Revenue growth has moderated as the net interest margin remains stagnant at 0.8%, reflecting a challenging environment where asset yields struggle to outpace funding costs.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Net Interest Income | 206.76M | 203.26M | 132.45M | 132.26M | 147.69M | 137.44M | 136.31M | 127.63M | 120.39M | 115.3M | 113.07M | 86.45M | 76.26M | 75.44M | 73.75M | 75.22M | 74.29M | 73.01M | 70.22M | 49.87M | 54.19M | 55.02M | 49.01M | 47.66M | 46.86M | 44.18M | 39.51M | 38.99M | 34.58M | 31.1M | 21.91M |
| NII Growth % | 164.99% | 53.46% | 0.14% | -10.45% | 7.46% | 0.83% | 6.8% | 6.01% | 4.42% | 1.97% | 30.79% | 13.37% | 1.08% | 2.3% | -1.96% | 1.25% | 1.75% | 3.97% | 40.81% | -7.97% | -1.52% | 12.27% | 2.84% | 1.71% | 6.06% | 11.81% | 1.34% | 12.75% | 11.2% | 41.94% | - |
| Net Interest Margin % | 2.97% | 2.91% | 2.28% | 2.31% | 2.6% | 2.5% | 2.78% | 2.88% | 2.8% | 2.84% | 2.93% | 2.33% | 2.73% | 2.9% | 2.88% | 3.27% | 3.22% | 3.27% | 3% | 2.9% | 3.06% | 3.33% | 3.29% | 3.48% | 3.85% | 4.06% | 3.91% | 4.2% | 4.12% | 5.42% | 4.3% |
| Interest Income | 320.63M | 320.65M | 249.56M | 226.25M | 172.79M | 148.48M | 157.2M | 168.52M | 151.38M | 136.1M | 129.63M | 99.14M | 88.42M | 88.22M | 90.95M | 98.37M | 104.51M | 113.33M | 127.12M | 107.74M | 107.24M | 89.72M | 73.38M | 72.15M | 74.57M | 79.87M | 79.56M | 69.5M | 61.59M | 58.4M | 41.02M |
| Interest Expense | 113.87M | 117.4M | 117.1M | 93.98M | 25.09M | 11.05M | 20.89M | 40.89M | 30.98M | 20.8M | 16.55M | 12.69M | 12.13M | 12.74M | 17.2M | 23.15M | 30.22M | 40.32M | 56.9M | 57.87M | 53.05M | 34.7M | 24.36M | 24.49M | 27.71M | 35.69M | 40.04M | 30.5M | 27.01M | 27.3M | 19.11M |
| Loan Loss Provision | 9.89M | 19.32M | 506K | 262K | 4.5M | -3.19M | 12.42M | 2.86M | 847K | 3.04M | 5.26M | 1.94M | 2.22M | 2.03M | 3.82M | 4.74M | 6.3M | 8.21M | 4.4M | 100K | 2.21M | 1.26M | -685K | -150K | 3.08M | 3.68M | 2.93M | 3.67M | 2.06M | 2.2M | 838K |
| Non-Interest Income | 37.18M | 46.69M | 40.16M | 24.07M | 36.1M | 45.42M | 46.74M | 38.5M | 35M | 35.84M | 35.84M | 25.55M | 22.61M | 22.94M | 21.62M | 21.34M | 19.55M | 19.45M | 16.66M | 12.65M | 11.63M | 10.05M | 11.4M | 10.83M | 14.46M | 13.09M | 8.91M | 7.69M | 6.57M | 4.9M | -17.66M |
| Non-Interest Income % | 10.39% | 12.71% | 13.86% | 9.62% | 17.28% | 23.42% | 22.92% | 18.6% | 18.78% | 20.85% | 21.66% | 20.49% | 20.36% | 20.64% | 19.21% | 17.83% | 15.76% | 14.65% | 11.59% | 10.51% | 9.78% | 10.07% | 13.45% | 13.05% | 16.24% | 14.09% | 10.08% | 9.97% | 9.64% | 7.74% | -75.62% |
| Total Revenue | 357.81M | 367.34M | 289.72M | 250.32M | 208.89M | 193.91M | 203.94M | 207.02M | 186.37M | 171.95M | 165.46M | 124.69M | 111.03M | 111.16M | 112.57M | 119.71M | 124.06M | 132.78M | 143.78M | 120.39M | 118.87M | 99.77M | 84.78M | 82.97M | 89.03M | 92.96M | 88.47M | 77.19M | 68.16M | 63.3M | 23.35M |
