Maine-based regional bank Camden National (NASDAQ: CAC) beat Wall Street’s revenue expectations in Q2 CY2026, with sales up 7.7% year on year to $67.41 million. Its non-GAAP profit of $1.35 per share was 4.9% above analysts’ consensus estimates.
Is now the time to buy Camden National Corporation? Find out by accessing our full research report, it’s free.
Camden National Corporation (CAC) Q2 CY2026 Highlights:
- Net Interest Income: $52.94 million vs analyst estimates of $53.34 million (7.6% year-on-year growth, 0.8% miss)
- Net Interest Margin: 3.3% vs analyst estimates of 3.3% (3.3 basis point miss)
- Revenue: $67.41 million vs analyst estimates of $66.43 million (7.7% year-on-year growth, 1.5% beat)
- Efficiency Ratio: 55.4% vs analyst estimates of 56% (62.5 basis point beat)
- Adjusted EPS: $1.35 vs analyst estimates of $1.29 (4.9% beat)
- Tangible Book Value per Share: $31.64 vs analyst estimates of $31.48 (17.6% year-on-year growth, 0.5% beat)
- Market Capitalization: $927.1 million
"Our record quarterly earnings reflect the momentum we are building across the franchise as we execute on our long-term strategy," said Simon Griffiths, President and Chief Executive Officer of Camden National Corporation.
Company Overview
Rooted in Maine's coastal communities since 1875, Camden National (NASDAQ: CAC) is a regional bank holding company that provides banking, wealth management, and financial services to consumers and businesses throughout Maine and New Hampshire.
Sales Growth
In general, banks make money from two primary sources. The first is net interest income, which is interest earned on loans, mortgages, and investments in securities minus interest paid out on deposits. The second source is non-interest income, which can come from bank account, credit card, wealth management, investment banking, and trading fees. Regrettably, Camden National Corporation’s revenue grew at a tepid 6.9% compounded annual growth rate over the last five years. This was below our standard for the banking sector and is a tough starting point for our analysis.
Long-term growth is the most important, but within financials, a half-decade historical view may miss recent interest rate changes and market returns. Camden National Corporation’s annualized revenue growth of 28.4% over the last two years is above its five-year trend, suggesting its demand recently accelerated. 
Note: Quarters not shown were determined to be outliers because they were impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, Camden National Corporation reported year-on-year revenue growth of 7.7%, and its $67.41 million of revenue exceeded Wall Street’s estimates by 1.5%.
Net interest income made up 78% of the company’s total revenue during the last five years, meaning lending operations are Camden National Corporation’s largest source of revenue.
Net interest income commands greater market attention due to its reliability and consistency, whereas non-interest income is often seen as lower-quality revenue that lacks the same dependable characteristics.
ONE MORE THING: 3 Hidden Platforms Growing 3X Faster than Amazon, Google, and PayPal. Amazon, Google, and Meta all followed the same playbook: Dominate an ignored market. Build an unbeatable moat. Scale until you’re unstoppable.
These three platforms are running that exact playbook right now. The early investors in Amazon made fortunes. The early investors in these could do the same. Get All 3 Stocks Here for FREE.
Tangible Book Value Per Share (TBVPS)
The balance sheet drives banking profitability since earnings flow from the spread between borrowing and lending rates. As such, valuations for these companies concentrate on capital strength and sustainable equity accumulation potential.
This is why we consider tangible book value per share (TBVPS) the most important metric to track for banks. TBVPS represents the real, liquid net worth per share of a bank, excluding intangible assets that have debatable value upon liquidation. Traditional metrics like EPS are helpful but face distortion from M&A activity and loan loss accounting rules.
Camden National Corporation’s TBVPS grew at a sluggish 1.1% annual clip over the last five years. However, TBVPS growth has accelerated recently, growing by 5.7% annually over the last two years from $28.34 to $31.64 per share.
Over the next 12 months, Consensus estimates call for Camden National Corporation’s TBVPS to grow by 13.4% to $35.88, decent growth rate.
Key Takeaways from Camden National Corporation’s Q2 Results
It was good to see Camden National Corporation narrowly top analysts’ revenue expectations this quarter. We were also happy its tangible book value per share narrowly outperformed Wall Street’s estimates. On the other hand, its net interest income slightly missed. Zooming out, we think this was a mixed quarter. The stock remained flat at $54.59 immediately following the results.
So should you invest in Camden National Corporation right now? What happened in the latest quarter matters, but not as much as longer-term business quality and valuation, when deciding whether to invest in this stock. We cover that in our actionable full research report which you can read here (it’s free).
