Camden National Corporation Reports First Quarter 2025 Earnings

Camden National Corporation, a prominent bank holding company in Northern New England, has released its financial results for the first quarter of 2025. The company, which recently completed the acquisition of Northway Financial, Inc., has reported significant changes in its financial metrics and operational highlights. Financial Highlights For the quarter ended March 31, 2025, Camden National Corporation reported a net income of $7.3 million, a 50% decrease from the previous quarter. The diluted earnings per share (EPS) stood at $0.43. On a non-GAAP basis, adjusted net income increased by 6% to $16.0 million, while adjusted diluted EPS decreased by 8% compared to the fourth quarter of 2024. The net interest margin expanded to 3.04%, up from 2.57% in the previous quarter, driven by the acquisition of Northway and an increase in average earning assets. Business and Operational Highlights The acquisition of Northway Financial, Inc. was completed on January 2, 2025, adding $1.2 billion in assets to Camden National's portfolio. The integration of Northway Bank's systems and branches was finalized in mid-March 2025, bringing over 28,000 new customers and more than 100 new team members into Camden National's network. The company also fully deployed a new online account opening platform, enhancing its digital banking capabilities. Strategic Initiatives and Corporate Developments The acquisition of Northway Financial, Inc. was valued at $96.5 million and was executed through the issuance of 2.3 million shares of Camden National common stock. The merger is expected to generate significant cost savings, with 75% of the anticipated 35% reduction in Northway's operating expenses to be realized during 2025. Additionally, Camden National announced a cash dividend of $0.42 per share, representing an annualized dividend yield of 4.15%. Management's Perspective Simon Griffiths, President and CEO of Camden National, expressed satisfaction with the first quarter results, highlighting the company's strong net interest margin and the successful integration of Northway. Griffiths emphasized the company's strategic positioning for future earnings growth, supported by the expanded branch network and enhanced digital banking services. Future Outlook Looking ahead, Camden National expects the cost savings from the Northway acquisition to begin materializing in the second quarter of 2025. The company remains focused on leveraging its expanded footprint and technological investments to drive solid earnings growth. Regulatory capital ratios continue to be well above required levels, positioning Camden National for sustained financial stability.SEC Filing: CAMDEN NATIONAL CORP [ CAC ] - 8-K - May. 06, 2025