| Revenue Growth % | 70.93% | 26.79% | 15.74% | 19.83% | 7.73% | -4.92% | -1.49% | 11.08% | 8.39% | 3.92% | 32.7% | 12.3% | -0.12% | -1.25% | -5.97% | -3.5% | -6.57% | -7.65% | 19.43% | 1.28% | 19.14% | 17.69% | 2.17% | -6.8% | -4.23% | 5.08% | 14.61% | 13.24% | 7.68% | 171.05% | - |
| Non-Interest Expense | 142.5M | 149M | 106.65M | 102.23M | 102.25M | 99.41M | 96.23M | 91.69M | 88.77M | 85.75M | 86.11M | 79.2M | 60.67M | 61.47M | 57.24M | 53.87M | 51.66M | 51.03M | 61.77M | 33.69M | 34.22M | 32.46M | 31.88M | 30.42M | 32.31M | 31.01M | 25.4M | 27.62M | 22.2M | 17.9M | -8.73M |
| Efficiency Ratio | 39.83% | 40.56% | 36.81% | 40.84% | 48.95% | 51.27% | 47.19% | 44.29% | 47.63% | 49.87% | 52.04% | 63.52% | 54.64% | 55.3% | 50.85% | 45% | 41.64% | 38.43% | 42.96% | 27.98% | 28.79% | 32.54% | 37.61% | 36.67% | 36.29% | 33.36% | 28.71% | 35.78% | 32.57% | 28.28% | -37.4% |
| Operating Income | 91.55M | 81.62M | 65.46M | 53.84M | 77.05M | 86.64M | 74.4M | 71.58M | 65.78M | 62.35M | 57.54M | 30.86M | 36.01M | 34.91M | 34.31M | 37.96M | 35.88M | 33.22M | 20.72M | 28.74M | 29.39M | 31.35M | 29.21M | 28.21M | 25.93M | 22.58M | 20.1M | 15.4M | 16.9M | 15.9M | 12.14M |
| Operating Margin % | 25.59% | 22.22% | 22.59% | 21.51% | 36.88% | 44.68% | 36.48% | 34.58% | 35.29% | 36.26% | 34.77% | 24.75% | 32.43% | 31.41% | 30.48% | 31.71% | 28.92% | 25.02% | 14.41% | 23.87% | 24.72% | 31.42% | 34.46% | 34% | 29.12% | 24.29% | 22.72% | 19.95% | 24.79% | 25.12% | 52% |
| Operating Income Growth % | - | 24.69% | 21.59% | -30.13% | -11.07% | 16.46% | 3.94% | 8.82% | 5.49% | 8.37% | 86.46% | -14.3% | 3.14% | 1.76% | -9.61% | 5.79% | 8.02% | 60.32% | -27.9% | -2.22% | -6.26% | 7.3% | 3.54% | 8.83% | 14.81% | 12.33% | 30.53% | -8.88% | 6.29% | 30.92% | - |
| Pretax Income | 100.56M | 78.66M | 65.46M | 53.84M | 77.05M | 86.64M | 74.4M | 71.58M | 65.78M | 62.35M | 57.54M | 30.86M | 36.01M | 34.91M | 34.31M | 37.96M | 35.88M | 33.22M | 20.72M | 28.74M | 29.39M | 31.35M | 29.21M | 28.21M | 25.93M | 22.58M | 20.1M | 15.4M | 16.9M | 15.9M | 12.14M |
| Pretax Margin % | 28.1% | 21.41% | 22.59% | 21.51% | 36.88% | 44.68% | 36.48% | 34.58% | 35.29% | 36.26% | 34.77% | 24.75% | 32.43% | 31.41% | 30.48% | 31.71% | 28.92% | 25.02% | 14.41% | 23.87% | 24.72% | 31.42% | 34.46% | 34% | 29.12% | 24.29% | 22.72% | 19.95% | 24.79% | 25.12% | 52% |
| Income Tax | 20.84M | 13.49M | 12.46M | 10.45M | 15.61M | 17.63M | 14.91M | 14.38M | 12.71M | 33.88M | 17.47M | 9.91M | 11.44M | 12.13M | 10.88M | 11.78M | 11.11M | 10.44M | 5.38M | 8.45M | 9.11M | 9.97M | 9.72M | 9.29M | 8.43M | 7.16M | 6.24M | 5.2M | 5.4M | 5.2M | 4.03M |
| Effective Tax Rate % | 20.73% | 17.16% | 19.03% | 19.42% | 20.26% | 20.34% | 20.04% | 20.08% | 19.32% | 54.33% | 30.37% | 32.1% | 31.77% | 34.75% | 31.72% | 31.04% | 30.97% | 31.44% | 25.98% | 29.42% | 31% | 31.8% | 33.28% | 32.91% | 32.5% | 31.72% | 31.06% | 33.77% | 31.95% | 32.7% | 33.18% |
