Camden National Corporation Reports Third Quarter 2025 Earnings

Rhea-AI Summary

Camden National Corporation (NASDAQ: CAC) reported record Q3 2025 net income of $21.2 million and diluted EPS of $1.25, each up 51% versus Q2 2025. Key operating metrics improved: net interest margin rose 10 bps to 3.16%, GAAP efficiency ratio improved to 54.94% (non-GAAP 52.47%), and loans totaled $5.0 billion. Book value per share increased to $39.97 and tangible book value per share to $28.42. The board declared a $0.42 quarterly cash dividend payable October 31, 2025.

Positive

• Net income +51% quarter-over-quarter to $21.2 million
• Diluted EPS $1.25, up 51% vs Q2 2025
• Net interest margin +10 bps to 3.16%
• Loans $5.00 billion, 4% annualized growth
• GAAP efficiency ratio improved to 54.94%
• Book value per share $39.97, tangible book value $28.42
• Assets under administration +11% to $2.4 billion

Negative

• Deposits down 2% quarter-over-quarter to $5.40 billion
• Charge-off of $10.7 million on syndicated loan during Q3 2025
• Allowance for credit losses on loans declined to 0.91% of loans
• Loan-to-deposit ratio rose to 93% from 89% at June 30, 2025

Insights

Banking Financial Analyst

Camden National reported record Q3 results, with material improvements in earnings, margins, efficiency, and capital after the Northway acquisition.

Camden National delivered record net income of $21.2 million and diluted EPS of $1.25 for the quarter ended September 30, 2025, each up 51% versus the prior quarter. Net interest income rose to $51.3 million driven by a 10 basis-point expansion in net interest margin to 3.16%, and pre-tax, pre-provision income (non-GAAP) improved to $29.5 million (19% sequential increase). These moves explain the improved GAAP and non-GAAP efficiency ratios of 54.94% and 52.47%, respectively, and stronger returns: ROAA 1.21% and ROAE 12.75%.

Key dependencies and risks remain clear and are consistent with disclosed facts. The company reduced its ACL on loans to 0.91% of loans following the partial charge-off of a syndicated loan tied to a bankruptcy; the third-quarter provision included a $10.7 million charge-off. Deposits declined 2% sequentially to $5.4 billion, pushing the loan-to-deposit ratio to 93%. Regulatory capital ratios—CET1 at 11.17%, Tier 1 leverage at 8.94%—remain above requirements, with management noting continued rebuilding of capital post-acquisition.

Watch near-term operational and capital metrics over the next 1–4 quarters: integration-related cost synergies and M&A expense trends (non-interest expense excluding amortization and M&A was $34.1 million this quarter), deposit stability excluding brokered balances, and reserve dynamics given the syndicated loan resolution and ACL decline. The announced cash dividend of $0.42 per share payable October 31, 2025 and tangible book value per share of $28.42 are concrete items to monitor in upcoming filings and the company webcast on October 28, 2025.

Camden National Reports Record Net Income of $21.2 Million for the Third Quarter

CAMDEN, Maine, Oct. 28, 2025 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; "Camden National" or the "Company") reported earnings for the quarter ended September 30, 2025, of $21.2 million and diluted earnings per share ("EPS") of $1.25, both increases of 51%, compared to the second quarter of 2025. For the third quarter ended September 30, 2025, the Company reported a return on average assets of 1.21%, a return on average equity of 12.75% and a return on average tangible equity (non-GAAP) of 19.14%.

"We are proud to report record third quarter earnings of $21.2 million, setting a new highwater mark for the organization, and diluted earnings per share of $1.25, marking our strongest quarterly performance since 2021," said Simon Griffiths, President and Chief Executive Officer of Camden National. "These financial results reflect the strength and resilience of our core franchise and mark a pivotal moment for the organization. With the successful acquisition and integration of Northway Financial, Inc. earlier this year, we are well-positioned to accelerate growth and deliver sustained value for our shareholders."

THIRD QUARTER 2025 HIGHLIGHTS

• Net income for the third quarter of 2025 totaled $21.2 million, an increase of 51% over the second quarter of 2025, and, on a non-GAAP basis, pre-tax, pre-provision income increased 19% over the same period to $29.5 million for the third quarter of 2025.
• Net interest margin for the third quarter of 2025 increased 10 basis points to 3.16%, compared to the second quarter of 2025.
• The GAAP efficiency ratio for the third quarter of 2025 was 54.94% and was 52.47% on a non-GAAP basis, improving from 60.37% and 55.47%, respectively, compared to the second quarter of 2025.
• Loans for the third quarter of 2025 grew 4% on an annualized basis.
• Book value per share increased 4% during the third quarter of 2025 to $39.97 at September 30, 2025, and tangible book value per share (non-GAAP) increased 6% during the same period to $28.42 at September 30, 2025.

FINANCIAL CONDITION

As of September 30, 2025, total assets were $7.0 billion, representing a 1% increase since June 30, 2025.

Investments totaled $1.4 billion on September 30, 2025, representing a 1% increase from June 30, 2025. The duration of the Company's total investment portfolio was 5.1 years as of September 30, 2025, compared to 5.3 years as of June 30, 2025.

Loans totaled $5.0 billion on September 30, 2025, representing a 1% increase compared to the second quarter of 2025. The increase during the third quarter was driven by a 4% increase in the commercial real estate loan portfolio and a 5% increase in the home equity loan portfolio.

