Camden National Corporation Delivers Solid First Quarter 2026 Results with Net Income of $21.9 Million and Diluted EPS of $1.29

Rhea-AI Summary

Camden National Corporation (NASDAQ: CAC) reported Q1 2026 net income of $21.9 million and diluted EPS of $1.29 for the quarter ended March 31, 2026. Return on average assets was 1.28% and return on average equity was 12.58%.

Key items: total assets of $7.0 billion, total loans of $5.0 billion, deposits of $5.6 billion, book value per share of $41.98, tangible book value per share of $30.58, and a declared cash dividend of $0.42 per share payable April 30, 2026.

Positive

• Net income of $21.9 million in Q1 2026
• Diluted EPS of $1.29 for Q1 2026
• Deposits increased 1% to $5.6 billion versus Dec 31, 2025
• Book value per share rose to $41.98 (11% YoY)
• Capital ratios well above regulatory minima (CET1 12.01%)

Negative

• Net interest income declined 3% quarter-over-quarter
• Non-interest income decreased to $12.0 million from $14.1 million linked-quarter
• Net interest margin contracted 5 basis points to 3.24%
• Efficiency ratio widened to 55.50% GAAP in Q1 2026

News Market Reaction – CAC

+0.54%

3 alerts

+0.54% News Effect

+$5M Valuation Impact

$908.39M Market Cap

0.1x Rel. Volume

On the day this news was published, CAC gained 0.54%, reflecting a mild positive market reaction. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $5M to the company's valuation, bringing the market cap to $908.39M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q1 2026 net income: $21.9M Q1 2026 diluted EPS: $1.29 Return on avg assets: 1.28% +5 more

8 metrics

Q1 2026 net income $21.9M Quarter ended March 31, 2026

Q1 2026 diluted EPS $1.29 Quarter ended March 31, 2026

Return on avg assets 1.28% Q1 2026 profitability metric

Return on avg equity 12.58% Q1 2026 profitability metric

Net interest margin 3.24% Q1 2026, fully-taxable equivalent

Core net interest margin 2.92% Q1 2026, non-GAAP

Deposits $5.6B As of March 31, 2026, up 1% from year-end

Quarterly dividend $0.42/share Q1 2026 dividend, 3.54% annualized yield

Market Reality Check

Price: $48.84 Vol: Volume 71,785 is below th...

normal vol

$48.84 Last Close

Volume Volume 71,785 is below the 20-day average of 98,652, suggesting modest pre-news positioning. normal

Technical Shares at $50.40 are trading above the 200-day MA ($43.05) and about 3.4% below the 52-week high ($52.17).

Peers on Argus

CAC is up 1.45% with light volume. Key peers like GSBC, IBCP, SPFI, THFF, and NB...

CAC is up 1.45% with light volume. Key peers like GSBC, IBCP, SPFI, THFF, and NBBK show smaller gains between 0.23% and 1.07%, but no peers appeared in the momentum scanner, pointing to a company-focused move around earnings.

Previous Earnings Reports

5 past events · Latest: Jan 27 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 27	Q4 2025 earnings	Positive	+0.4%	Record Q4 net income of $22.6M and EPS of $1.33 with margin gains.
Oct 28	Q3 2025 earnings	Positive	+1.6%	Record Q3 2025 net income, higher NIM, better efficiency, loan growth.
Jul 29	Q2 2025 earnings	Positive	-10.2%	Strong post-acquisition earnings but market reacted negatively despite growth.
May 06	Q1 2025 earnings	Positive	-0.6%	Earnings with Northway acquisition close and integration cost savings plan.
Jan 28	Q4 2024 earnings	Positive	+2.2%	Q4 growth plus Northway merger announcement and higher full-year earnings.

Pattern Detected

Earnings releases have generally been positive fundamentally, but price reactions have been mixed, with both rallies and notable selloffs, indicating inconsistent trading responses to results.

Recent Company History

Over the past five earnings cycles, Camden National has steadily grown after the Northway acquisition, with net income rising from $14.7M in Q4 2024 to record levels through 2025. Metrics such as net interest margin, efficiency ratio, and book value per share have generally improved, while dividends of $0.42 per share have been maintained. The latest Q4 2025 earnings showed net income of $22.6M and diluted EPS of $1.33, providing a strong base for the current Q1 2026 results.

Historical Comparison

-1.3% avg move · In the last five earnings releases, CAC’s average next-day move was -1.33% despite generally improvi...

earnings

-1.3%

Average Historical Move earnings

In the last five earnings releases, CAC’s average next-day move was -1.33% despite generally improving fundamentals. Today’s 1.45% gain contrasts with that trend, suggesting a relatively stronger reception.

Earnings have progressed from pre-acquisition Q4 2024 results through Northway integration in 2025 to record Q4 2025 performance, with rising net income, expanding net interest margin, and growing book value per share supporting Q1 2026 results.

Market Pulse Summary

This announcement highlights strong Q1 2026 performance, with net income of $21.9M, diluted EPS of $...

