Camden National (NASDAQ:CAC) reported a record fourth-quarter net income of $22.6 million on Tuesday, capping a transformative year for the Northern New England community bank.
The company posted diluted earnings per share (EPS) of $1.33, a 6% increase over the third quarter and comfortably ahead of the $1.32 consensus estimate.
Total revenue for the quarter reached $96.2 million, while revenue net of interest expense—a key measure of bank performance—climbed to $68.1 million, surpassing Wall Street's $66.4 million projection.
The quarter’s outperformance was anchored by a "magnificent" expansion in net interest margin (NIM), which reached 3.29% for the fourth quarter.
This represents a significant climb from the 2.57% recorded just one year ago, reflecting the bank’s ability to reprice loans in a high-rate environment while managing deposit costs.
Net interest income, the bank’s primary revenue driver, made up over 77% of total revenue for the period.
The 2025 fiscal year marked a major milestone with the acquisition of Northway Financial, which significantly expanded Camden National’s footprint into New Hampshire.
For the full year, the company reported a profit of $65.2 million, or $3.84 per share, on total revenue of $255.8 million.
On an adjusted basis, full-year net income reached $74.4 million, a 39% increase year-over-year, as the bank successfully integrated Northway’s operations and realized planned synergies.