Deposits totaled $5.4 billion as of September 30, 2025, representing a 2% decrease from June 30, 2025. Excluding brokered deposits, average deposits grew by 2% during the third quarter of 2025, driven by seasonal inflows during the summer months across our markets. As of September 30, 2025, the Company's loan-to-deposit ratio was 93%, compared to 89% at June 30, 2025.

As of September 30, 2025, the Company's common equity Tier 1 risk-based capital ratio was 11.17%, Tier 1 risk-based capital ratio was 12.47%, total risk-based capital ratio was 13.47% and Tier 1 leverage ratio was 8.94%. The Company's regulatory capital ratios continue to be well in excess of regulatory capital requirements and continue to improve as the Company rebuilds its capital position following the acquisition of Northway Financial, Inc. ("Northway") in the first quarter of 2025.

The Company announced a cash dividend of $0.42 per share, representing an annualized dividend yield of 4.35%, based on the Company's closing share price of $38.59 as reported by NASDAQ on September 30, 2025. The dividend will be payable on October 31, 2025, to shareholders of record on October 15, 2025.

ASSET QUALITY

Overall, the Company's asset quality remains strong as of September 30, 2025, as evident in its asset quality metrics, highlighted by non-performing assets of 0.12% of total assets and past-due loans of 0.16% of total loans.

At June 30, 2025, the Company proactively disclosed and carried a specific reserve of $6.0 million on a syndicated loan in which the Company participated for a telecommunication services company that had entered into bankruptcy. During the third quarter of 2025, the Company charged-off $10.7 million of the $12.2 million carrying value of the loan due to developments in the bankruptcy proceedings.

The allowance for credit losses ("ACL") on loans was 0.91% of total loans as of September 30, 2025, compared to 1.08% at June 30, 2025. The decrease in the ACL on loans between periods reflects the resolution of the syndicated loan discussed above and the continued strength of the overall loan portfolio. At September 30, 2025, the ACL on loans was 5.5 times total non-performing loans.

FINANCIAL OPERATING RESULTS (Q3 2025 vs. Q2 2025)

Net interest income for the third quarter of 2025 was $51.3 million, an increase of $2.1 million, or 4%, compared to the second quarter of 2025. This growth was driven by net interest margin expansion of 10 basis points and  average loan growth of 1% during the third quarter of 2025.

Provision expense of $3.0 million was recorded for the third quarter of 2025, compared to provision expense of $6.9 million recorded for the second quarter of 2025. An improvement in our forecasted macroeconomic outlook at September 30, 2025, was offset by additional provision expense of $4.7 million for the third quarter of 2025 associated with the partial charge-off for the aforementioned syndication loan.

Non-interest income for the third quarter of 2025 was $14.1 million, an increase of $1.1 million, or 8%, compared to the second quarter of 2025. In 2025, we continue to see strong momentum within our fee income business lines, highlighted by 11% organic growth in assets under administration across our wealth and brokerage business lines to $2.4 billion at September 30, 2025. Additionally, during the third quarter of 2025, the Company sold two non-branch bank properties recognizing a net gain of $675,000 within non-interest income. 

Non-interest expense for the third quarter of 2025 was $35.9 million, a decrease of 4% compared to the second quarter of 2025. The decrease in non-interest expense between periods reflects the reduction in merger and acquisition ("M&A") costs of $1.1 million between periods associated with the Northway acquisition completed on January 2, 2025. Non-interest expense, excluding core deposit intangible amortization and M&A costs, for the third quarter of 2025 totaled $34.1 million, a 2% decrease from the second quarter of 2025, as the Company achieved synergies from the Northway acquisition. For the third quarter of 2025, the Company reported a GAAP and non-GAAP efficiency ratio of 54.94% and 52.47%, respectively, compared to 60.37% and 55.47% for the second quarter of 2025.

Q3 2025 CONFERENCE CALL

Camden National Corporation will host a conference call and webcast at 3:00 p.m. Eastern Time on Tuesday, October 28, 2025, to discuss its third quarter 2025 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
Link for live dial-in (All other locations):		https://www.netroadshow.com/conferencing/global-numbers?confId=89497
Participant access code:		704581
Live webcast:		https://events.q4inc.com/attendee/485415554