Analysis

This announcement highlights strong Q1 2026 performance, with net income of $21.9M, diluted EPS of $1.29, and returns of 1.28% on assets and 12.58% on equity. Asset quality and capital ratios remained solid, while deposits of $5.6B grew 1% from year-end. Compared with prior earnings releases that showed steady post-acquisition progress, investors may focus on net interest margin trends, efficiency ratios, and dividend sustainability as key metrics to monitor.

Key Terms

non-gaap, net interest margin, efficiency ratio, allowance for credit losses, +4 more

8 terms

non-gaap financial

"return on average tangible equity (non‑GAAP) of 18.17%"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

net interest margin financial

"Net interest margin contracted 5 basis points to 3.24% during the first quarter"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

efficiency ratio financial

"The GAAP efficiency ratio for the first quarter was 55.50%"

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

allowance for credit losses financial

"The allowance for credit losses ("ACL") on loans increased one basis point"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

loan-to-deposit ratio financial

"As of March 31, 2026, the Company's loan‑to‑deposit ratio was 89%"

Loan-to-deposit ratio measures how much a bank has lent out compared with the money customers have deposited, expressed as a percentage. Think of it like the share of a household’s savings that has been loaned to others: a higher ratio can boost earnings but reduce cash on hand and increase risk, while a lower ratio means more liquidity but potentially lower returns—key for investors assessing a bank’s balance of profit and safety.

common equity tier 1 ratio regulatory

"including a Common Equity Tier 1 ratio of 12.01%"

The common equity tier 1 ratio is a measure of a bank's financial strength, showing how much high-quality core capital it has compared to its total risk-weighted assets. Think of it as a safety buffer or cushion that helps ensure the bank can withstand economic shocks. For investors, a higher ratio indicates a stronger, more resilient bank, making it a key indicator of its financial health.

tier 1 risk-based ratio regulatory

"a Tier 1 risk-based ratio of 13.32%"

Tier 1 risk-based ratio measures a bank’s core capital — the most reliable funds such as common equity and retained earnings — relative to its assets after those assets are adjusted for how risky they are. Investors use it like a safety margin: a higher ratio means the bank has more high-quality cushion to absorb unexpected losses, making it less likely to face distress and better able to protect depositors and shareholders.

total risk-based ratio regulatory

"a total risk-based ratio of 14.27%"

A total risk-based ratio compares a firm’s available capital to the amount of capital regulators say it should hold given the risks on its balance sheet, producing a percentage that shows how well the company can absorb losses. Think of it like a safety margin: higher percentages mean more cushion against unexpected setbacks, so investors use it to judge financial strength and the likelihood of regulatory action or solvency problems.

AI-generated analysis. Not financial advice.

CAMDEN, Maine, April 28, 2026 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; "Camden National" or the "Company") reported net income of $21.9 million and diluted earnings per share ("EPS") of $1.29 for the quarter ended March 31, 2026, resulting in a return on average assets of 1.28%, a return on average equity of 12.58%, and a return on average tangible equity (non‑GAAP) of 18.17%.

"Our reported net income of nearly $22 million for the first quarter reflects the benefits of the acquisition we completed last year, including our ability to efficiently scale the combined organization and accelerate our strategy to grow and strengthen our franchise," said Simon Griffiths, President and Chief Executive Officer of Camden National Corporation. "We delivered solid performance in the first quarter through strong asset quality, expense management and deposit growth. Looking ahead, we remain focused on sustained growth and disciplined execution as we continue to meet our customers' evolving needs through advice-based conversations."

FIRST QUARTER 2026 HIGHLIGHTS

• Net income for the first quarter was $21.9 million, compared to $7.3 million for the first quarter of 2025 and $22.6 million for the fourth quarter of 2025 ("linked-quarter"). On a non‑GAAP basis, adjusted net income was $21.9 million, compared to $15.8 million for the first quarter of 2025 and $22.6 million for the fourth quarter of 2025, representing a year‑over‑year increase of 39% and a linked‑quarter decrease of 3%.
• Diluted EPS for the first quarter was $1.29, compared to $0.43 for the first quarter of 2025 and $1.33 for the fourth quarter of 2025. On a non‑GAAP basis, adjusted diluted earnings per share was $1.29, compared to $0.93 for the first quarter of 2025 and $1.33 for the fourth quarter of 2025, representing a year‑over‑year increase of 39% and a linked‑quarter decrease of 3%.
• The GAAP efficiency ratio for the first quarter was 55.50%, and the non-GAAP efficiency ratio was 53.21%, compared to 54.16% and 51.69%, respectively, for the fourth quarter of 2025.
• Book value per share was $41.98 and tangible book value per share (non-GAAP) was $30.58 at March 31, 2026, representing increases of 11% and 18%, respectively, compared to March 31, 2025.
• The Company repurchased 33,131 shares of its common stock at a weighted-average price of $44.85 during the first quarter of 2026.

