Camden National Posts $1.34 Q3 EPS as Deposits Rise 5%

Camden National Corporation posted third-quarter diluted earnings of $1.34 per share and a 5% increase in deposits, while its net interest margin rose and borrowings fell from June levels.

Net income for the quarter ended Sept. 30 was $22.821 million, up 8% from a year earlier. Diluted earnings per share increased 7% from $1.25. Both results were 1% below their records from the prior quarter.

GAAP diluted EPS and adjusted diluted EPS were each $1.34. The company’s reconciliation showed no adjustments to third-quarter net income or per-share earnings.

Deposits totaled $5.849 billion at quarter-end, up 5% from June 30. Core deposits, a company-defined non-GAAP measure, increased 7% to $5.2 billion.

Net interest margin rose to 3.41% from 3.26% in the second quarter, a 15-basis-point increase. Borrowings fell to $374.4 million at Sept. 30 from $571.1 million at June 30.

Simon Griffiths, Camden National’s president and CEO, said deposit growth “expanded net interest margin by 15 basis points from the second quarter to 3.41%.”

Camden National is headquartered in Camden, Maine. It reported $7.1 billion in assets and 72 banking centers in Maine and New Hampshire.