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, 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, 2024, as updated by other filings with the Securities and Exchange Commission ("SEC"). Further, statements regarding the potential effects of 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, 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. Statements relating to the Company's recent acquisition of Northway may also be forward-looking statements. Factors that could cause actual results to differ materially from the forward-looking statements include the reaction to the transaction of the Company's customers, employees and counterparties; customer disintermediation; expected synergies, cost savings and other financial benefits of the transaction might not be realized within the expected timeframes or might be less than projected; and credit and interest rate risks associated with Camden's and Northway's respective businesses, customers, borrowings, repayment, investment and deposit practices. 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						At or For The Nine Months Ended
(In thousands, except number of shares and per share data)		September 30, 2025		June 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Financial Condition Data
Loans		$  5,002,927		$   4,931,369		$   4,116,729		$   5,002,927		$   4,116,729
Total assets		6,981,522		6,920,044		5,745,180		6,981,522		5,745,180
Deposits		5,402,758		5,514,712		4,575,226		5,402,758		4,575,226
Shareholders' equity		676,444		652,148		529,900		676,444		529,900
Operating Data and Per Share Data
Net income		$       21,194		$        14,081		$        13,073		$        42,601		$        38,338
Pre-tax, pre-provision income (non-GAAP)(1)		29,470		24,680		16,093		69,753		45,845
Diluted EPS		1.25		0.83		0.90		2.51		2.62
Profitability Ratios
Return on average assets		1.21 %		0.82 %		0.91 %		0.82 %		0.89 %
Return on average equity		12.75 %		8.77 %		10.04 %		8.86 %		10.13 %
Return on average tangible equity (non-GAAP)(1)		19.14 %		13.71 %		12.40 %		13.84 %		12.60 %
GAAP efficiency ratio		54.94 %		60.37 %		64.23 %		62.84 %		64.58 %
Efficiency ratio (non-GAAP)(1)		52.47 %		55.47 %		62.08 %		55.47 %		63.46 %
Net interest margin (fully-taxable equivalent)		3.16 %		3.06 %		2.46 %		3.09 %		2.37 %
Asset Quality Ratios
ACL on loans to total loans		0.91 %		1.08 %		0.86 %		0.91 %		0.86 %
Non-performing loans to total loans		0.17 %		0.37 %		0.13 %		0.17 %		0.13 %
Capital Ratios
Common equity ratio		9.69 %		9.42 %		9.22 %		9.69 %		9.22 %
Tangible common equity ratio (non-GAAP)(1)		7.09 %		6.77 %		7.69 %		7.09 %		7.69 %
Book value per share		$         39.97		$          38.54		$          36.35		$          39.97		$          36.35
Tangible book value per share (non-GAAP)(1)		$         28.42		$          26.90		$          29.82		$          28.42		$          29.82
Tier 1 leverage capital ratio		8.94 %		8.74 %		9.84 %		8.94 %		9.84 %
Total risk-based capital ratio		13.47 %		13.35 %		14.85 %		13.47 %		14.85 %

(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)		September 30, 2025		June 30, 2025		September 30, 2024		% Change Sep 2025 vs. Jun 2025		% Change Sep 2025 vs. Sep 2024
ASSETS
Cash, cash equivalents and restricted cash		$            98,848		$          113,815		$          139,512		(13) %		(29) %
Investments:
Trading securities		5,581		5,326		5,141		5 %		9 %
Available-for-sale securities, at fair value		889,765		860,217		603,211		3 %		48 %
Held-to-maturity securities, at amortized cost		495,007		509,298		526,251		(3) %		(6) %
Other investments		31,185		26,879		22,513		16 %		39 %
Total investments		1,421,538		1,401,720		1,157,116		1 %		23 %
Loans held for sale, at fair value		9,775		22,567		11,706		(57) %		(16) %
Loans:
Commercial real estate		2,173,748		2,089,977		1,707,923		4 %		27 %
Commercial		479,461		506,883		382,507		(5) %		25 %
Residential real estate		2,017,675		2,018,332		1,762,395		— %		14 %
Consumer and home equity		332,043		316,177		263,904		5 %		26 %
Total loans		5,002,927		4,931,369		4,116,729		1 %		22 %
Less: allowance for credit losses on loans		(45,501)		(53,022)		(35,414)		(14) %		28 %
Net loans		4,957,426		4,878,347		4,081,315		2 %		21 %
Goodwill and core deposit intangible assets		195,558		197,031		95,251		(1) %		105 %
Other assets		298,377		306,564		260,280		(3) %		15 %
Total assets		$       6,981,522		$       6,920,044		$       5,745,180		1 %		22 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits:
Non-interest checking		$       1,162,149		$       1,118,080		$          940,702		4 %		24 %
Interest checking		1,535,482		1,663,335		1,445,828		(8) %		6 %
Savings and money market		1,879,770		1,823,275		1,466,541		3 %		28 %
Certificates of deposit		701,031		698,185		553,481		— %		27 %
Brokered deposits		124,326		211,837		168,674		(41) %		(26) %
Total deposits		5,402,758		5,514,712		4,575,226		(2) %		18 %
Short-term borrowings		748,492		599,367		516,336		25 %		45 %
Long-term borrowings		1,000		—		—		N.M.		N.M.
Junior subordinated debentures		61,441		61,365		44,331		— %		39 %
Accrued interest and other liabilities		91,387		92,452		79,387		(1) %		15 %
Total liabilities		6,305,078		6,267,896		5,215,280		1 %		21 %
Commitments and Contingencies
Shareholders' Equity
Common stock, no par value		215,145		214,365		116,072		— %		85 %
Retained earnings		529,721		515,662		500,927		3 %		6 %
Accumulated other comprehensive loss:
Net unrealized loss on debt securities, net of tax		(74,348)		(84,324)		(91,349)		(12) %		(19) %
Net unrealized gain on cash flow hedging derivative instruments, net of tax		5,532		6,045		4,506		(8) %		23 %
Net unrecognized gain (loss) on postretirement plans, net of tax		394		400		(256)		(2) %		(254) %
Total accumulated other comprehensive loss		(68,422)		(77,879)		(87,099)		(12) %		(21) %
Total shareholders' equity		676,444		652,148		529,900		4 %		28 %
Total liabilities and shareholders' equity		$       6,981,522		$       6,920,044		$       5,745,180		1 %		22 %
N.M. = Not meaningful

 