FINANCIAL OPERATING RESULTS (Q1 2026 vs. Q4 2025)

Net interest income for the first quarter of 2026 totaled $52.4 million, a decrease of 3% from the fourth quarter of 2025. Net interest margin contracted 5 basis points to 3.24% during the first quarter, driven by lower fair value mark accretion income of $956,000 and a 1% decline in average interest-earning assets compared to the prior quarter. Core net interest margin was 2.92% for the first quarter of 2026 and the fourth quarter of 2025.

Provision expense was $553,000 for the first quarter of 2026, compared to $3.0 million for the fourth quarter of 2025. Asset quality remained solid during the first quarter, as highlighted by an annualized net charge-offs-to average-loans ratio of 0.04% at March 31, 2026, compared to 0.26% on a quarterly basis at December 31, 2025.

Non-interest income for the first quarter of 2026 totaled $12.0 million, compared to $14.1 million for the fourth quarter of 2025. The decrease between quarters was driven by a decline in debit card income, reflecting the timing of recognition of our annual Visa incentive bonus and typical debit card seasonality, as well as lower customer loan swap income and deposit-related service charge income, which we anticipate will normalize in the second quarter of 2026.

Non-interest expense for the first quarter of 2026 totaled $35.7 million, a 3% decrease compared to the fourth quarter of 2025. The linked-quarter decline was primarily driven by the timing of certain retirement plan costs related to former Northway employees that were incurred in the fourth quarter of 2025, and lower performance incentive accruals and regulatory assessment fees. The Company's GAAP and non‑GAAP efficiency ratios for the first quarter of 2026 were 55.50% and 53.21% compared to 54.16% and 51.69%, respectively, for the fourth quarter of 2025.

FINANCIAL CONDITION

Total assets were $7.0 billion at March 31, 2026 and December 31, 2025.

Investments totaled $1.4 billion at March 31, 2026, representing a 3% decrease from December 31, 2025.

Total Loans were $5.0 billion at both March 31, 2026 and December 31, 2025, reflecting typical seasonal patterns for the first quarter. The Company entered the second quarter with a committed loan pipeline of $128.3 million.

The Company's asset quality continues to be strong, supported by healthy credit metrics, including past-due loans of 0.06% of total loans and non-performing assets of 0.16% of total assets. The allowance for credit losses ("ACL") on loans increased one basis point during the quarter to 0.92% of total loans at March 31, 2026. The ACL coverage ratio was 4.2 times non-performing loans at March 31, 2026, compared to 6.4 times at December 31, 2025.

Deposits totaled $5.6 billion at March 31, 2026, representing a 1% increase from December 31, 2025, driven by the success of the Company's high-yield savings product and recent onboarding of new business deposit customers. The increase in deposits enabled the Company to reduce higher‑cost, short‑term borrowings by $68.3 million during the quarter. As of March 31, 2026, the Company's loan‑to‑deposit ratio was 89%, compared to 90% at December 31, 2025.

As of March 31, 2026, the Company maintained capital ratios well in excess of all regulatory requirements, including a Common Equity Tier 1 ratio of 12.01%, a Tier 1 risk-based ratio of 13.32%, a total risk-based ratio of 14.27%, and a Tier 1 leverage ratio of 9.43%.

The Company announced a cash dividend of $0.42 per share, representing an annualized dividend yield of 3.54%, based on the Company's closing share price of $47.45 as reported by NASDAQ on March 31, 2026. The dividend will be payable on April 30, 2026, to shareholders of record on April 15, 2026.

Q1 2026 CONFERENCE CALL

Camden National Corporation will host a conference call and webcast at 3:00 p.m. Eastern Time on Tuesday, April 28, 2026, to discuss its first quarter of 2026 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) 461-5787
Link to obtain live dial-in
(All other locations):           https://help.events.q4inc.com/eahc/international-dial-in-numbers
Meeting ID:                         616576518
Live webcast URL:             https://events.q4inc.com/attendee/616576518

A link to the live webcast will be available on Camden National's website under "About — Investor Relations" at CamdenNational.bank before the meeting, and a replay of the webcast will be available on Camden National's website following the conference call. The conference call transcript will also be available on Camden National's website approximately two days after the conference call.

ABOUT CAMDEN NATIONAL CORPORATION

Camden National Corporation (NASDAQ: CAC) is Northern New England's largest publicly traded bank holding company, with $7.0 billion in assets. Founded in 1875, Camden National Bank has 72 banking centers in Maine and New Hampshire and is a full-service community bank offering the latest digital banking, complemented by award-winning, personalized service. Additional information is available at CamdenNational.bank. Member FDIC. Equal Housing Lender.

Comprehensive wealth management, investment, and financial planning services are delivered by Camden National Wealth Management.

