Camden National Corp. reported first-quarter 2026 net income of $21.9 million, up from $7.3 million in the same quarter a year earlier but down from $22.6 million in the fourth quarter of 2025. Diluted earnings per share rose to $1.29 from $0.43 in the first quarter of 2025, while easing from $1.33 in the prior quarter.
Adjusted net income was also $21.9 million, compared with $15.8 million a year ago and $22.6 million in the prior quarter, a 39% year-over-year increase and a 3% sequential decline. Adjusted diluted EPS matched the same pattern, climbing 39% from $0.93 a year ago and slipping 3% from $1.33 in the fourth quarter.
Net interest income fell 3% quarter over quarter to $52.4 million. Net interest margin narrowed 5 basis points to 3.24%, while core net interest margin held steady at 2.92%. Provision expense dropped sharply to $553,000 from $3.0 million in the fourth quarter.
Non-interest income declined to $12.0 million from $14.1 million in the prior quarter, pressured by lower debit card income, lower customer loan swap income and lower deposit-related service charge income. Non-interest expense also eased 3% to $35.7 million from the fourth quarter, helped by lower retirement plan costs, lower incentive accruals and lower regulatory assessment fees.
The company’s efficiency ratios worsened modestly quarter over quarter: the GAAP ratio rose to 55.50% from 54.16%, and the non-GAAP ratio increased to 53.21% from 51.69%.
On the balance sheet, total assets were unchanged at $7.0 billion from year-end 2025. Investments fell 3% to $1.4 billion. Loans were flat at $5.0 billion, while deposits rose 1% to $5.6 billion. The increase in deposits allowed Camden National to reduce higher-cost short-term borrowings by $68.3 million. The loan-to-deposit ratio improved to 89% from 90%.
Asset quality remained tight. Past-due loans were 0.06% of total loans, non-performing assets were 0.16% of total assets, and annualized net charge-offs were 0.04% of average loans, down from 0.26% on a quarterly basis at the end of 2025. The allowance for credit losses on loans edged up to 0.92% of total loans from 0.91%, while the ACL coverage ratio fell to 4.2 times non-performing loans from 6.4 times.
Book value per share reached $41.98, up 11% from March 31, 2025, and tangible book value per share rose 18% to $30.58. Camden National repurchased 33,131 shares at a weighted-average price of $44.85 during the quarter.
Capital ratios remained strong, with common equity tier 1 at 12.01%, tier 1 risk-based capital at 13.32%, total risk-based capital at 14.27%, and tier 1 leverage at 9.43%. The company declared a quarterly dividend of $0.42 per share. Today the company's shares have moved -0.4% to a price of $49.68. Check out the company's full 8-K submission here.