Consolidated Statements of Income Data (unaudited)
		For The Three Months Ended
(In thousands, except per share data)		September 30, 2025		June 30, 2025		September 30, 2024		% Change Sep 2025 vs. Jun 2025		% Change Sep 2025 vs. Sep 2024
Interest Income
Interest and fees on loans		$            69,070		$            67,477		$            55,484		2 %		24 %
Taxable interest on investments		10,314		10,257		6,622		1 %		56 %
Nontaxable interest on investments		456		455		462		— %		(1) %
Dividend income		470		493		389		(5) %		21 %
Other interest income		584		641		764		(9) %		(24) %
Total interest income		80,894		79,323		63,721		2 %		27 %
Interest Expense
Interest on deposits		24,719		24,594		25,051		1 %		(1) %
Interest on borrowings		4,039		4,620		4,549		(13) %		(11) %
Interest on junior subordinated debentures		864		900		534		(4) %		62 %
Total interest expense		29,622		30,114		30,134		(2) %		(2) %
Net interest income		51,272		49,209		33,587		4 %		53 %
Provision for credit losses		2,972		6,920		239		(57) %		N.M.
Net interest income after provision for credit losses		48,300		42,289		33,348		14 %		45 %
Non-Interest Income
Debit card income		3,704		3,646		3,169		2 %		17 %
Service charges on deposit accounts		2,570		2,405		2,168		7 %		19 %
Income from fiduciary services		1,884		1,981		1,817		(5) %		4 %
Brokerage and insurance commissions		1,850		1,794		1,414		3 %		31 %
Mortgage banking income, net		1,092		1,060		973		3 %		12 %
Bank-owned life insurance		957		1,003		709		(5) %		35 %
Other income		2,068		1,178		1,156		76 %		79 %
Total non-interest income		14,125		13,067		11,406		8 %		24 %
Non-Interest Expense
Salaries and employee benefits		20,089		19,392		16,545		4 %		21 %
Furniture, equipment and data processing		4,173		4,294		3,578		(3) %		17 %
Net occupancy costs		2,666		2,693		1,890		(1) %		41 %
Debit card expense		1,745		1,725		1,368		1 %		28 %
Amortization of core deposit intangible assets		1,473		1,473		139		— %		N.M.
Regulatory assessments		1,020		1,127		784		(9) %		30 %
Consulting and professional fees		810		1,310		788		(38) %		3 %
Merger and acquisition costs		315		1,405		727		(78) %		(57) %
Other real estate owned and collection costs, net		46		91		94		(49) %		(51) %
Other expenses		3,590		4,086		2,987		(12) %		20 %
Total non-interest expense		35,927		37,596		28,900		(4) %		24 %
Income before income tax expense		26,498		17,760		15,854		49 %		67 %
Income Tax Expense		5,304		3,679		2,781		44 %		91 %
Net Income		$            21,194		$             14,081		$             13,073		51 %		62 %
Per Share Data
Basic earnings per share		$                1.25		$                 0.84		$                 0.90		49 %		39 %
Diluted earnings per share		$                1.25		$                 0.83		$                 0.90		51 %		39 %

N.M. = Not meaningful

 

Consolidated Statements of Income Data (unaudited)
		For The Nine Months Ended
(In thousands, except per share data)		September 30, 2025		September 30, 2024		% Change Sep 2025 vs. Sep 2024
Interest Income
Interest and fees on loans		$          203,096		$          160,615		26 %
Taxable interest on investments		30,343		20,456		48 %
Nontaxable interest on investments		1,379		1,388		(1) %
Dividend income		1,483		1,222		21 %
Other interest income		2,311		2,385		(3) %
Total interest income		238,612		186,066		28 %
Interest Expense
Interest on deposits		73,934		72,398		2 %
Interest on borrowings		12,677		15,032		(16) %
Interest on junior subordinated debentures		2,662		1,592		67 %
Total interest expense		89,273		89,022		— %
Net interest income		149,339		97,044		54 %
Provision (credit) for credit losses		19,321		(1,213)		N.M.
Net interest income after provision (credit) for credit losses		130,018		98,257		32 %
Non-Interest Income
Debit card income		10,583		9,104		16 %
Service charges on deposit accounts		7,293		6,308		16 %
Income from fiduciary services		5,703		5,436		5 %
Brokerage and insurance commissions		5,341		4,094		30 %
Mortgage banking income, net		2,660		2,297		16 %
Bank-owned life insurance		2,620		2,086		26 %
Other income		4,188		3,048		37 %
Total non-interest income		38,388		32,373		19 %
Non-Interest Expense
Salaries and employee benefits		59,724		48,100		24 %
Furniture, equipment and data processing		13,198		10,704		23 %
Merger and acquisition costs		9,245		727		N.M.
Net occupancy costs		8,392		5,941		41 %
Debit card expense		5,160		3,943		31 %
Amortization of core deposit intangible assets		4,419		417		N.M.
Consulting and professional fees		3,618		2,797		29 %
Regulatory assessments		3,133		2,454		28 %
Other real estate owned and collection costs, net		227		151		50 %
Other expenses		10,858		8,338		30 %
Total non-interest expense		117,974		83,572		41 %
Income before income tax expense		50,432		47,058		7 %
Income Tax Expense		7,831		8,720		(10) %
Net Income		$            42,601		$             38,338		11 %
Per Share Data
Basic earnings per share		$                2.52		$                 2.63		(4) %
Diluted earnings per share		$                2.51		$                 2.62		(4) %