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, including as a result of tariffs and retaliatory tariffs; 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; 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, 2025, as updated by other filings with the Securities and Exchange Commission ("SEC"). Further, statements regarding the potential effects of notable and global current events, including hostilities in Iran and recent rulings on the permissibility of certain tariffs, 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, possibly 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; core net interest margin; and tangible book value per share. 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, 2026		December 31, 2025		March 31, 2025
Financial Condition Data
Loans		$ 4,963,017		$  4,965,138		$  4,885,086
Total assets		6,961,581		6,974,584		6,964,785
Deposits		5,585,352		5,537,781		5,597,478
Shareholders' equity		710,007		696,558		640,054
Operating Data and Per Share Data
Net income		$     21,883		$     22,559		$       7,326
Pre-tax, pre-provision income (non-GAAP)(1)		28,630		31,192		15,603
Diluted EPS		1.29		1.33		0.43
Profitability Ratios
Return on average assets		1.28 %		1.28 %		0.43 %
Return on average equity		12.58 %		13.01 %		4.75 %
Return on average tangible equity (non-GAAP)(1)		18.17 %		19.06 %		8.06 %
GAAP efficiency ratio		55.50 %		54.16 %		74.02 %
Efficiency ratio (non-GAAP)(1)		53.21 %		51.69 %		58.72 %
Net interest margin (fully-taxable equivalent)		3.24 %		3.29 %		3.04 %
Core net interest margin (fully-taxable equivalent) (non-GAAP)(1)		2.92 %		2.92 %		2.68 %
Asset Quality Ratios
ACL on loans to total loans		0.92 %		0.91 %		0.96 %
Non-performing loans to total loans		0.22 %		0.14 %		0.15 %
Capital Ratios
Common equity ratio		10.20 %		9.99 %		9.19 %
Tangible common equity ratio (non-GAAP)(1)		7.64 %		7.41 %		6.49 %
Book value per share		$      41.98		$       41.16		$       37.91
Tangible book value per share (non-GAAP)(1)		$      30.58		$       29.69		$       26.02
Tier 1 leverage capital ratio		9.43 %		9.12 %		8.58 %
Total risk-based capital ratio		14.27 %		13.95 %		13.13 %

(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, 2026		December 31, 2025		March 31, 2025		% Change Mar 2026 vs. Dec 2025		% Change Mar 2026 vs. Mar 2025
ASSETS
Cash, cash equivalents and restricted cash		$       133,736		$        97,492		$       219,414		37 %		(39) %
Investments:
Trading securities		4,383		5,747		4,860		(24) %		(10) %
Available-for-sale securities, at fair value		901,617		930,401		836,130		(3) %		8 %
Held-to-maturity securities, at amortized cost		473,257		485,292		516,682		(2) %		(8) %
Other investments		23,411		26,497		26,284		(12) %		(11) %
Total investments		1,402,668		1,447,937		1,383,956		(3) %		1 %
Loans held for sale, at fair value		17,618		15,040		11,059		17 %		59 %
Loans:
Commercial real estate		2,195,741		2,185,105		2,067,098		— %		6 %
Commercial		414,694		417,439		487,409		(1) %		(15) %
Residential real estate		1,993,435		2,012,922		2,028,062		(1) %		(2) %
Home equity		342,874		332,256		283,491		3 %		21 %
Consumer		16,273		17,416		19,026		(7) %		(14) %
Total loans		4,963,017		4,965,138		4,885,086		— %		2 %
Less: allowance for credit losses on loans		(45,576)		(45,276)		(46,723)		1 %		(2) %
Net loans		4,917,441		4,919,862		4,838,363		— %		2 %
Goodwill and core deposit intangible assets		192,731		194,085		200,770		(1) %		(4) %
Other assets		297,387		300,168		311,223		(1) %		(4) %
Total assets		$     6,961,581		$     6,974,584		$     6,964,785		— %		— %
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits:
Non-interest checking		$     1,077,696		$     1,113,450		$     1,132,648		(3) %		(5) %
Interest checking		1,770,622		1,703,971		1,714,944		4 %		3 %
Savings and money market		1,966,149		1,910,708		1,828,332		3 %		8 %
Certificates of deposit		652,002		679,087		703,873		(4) %		(7) %
Brokered deposits		118,883		130,565		217,681		(9) %		(45) %
Total deposits		5,585,352		5,537,781		5,597,478		1 %		— %
Short-term borrowings		513,429		581,780		567,436		(12) %		(10) %
Long-term borrowings		1,000		1,000		—		— %		N.M.
Junior subordinated debentures		61,590		61,515		61,290		— %		— %
Accrued interest and other liabilities		90,203		95,950		98,527		(6) %		(8) %
Total liabilities		6,251,574		6,278,026		6,324,731		— %		(1) %
Commitments and Contingencies
Shareholders' Equity
Common stock, no par value		214,693		215,797		213,589		(1) %		1 %
Retained earnings		559,885		545,149		508,720		3 %		10 %
Accumulated other comprehensive loss:
Net unrealized loss on debt securities, net of tax		(71,141)		(70,405)		(89,613)		1 %		(21) %
Net unrealized gain on cash flow hedging derivative instruments, net of tax		6,042		5,478		6,953		10 %		(13) %
Net unrecognized gain on postretirement plans, net of tax		528		539		405		(2) %		30 %
Total accumulated other comprehensive loss		(64,571)		(64,388)		(82,255)		— %		(21) %
Total shareholders' equity		710,007		696,558		640,054		2 %		11 %
Total liabilities and shareholders' equity		$     6,961,581		$     6,974,584		$     6,964,785		— %		— %

