Camden National beats Wall Street expectations for Q3 results

Photo / Renee Cordes Camden National Bank has 57 branches in Maine (including this one in Bangor) and New Hampshire.

Write a Comment

Camden National Corp. (Nasdaq: CAC), the parent company of Camden National Bank, on Tuesday posted third-quarter results that exceeded market expectations, leading the company to tout its strong asset quality and capital position.

Excluding merger and acquisition costs incurred through Sept. 30, on a non-GAAP basis, third-quarter net income was $13.6 million, down 2.9% from $14 million a year earlier.

Core diluted earnings per share were 94 cents, down from 96 cents for the same period last year but well above the 83 cents consensus forecast of analysts polled by Zacks Investment Research.

Over the last four quarters, the company has surpassed Zacks consensus EPS estimates three times.

"Our outstanding results are driven by strong momentum, complemented by our continued exceptional credit and risk management and robust capital positions," said Simon Griffiths, Camden National Corp. president and CEO. "We are confident that our strategic investments in talent, technology, products and services will continue to benefit us as macroeconomic conditions improve."

Last month, Camden National announced plans to buy the parent company of Conway, N.H.-based Northway Bank, expanding the Maine bank's footprint in the Granite State.

The all-stock deal, valued at $86.6 million, would give Camden National 17 branches in New Hampshire, building a retail presence on its existing loan-office footholds in Manchester and Portsmouth.

The combined entity would have 74 branches in Maine and New Hampshire, $7 billion in assets and $5.5 billion in deposits. The company plans to operate under the Camden National name.

Camden National previously said it expects the merger to be completed during the first quarter of 2025, subject to customary conditions including vetting by regulators and a vote by Northway shareholders.

On Tuesday, Griffith said the pending merger "marks an important step in our journey to expand in a contiguous market with a bank that shares a similar culture, consistent credit and risk profiles, and a deep commitment to our communities."

With more than $5.7 billion assets as of June 30, 2023, Camden National Bank ranked as the second-largest Maine-based bank in the 2024 Mainebiz Book of Lists. Bangor Savings Bank was No. 1.

As of Tuesday's close on Wall Street, shares of Camden National Corp. had a total value of $615.7 million. The stock is trading 1.76% higher over a year ago.