Camden National Revenue Reaches $68.66 Million, EPS Matches Estimates
Key Facts
Camden National reported revenue of $68.66 million in the third quarter of 2026, above the average analyst estimate of $67.9 million, according to an estimate cited by Investing.com. Diluted earnings per share came in at $1.34, matching the analyst estimate of $1.34, according to the earnings report. Net income was $22.8 million, up 8% from the same period last year. Earnings per share also rose 7% year over year. But both net income and earnings per share fell 1% from the record levels posted in the prior quarter, the company said.
Net interest margin expansion was the quarter’s standout operational improvement, rising 15 basis points from the second quarter to 3.41%. The company attributed the increase to lower funding costs, as average deposits grew 3% and average borrowings fell 26% from the prior quarter. The CEO said, "Strong deposit growth and continued customer acquisition improved our funding mix, reduced reliance on higher-cost borrowings and expanded net interest margin." Net interest income rose 5% sequentially to $55.4 million. The figures underscore the role of the deposit base in supporting the bank’s interest income during the period.
Total deposits increased 5% from June 30 to $5.8 billion on September 30, 2026. Core deposits, on a non-GAAP basis, grew 7% during the quarter to $5.2 billion. They accounted for 88% of total deposits at the end of September. Other noninterest income was $13.2 million, down 8% from the prior quarter, or $1.2 million. The company linked the decline mainly to lower income from mortgage banking activities and bank-owned life insurance, due to quarter-end fair-value adjustments.
Provision expense rose to $1.9 million in the third quarter, compared with $710 thousand in the second quarter. The company attributed the increase to macroeconomic factors and higher reserves for unfunded credit commitments. It said asset quality remained strong on September 30, with nonperforming loans equal to 0.16% of total loans and past-due loans at 0.14%. Annualized net charge-offs were 0.07% of average loans. Return on average assets was 1.31%, compared with 1.33% in the second quarter and 1.21% a year earlier.
For the first nine months of 2026, the bank posted record net income of $67.7 million and diluted earnings per share of $3.98. In the same period of 2025, net income was $42.6 million and earnings per share were $2.51. Adjusted net income, a non-GAAP measure that excludes acquisition costs and nonrecurring items recorded in the first nine months of 2025, rose 31% between the periods. On September 30, the tangible common equity ratio was 7.73%, down from 7.91% on June 30. The company attributed the decline to a $25.1 million after-tax increase in the unrealized loss on its available-for-sale securities portfolio.
Camden National shares, listed under ticker CAC, closed at $58.46 on October 26, the last trading day before the results were announced on October 27. Investing.com’s report did not cite a post-announcement share-price decline, so the available data do not support describing the stock as falling after the results. The company had declared a quarterly cash dividend of $0.42 per share, payable on October 30 to shareholders of record at the close of October 15. Camden National scheduled a conference call and webcast to discuss its third-quarter results and outlook for October 27 at 3:00 p.m. Eastern time. It said a replay would be available on its website after the call and a transcript would be published about two days later.