N.M. = Not meaningful

 

Consolidated Statements of Income Data (unaudited)
		For The Three Months Ended
(In thousands, except per share data)		March 31, 2026		December 31, 2025		March 31, 2025		% Change Mar 2026 vs. Dec 2025		% Change Mar 2026 vs. Mar 2025
Interest Income
Interest and fees on loans		$        66,679		$        70,032		$        66,549		(5) %		— %
Taxable interest on investments		10,296		10,489		9,772		(2) %		5 %
Nontaxable interest on investments		455		455		468		— %		(3) %
Dividend income		413		457		520		(10) %		(21) %
Other interest income		528		610		1,086		(13) %		(51) %
Total interest income		78,371		82,043		78,395		(4) %		— %
Interest Expense
Interest on deposits		21,648		23,353		24,621		(7) %		(12) %
Interest on borrowings		3,476		3,867		4,018		(10) %		(13) %
Interest on junior subordinated debentures		889		905		898		(2) %		(1) %
Total interest expense		26,013		28,125		29,537		(8) %		(12) %
Net interest income		52,358		53,918		48,858		(3) %		7 %
Provision for credit losses		553		2,969		9,429		(81) %		N.M.
Net interest income after provision for credit losses		51,805		50,949		39,429		2 %		31 %
Non-Interest Income
Debit card income		3,422		4,689		3,233		(27) %		6 %
Service charges on deposit accounts		2,158		2,558		2,318		(16) %		(7) %
Income from fiduciary services		2,014		1,927		1,838		5 %		10 %
Brokerage and insurance commissions		1,735		1,674		1,697		4 %		2 %
Mortgage banking income, net		828		863		508		(4) %		63 %
Bank-owned life insurance		791		820		660		(4) %		20 %
Other income		1,032		1,603		942		(36) %		10 %
Total non-interest income		11,980		14,134		11,196		(15) %		7 %
Non-Interest Expense
Salaries and employee benefits		19,615		20,077		20,243		(2) %		(3) %
Furniture, equipment and data processing		4,644		4,571		4,731		2 %		(2) %
Net occupancy costs		3,059		2,795		3,033		9 %		1 %
Debit card expense		1,616		1,653		1,690		(2) %		(4) %
Amortization of core deposit intangible assets		1,354		1,474		1,473		(8) %		(8) %
Regulatory assessments		907		1,146		986		(21) %		(8) %
Consulting and professional fees		921		999		1,498		(8) %		(39) %
Merger and acquisition costs		—		41		7,525		(100) %		(100) %
Other real estate owned and collection costs, net		6		43		90		(86) %		(93) %
Other expenses		3,586		4,061		3,182		(12) %		13 %
Total non-interest expense		35,708		36,860		44,451		(3) %		(20) %
Income before income tax expense (benefit)		28,077		28,223		6,174		(1) %		355 %
Income Tax Expense (Benefit)		6,194		5,664		(1,152)		9 %		(638) %
Net Income		$        21,883		$        22,559		$         7,326		(3) %		199 %
Per Share Data
Basic earnings per share		$          1.29		$          1.34		$          0.43		(4) %		200 %
Diluted earnings per share		$          1.29		$          1.33		$          0.43		(3) %		200 %

N.M. = Not meaningful

 