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)		September 30, 2025		June 30, 2025		September 30, 2024		September 30, 2025		June 30, 2025		September 30, 2024
Assets
Interest-earning assets:
Interest-bearing deposits in other banks and other interest-earning assets		$           38,170		$            43,530		$            48,914		4.45 %		4.47 %		4.66 %
Investments - taxable		1,380,042		1,396,669		1,138,979		3.17 %		3.12 %		2.53 %
Investments - nontaxable(1)		61,114		61,044		61,864		3.77 %		3.78 %		3.78 %
Loans(2):
Commercial real estate		2,123,138		2,076,129		1,706,509		5.72 %		5.72 %		5.41 %
Commercial(1)		398,870		407,677		375,944		6.26 %		6.17 %		6.51 %
Municipal(1)		97,113		82,768		17,186		4.76 %		4.68 %		5.17 %
Residential real estate		2,033,136		2,037,852		1,780,665		4.86 %		4.84 %		4.53 %
Consumer and home equity		323,753		308,938		264,178		7.38 %		7.36 %		7.96 %
Total loans		4,976,010		4,913,364		4,144,482		5.50 %		5.48 %		5.29 %
Total interest-earning assets		6,455,336		6,414,607		5,394,239		4.98 %		4.94 %		4.69 %
Other assets		469,590		471,188		317,319
Total assets		$      6,924,926		$       6,885,795		$       5,711,558
Liabilities & Shareholders' Equity
Deposits:
Non-interest checking		$      1,163,310		$       1,103,025		$          934,403		— %		— %		— %
Interest checking		1,622,869		1,636,620		1,440,374		1.82 %		1.84 %		2.56 %
Savings		1,011,847		959,987		679,118		1.34 %		1.20 %		0.95 %
Money market		842,043		848,604		760,977		2.69 %		2.66 %		3.46 %
Certificates of deposit		698,948		703,091		565,063		3.50 %		3.57 %		3.85 %
Total deposits		5,339,017		5,251,327		4,379,935		1.69 %		1.70 %		2.09 %
Borrowings:
Brokered deposits		176,508		207,672		156,618		4.51 %		4.53 %		5.25 %
Customer repurchase agreements		246,775		234,491		190,936		1.18 %		1.31 %		1.92 %
Junior subordinated debentures		61,404		61,325		44,331		5.58 %		5.88 %		4.79 %
Other borrowings		354,099		398,408		336,899		3.70 %		3.88 %		4.28 %
Total borrowings		838,786		901,896		728,784		3.27 %		3.50 %		3.90 %
Total funding liabilities		6,177,803		6,153,223		5,108,719		1.90 %		1.96 %		2.35 %
Other liabilities		87,495		88,790		84,617
Shareholders' equity		659,628		643,782		518,222
Total liabilities & shareholders' equity		$      6,924,926		$       6,885,795		$       5,711,558
Net interest rate spread (fully-taxable equivalent)								3.08 %		2.98 %		2.34 %
Net interest margin (fully-taxable equivalent)								3.16 %		3.06 %		2.46 %
Core net interest margin (fully-taxable equivalent)(3)								2.82 %		2.70 %		2.46 %

(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)."

 

Year-to-Date Average Balance and Yield/Rate Analysis (unaudited)
		Average Balance				Yield/Rate
		For The Nine Months Ended				For The Nine Months Ended
(Dollars in thousands)		September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Assets
Interest-earning assets:
Interest-bearing deposits in other banks and other interest-earning assets		$            55,276		$            47,893		4.44 %		5.05 %
Investments - taxable		1,384,151		1,163,118		3.11 %		2.55 %
Investments - nontaxable(1)		61,547		62,014		3.78 %		3.78 %
Loans(2):
Commercial real estate		2,088,486		1,696,882		5.71 %		5.15 %
Commercial(1)		405,140		384,402		6.27 %		6.35 %
Municipal(1)		90,161		16,067		5.20 %		4.82 %
Residential real estate		2,035,004		1,775,502		4.80 %		4.47 %
Consumer and home equity		312,024		260,635		7.38 %		7.93 %
Total loans		4,930,815		4,133,488		5.48 %		5.15 %
Total interest-earning assets		6,431,789		5,406,513		4.94 %		4.57 %
Other assets		472,744		315,387
Total assets		$       6,904,533		$       5,721,900
Liabilities & Shareholders' Equity
Deposits:
Non-interest checking		$       1,124,809		$          923,207		— %		— %
Interest checking		1,653,975		1,469,812		1.84 %		2.54 %
Savings		956,006		634,478		1.18 %		0.57 %
Money market		869,446		762,131		2.66 %		3.39 %
Certificates of deposit		702,929		577,007		3.60 %		3.84 %
Total deposits		5,307,165		4,366,635		1.70 %		2.04 %
Borrowings:
Brokered deposits		193,634		146,969		4.55 %		5.28 %
Customer repurchase agreements		239,286		186,401		1.26 %		1.78 %
Junior subordinated debentures		61,337		44,331		5.80 %		4.80 %
Other borrowings		366,814		379,751		3.80 %		4.41 %
Total borrowings		861,071		757,452		3.41 %		3.96 %
Total funding liabilities		6,168,236		5,124,087		1.94 %		2.32 %
Other liabilities		93,096		92,361
Shareholders' equity		643,201		505,452
Total liabilities & shareholders' equity		$       6,904,533		$       5,721,900
Net interest rate spread (fully-taxable equivalent)						3.00 %		2.25 %
Net interest margin (fully-taxable equivalent)						3.09 %		2.37 %
Core net interest margin (fully-taxable equivalent)(3)						2.73 %		2.37 %

(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)."

