Camden National Q4 2024 Earnings Call Transcript

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January 28, 2025
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Operator

Good day, and welcome to Camden National Corporation's 4th Quarter 2024 Earnings Conference Call. My name is Elliot, and I will be your operator for today's call. All participants will be in listen only mode during today's presentation. Following the presentation, we will conduct a question and answer session. I'll now turn the call over to Renee Smith, Executive Vice President, Chief Experience and Marketing Officer.

Renée Smyth
Renée Smyth
Executive VP, Chief Experience & Marketing Officer at Camden National Bank

Thank you, Elliot. Good afternoon, and welcome to Camden National Corporation's conference call for the Q4 of 2024. Joining this afternoon are members of Camden National Corporation's executive team, Simon Griffith, President and CEO and Mike Archer, Executive Vice President and 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 Q4 2024 earnings release issued this morning and in other reports we filed with the SEC.

Renée Smyth
Renée Smyth
Executive VP, Chief Experience & Marketing Officer at Camden National Bank

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 a discussion 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 site.

Renée Smyth
Renée Smyth
Executive VP, Chief Experience & Marketing Officer at Camden National Bank

I am pleased to introduce our host, President and Chief Executive Officer, Simon Griffith.

Simon Griffiths
President & CEO at Camden National Bank

Thank you, Renee. Good afternoon, everyone. We appreciate you joining our call today. I will provide a few comments on our most recent quarter and then turn it over to Mike to discuss our Q4 financial performance. We'll then open for Q and A.

Simon Griffiths
President & CEO at Camden National Bank

However, before discussing the Q4, I want to remark on a transformational moment in Camden National's history. On January 2, we successfully closed our merger with Northway Financial in less than 4 months from our announcement in early September. As of the closing of the merger, the combined institution had total assets of approximately £7,000,000,000 73 branches in Maine and New Hampshire. This combination represents a powerful step forward in bolstering our New Hampshire presence in a growing contiguous market and positioning us as a premier publicly traded bank headquartered in Northern New England. We are on track to successfully achieve the merger related financial targets announced in September.

Simon Griffiths
President & CEO at Camden National Bank

We are confident in our ability to unlock meaningful growth opportunities and swiftly expand our market presence. The business development teams have already identified opportunities to leverage our significant technology investments, larger balance sheet and advice based capabilities across an expanded customer base. I deeply appreciate the dedication of all team members. Their thorough due diligence, commitment to aligning cultures and focus on our strategic vision were all instrumental in the success of this transaction. The conversion of Northway's banking products and services to Canada National System is on target and expected to occur in mid March.

Simon Griffiths
President & CEO at Camden National Bank

We look forward to the future as a newly combined, more robust organization. As we look back at the Q4 and full year, it can only be described as incredible momentum. In the midst of our significant acquisition of Northway, we produced another quarter with strong operating results. Earlier this morning, we reported GAAP net income of CHF 14,700,000 or $1 of diluted earnings per share for the Q4 of 2024, an increase of 12% and 11%, respectively, over the Q3 of 2024. Excluding merger and acquisition costs incurred through December 31, 2024, net income for the Q4 of 2024 was £15,100,000 and EPS was £1.03 an increase of 9% and 8%, respectively, over the Q3 of 2024.

Simon Griffiths
President & CEO at Camden National Bank

Our strong 4th quarter financial performance was marked by another quarter of strong net interest margin expansion, growing 11 basis points compared to the 3rd quarter, coupled with continued disciplined expense management and robust asset quality, which are Camden National's key strength. We proactively managed deposit costs lower in response to recent Fed rate cuts in the second half of twenty twenty four, including the 4th quarter, and this directly translated into further net interest margin expansion quarter over quarter, all while continuing to grow our deposit base 1% in the 4th quarter. In particular, I would highlight the success in our high yield savings product introduced earlier this year, which reached £201,000,000 in deposits at December 31, this 2024 and has been a key catalyst for us to attract new deposits and customers. Our commercial team ended the year with strong momentum and a solid pipeline leading into 2025. We continue to see strong activity throughout our markets, but remain selective and measured.