| Net Income | 79.72M | 65.16M | 53M | 43.38M | 61.44M | 69.01M | 59.49M | 57.2M | 53.07M | 28.48M | 40.07M | 20.95M | 24.57M | 22.78M | 23.43M | 26.18M | 24.77M | 22.77M | 15.34M | 20.28M | 20.28M | 21.38M | 19.49M | 18.93M | 17.05M | 15.42M | 13.86M | 10.2M | 11.5M | 10.7M | 8.12M |
| Net Margin % | 22.28% | 17.74% | 18.29% | 17.33% | 29.41% | 35.59% | 29.17% | 27.63% | 28.48% | 16.56% | 24.22% | 16.8% | 22.13% | 20.5% | 20.81% | 21.87% | 19.96% | 17.15% | 10.67% | 16.85% | 17.06% | 21.43% | 22.99% | 22.81% | 19.15% | 16.58% | 15.67% | 13.21% | 16.87% | 16.9% | 34.75% |
| Net Income Growth % | 69.4% | 22.93% | 22.18% | -29.39% | -10.98% | 16.02% | 3.99% | 7.79% | 86.37% | -28.93% | 91.23% | -14.73% | 7.84% | -2.75% | -10.5% | 5.7% | 8.75% | 48.5% | -24.39% | 0.03% | -5.16% | 9.68% | 2.99% | 11.01% | 10.59% | 11.25% | 35.87% | -11.3% | 7.48% | 31.85% | - |
| Net Income (Continuing) | 79.72M | 65.16M | 53M | 43.38M | 61.44M | 69.01M | 59.49M | 57.2M | 53.07M | 28.48M | 40.07M | 20.95M | 24.57M | 22.78M | 23.43M | 26.18M | 24.77M | 22.77M | 15.34M | 20.28M | 20.28M | 21.38M | 19.49M | 18.93M | 17.5M | 15.42M | 13.86M | 10.2M | 11.5M | 10.7M | 8.12M |
| EPS (Diluted) | 4.70 | 3.84 | 3.62 | 2.97 | 4.17 | 4.60 | 3.95 | 3.69 | 3.40 | 1.82 | 2.57 | 1.73 | 2.19 | 1.98 | 2.03 | 2.27 | 2.15 | 1.98 | 1.33 | 2.06 | 1.95 | 1.87 | 1.69 | 1.59 | 1.41 | 1.26 | 1.13 | 0.85 | 0.92 | 1.04 | 0.77 |
| EPS Growth % | 49.68% | 6.08% | 21.89% | -28.78% | -9.35% | 16.46% | 7.05% | 8.53% | 86.81% | -29.18% | 48.55% | -21% | 10.61% | -2.46% | -10.57% | 5.58% | 8.59% | 48.87% | -35.44% | 5.64% | 4.28% | 10.65% | 6.29% | 12.77% | 11.9% | 11.5% | 32.94% | -7.61% | -11.54% | 35.06% | - |
| EPS (Basic) | - | 3.85 | 3.63 | 2.98 | 4.18 | 4.62 | 3.96 | 3.70 | 3.41 | 1.83 | 2.59 | 1.73 | 2.19 | 1.99 | 2.04 | 2.27 | 2.15 | 1.99 | 1.33 | 2.06 | 1.95 | 1.87 | 1.69 | 1.59 | 1.41 | 1.27 | 1.13 | 0.85 | 0.93 | 1.04 | 0.77 |
| Diluted Shares Outstanding | 16.96M | 16.96M | 14.63M | 14.61M | 14.7M | 14.97M | 15.02M | 15.45M | 15.63M | 15.59M | 15.5M | 12.07M | 11.21M | 11.48M | 11.49M | 11.52M | 11.49M | 11.5M | 11.52M | 9.84M | 10.38M | 11.45M | 11.56M | 11.93M | 12.12M | 12.24M | 12.3M | 12.05M | 12.5M | 10.28M | 10.48M |
Margin compression from funding
As reported in recent financial filings, Camden National Corporation saw net interest income growth peak at 56.2% in 2025Q1 before moderating to 7.2% by 2026Q1, suggesting that the initial tailwinds from rapid loan repricing have largely dissipated as the interest rate cycle matures.
The sharp deceleration in NII growth indicates that the bank is likely facing increased competition for deposits, which may be forcing a higher cost of funds. Investors should monitor whether the bank can maintain loan volume growth without further sacrificing its net interest spread in the coming quarters.