 

Year-to-Date Organic Loans And Deposits Growth  (Unaudited)
		(A)		(B)		(C)		(D) = (A) - (B) - (C)
(In thousands)		September 30, 2025		December 31, 2024		Northway Acquisition Purchase Accounting(1)		Nine Months Ended September 30, 2025 Organic Growth (Decline)
Loans:
Commercial real estate		$       2,173,748		$       1,711,964		$          360,272		$        101,512		6 %
Commercial		479,461		382,785		106,487		(9,811)		(3) %
Residential real estate		2,017,675		1,752,249		273,349		(7,923)		— %
Consumer and home equity		332,043		268,261		35,555		28,227		11 %
Total loans		$       5,002,927		$       4,115,259		$          775,663		$        112,005		3 %
Deposits:
Non-interest checking		$       1,162,149		$          925,571		$          197,320		$          39,258		4 %
Interest checking		1,535,482		1,483,589		315,891		(263,998)		(18) %
Savings and money market		1,879,770		1,511,589		285,889		82,292		5 %
Certificates of deposit		701,031		532,424		172,573		(3,966)		(1) %
Brokered deposits		124,326		179,994		—		(55,668)		(31) %
Total deposits		$       5,402,758		$       4,633,167		$          971,673		$       (202,082)		(4) %

(1)	Represents fair value marks recorded on loans and deposits as of the acquisition date, January 2, 2025.

 

Asset Quality Data (unaudited)
(In thousands)		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		At or for the Year Ended December 31, 2024		At or for the Nine Months Ended September 30, 2024
Non-accrual loans:
Residential real estate		$             3,393		$             3,678		$             4,322		$             1,891		$             2,497
Commercial real estate		134		145		271		559		130
Commercial		4,103		13,514		1,803		1,927		2,057
Consumer and home equity		700		840		855		452		666
Total non-accrual loans		8,330		18,177		7,251		4,829		5,350
Accruing loans past due 90 days		—		—		—		—		—
Total non-performing loans		8,330		18,177		7,251		4,829		5,350
Other real estate owned		—		72		72		—		—
Total non-performing assets		$             8,330		$           18,249		$             7,323		$             4,829		$             5,350
Loans 30-89 days past due:
Residential real estate		$                725		$             1,519		$             1,754		$                558		$                216
Commercial real estate		5,014		1,120		380		689		239
Commercial		1,865		884		767		393		578
Consumer and home equity		493		591		440		621		358
Total loans 30-89 days past due		$             8,097		$             4,114		$             3,341		$             2,261		$             1,391
ACL on loans at the beginning of the period		$           35,728		$           35,728		$           35,728		$           36,935		$           36,935
ACL established on acquired PCD loans(1)		3,071		3,071		3,071		—		—
Provision (credit) for loan losses		19,009		15,469		8,873		53		(693)
Charge-offs:
Residential real estate		4		4		4		—		—
Commercial real estate		218		191		191		—		—
Commercial		12,320		1,245		896		1,784		1,157
Consumer and home equity		173		105		29		99		83
Total charge-offs		12,715		1,545		1,120		1,883		1,240
Total recoveries		(408)		(299)		(171)		(623)		(412)
Net charge-offs		12,307		1,246		949		1,260		828
ACL on loans at the end of the period		$           45,501		$           53,022		$           46,723		$           35,728		$           35,414
Components of ACL:
ACL on loans		$           45,501		$           53,022		$           46,723		$           35,728		$           35,414
ACL on off-balance sheet credit exposures(2)		3,117		3,685		3,362		2,806		2,743
ACL, end of period		$           48,618		$           56,707		$           50,085		$           38,534		$           38,157
Ratios:
Non-performing loans to total loans		0.17 %		0.37 %		0.15 %		0.12 %		0.13 %
Non-performing assets to total assets		0.12 %		0.26 %		0.11 %		0.08 %		0.09 %
ACL on loans to total loans		0.91 %		1.08 %		0.96 %		0.87 %		0.86 %
Net charge-offs to average loans (annualized):
Quarter-to-date		0.89 %		0.02 %		0.08 %		0.04 %		0.03 %
Year-to-date		0.33 %		0.05 %		0.08 %		0.03 %		0.03 %
ACL on loans to non-performing loans		546.23 %		291.70 %		644.37 %		739.86 %		661.94 %
Loans 30-89 days past due to total loans		0.16 %		0.08 %		0.07 %		0.05 %		0.03 %