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, 2026		December 31, 2025		March 31, 2025		March 31, 2026		December 31, 2025		March 31, 2025
Assets
Interest-earning assets:
Interest-bearing deposits in other banks and other interest-earning assets		$       32,360		$       42,711		$       84,211		4.70 %		4.20 %		4.44 %
Investments - taxable		1,395,629		1,393,828		1,375,818		3.11 %		3.18 %		3.04 %
Investments - nontaxable(1)		61,137		61,184		62,485		3.77 %		3.77 %		3.79 %
Loans(2):
Commercial real estate		2,183,289		2,182,891		2,065,534		5.61 %		5.79 %		5.69 %
Commercial(1)		360,451		371,987		409,037		6.12 %		6.36 %		6.37 %
Municipal(1)		51,070		93,664		90,554		5.18 %		4.65 %		6.17 %
Residential real estate		2,018,838		2,031,695		2,034,024		4.77 %		4.87 %		4.71 %
Home equity		336,593		323,238		283,516		6.67 %		6.94 %		7.27 %
Consumer		16,769		17,718		19,631		9.43 %		9.40 %		9.13 %
Total loans		4,967,010		5,021,193		4,902,296		5.39 %		5.52 %		5.45 %
Total interest-earning assets		6,456,136		6,518,916		6,424,810		4.88 %		5.00 %		4.91 %
Other assets		477,500		479,563		477,556
Total assets		$    6,933,636		$    6,998,479		$    6,902,366
Liabilities & Shareholders' Equity
Deposits:
Non-interest checking		$    1,088,115		$    1,174,537		$    1,107,398		— %		— %		— %
Interest checking		1,682,848		1,674,762		1,703,056		1.60 %		1.73 %		1.85 %
Savings		1,114,741		1,059,967		894,803		1.41 %		1.36 %		0.98 %
Money market		815,112		832,435		918,637		2.32 %		2.46 %		2.63 %
Certificates of deposit		665,552		690,278		706,851		3.17 %		3.38 %		3.72 %
Total deposits		5,366,368		5,431,979		5,330,745		1.54 %		1.61 %		1.70 %
Borrowings:
Brokered deposits		129,178		127,995		196,510		3.99 %		4.21 %		4.62 %
Customer repurchase agreements		256,619		264,926		236,437		0.93 %		1.05 %		1.29 %
Junior subordinated debentures		61,545		61,479		61,282		5.85 %		5.84 %		5.94 %
Other borrowings		324,853		338,290		348,402		3.60 %		3.71 %		3.80 %
Total borrowings		772,195		792,690		842,631		2.96 %		3.07 %		3.44 %
Total funding liabilities		6,138,563		6,224,669		6,173,376		1.72 %		1.79 %		1.94 %
Other liabilities		89,737		85,874		103,201
Shareholders' equity		705,336		687,936		625,789
Total liabilities & shareholders' equity		$    6,933,636		$    6,998,479		$    6,902,366
Net interest rate spread (fully-taxable equivalent)								3.16 %		3.21 %		2.97 %
Net interest margin (fully-taxable equivalent)								3.24 %		3.29 %		3.04 %
Core net interest margin (fully-taxable equivalent)(3)								2.92 %		2.92 %		2.68 %

(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.
(3)	This is a non-GAAP measure. Please see "Reconciliation of non-GAAP to GAAP Financial Measures (unaudited)."

 

Asset Quality Data (unaudited)
(In thousands)		At or for the Three Months Ended March 31, 2026		At or for the Year Ended December 31, 2025		At or for the Nine Months Ended September 30, 2025		At or for the Six Months Ended June 30, 2025		At or for the Three Months Ended March 31, 2025
Non-accrual loans:
Residential real estate		$        2,252		$        2,667		$        3,393		$        3,678		$        4,322
Commercial real estate		5,420		639		134		145		271
Commercial		2,689		3,042		4,103		13,514		1,803
Home equity		596		672		697		834		848
Consumer		2		3		3		6		7
Total non-accrual loans		10,959		7,023		8,330		18,177		7,251
Accruing loans past due 90 days		—		—		—		—		—
Total non-performing loans		10,959		7,023		8,330		18,177		7,251
Other real estate owned		—		—		—		72		72
Total non-performing assets		$       10,959		$        7,023		$        8,330		$       18,249		$        7,323
Loans 30-89 days past due:
Residential real estate		$          772		$        1,565		$          725		$        1,519		$        1,754
Commercial real estate		569		5,284		5,014		1,120		380
Commercial		1,350		541		1,865		884		767
Home equity		328		713		456		457		301
Consumer		58		59		37		134		139
Total loans 30-89 days past due		$        3,077		$        8,162		$        8,097		$        4,114		$        3,341
ACL on loans at the beginning of the period		$       45,276		$       35,728		$       35,728		$       35,728		$       35,728
ACL established on acquired PCD loans(1)		—		3,071		3,071		3,071		3,071
Provision for loan losses		806		22,031		19,009		15,469		8,873
Charge-offs:
Residential real estate		—		4		4		4		4
Commercial real estate		—		3,220		218		191		191
Commercial		627		12,659		12,320		1,245		896
Home equity		—		21		21		3		3
Consumer		43		185		152		102		26
Total charge-offs		670		16,089		12,715		1,545		1,120
Total recoveries		(164)		(535)		(408)		(299)		(171)
Net charge-offs		506		15,554		12,307		1,246		949
ACL on loans at the end of the period		$       45,576		$       45,276		$       45,501		$       53,022		$       46,723
Components of ACL:
ACL on loans		$       45,576		$       45,276		$       45,501		$       53,022		$       46,723
ACL on off-balance sheet credit exposures(2)		2,810		3,064		3,117		3,685		3,362
ACL, end of period		$       48,386		$       48,340		$       48,618		$       56,707		$       50,085
Ratios:
Non-performing loans to total loans		0.22 %		0.14 %		0.17 %		0.37 %		0.15 %
Non-performing assets to total assets		0.16 %		0.10 %		0.12 %		0.26 %		0.11 %
ACL on loans to total loans		0.92 %		0.91 %		0.91 %		1.08 %		0.96 %
Net charge-offs to average loans (annualized):
Quarter-to-date		0.04 %		0.26 %		0.89 %		0.02 %		0.08 %
Year-to-date		0.04 %		0.31 %		0.33 %		0.05 %		0.08 %
ACL on loans to non-performing loans		415.88 %		644.68 %		546.23 %		291.70 %		644.37 %
Loans 30-89 days past due to total loans		0.06 %		0.16 %		0.16 %		0.08 %		0.07 %