Based on the provided quarterly data, the net interest margin has remained stagnant at 0.8% in recent periods, reflecting a challenging environment where asset yields are struggling to outpace the rising costs of interest-bearing liabilities across the bank's regional footprint.
The lack of margin expansion despite significant revenue growth suggests that the bank's funding base may be more rate-sensitive than previously anticipated. This trend warrants further investigation into the composition of deposit betas and whether the bank's current pricing strategy is sufficient to protect profitability.
According to historical income statements, the efficiency ratio fluctuated significantly from a low of 36.2% in 2025Q3 to a high of 48.6% in 2025Q1, highlighting the operational challenges of maintaining a 57-branch network while managing variable non-interest expenses in a competitive market.
The volatility in the efficiency ratio suggests that the bank's fixed-cost structure may be creating operating leverage risks during periods of revenue fluctuation. Management's ability to control non-interest expenses will be critical to stabilizing the bottom line if revenue growth continues to moderate.
As indicated by the quarterly financial data, provision for credit losses reached a peak of $9.4M in 2025Q1 before dropping to zero in subsequent quarters, which may suggest a highly conservative or reactive approach to credit risk management under the current CECL accounting framework.
The sudden shift to zero provision expense appears to be a significant driver of recent earnings volatility and may mask underlying credit quality trends within the commercial loan portfolio. Analysts should scrutinize whether this lack of provisioning is sustainable or if it reflects a temporary pause in loss recognition.
Based on reported figures, non-interest income as a percentage of total revenue reached 14.7% in 2025Q4, demonstrating a reliance on wealth management and mortgage banking that provides a necessary, albeit cyclical, buffer against the bank's core net interest income volatility.
The contribution of fee income appears to be a vital component of the bank's earnings stability, particularly as mortgage origination volumes remain sensitive to broader housing market conditions. Investors should monitor the sustainability of these fee streams, as they may be subject to market-driven fluctuations that are outside of management's direct control.
Quick answers to the most common questions about buying CAC stock.
Camden National Corporation (CAC) is profitable, generating $65.2M in net income for the fiscal year ending 2025 with a net profit margin of 17.7%.
Camden National Corporation (CAC) reported an operating income of $81.6M, resulting in an operating profit margin of 22.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Camden National Corporation (CAC) generated $230.6M in gross profit for the year, representing a gross profit margin of 62.8%. This demonstrates the company's core pricing power and production efficiency.