Simon Griffiths
President & CEO at Camden National Bank

In particular, our pre acquisition New Hampshire team realized 18% growth in their market during 2024 with a limited group of lenders. We are opportunistic as we enter 2025 as we have now expanded that group to 8 commercial lenders in New Hampshire with addition of the Northway team. We're experiencing strong momentum in fee income driven by a strategic focus and investments in Wealth Management and Brokerage Services. Our assets under administration reached GBP 2,100,000,000 as of December 31, 2024, reflecting a 12% increase compared to December 31, 2023. With our new wealth operating platform and mobile app, we are well positioned to expand our advisory distribution, further supporting our commitment to full relationship banking and the growth and diversification of our fee income.

Simon Griffiths
President & CEO at Camden National Bank

We continue to feel very good about our overall asset quality. Our credit and special asset team continue to monitor our loan portfolio actively, and we have not seen any meaningful signs of credit deterioration across any sectors or industries at the end of 2024. Our experienced lending and credit team's proactive approach seeks to address potential challenges immediately, a strategy that has consistently benefited our organization and our customers. During the Q4, we completed the strategic transformation of our online consumer business account opening process. After a successful soft launch in December, it was broadly available in early January.

Simon Griffiths
President & CEO at Camden National Bank

This completes the first step towards enhancing our deposit account opening process across all channels. We have already begun to leverage the platform's operational efficiencies and enhanced fraud protection capabilities. This platform will assist us in welcoming new customers in our expanded geography with a seamless account opening platform backed by human backed service excellence. Our technology momentum continues to propel forward with our investments in process automation, which enhances operational efficiency by streamlining repetitive tasks. These efforts increase productivity, reduce errors, improve compliance and provide greater agility in responding to market changes.

Simon Griffiths
President & CEO at Camden National Bank

In December, we celebrated our bots processing a record 1,700,000 transactions that humans used to perform. Notably, less than 13,000 of the transactions were sent to manual review or less than 1% of the total. Looking ahead, we are very excited to celebrate our 150th anniversary. Over the past century and a half, we have built a legacy of trust, innovation and dedication driven by a passion for continually evolving to meet the needs of our customers and our communities. Of course, delivering all this requires a total team effort from all my incredibly experienced and caring colleagues at Camden National.

Simon Griffiths
President & CEO at Camden National Bank

Their hard work, dedication and commitment to our customers and each other make these results possible, delivering greater value for our shareholders and support for our communities. Now Mike will provide more details about our financial results.

Michael Archer
Michael Archer
Executive VP & CFO at Camden National

Thank you, Simon, and good afternoon, everyone. For clarity, since the Northway acquisition closed on January 2nd, all the full year and Q4 numbers do not reflect the acquisition. However, I will provide some color on Northway's 4th quarter and full year results after going through Camden's results. To start, we are very pleased with our finish to 2024. Throughout 2024, our quarterly financial performance improved both on an earnings and profitability basis, which reflects the actions across our team in a level of relief in the second half of the year as the Fed cut interest rates.

Michael Archer
Michael Archer
Executive VP & CFO at Camden National

Net income for the Q4 of 2024 totaled $14,700,000 and grew 12% over the Q3 of 2024. And on a non GAAP core basis totaled $15,100,000 and grew 9% over last quarter. The increase in earnings reflects momentum within our net interest margin and directly translated into an increase in net interest income of 5% between quarters. We also continued to manage our operating costs well. Non interest expenses for the Q4 excluding merger related costs totaled $27,900,000 and were 1% lower than the Q3 of 2024.

