Camden National reported record quarterly net income of $23.0 million and diluted earnings per share of $1.35 for the quarter ended June 30, 2026, up 5% from the prior quarter. For the six months ended June 30, 2026, the bank recorded net income of $44.9 million and diluted EPS of $2.64, reflecting contributions from the Northway acquisition and growth in core businesses. The company also reported net interest margin of 3.26% for Q2 and a committed loan pipeline up 45% sequentially.

Financial Highlights

  • Net income (Q2 2026): $23.0 million; diluted EPS: $1.35; return on average assets: 1.33%.
  • Six months net income (H1 2026): $44.9 million; diluted EPS (H1): $2.64.
  • Total revenue (Q2 2026): Net interest income $52.9 million; non‑interest income $14.5 million; total revenue increased 5% vs. Q1 2026.
  • Net interest margin (fully-taxable equivalent) Q2 2026: 3.26%; core net interest margin (non‑GAAP) Q2 2026: 2.97%.
  • GAAP efficiency ratio Q2 2026: 55.42%; non‑GAAP efficiency ratio Q2 2026: 53.23%. Adjusted pre-tax, pre-provision income (six months): $58.7 million.

Business Highlights

  • Loan growth: Total loans rose 1% during Q2 2026 with 7% growth in home equity and 4% growth in commercial loan portfolios for the quarter.
  • Committed loan pipeline: Increased to $185.7 million at June 30, 2026, up 45% from March 31, 2026.
  • Deposits and funding: Core deposits remained stable; total deposits were $5.6 billion at quarter end as the company optimized funding mix and reduced brokered deposits and CDs.
  • Wealth and brokerage: Assets under administration totaled $2.6 billion at June 30, 2026, a 13% increase year-over-year, supporting non-interest income growth.
  • Capital and shareholder returns: Book value per share rose to $42.96 and tangible book value per share to $31.64; repurchased 52,000 common shares in Q2 and 85,131 shares year-to-date under the repurchase program; declared quarterly cash dividend of $0.42 per share payable July 31, 2026.

Original SEC Filing:

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.