Camden National (CAC) Financials

Camden National’s earnings momentum strengthened in Q2 2026. Net income increased to $23.0 million from $14.1 million in Q2 2025, while diluted EPS rose to $1.35 from $0.83. Total revenue grew 8.2% year over year to $67.4 million, led by a 7.6% increase in net interest income and a 10.7% increase in non-interest income. The improvement was supported by lower funding costs and stronger service-charge revenue.

Credit-related expenses were a major factor in the year-over-year earnings increase. The provision for credit losses declined to $710,000 from $6.9 million in Q2 2025. Non-interest expense was also slightly lower at $37.4 million, despite higher salaries and other operating costs. Operating cash flow improved substantially to $31.2 million from $6.0 million a year earlier, indicating stronger cash generation from the company’s banking operations.

The balance sheet has expanded meaningfully since 2024. As of June 30, 2026, total assets were $6.95 billion, net loans were $4.96 billion and interest-bearing deposits were $5.56 billion. Compared with Q2 2024, loans and deposits have both increased by roughly 21% to 23%, while total equity rose approximately 43% to $725.9 million. However, Q2 cash flow was pressured by a $30.2 million decline in deposits, $45.4 million of net financing outflows and a $33.8 million reduction in cash and equivalents.

• Improving profitability: Q2 2026 net income rose 63.5% year over year, and diluted EPS increased to $1.35 from $0.83.
• Stronger core revenue: Net interest income reached $52.9 million, up from $49.2 million in Q2 2025, while total revenue increased to $67.4 million.
• Lower credit-loss provision: The provision for credit losses fell sharply to $710,000 from $6.9 million a year earlier, providing a substantial boost to pretax income.
• Better operating cash generation: Operating cash flow increased to $31.2 million in Q2 2026 from $6.0 million in Q2 2025 and has remained positive in each reported 2026 quarter.
• Long-term balance-sheet growth: Since Q2 2024, net loans, interest-bearing deposits and total assets have grown by approximately 21%, 23% and 21%, respectively.
• Improved capital position: Total equity increased to $725.9 million from $508.3 million in Q2 2024, while accumulated other comprehensive losses narrowed from $101.2 million to $62.9 million over the same period.
• Shareholder returns remain consistent: The quarterly dividend stayed at $0.42 per share, and Camden National repurchased $2.5 million of common stock in Q2 2026.
• Investment portfolio activity is significant: The company purchased $23.8 million of investment securities and received $49.0 million from sales or maturities, suggesting ongoing balance-sheet repositioning rather than simple portfolio expansion.
• Recent deposit pressure: Interest-bearing deposits declined by $30.2 million during Q2 2026, contributing to a $33.8 million quarterly decrease in cash and equivalents.
• Funding and liquidity risks remain important: Camden National held approximately $508.4 million of short-term debt, and Q2 financing activities produced a $45.4 million cash outflow after dividends, share repurchases and other funding movements.