Michael Archer
Michael Archer
Executive VP & CFO at Camden National

For the year ended 2024, we were able to hold the increase in non interest expense before merger related costs to an annual increase of 3%, while continuing to invest into the franchise. The improvement in our net interest margin and our ability to manage operating costs translated into an improved core return on average assets for the Q4 of 1.04 percent compared to 0.96% in the 3rd quarter and a non GAAP efficiency ratio of 58.5% compared to 62.4% in the previous quarter. We've been consistently focused on expanding our net interest margin over the past several quarters. We've done this through various strategies and we are very pleased to see our net interest margin tick up 11 basis points in the 4th quarter to 2.57%, which included approximately 3 basis points of benefit from certain non recurring items. We took quick action after each Fed cut to lower deposit costs and in doing so our deposit costs decreased 18 basis points on a linked quarter basis to 1.91 percent for the Q4 of 2024.

Michael Archer
Michael Archer
Executive VP & CFO at Camden National

Our total cost of funds decreased 19 basis points on a linked quarter basis to 2.16% for the Q4 of 2024. Non interest income for the Q4 of 2024 totaled $12,200,000 an increase of 7% over the Q3 of this year. The increase on a linked quarter basis was primarily the result of recognition of the annual Visa debit card bonus in the Q4 totaling $407,000 and higher back to back loan swap fees of $232,000 Loans on December 31, 2024 totaled $4,100,000,000 which was fairly flat with balances reported last quarter a year ago. A few larger commercial and commercial real estate loans paid off this quarter, muting growth in the Q4. Our commercial loan pipeline at December 31 remained solid at nearly €85,000,000 with approximately €45,000,000 committed.

Michael Archer
Michael Archer
Executive VP & CFO at Camden National

On the residential side, our mortgage loan pipeline has slowed slightly as we enter the winter months. Our residential mortgage pipeline continues to hover around $50,000,000 to $55,000,000 of which we had nearly $42,000,000 committed at December 31. Our credit quality across our loan portfolio continues to be very strong. We finished 2024 with excellent asset quality metrics, including nonaccrual loans totaling $4,800,000 or 12 basis points of total loans, past due loans totaling $2,300,000 or 5 basis points of total loans. Given the mix and strength of our loan portfolio, we believe an allowance to loans ratio of 87 basis points is appropriate and provides us with sufficient reserves.

Michael Archer
Michael Archer
Executive VP & CFO at Camden National

This can be seen by a 5.5 times allowance for loan loss to non performing loans ratio at December 31. Deposits in the 4th quarter grew 1% to $4,600,000,000 at December 31, 2024. We continue to see strong demand for our high yield savings product in the 4th quarter with saving balances growing 7% for the 4th quarter and 23% for the calendar year. As we noted in our earnings release, one of our large customer relationships temporarily deposited approximately 62,000,000 with us in the Q4. And we anticipate these funds will leave in the Q1 of 2025.

Michael Archer
Michael Archer
Executive VP & CFO at Camden National

Overall, we're very pleased with our deposit activities and flows in the Q4 as we generally see a level of normal seasonal outflows begin during the back half of the fourth quarter. Our regulatory capital ratios continue to exceed regulatory requirements. In the Q4, our CET1 capital ratio and total risk based capital ratio each grew 26 basis points to 13.09 percent and 15.11 percent respectively at December 31. Our tangible call and equity ratio at year end was 7.64%, which was slightly down from the Q3 due to the shift in interest rates between quarters. I'll now shift my comments on the Northway Financial acquisition and provide a brief update.

Michael Archer
Michael Archer
Executive VP & CFO at Camden National

As previously reported, we closed the acquisition of Northway Financial on January 2, 2025. Based on the closing stock of Canada National stock on January 2, the total consideration paid was $96,500,000 in an all stock transaction, whereby we issued 0.83 shares of Canada National common stock for each share of Northway Financial common stock. In total, we issued approximately 2,300,000 shares of Camden National common stock. And on a post merger basis, the company has approximately 16,900,000 shares outstanding as of January 2. Northway Financial finished 2024 very much in line with our financial projections as announcement.

