Camden National reports Q1 adjusted EPS 95c, consensus 99c

On March 31 loans 30-89 days past due were 0.07% of total loans and annualized net charge-offs for the Q1 were 0.08% of average loans. The Company’s ACL on loans was 0.96% as of March 31 compared to 0.87% as of December 31, 2024. The increase of 9 basis points resulted from the loans acquired from Northway and the change in our macroeconomic outlook. On March 31 the ACL on loans was 6.4 times total non-performing loans, compared to 5.5 times as of December 31, 2024. “I am very pleased with our Q1 financial results, which demonstrate our franchise’s continued strength,” said Simon Griffiths, President and CEO of Camden National (CAC). “We reported adjusted net income of $16.0M for the quarter as our net interest margin expanded to 3.04%, including the impact of purchase accounting. More importantly, our core net interest margin expanded 11 basis points to 2.68% for the quarter. Combining our core net interest margin momentum with the benefit of cost savings to come from the acquisition, we believe we are positioned well for solid earnings growth moving forward.”