Camden National (US:CAC)2026-01-27 13:05Financial Performance - Fourth quarter 2025 net income reached $22.6 million, a 6% increase from the third quarter of 2025, with diluted EPS of $1.33[1][3] - For the year ended December 31, 2025, net income totaled $65.2 million, a 23% increase year-over-year, with diluted EPS of $3.84, up 6%[2][3] - Net income for the year ended December 31, 2025, was $65,160, up from $53,004 in 2024, representing a 23% increase[22] - Net income for the three months ended December 31, 2025, was $22,559,000, an increase from $21,194,000 in the previous quarter and $14,666,000 in the same quarter of 2024[45] - Adjusted net income for the year ended December 31, 2025, was $74,439,000, compared to $53,432,000 for the year ended December 31, 2024, showing an increase of 39.2%[41] Earnings and Ratios - Diluted EPS for the year was $3.84, compared to $3.62 in 2024, reflecting a 6% increase[22] - Basic earnings per share for the year ended December 31, 2025, increased by 6% to $3.86 from $3.63 in 2024[28] - The adjusted return on average equity for the year ended December 31, 2025, was 11.38%, up from 10.45% in 2024, representing an increase of 8.9%[43] - Return on average assets improved to 1.28% from 1.21% in September 2025 and 0.94% in December 2024[22] - The efficiency ratio improved to 54.16% for the three months ended December 31, 2025, down from 54.94% in the previous quarter and 59.62% in the same quarter of 2024[46] Income Sources - Total interest income for the year ended December 31, 2025, increased by 28% to $320,655,000 compared to $249,557,000 in 2024[28] - Net interest income rose by 53% to $203,257,000 for the year ended December 31, 2025, up from $132,453,000 in 2024[28] - Non-interest income for the year ended December 31, 2025, increased by 18% to $52,522,000 compared to $44,539,000 in 2024[28] - Non-interest income for Q4 2025 remained stable at $14.1 million, with assets under administration in wealth and brokerage businesses growing 11% to $2.4 billion[6] Asset and Loan Growth - Total assets as of December 31, 2025, were $7.0 billion, reflecting a 20% growth during 2025, primarily due to the acquisition of Northway Financial[8] - Total assets increased to $6,974,584, a 20% increase compared to $5,805,138 in December 2024[22] - Total loans reached $5,021,193 thousand, reflecting a growth of 2% from $4,976,010 thousand in the previous quarter and a significant increase from $4,116,313 thousand year-over-year[30] - Loans totaled $5.0 billion as of December 31, 2025, a 1% decrease from the previous quarter, while home equity loans grew 6% in Q4 2025[9] Credit Quality - The allowance for credit losses on loans was 0.91% of total loans, with non-performing assets at 0.10% of total assets as of December 31, 2025[10] - Non-performing loans to total loans ratio was 0.14% for the year ended December 31, 2025, down from 0.17% in the previous quarter, indicating a decrease of 17.6%[38] - The allowance for credit losses (ACL) on loans at the end of the period was $45,276,000, compared to $35,728,000 at the end of the previous year, reflecting an increase of 26.6%[38] - Provision for credit losses for the year ended December 31, 2025, was $22,290,000, compared to a credit of $404,000 in 2024, indicating a significant increase in provisions[28] Shareholder Returns - A cash dividend of $0.42 per share was declared, yielding 3.87% based on the closing share price of $43.38 on December 31, 2025[13] - A new share repurchase program was announced on January 8, 2026, for up to 850,000 shares, representing approximately 5% of outstanding stock[10] Efficiency and Management - The company's efficiency ratios were 54.16% (GAAP) and 51.69% (non-GAAP) for Q4 2025, indicating strong revenue momentum and disciplined expense management[3][7] - Total non-interest expense for the year ended December 31, 2025, increased by 38% to $154,834,000 from $111,936,000 in 2024[28] - The efficiency ratio (non-GAAP) improved to 51.69% from 52.47% in September 2025 and 54.46% in December 2024[22]