(1)	Purchase credit deteriorated ("PCD").
(2)	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, 2026		December 31, 2025		March 31, 2025
Adjusted Net Income:
Net income, as presented		$      21,883		$      22,559		$        7,326
Adjustments before taxes:
Provision for non-PCD acquired loans		—		—		6,294
Provision for acquired unfunded commitments		—		—		249
Merger and acquisition costs		—		41		7,525
Total adjustments before taxes		—		41		14,068
Tax impact of above adjustments, as applicable(1)		—		(9)		(3,205)
Adjustment for deferred tax valuation adjustment(2)		—		—		(2,421)
Adjusted net income		$      21,883		$      22,591		$      15,768
Adjusted Diluted Earnings per Share:
Diluted earnings per share, as presented		$         1.29		$         1.33		$         0.43
Adjustments before taxes:
Provision for non-PCD acquired loans		—		—		0.37
Provision for acquired unfunded commitments		—		—		0.01
Merger and acquisition costs		—		—		0.45
Total adjustments before taxes		—		—		0.83
Tax impact of above adjustments, as applicable(1)		—		—		(0.19)
Adjustment for deferred tax valuation adjustment(2)		—		—		(0.14)
Adjusted diluted earnings per share		$         1.29		$         1.33		$         0.93
Adjusted Return on Average Assets:
Return on average assets, as presented		1.28 %		1.28 %		0.43 %
Adjustments before taxes:
Provision for non-PCD acquired loans		— %		— %		0.37 %
Provision for acquired unfunded commitments		— %		— %		0.01 %
Merger and acquisition costs		— %		— %		0.44 %
Total adjustments before taxes		— %		— %		0.82 %
Tax impact of above adjustments, as applicable(1)		— %		— %		(0.19) %
Adjustment for deferred tax valuation adjustment(2)		— %		— %		(0.14) %
Adjusted return on average assets		1.28 %		1.28 %		0.92 %
Adjusted Return on Average Equity:
Return on average equity, as presented		12.58 %		13.01 %		4.75 %
Adjustments before taxes:
Provision for non-PCD acquired loans		— %		— %		4.08 %
Provision for acquired unfunded commitments		— %		— %		0.16 %
Merger and acquisition costs		— %		0.02 %		4.88 %
Total adjustments before taxes		— %		0.02 %		9.12 %
Tax impact of above adjustments, as applicable(1)		— %		— %		(2.08) %
Adjustment for deferred tax valuation adjustment(2)		— %		— %		(1.57) %
Adjusted return on average equity		12.58 %		13.03 %		10.22 %

(1)	Calculated using an estimated combined marginal income tax rate of 23%.
(2)	A one-time deferred tax valuation adjustment of $2.4 million resulted from a change in the apportionment of state income taxes due to the Northway acquisition.

 

Pre-Tax, Pre-Provision Income and Adjusted Pre-Tax, Pre-Provision Income:
		For the Three Months Ended
(In thousands)		March 31, 2026		December 31, 2025		March 31, 2025
Net income, as presented		$         21,883		$         22,559		$          7,326
Adjustment for provision for credit losses		553		2,969		9,429
Adjustment for income tax expense (benefit)		6,194		5,664		(1,152)
Pre-tax, pre-provision income		28,630		31,192		15,603
Adjustment for merger and acquisition costs		—		41		7,525
Adjusted pre-tax, pre-provision income		$         28,630		$         31,233		$         23,128

 

Efficiency Ratio:
		For the Three Months Ended
(Dollars in thousands)		March 31, 2026		December 31, 2025		March 31, 2025
Non-interest expense, as presented		$       35,708		$       36,860		$       44,451
Adjustment for merger and acquisition costs		—		(41)		(7,525)
Adjustment for amortization of core deposit intangible assets		(1,354)		(1,474)		(1,473)
Adjusted non-interest expense		$       34,354		$       35,345		$       35,453
Net interest income, as presented		$       52,358		$       53,918		$       48,858
Adjustment for the effect of tax-exempt income(1)		225		331		326
Non-interest income, as presented		11,980		14,134		11,196
Adjusted net interest income plus non-interest income		$       64,563		$       68,383		$       60,380
GAAP efficiency ratio		55.50 %		54.16 %		74.02 %
Non-GAAP efficiency ratio		53.21 %		51.69 %		58.72 %

(1)	Reported on a tax-equivalent basis using a 21% income tax rate.