Michael Archer
Michael Archer
Executive VP & CFO at Camden National

As of December 31, 2024, total assets were $1,200,000,000 total loans were $872,000,000 total deposits were $972,000,000 I would also note that from a credit perspective, Northway's asset quality continued to be strong through the close of the merger. Upon acquisition, we took certain actions to optimize our combined pro form a balance sheet, including the pay down of $45,000,000 of long term borrowings as well as the sale of roughly $65,000,000 of bond securities to reposition the investment portfolio on a combined basis. As we work our way through the integration process over the next few weeks, we'll continue to evaluate balance sheet opportunities as a combined organization. This concludes our comments and we'll now open the call for questions.

Operator

Thank you. We will now begin the question and answer session. Our first question comes from Steve Moss with Raymond James. Your line is open. Please go ahead.

Steve Moss
Steve Moss
Director - Banking & Arlington at Raymond James Financial

Good afternoon. Maybe just starting here with lending activity you guys saw for the quarter here. I hear you guys on the pay downs, just kind of curious how the lending environment is shaking out here going forward and kind of what your thoughts are as you integrate North White?

Simon Griffiths
President & CEO at Camden National Bank

Steve, this is Simon. Thanks for the question. Steve, certainly, we continue to see low single digit growth this year, continue to be selective across our markets. But having said that, we certainly also do see some strength across our footprint, see some nice momentum on the commercial side. We're also seeing some good momentum in the home equity business as well.

Simon Griffiths
President & CEO at Camden National Bank

So we certainly, we're picking our spots right now and continue to just focus on that right balance between growth, credit quality and investing in the markets that we have. We also talked about, as we mentioned in the script, we have a nice team now in the New Hampshire market. They had a strong year last year and certainly can see a very strong outlook ahead for 2025 in the New Hampshire market as we continue to assimilate and work with the former Northway team. So I think that's another real area of strength for us, but certainly some nice momentum, but continue to be selective.

Steve Moss
Steve Moss
Director - Banking & Arlington at Raymond James Financial

Okay. Great. Appreciate that. And Simon, you mentioned the investments you've made in the franchise over the past year, whether it's Wealth Management or the online platform, online account openings. Just kind of curious here for 2025, what type of investments you're looking to do and how we kind of think about expenses for you in 2025?

Simon Griffiths
President & CEO at Camden National Bank

Sorry, Steve. You're just breaking up a little bit. Would you mind just repeating that question?

Steve Moss
Steve Moss
Director - Banking & Arlington at Raymond James Financial

Sure. So just in terms of the investments you made in the franchise, you mentioned wealth management growth and the opportunities you have there. You also have the online account openings. Just kind of curious how you're thinking about investments for the upcoming year and where you want to invest and how you're thinking about expense growth?

Simon Griffiths
President & CEO at Camden National Bank

Yes. Thanks, Steve. Appreciate you repeating that question. Steve,

Simon Griffiths
President & CEO at Camden National Bank

yes,

Simon Griffiths
President & CEO at Camden National Bank

I mean, exactly as you say, look, we made some great investments last year that I think position us very, very well for 2025. We're certainly seeing a lot of efficiencies from the Wealth platform. I think it's opening up new operational efficiencies for us, customer improvements, experience improvements. And I think a lot of opportunity for momentum there in the Wealth business and we talked about that momentum in my opening remarks. But the new account opening opportunity, I think it's certainly going to give us a much broader reach.

Simon Griffiths
President & CEO at Camden National Bank

We're also looking at continued acceleration of our digital capabilities, which I think enhance the customer experience. So I think putting these pieces together are certainly going to create real potential strength for us this year as we talk as we work towards acquiring more customers and deepening those relationships. And of course, we've got a new market to focus on as well with New Hampshire. So I think putting all those pieces together, we feel very bullish about this year. I think another piece I just want to tie into that is we continue the philosophy of managing the investing, but earning that right to invest through driving efficiencies.

