|
|
Adjustment for the
effect of tax-exempt income(1)
|
|
150
|
|
199
|
|
229
|
|
Non-interest income, as
presented
|
|
10,322
|
|
5,986
|
|
9,866
|
|
Adjustment for net
loss on sale of securities
|
|
—
|
|
4,975
|
|
—
|
|
Adjusted net interest
income plus non-interest income
|
|
$
41,745
|
|
$
43,869
|
|
$
44,375
|
|
GAAP efficiency
ratio
|
|
65.78 %
|
|
71.96 %
|
|
59.27 %
|
|
Non-GAAP efficiency
ratio
|
|
65.55 %
|
|
63.48 %
|
|
58.96 %
|
|
|
|
(1)
|
Assumed a 21% tax
rate.
|
|
Return on Average
Tangible Equity and Adjusted Return on Average Tangible
Equity:
|
|
|
|
For
the
Three Months
Ended
|
|
(Dollars in
thousands)
|
|
March 31,
2024
|
|
December 31,
2023
|
|
March 31,
2023
|
|
Return on Average
Tangible Equity:
|
|
|
|
|
|
|
|
Net income, as
presented
|
|
$
13,272
|
|
$
8,480
|
|
$
12,727
|
|
Adjustment for
amortization of core deposit intangible assets
|
|
139
|
|
148
|
|
148
|
|
Tax impact of above
adjustment(1)
|
|
(29)
|
|
(31)
|
|
(31)
|
|
Net income, adjusted
for amortization of core deposit intangible assets
|
|
$
13,382
|
|
$
8,597
|
|
$
12,844
|
|
Average equity, as
presented
|
|
$
495,513
|
|
$
467,174
|
|
$
462,651
|
|
Adjustment for average
goodwill and core deposit intangible assets
|
|
(95,604)
|
|
(95,739)
|
|
(96,191)
|
|
Average tangible
equity
|
|
$
399,909
|
|
$
371,435
|
|
$
366,460
|
|
Return on average
equity
|
|
10.77 %
|
|
7.20 %
|
|
11.16 %
|
|
Return on average
tangible equity
|
|
13.46 %
|
|
9.18 %
|
|
14.21 %
|
|
Adjusted Return
on Average Tangible Equity:
|
|
|
|
|
|
|
|
Adjusted net income
(see "Adjusted Net Income" table above)
|
|
$
12,553
|
|
$
12,410
|
|
$
14,179
|
|
Adjustment for
amortization of core deposit intangible assets
|
|
139
|
|
148
|
|
148
|
|
Tax impact of above
adjustment(1)
|
|
(29)
|
|
(31)
|
|
(31)
|
|
Adjusted net income,
adjusted for amortization of core deposit intangible
assets
|
|
$
12,663
|
|
$
12,527
|
|
$
14,296
|
|
Adjusted return on
average tangible equity
|
|
12.74 %
|
|
13.38 %
|
|
15.82 %
|
|
|
|
(1)
|
Assumed a 21% tax
rate.
|
|
Tangible Book
Value Per Share and Tangible Common Equity
Ratio:
|
|
|
|
March 31,
2024
|
|
December 31,
2023
|
|
March 31,
2023
|
|
(In thousands,
except number of shares, per share data and ratios)
|
|
|
Tangible Book
Value Per Share:
|
|
|
|
|
|
|
|
Shareholders' equity,
as presented
|
|
$
501,577
|
|
$
495,064
|
|
$
464,874
|
|
Adjustment for
goodwill and core deposit intangible assets
|
|
(95,529)
|
|
(95,668)
|
|
(96,112)
|
|
Tangible shareholders'
equity
|
|
$
406,048
|
|
$
399,396
|
|
$
368,762
|
|
Shares outstanding at
period end
|
|
14,593,830
|
|
14,565,952
|
|
14,587,906
|
|
Book value per
share
|
|
$
34.37
|
|
$
33.99
|
|
$
31.87
|
|
Tangible book value per
share
|
|
27.82
|
|
27.42
|
|
25.28
|
|
Tangible Common
Equity Ratio:
|
|
Total assets
|
|
$ 5,794,785
|
|
$ 5,714,506
|
|
$ 5,716,605
|
|
Adjustment for
goodwill and core deposit intangible assets
|
|
(95,529)
|
|
(95,668)
|
|
(96,112)
|
|
Tangible
assets
|
|
$ 5,699,256
|
|
$ 5,618,838
|
|
$ 5,620,493
|
|
Common equity
ratio
|
|
8.66 %
|
|
8.66 %
|
|
8.13 %
|
|
Tangible common equity
ratio
|
|
7.12 %
|
|
7.11 %
|
|
6.56 %
|
|
|
|
Core
Deposits:
|
|
(In
thousands)
|
|
March 31,
2024
|
|
December 31,
2023
|
|
March 31,
2023
|
|
Total
deposits
|
|
$
4,551,524
|
|
$
4,597,360
|
|
$
4,642,734
|
|
Adjustment for
certificates of deposit
|
|
(585,786)
|
|
(609,503)
|
|
(360,103)
|
|
Adjustment for
brokered deposits
|
|
(153,942)
|
|
(101,919)
|
|
(215,949)
|
|
Core
deposits
|
|
$
3,811,796
|
|
$
3,885,938
|
|
$
4,066,682
|
|
|
|
Average Core
Deposits:
|
|
|
For
the
Three Months
Ended
|
|
(In
thousands)
|
|
March 31,
2024
|
|
December 31,
2023
|
|
March 31,
2023
|
|
Total average deposits,
as presented(1)
|
|
$
4,370,688
|
|
$
4,495,135
|
|
$
4,520,424
|
|
Adjustment for average
certificates of deposit
|
|
(582,806)
|
|
(583,738)
|
|
(320,209)
|
|
Average core
deposits
|
|
$
3,787,882
|
|
$
3,911,397
|
|
$
4,200,215
|
|
|
|
(1)
|
Brokered deposits are
excluded from total average deposits, as presented on the Average
Balance, Interest and Yield/Rate analysis table.
|
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SOURCE Camden National Corporation