Camden National Corp. (Nasdaq: CAC), the parent company of Camden National Bank, posted second–quarter earnings that exceeded Wall Street’s expectations amid an increase in home equity and commercial loans.
Adjusted diluted earnings per share rose to $1.35, up from 83 cents a year ago, and beating the $1.30 consensus forecast of analysts polled by Zacks Investment Research. The figures are adjusted for non-recurring items.
In each of the last four quarters, the company has surpassed consensus earnings per share estimates.
“Our record quarterly earnings reflect the momentum we are building across the franchise as we execute on our long-term strategy,” Simon Griffiths, the company’s president and CEO, said in Tuesday’s results announcement.
“We enter the second half of the year with confidence in our strategy, disciplined execution and a continued commitment to creating long-term value for our shareholders,” he added.
Total loans amounted to $5 billion at the end of Q2, an increase of 1% from March 31. The company attributed the rise to an increase in its home equity and commercial loan portfolios of 7% and 4%, respectively, during the quarter. The company ended the second quarter with a committed loan pipeline of $185.7 million, up 45% from Q1.
Total assets held steady at $7 billion, unchanged from the end of the first quarter.
As of June 30, the company maintained capital ratios well in excess of all regulatory requirements, including a Common Equity Tier 1 ratio of 12.19%.
For the first six months of 2026, the company bought back 85,131 shares at a weighted average price of $46.55 per share under its share repurchase program. As of Tuesday’s market close, the shares have an equity value of $978.5 million. Shares are trading 40% higher than a year ago.
Cash dividend
Along with its results, the company announced a cash dividend of 52 cents per share, representing an annualized dividend yield of 3.10% based on the closing share price of $54.22 on the last trading day of the second quarter. The dividend will be paid on July 31 to shareholders of record as of July 15.
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.
Founded in 1875, Camden National Bank has 72 branches across Maine and New Hampshire.