Simon Griffiths
President & CEO at Camden National Bank

And I think that balance between self funding, the investments that we make continues to be a philosophy of the management team.

Steve Moss
Steve Moss
Director - Banking & Arlington at Raymond James Financial

Okay. Great. And then in terms of the margin here, just kind of curious, you had healthy margin expansion here this quarter. Mike, I hear you on the 3 bps of non recurring items. I'm assuming that's from the prepays on loans.

Steve Moss
Steve Moss
Director - Banking & Arlington at Raymond James Financial

Just kind of curious, underlying core margin expansion, do you expect that will continue? And then kind of is there any range you have early for the Northway close in terms of where the margins settled down on a GAAP basis? I'm assuming like the high

Simon Griffiths
President & CEO at Camden National Bank

Yes. Let me just focus on the core and then I'll let Mike just sort of build on that, Steve. I think plus or minus 2.60. I think Phil's to plus or minus 5 bps around 2.60. We certainly see in the Q1 some traditional runoff of deposits.

Simon Griffiths
President & CEO at Camden National Bank

And we'll see some modest outflow this quarter. I think there's also some underlying strength from obviously the Fed cuts a lot at the back end of last year. So I think we continue to sort of be very disciplined and focused on disciplined approach across both the yield and also deposit costs and really focusing on that core franchise of low cost deposits, growing that with some of the technology linking it back to your previous question. So yes, I think there's certainly momentum there. But certainly, there's some puts and takes in the Q1.

Simon Griffiths
President & CEO at Camden National Bank

But I think that sort of plus or minus 5 basis points on 260,000,000 feels a pretty good guide right now. I don't know Mike if you want to add anything.

Michael Archer
Michael Archer
Executive VP & CFO at Camden National

No, I think that sums it up. I mean, I would just say, Steve, certainly that's the core side. I mean, the GAAP basis, as you would imagine, we'll see a pretty hefty lift there. I would just share with the audience that we continue, as you would imagine, to work through some of the purchase accounting areas and we'll have that shake out, but certainly we anticipate a healthy lift above and beyond core from that.

Steve Moss
Steve Moss
Director - Banking & Arlington at Raymond James Financial

Okay, great. I appreciate all the color here guys and nice quarter. I'll step back in queue.

Simon Griffiths
President & CEO at Camden National Bank

Thanks, Steve. Thanks, Steve. Appreciate it.

Operator

Our next question comes from Damon DelMonte with KBW. Your line is open. Please go ahead.

Damon Delmonte
Managing Director at Keefe, Bruyette & Woods (KBW)

Hey, good afternoon guys. Hope you're both doing well. Just wanted to kind of circle back on the commentary, Simon, on loan growth. I think you're kind of hopeful for like low single digit growth here in 2025. Does that contemplate any type of maybe runoff or workout of some of the acquired loans that you might not want to keep around?

Damon Delmonte
Managing Director at Keefe, Bruyette & Woods (KBW)

Or was that just kind of organic growth on a standalone basis?

Simon Griffiths
President & CEO at Camden National Bank

That's organic growth on a stand alone basis. I think we feel it certainly represents that's a low single digit.

Damon Delmonte
Managing Director at Keefe, Bruyette & Woods (KBW)

Got it. Okay. And then Mike, could you just repeat some of your final commentary on some of the actions you took post closing of the transaction? I think you had said you would pay down some borrowings that they had. And I didn't hear what you said on the securities portfolio.

Michael Archer
Michael Archer
Executive VP & CFO at Camden National

Yes, sure. Happy to, Damon. Yes, so just two things. We essentially paid down some higher some longer term debt that had a little bit higher cost on it, some FHLB borrowings. That's about $45,000,000 just optimized the balance sheet.

