Camden National Corp. (Nasdaq: CAC), the parent company of Camden National Bank, topped Wall Street’s first-quarter earnings expectations, with net income lifted by a major acquisition completed last year.
Adjusted diluted earnings per share amounted to $1.29, up from 93 cents a year ago, beating the $1.26 consensus forecast of analysts polled by Zacks Investment Research. The figures are adjusted for non-recurring items.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Net income more than tripled to $22 million from $7.3 million a year ago.
“We delivered solid performance in the first quarter through strong asset quality, expense management and deposit growth,” Simon Griffiths, the company’s president and CEO, said in Tuesday’s results announcement.
“Looking ahead, we remain focused on sustained growth and disciplined execution as we continue to meet our customers’ evolving needs through advice-based conversations,” he added.
Assets held steady from the previous quarter at $7 billion, while deposits edged up 1% in the three months through March 31 to $5.6 billion.
Shares of Camden National closed 0.54% higher on Tuesday to $50.67, putting the market capitalization just above $860 million. Shares are trading 31% higher than a year ago.
Founded in 1875, Camden National has 72 branches across Maine and New Hampshire. It acquired North Conway, N.H.-based Northway Bank last year.
Griffiths said that first-quarter net income reflects the benefits of the acquisition, “including our ability to efficiently scale the combined operation and accelerate our strategy to grow and strengthen our franchise.”
Based on assets of $6.9 billion as of June 30, 2025, Camden National was ranked the second-largest Maine-based bank in the 2026 Mainebiz Book of Lists, trailing only Bangor Savings Bank.
