Maine-based regional bank Camden National (NASDAQ:CAC) announced better-than-expected revenue in Q4 CY2025, with sales up 42.6% year on year to $68.05 million. Its non-GAAP profit of $1.33 per share was 0.8% above analysts’ consensus estimates.

Is now the time to buy Camden National Bank? Find out in our full research report.

Net Interest Income: $53.92 million vs analyst estimates of $52.64 million (52.3% year-on-year growth, 2.4% beat)

Net Interest Margin: 3.3% vs analyst estimates of 3.2% (7.3 basis point beat)

Revenue: $68.05 million vs analyst estimates of $66.14 million (42.6% year-on-year growth, 2.9% beat)

Efficiency Ratio: 54.2% vs analyst estimates of 54.9% (72.5 basis point beat)

Adjusted EPS: $1.33 vs analyst estimates of $1.32 (0.8% beat)

Tangible Book Value per Share: $29.69 vs analyst estimates of $29.48 (flat year on year, 0.7% beat)

Market Capitalization: $798.6 million

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.

Two primary revenue streams drive bank earnings. While net interest income, which is earned by charging higher rates on loans than paid on deposits, forms the foundation, fee-based services across banking, credit, wealth management, and trading operations provide additional income. Unfortunately, Camden National Bank’s 6.4% annualized revenue growth over the last five years was tepid. This was below our standard 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 25% 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 reported magnificent year-on-year revenue growth of 42.6%, and its $68.05 million of revenue beat Wall Street’s estimates by 2.9%.

Net interest income made up 77.1% 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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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.

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. EPS can become murky due to acquisition impacts or accounting flexibility around loan provisions, and TBVPS resists financial engineering manipulation.

Camden National Bank’s TBVPS was flat over the last five years. However, TBVPS growth has accelerated recently, growing by 4.1% annually over the last two years from $27.38 to $29.69 per share.

Over the next 12 months, Consensus estimates call for Camden National Bank’s TBVPS to grow by 13.9% to $33.82, decent growth rate.

We enjoyed seeing Camden National Bank beat analysts’ revenue expectations this quarter. We were also happy its net interest income outperformed Wall Street’s estimates. On the other hand, its EPS slightly beat. Overall, this print had some key positives. The stock remained flat at $47.28 immediately following the results.

Is Camden National Bank an attractive investment opportunity right now? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here, it’s free.