Michael Archer
Michael Archer
Executive VP & CFO at Camden National

And as you probably saw at year end, we had a little bit of excess cash that we were holding on to. So really just a pure balance sheet optimization play on a pro form a basis there. We also sold about $65,000,000 of their bond securities, largely some of their munis and some of the callables. Really, again, just not kind of what we were looking for and the opportunity is just to optimize from a yield current market perspective and really just bring down the duration as well. So just a couple of small plays and we'll continue to evaluate going forward.

Damon Delmonte
Managing Director at Keefe, Bruyette & Woods (KBW)

Okay. And then just from like a pro form a earning asset base, is something in the like $6,500,000,000 range reasonable?

Michael Archer
Michael Archer
Executive VP & CFO at Camden National

Was that pro form a earning assets that what you asked Damon?

Damon Delmonte
Managing Director at Keefe, Bruyette & Woods (KBW)

Yes. Sorry. Pro form a earning assets like for Q1.

Michael Archer
Michael Archer
Executive VP & CFO at Camden National

Yes. I think that feels reasonable, yes.

Damon Delmonte
Managing Director at Keefe, Bruyette & Woods (KBW)

Okay, great. Okay, that's all that I had. Thank you very much.

Simon Griffiths
President & CEO at Camden National Bank

Thanks, Damon.

Michael Archer
Michael Archer
Executive VP & CFO at Camden National

Thanks, Damon.

Operator

We

Operator

We now turn to Matthew Breese with Stephens. Your line is open. Please go ahead.

Matt Breese
Managing Director & Research Analyst at Stephens Inc

Hey, good afternoon. I was hoping just to follow-up on a couple of the deal questions since it's closed. The first one is, do you have what the CECL Bay 2 provision was?

Michael Archer
Michael Archer
Executive VP & CFO at Camden National

Matt, this is Mike. Are you asking just in terms of what we announced or what it is where we landed with it?

Matt Breese
Managing Director & Research Analyst at Stephens Inc

Where you landed the deals closed?

Michael Archer
Michael Archer
Executive VP & CFO at Camden National

We're still working through the purchase accounting Matt. I would tell you that we haven't we have no reason to believe it's going to be materially different from the credit side than what we expected to begin with. I think going off the top of my head here, I want to say we had estimated 12% to 15% of the portfolio would be PCD or purchase credits deteriorated there and the remaining would be the non PCD portion. But again, I mean, they closed very strong from a credit perspective and we're still scrubbing and doing kind of some final due diligence if you will on our side. But to my knowledge, certainly no surprises coming out of that.

Matt Breese
Managing Director & Research Analyst at Stephens Inc

Okay. And then going back to the original deal deck understanding that the core NIM, it sounds like it's in the $260,000,000 range. I think you also had about $3,000,000 a quarter in accretable yield. So that's about 15 to 20 bps of kind of accretion on the NIM. So is it fair to say that the reported NIM is probably in the 2.70 range all in, 2.80 range all in when it's said and done?

Michael Archer
Michael Archer
Executive VP & CFO at Camden National

Yes. I mean, I so I think it honestly could be a little bit higher, Matt. I would say that, again we're still running numbers certainly, but I would kind of had in my own head probably $290,000,000 $2.85 $2.90 up towards $3,000,000 And one of the things certainly that's evolved since we closed or announced deal rather is just the movement in rates and moved a little bit higher on us. So there will be some additional market as what we expect as we close, which will play into that as well, Matt. Got it.

Matt Breese
Managing Director & Research Analyst at Stephens Inc

Okay. And then I don't suppose you have anything related to goodwill or intangibles created dollar wise?

Michael Archer
Michael Archer
Executive VP & CFO at Camden National

Nothing new from what we previously disclosed. I want to say off the top of my head, it was in the $40,000,000 to $45,000,000 range. Certainly, the purchase price picked up a little bit as well. And certainly, just the asset mark was probably a little bit lower. So again, we haven't translated that yet, I guess, at this point, Matt, but certainly be I would anticipate it being slightly higher than what we had originally forecasted.