(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						For the Nine Months Ended
(In thousands, except number of shares, per share data and ratios)		September 30, 2025		June 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Adjusted Net Income:
Net income, as presented		$          21,194		$          14,081		$          13,073		$          42,601		$          38,338
Adjustments before taxes:
Provision for non-PCD acquired loans		—		—		—		6,294		—
Provision for acquired unfunded commitments		—		—		—		249		—
Merger and acquisition costs		315		1,405		727		9,245		727
Gain on sale of premises and equipment, net		(675)		—		—		(675)		—
Signature Bank bond recovery		—		—		—		—		(910)
Total adjustments before taxes		(360)		1,405		727		15,113		(183)
Tax impact of above adjustments(1)		76		(295)		(153)		(3,145)		38
Adjustment for deferred tax valuation adjustment(2)		—		—		—		(2,421)		—
Adjusted net income		$          20,910		$          15,191		$          13,647		$          52,148		$          38,193
Adjusted Diluted Earnings per Share:
Diluted earnings per share, as presented		$              1.25		$              0.83		$              0.90		$              2.51		$              2.62
Adjustments before taxes:
Provision for non-PCD acquired loans		—		—		—		0.37		—
Provision for acquired unfunded commitments		—		—		—		0.01		—
Merger and acquisition costs		0.02		0.08		0.05		0.55		0.05
Gain on sale of premises and equipment, net		(0.04)		—		—		(0.04)		—
Signature Bank bond recovery		—		—		—		—		(0.06)
Total adjustments before taxes		(0.02)		0.08		0.05		0.89		(0.01)
Tax impact of above adjustments(1)		0.01		(0.02)		(0.01)		(0.18)		—
Adjustment for deferred tax valuation adjustment(2)		—		—		—		(0.14)		—
Adjusted diluted earnings per share		$              1.24		$              0.89		$              0.94		$              3.08		$              2.61
Adjusted Return on Average Assets:
Return on average assets, as presented		1.21 %		0.82 %		0.91 %		0.82 %		0.89 %
Adjustments before taxes:
Provision for non-PCD acquired loans		— %		— %		— %		0.12 %		— %
Provision for acquired unfunded commitments		— %		— %		— %		0.01 %		— %
Merger and acquisition costs		0.02 %		0.09 %		0.05 %		0.18 %		0.02 %
Gain on sale of premises and equipment, net		(0.04) %		— %		— %		(0.01) %		— %
Signature Bank bond recovery		— %		— %		— %		— %		(0.02) %
Total adjustments before taxes		(0.02) %		0.09 %		0.05 %		0.30 %		— %
Tax impact of above adjustments(1)		— %		(0.02) %		(0.01) %		(0.06) %		— %
Adjustment for deferred tax valuation adjustment(2)		— %		— %		— %		(0.05) %		— %
Adjusted return on average assets		1.19 %		0.89 %		0.95 %		1.01 %		0.89 %
Adjusted Return on Average Equity:
Return on average equity, as presented		12.75 %		8.77 %		10.04 %		8.86 %		10.13 %
Adjustments before taxes:
Provision for non-PCD acquired loans		— %		— %		— %		1.31 %		— %
Provision for acquired unfunded commitments		— %		— %		— %		0.05 %		— %
Merger and acquisition costs		0.19 %		0.88 %		0.56 %		1.92 %		0.19 %
Gain on sale of premises and equipment, net		(0.41) %		— %		— %		(0.14) %		— %
Signature Bank bond recovery		— %		— %		— %		— %		(0.24) %
Total adjustments before taxes		(0.22) %		0.88 %		0.56 %		3.14 %		(0.05) %
Tax impact of above adjustments(1)		0.05 %		(0.18) %		(0.12) %		(0.66) %		0.01 %
Adjustment for deferred tax valuation adjustment(2)		— %		— %		— %		(0.50) %		— %
Adjusted return on average equity		12.58 %		9.47 %		10.48 %		10.84 %		10.09 %

(1)	Assumed a 21% tax rate.
(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 merger.

 

Pre-Tax, Pre-Provision Income and Adjusted Pre-Tax, Pre-Provision Income:
		For the Three Months Ended						For the Nine Months Ended
(In thousands)		September 30, 2025		June 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Net income, as presented		$              21,194		$              14,081		$              13,073		$              42,601		$              38,338
Adjustment for provision (credit) for credit losses		2,972		6,920		239		19,321		(1,213)
Adjustment for income tax expense		5,304		3,679		2,781		7,831		8,720
Pre-tax, pre-provision income		29,470		24,680		16,093		69,753		45,845
Adjustment for merger and acquisition costs		315		1,405		727		9,245		727
Adjustment for gain on sale of premises and      equipment, net		(675)		—		—		(675)		—
Adjusted pre-tax, pre-provision income		$              29,110		$              26,085		$              16,820		$              78,323		$              46,572

 

Efficiency Ratio:
		For the Three Months Ended						For the Nine Months Ended
(Dollars in thousands)		September 30, 2025		June 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Non-interest expense, as presented		$           35,927		$           37,596		$           28,900		$         117,974		$           83,572
Adjustment for merger and acquisition costs		(315)		(1,405)		(727)		(9,245)		(727)
Adjustment for amortization of core deposit      intangible assets		(1,473)		(1,473)		(139)		(4,419)		(417)
Adjusted non-interest expense		$           34,139		$           34,718		$           28,034		$         104,310		$           82,428
Net interest income, as presented		$           51,272		$           49,209		$           33,587		$         149,339		$           97,044
Adjustment for the effect of tax-exempt income(1)		344		312		165		982		475
Adjusted net interest income		51,616		49,521		33,752		150,321		97,519
Non-interest income, as presented		14,125		13,067		11,406		38,388		32,373
Adjustment for gain on sale of premises and      equipment, net		(675)		—		—		(675)		—
Adjusted non-interest income		13,450		13,067		11,406		37,713		32,373
Adjusted net interest income plus adjusted non-      interest income		$           65,066		$           62,588		$           45,158		$         188,034		$         129,892
GAAP efficiency ratio		54.94 %		60.37 %		64.23 %		62.84 %		64.58 %
Non-GAAP efficiency ratio		52.47 %		55.47 %		62.08 %		55.47 %		63.46 %

(1)	Assumed a 21% tax rate.

