Camden National Q3 net income rises on deposit growth

Overview

• U.S. regional bank's Q3 net income rose 8% yr/yr, with EPS up 7%

• Company saw 5% deposit growth and 15 bps net interest margin expansion from prior quarter

• Asset quality remained strong with non-performing loans at 0.16% of total loans

Outlook

• Company did not provide specific guidance financial for future quarters or full-year results

Result Drivers

• DEPOSIT GROWTH - Co said strong deposit growth and continued customer acquisition improved funding mix and reduced reliance on higher-cost borrowings

• NET INTEREST MARGIN - Co attributed 15 bps net interest margin expansion to lower funding costs and deposit growth

• CREDIT QUALITY - Asset quality remained strong with low non-performing loans and net charge-offs

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "hold"

• Wall Street's median 12-month price target for Camden National Corp is $59.50, about 1.8% above its October 26 closing price of $58.46

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago

Reuters Recommended Reads

• Oct 26 - Northwest Bancshares Q3 adjusted EPS beats estimates on C&I loan growth

• Oct 27 - Skyline Bankshares Q3 profit rises on loan growth

• Oct 26 - Bank of Hawaii Q3 net income rises on higher net interest income

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)