Matt Breese
Managing Director & Research Analyst at Stephens Inc

Okay. I'm sorry if I missed this. If we think about the core NIM and your overall balance sheet versus the curve, it feels like your balance sheet relative to the curve should be pretty well positioned in the current environment. As you think about beyond the Q1 and I'm referring to the core NIM, to what extent might we see more expansion throughout 2025 and throw at a bogey, when do you think you can get above a 3% core NIM again?

Michael Archer
Michael Archer
Executive VP & CFO at Camden National

That's the big question there Matt. It certainly will take some time. I agree with you. We're certainly well positioned in the current rate environment. I think if rates stay here, we perform well.

Michael Archer
Michael Archer
Executive VP & CFO at Camden National

If rates tick up higher, that's certainly not beneficial. I would say that's not our base case either. Certainly, if they come down, that's beneficial. We're slightly liability sensitive as you know. We do foresee discontinued margin expansion.

Michael Archer
Michael Archer
Executive VP & CFO at Camden National

We have some CDs that will continue to price down over time so does Northway as well. We'll continue to see a level of asset yield expansions what we anticipate once we get out of January and get the full impact of that more recent cut coming through. So I think the obviously the future for us looks pretty strong as we look out a few quarters. But I think if I were to guess on when we hit 3, the only thing I'd be sure of is I'll probably be wrong. And probably not as quick as I want Matt or any of us want, but I think the trajectory is certainly a positive.

Matt Breese
Managing Director & Research Analyst at Stephens Inc

All right. And then just one for you, Simon. Pretty shortly after you took the reins at the helm, we had a nice deal announced and closed in short order. What do you think on the M and A front from here? When are you ready to pursue whole bank deals again?

Matt Breese
Managing Director & Research Analyst at Stephens Inc

And if you are ready, what kind of geographies are you looking at? That's all I had. Thank you.

Simon Griffiths
President & CEO at Camden National Bank

Yes. Thanks, Matt. I think as we communicated, we chatted earlier about it, it really continues to be the right deal, something that's a contiguous market, I think, continues to really appeal to us. A bank like Northway that I think has the same DNA, same kind of credit profile, same mindset, focus in local communities that we serve in Maine. And I think that that's going to be continued to be our focus.

Simon Griffiths
President & CEO at Camden National Bank

Right now, obviously, we're focused heads down and focused on customer integration mid March. But certainly, we have an appetite, but not an appetite for deal sake. So definitely be the right deal at the right time. And we certainly, I think, have the support of the management team and the expertise and the skill set to clearly execute on these deals. And I think we can leverage that going forward when the right opportunity arises.

Matt Breese
Managing Director & Research Analyst at Stephens Inc

Perfect. I'll leave it there. Thanks for taking my questions.

Simon Griffiths
President & CEO at Camden National Bank

Yes. Thanks, Matt. Appreciate

Operator

it, Matt. As we have no further questions, this concludes our question and answer session. I would like to turn the conference back over to Simon Griffiths for any closing remarks.

Simon Griffiths
President & CEO at Camden National Bank

Thanks, Elliot. I want to thank you all for your time today and interest in Camden National Corporation. We wish you all a great rest of your day. Thanks, everyone.

Operator

The conference has now concluded. Thank you all for attending today's presentation. You may

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Executives
    • Renée Smyth
      Renée Smyth
      Executive VP, Chief Experience & Marketing Officer
Analysts
    • Simon Griffiths
      President & CEO at Camden National Bank
    • Michael Archer
      Executive VP & CFO at Camden National
    • Steve Moss
      Director - Banking & Arlington at Raymond James Financial
    • Damon Delmonte
      Managing Director at Keefe, Bruyette & Woods (KBW)
    • Matt Breese
      Managing Director & Research Analyst at Stephens Inc
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Camden National Q4 2024
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