File Photo / Courtesy of Camden National Bank
Simon Griffiths
July 29, 2025
Camden National misses on Q2 earnings
File Photo / Renee Cordes
Camden National Bank completed its acquisition of Conway, N.H.-based Northway Bank in early 2025.
Camden National Corp. (Nasdaq: CAC), the parent company of Camden National Bank, on Tuesday posted second-quarter earnings that missed market expectations while offering a bullish outlook on profit margins and earnings growth in the second half.
Adjusted diluted earnings per share were 89 cents, down from 81 cents a year ago and well shy of the $1.12 per share consensus estimate of analysts polled by Zacks Investment Research.
Over the last four quarters, the company has surpassed consensus earnings per share estimates three times.
Earlier this year, the company acquired North Conway, N.H.-based Northway Bank in an $86.6 million all-stock deal to form a combined institution with assets of $7 billion and 73 branches across Maine and New Hampshire.
In Tuesday’s quarterly update, the company said that total assets were $6.9 billion at the end of the second quarter, down 1% from three months earlier.
Net interest income was up 1% over the previous quarter, while non-interest income was 17% higher amid an increase in mortgage banking income, debit card income and bank-owned life insurance.
Second-half outlook
"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 CEO of Camden National.
During the quarter, the company 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 previous quarter, he said.
“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,” he noted.
Shares were up 2.78% in late morning trading on Wednesday, paring some of Tuesday's 10.2% drop.
The stock has a current market value of around $646.7 million, and is trading around 2.78% lower than a year ago.
Based on assets as of June 30, 2024, Camden National was ranked the second-largest Maine-based bank after Bangor Savings in the 2025 Mainebiz Book of Lists.
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