NASDAQ:CAC

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Camden National Corporation (NASDAQ: CAC) Q3 2025: record earnings on margin gains, lower costs, and acquisition synergies

Camden National reported record third-quarter net income of 21.2 million dollars, or 1.25 dollars per diluted share, up 51 percent from the prior quarter. Return on average assets was 1.21 percent and return on average equity 12.75 percent. Pre-tax, pre-provision income rose 19 percent to 29.5 million dollars, while net interest margin expanded 10 basis points to 3.16 percent. The efficiency ratio improved sharply to 54.94 percent on a GAAP basis (52.47 percent non-GAAP), reflecting cost discipline and integration synergies from the Northway Financial acquisition earlier in the year.

Total assets reached 7.0 billion dollars, up 1 percent since June, with loans increasing 1 percent to 5.0 billion dollars—led by 4 percent growth in commercial real estate and 5 percent in home equity loans. Deposits totaled 5.4 billion dollars, down 2 percent from June but up 2 percent excluding brokered deposits due to seasonal inflows. Book value per share rose 4 percent to 39.97 dollars, and tangible book value per share climbed 6 percent to 28.42 dollars.

Asset quality remained strong, with nonperforming assets at just 0.12 percent of total assets and past-due loans at 0.16 percent of total loans. The allowance for credit losses fell to 0.91 percent of total loans, covering 5.5 times nonperforming loans, after a 10.7 million dollar charge-off related to a syndicated telecom loan.

Non-interest income rose 8 percent to 14.1 million dollars, supported by 11 percent growth in wealth and brokerage assets under administration and a 675,000 dollar gain from property sales. Non-interest expense fell 4 percent to 35.9 million dollars as M&A costs declined and operational efficiencies took hold. Camden National declared a quarterly cash dividend of 0.42 dollars per share, yielding 4.35 percent, payable October 31, 2025. CEO Simon Griffiths said the record quarter marks a “pivotal moment” for the company as it accelerates growth following the successful integration of Northway Financial.
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Author
WS Investor 10-28-25
Camden National Corporation (NASDAQ: CAC) has declared a second-quarter 2025 dividend of $0.42 per share, payable on July 31, 2025, to shareholders of record as of July 15, 2025. Based on the June 23 closing price of $39.72, the dividend reflects an annualized yield of 4.23%. Camden National, headquartered in Maine, is Northern New England’s largest publicly traded bank holding company with $7.0 billion in assets and 72 banking centers across Maine and New Hampshire.
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Author
ME NEWS 06-25-25
Camden National Corporation reported strong financial results for the fourth quarter and full year of 2024, positioning the company for continued growth in 2025. Fourth-quarter net income was $14.7 million, a 12% increase from the prior quarter, with diluted EPS of $1.00, up 11%. Core net income excluding merger costs was $15.1 million, a 9% increase from the third quarter, with core diluted EPS of $1.03.

Full-year 2024 net income totaled $53.0 million, with diluted EPS of $3.62, reflecting a 22% increase from 2023. Core net income and core diluted EPS both increased 1% year-over-year, reaching $53.4 million and $3.65, respectively.

The fourth quarter saw improvements in net interest income, up 5% to $35.4 million, driven by an 11-basis-point expansion in the net interest margin to 2.57%. Non-interest income grew 7% to $12.2 million, supported by higher debit card and loan swap fee income. Non-interest expenses decreased 2% to $28.4 million, reflecting lower salaries and benefits costs as well as reduced merger expenses.

Asset quality remained strong, with loans 30-89 days past due at 0.05% of total loans and non-performing loans at 0.16%. The allowance for credit losses (ACL) on loans increased slightly to 0.87%, 5.5 times the total non-performing loans. Deposits grew 1% to $4.6 billion, with core deposits increasing 2%.

The company completed its acquisition of Northway Financial, Inc. on January 2, 2025, in an all-stock transaction valued at $96.5 million. This merger expands Camden National’s footprint to include 73 branches across Maine and New Hampshire, with combined assets of $7.0 billion. Integration efforts are underway, with Northway's systems expected to convert by mid-March 2025.

Camden National enters 2025 with strong momentum, highlighted by its return on average assets surpassing 1% in the fourth quarter, alongside continued growth in profitability and efficiency. CEO Simon Griffiths emphasized the company’s commitment to becoming the leading community bank in Northern New England while building on its solid 2024 performance.
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Author
WS Investor 01-28-25