Maine-based regional bank Camden National (NASDAQ: CAC) missed Wall Street’s revenue expectations in Q1 CY2026, but sales rose 6.6% year on year to $64.34 million. Its non-GAAP profit of $1.29 per share was 3.4% above analysts’ consensus estimates.
Is now the time to buy Camden National Bank? Find out by accessing our full research report, it’s free.
Camden National Bank (CAC) Q1 CY2026 Highlights:
- Net Interest Income: $52.36 million vs analyst estimates of $53.12 million (7.2% year-on-year growth, 1.4% miss)
- Net Interest Margin: 3.2% vs analyst estimates of 3.3% (6.3 basis point miss)
- Revenue: $64.34 million vs analyst estimates of $65.8 million (6.6% year-on-year growth, 2.2% miss)
- Efficiency Ratio: 55.5% vs analyst estimates of 56.2% (65.7 basis point beat)
- Adjusted EPS: $1.29 vs analyst estimates of $1.25 (3.4% beat)
- Tangible Book Value per Share: $30.58 vs analyst estimates of $30.47 (17.5% year-on-year growth, in line)
- Market Capitalization: $855.6 million
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
Net interest income and and fee-based revenue are the two pillars supporting bank earnings. The former captures profit from the gap between lending rates and deposit costs, while the latter encompasses charges for banking services, credit products, wealth management, and trading activities. Regrettably, Camden National Bank’s revenue grew at a tepid 6.3% compounded annual growth rate over the last five years. This fell short of our benchmark for the banking sector and is a rough 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 Bank’s annualized revenue growth of 27.1% 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, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, Camden National Bank’s revenue grew by 6.6% year on year to $64.34 million, missing Wall Street’s estimates.
Net interest income made up 77.8% of the company’s total revenue during the last five years, meaning lending operations are Camden National Bank’s largest source of revenue.
While banks generate revenue from multiple sources, investors view net interest income as the cornerstone - its predictable, recurring characteristics stand in sharp contrast to the volatility of non-interest income.
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Tangible Book Value Per Share (TBVPS)
Banks operate as balance sheet businesses, with profits generated through borrowing and lending activities. Valuations reflect this reality, emphasizing balance sheet strength and long-term book value compounding ability.
Because of this, tangible book value per share (TBVPS) emerges as the critical performance benchmark. By excluding intangible assets with uncertain liquidation values, this metric captures real, liquid net worth per share. Traditional metrics like EPS are helpful but face distortion from M&A activity and loan loss accounting rules.
Camden National Bank’s TBVPS was flat over the last five years. However, TBVPS growth has accelerated recently, growing by 4.8% annually over the last two years from $27.82 to $30.58 per share.
Over the next 12 months, Consensus estimates call for Camden National Bank’s TBVPS to grow by 14.1% to $34.88, decent growth rate.
Key Takeaways from Camden National Bank’s Q1 Results
We struggled to find many positives in these results. Its revenue missed and its net interest income fell slightly short of Wall Street’s estimates. Overall, this was a weaker quarter. The stock remained flat at $50.51 immediately following the results.
So should you invest in Camden National Bank right now? If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here (it’s free).
