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Investing.com -- Camden National Corporation (NASDAQ:CAC) reported second quarter earnings that fell short of analyst expectations, despite revenue that topped estimates. The bank’s shares fell 2% premarket following the announcement as investors reacted to the earnings miss.
The Maine-based financial institution posted adjusted earnings per share of $0.89 for the quarter ended June 30, 2025, missing analyst estimates of $1.11 by $0.22. Revenue came in at $62.28 million, slightly above the consensus estimate of $61.04 million.
Camden National’s second quarter results showed improvement over the first quarter, with reported earnings of $14.1 million and diluted EPS of $0.83, representing increases of 92% and 93% respectively compared to Q1 2025. The company’s net interest margin increased 2 basis points to 3.06% compared to the previous quarter.
"We’re pleased to report strong results in our first full quarter as a unified organization following the Northway Financial acquisition," said Simon Griffiths, President and Chief Executive Officer of Camden National. "During the quarter, we began to unlock the financial potential of the combined franchise, with pre-tax, pre-provision income—excluding one-time merger-related expenses—increasing 13% over the prior quarter."
The bank reported loan growth of 4% on an annualized basis for the second quarter. Its efficiency ratio improved significantly, decreasing to 60.37% on a GAAP basis and 55.47% on a non-GAAP basis, down from 74.02% and 58.72% respectively in the first quarter.
Camden National’s provision for credit losses was $6.9 million for the quarter, down from $9.4 million in the first quarter. The company noted that one commercial loan was placed on non-accrual during the quarter after the borrower filed for bankruptcy, which contributed to an increase in non-performing loans.
The bank announced a quarterly cash dividend of $0.42 per share, representing an annualized dividend yield of 4.14% based on the closing share price of $40.58 on June 30, 2025.
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