 

Return on Average Tangible Equity and Adjusted Return on Average Tangible Equity:
		For the Three Months Ended						For the Nine Months Ended
(Dollars in thousands)		September 30, 2025		June 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Return on Average Tangible Equity:
Net income, as presented		$           21,194		$           14,081		$           13,073		$           42,601		$           38,338
Adjustment for amortization of core deposit      intangible assets		1,473		1,473		139		4,419		417
Tax impact of above adjustment(1)		(309)		(309)		(29)		(928)		(88)
Net income, adjusted for amortization of core      deposit intangible assets		$           22,358		$           15,245		$           13,183		$           46,092		$           38,667
Average equity, as presented		$         659,628		$         643,782		$         518,222		$         643,201		$         505,452
Adjustment for average goodwill and core deposit      intangible assets		(196,279)		(197,863)		(95,319)		(198,072)		(95,460)
Average tangible equity		$         463,349		$         445,919		$         422,903		$         445,129		$         409,992
Return on average equity		12.75 %		8.77 %		10.04 %		8.86 %		10.13 %
Return on average tangible equity		19.14 %		13.71 %		12.40 %		13.84 %		12.60 %
Adjusted Return on Average Tangible Equity:
Adjusted net income (refer to the "Adjusted Net      Income" non-GAAP reconciliation table)		$           20,910		$           15,191		$           13,647		$           52,148		$           38,193
Adjustment for amortization of core deposit      intangible assets		1,473		1,473		139		4,419		417
Tax impact of above adjustment(1)		(309)		(309)		(29)		(928)		(88)
Adjusted net income, adjusted for amortization of      core deposit intangible assets		$           22,074		$           16,355		$           13,757		$           55,639		$           38,522
Adjusted return on average tangible equity		18.90 %		14.71 %		12.94 %		16.71 %		12.55 %

(1)	Assumed a 21% tax rate.

 

Core Net Interest Margin (fully-taxable equivalent):
		For the Three Months Ended						For the Nine Months Ended
(In thousands)		September 30, 2025		June 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Net interest margin, tax equivalent, as presented		3.16 %		3.06 %		2.46 %		3.09 %		2.37 %
Net accretion income on loans from purchase      accounting(1)		(0.27) %		(0.30) %		—		(0.30) %		—
Net accretion income on investments from purchase      accounting(2)		(0.08) %		(0.07) %		—		(0.07) %		—
Net amortization on time deposits and borrowings      from purchase accounting(3)		0.01 %		0.01 %		—		0.01 %		—
Core net interest margin (fully-taxable equivalent)		2.82 %		2.70 %		2.46 %		2.73 %		2.37 %

(1)	Recognized $3.8 million and $12.4 million of net accretion income on loans from purchase accounting for the three and nine months ended September 30, 2025, respectively, and $4.3 million for the three months ended June 30, 2025.
(2)	Recognized $937,000 and $2.6 million of net accretion income on investments from purchase accounting for the three and nine months ended September 30, 2025, respectively, and $863,000 for the three months ended June 30, 2025.
(3)	Recognized $132,000 and $394,000 million of amortization expense on time deposits and borrowings from purchase accounting for the three and nine months ended September 30, 2025, respectively, and $131,000 for the three months ended June 30, 2025.

 

Tangible Book Value Per Share and Tangible Common Equity Ratio:
(In thousands, except number of shares, per share data and ratios)		September 30, 2025		June 30, 2025		September 30, 2024
Tangible Book Value Per Share:
Shareholders' equity, as presented		$        676,444		$        652,148		$        529,900
Adjustment for goodwill and core deposit intangible assets		(195,558)		(197,031)		(95,251)
Tangible shareholders' equity		$        480,886		$        455,117		$        434,649
Shares outstanding at period end		16,922,225		16,919,689		14,577,218
Book value per share		$            39.97		$            38.54		$            36.35
Tangible book value per share		$            28.42		$            26.90		$            29.82
Tangible Common Equity Ratio:
Total assets		$     6,981,522		$     6,920,044		$     5,745,180
Adjustment for goodwill and core deposit intangible assets		(195,558)		(197,031)		(95,251)
Tangible assets		$     6,785,964		$     6,723,013		$     5,649,929
Common equity ratio		9.69 %		9.42 %		9.22 %
Tangible common equity ratio		7.09 %		6.77 %		7.69 %

 

 

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SOURCE Camden National Corporation

FAQ

What were Camden National (CAC) Q3 2025 earnings and EPS on October 28, 2025?

Camden National reported Q3 2025 net income of $21.2 million and diluted EPS of $1.25.

How did Camden National's net interest margin change in Q3 2025 (CAC)?

Net interest margin increased 10 basis points to 3.16% in Q3 2025.

What dividend did Camden National (CAC) declare with the Q3 2025 results?

The company declared a cash dividend of $0.42 per share payable October 31, 2025, for shareholders of record October 15, 2025.

How did Camden National's loan and deposit balances move in Q3 2025 (CAC)?

Loans grew to $5.00 billion (1% quarter average, 4% annualized), while deposits declined to $5.40 billion (down 2% vs Q2).

What material asset-quality items did Camden National report in Q3 2025 (CAC)?

The company recorded a $10.7 million charge-off related to a syndicated loan and reported non-performing assets of 0.12% of total assets.

How did efficiency and book value metrics change for Camden National (CAC) in Q3 2025?

GAAP efficiency ratio improved to 54.94%, non-GAAP efficiency to 52.47%, and book value per share rose to $39.97.