Press release
Camden National Corporation Reports Second Quarter 2025 Earnings
Net Income of $14.1 Million and Diluted EPS of $0.83 for the Second Quarter CAMDEN, Maine, July 29, 2025 /PRNewswire/ -- Camden National Corporation (NASDAQ:
About this update from Camden National Corporation
[{"type":"text","content":"Net Income of $14.1 Million and Diluted EPS of $0.83 for the Second Quarter\nCAMDEN, Maine, July 29, 2025 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; \"Camden National\" or the \"Company\") reported earnings for the quarter ended June 30, 2025, of $14.1 million and diluted earnings per share (\"EPS\") of $0.83, increases of 92% and 93%, respectively, compared to the first quarter of 2025.\n\"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. This performance reflects achievement of cost synergies and solid revenue growth, reinforcing the strategic value of the acquisition and positioning us for continued net interest margin expansion and earnings growth in the second half of 2025.\"\nSECOND QUARTER 2025 HIGHLIGHTS\nNet interest margin for the second quarter of 2025 increased 2 basis points to 3.06%, compared to the first quarter of 2025. On a non-GAAP basis, our core net interest margin was 2.70% for the second quarter of 2025, compared to 2.68% for the first quarter of 2025.The GAAP efficiency ratio for the second quarter of 2025 decreased to 60.37% and, on a non-GAAP basis, decreased to 55.47%, down from 74.02% and 58.72%, respectively, for the first quarter of 2025.Loans for the second quarter grew 4% on an annualized basis. At June 30, 2025, committed loan pipelines, excluding loans held for sale, were strong and totaled $149.5 million, an increase of 40% since March 31, 2025.Book value per share at June 30, 2025 totaled $38.54, and, on a non-GAAP basis, tangible book value per share totaled $26.90, an increase of 2% and 3%, respectively, for the second quarter of 2025.Loans 30-89 days past due were 0.08% of total loans at June 30, 2025, and annualized net charge-offs for the second quarter of 2025 were 0.02% of average loans.FINANCIAL CONDITION\nAs of June 30, 2025, total assets were $6.9 billion, a decrease of 1% since March 31, 2025.\nInvestments totaled $1.4 billion on June 30, 2025, an increase of 1% since March 31, 2025. The duration o...