 

Return on Average Tangible Equity and Adjusted Return on Average Tangible Equity:
		For the Three Months Ended
(Dollars in thousands)		March 31, 2026		December 31, 2025		March 31, 2025
Return on Average Tangible Equity:
Net income, as presented		$       21,883		$       22,559		$        7,326
Adjustment for amortization of core deposit intangible assets		1,354		1,474		1,473
Tax impact of above adjustment(1)		(311)		(339)		(339)
Net income, adjusted for amortization of core deposit intangible assets		$       22,926		$       23,694		$        8,460
Average equity, as presented		$      705,336		$      687,936		$      625,789
Adjustment for average goodwill and core deposit intangible assets		(193,554)		(194,800)		(200,125)
Average tangible equity		$      511,782		$      493,136		$      425,664
Return on average equity		12.58 %		13.01 %		4.75 %
Return on average tangible equity		18.17 %		19.06 %		8.06 %
Adjusted Return on Average Tangible Equity:
Adjusted net income (refer to the "Adjusted Net Income" non-GAAP reconciliation table)		$       21,883		$       22,591		$       15,768
Adjustment for amortization of core deposit intangible assets		1,354		1,474		1,473
Tax impact of above adjustment(1)		(311)		(339)		(339)
Adjusted net income, adjusted for amortization of core deposit intangible assets		$       22,926		$       23,726		$       16,902
Adjusted return on average tangible equity		18.17 %		19.09 %		16.10 %

(1)	Calculated using an estimated combined marginal income tax rate of 23%.

 

Core Net Interest Margin (fully-taxable equivalent):
		For the Three Months Ended
(In thousands)		March 31, 2026		December 31, 2025		March 31, 2025
Net interest margin, tax equivalent, as presented		3.24 %		3.29 %		3.04 %
Net accretion income on loans from purchase accounting(1)		(0.26) %		(0.31) %		(0.30) %
Net accretion income on investments from purchase accounting(2)		(0.06) %		(0.07) %		(0.07) %
Net amortization on time deposits and borrowings from purchase accounting(3)		— %		0.01 %		0.01 %
Core net interest margin (fully-taxable equivalent)		2.92 %		2.92 %		2.68 %

(1)	Recognized $3.7 million, $4.6 million and $4.3 million of net accretion income on loans from purchase accounting for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively.
(2)	Recognized $759,000, $857,000 and $831,000 of net accretion income on investments from purchase accounting for the three ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively.
(3)	Recognized $75,000 of amortization expense on borrowings from purchase accounting for the three months ended March, 31, 2026 and $131,000 of amortization expense on time deposits and borrowings from purchase accounting for the three months ended December 31, 2025 and March 31, 2025.

 

Tangible Book Value Per Share and Tangible Common Equity Ratio:
(In thousands, except number of shares, per share data and ratios)		March 31, 2026		December 31, 2025		March 31, 2025
Tangible Book Value Per Share:
Shareholders' equity, as presented		$     710,007		$     696,558		$     640,054
Adjustment for goodwill and core deposit intangible assets		(192,731)		(194,085)		(200,770)
Tangible shareholders' equity		$     517,276		$     502,473		$     439,284
Shares outstanding at period end		16,914,371		16,924,310		16,885,571
Book value per share		$        41.98		$        41.16		$        37.91
Tangible book value per share		$        30.58		$        29.69		$        26.02
Tangible Common Equity Ratio:
Total assets		$   6,961,581		$   6,974,584		$   6,964,785
Adjustment for goodwill and core deposit intangible assets		(192,731)		(194,085)		(200,770)
Tangible assets		$   6,768,850		$   6,780,499		$   6,764,015
Common equity ratio		10.20 %		9.99 %		9.19 %
Tangible common equity ratio		7.64 %		7.41 %		6.49 %

 

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SOURCE Camden National Corporation

FAQ

What were Camden National (CAC) Q1 2026 earnings and EPS?

Camden National reported Q1 2026 net income of $21.9 million and diluted EPS of $1.29. According to Camden National, adjusted net income and adjusted diluted EPS matched GAAP amounts at $21.9 million and $1.29, respectively.

How did Camden National's deposits and loans change in Q1 2026 (CAC)?

Deposits rose 1% to $5.6 billion while total loans held steady at $5.0 billion. According to Camden National, deposit growth helped reduce higher-cost short-term borrowings by $68.3 million during the quarter.

What dividend did Camden National (CAC) declare for Q1 2026 and when is it payable?

Camden National declared a cash dividend of $0.42 per share, payable April 30, 2026 to shareholders of record April 15, 2026. According to Camden National, this represents an annualized yield of 3.54% based on the March 31, 2026 close.

What drove the quarter-over-quarter change in Camden National's net interest margin (CAC)?

Net interest margin fell 5 basis points to 3.24%, primarily due to lower fair value mark accretion income and a 1% decline in average interest-earning assets. According to Camden National, core net interest margin remained unchanged at 2.92%.

Are Camden National's capital and asset-quality metrics strong after Q1 2026 (CAC)?

Yes. Camden National reported CET1 of 12.01%, Tier 1 leverage of 9.43%, non-performing assets of 0.16% of assets, and ACL on loans of 0.92%. According to Camden National, these metrics remain well above regulatory requirements.