Camden National Corporation (NASDAQ:CAC) Q3 2024 Earnings Conference Call October 29, 2024 3:00 PM ET

Company Participants

Renée Smyth - EVP, Chief Experience and Marketing Officer
Simon Griffiths - President and CEO
Mike Archer - EVP, CFO

Conference Call Participants

Steve Moss - Raymond James
Damon DelMonte - KBW
David Mirochnick - Stephens

Operator

Good day. And welcome to Camden National Corporation's Third Quarter 2024 Earnings Conference Call. My name is Lydia, and I will be your operator for today's call [Operator Instructions].

I'll now turn the call over to Renée Smyth, Executive Vice President, Chief Experience and Marketing Officer.

Renée Smyth

Thank you, Lydia. Good afternoon. And welcome to Camden National Corporation's conference call for the third quarter of 2024. Joining us this afternoon are members of Camden National Corporation's executive team, Simon Griffiths, President and Chief Executive Officer; and Mike Archer, Executive Vice President, Chief Financial Officer. Please note that, today's presentation contains forward-looking statements and actual results could differ materially from what is discussed on today's call. Cautionary language regarding these forward-looking statements is contained in our third quarter 2024 earnings release issued this morning and in other reports we file with the SEC. All of these materials and public filings are available on our Investor Relations website at camdennational.bank. Camden National Corporation trades on the NASDAQ under the symbol CAC. In addition, today's presentation includes discussions of non-GAAP financial measures. Any references to non-GAAP financial measures are intended to provide meaningful insights and are reconciled with GAAP in our earnings release, which is also available on our Investor Relations Web site. I am pleased to introduce Camden National Corporation's host, President and Chief Executive Officer, Simon Griffiths.

Simon Griffiths

Thank you, Renée. Good afternoon, everyone. We appreciate you joining our call today. I'll provide a few comments on our most recent quarter and then turn it over to Mike to discuss our third quarter financial performance. We will then open up the call for Q&A. The third quarter marked a significant event for Camden National as we announced on September 10th, we would acquire Northway Financial, a strong community bank franchise in New Hampshire. The combination provides Camden National unique opportunity to strengthen its competitive position and build market share in Northern New England in a high growth contiguous market. We have filed all the bank regulatory applications for approvals required for the merger, which we expect to be completed in the first quarter of 2025. Both Camden National and Northway teams are highly engaged in planning the integration of our companies and preparing for a seamless transition for customers and employees. As we dive deep into our preparation, we remain convinced that this merger represents a rare opportunity to combine two high quality and culturally aligned franchises to build a premier Northern New England Bank. In the midst of this significant transaction, we produced strong operating results during the third quarter. Earlier this morning, we reported net income of $13.1 million or $0.90 diluted earnings per share for the third quarter of 2024, an increase of 9% and 11% respectively over the second quarter of 2024. Excluding the merger and acquisition costs incurred through September 30, 2024, on a non-GAAP basis, net income for the third quarter of 2024 was $13.6 million and EPS was $0.94, an increase of 14% and 16% respectively over the second quarter of 2024.