Camden National reports Q2 EPS 85c, consensus 80c

Net interest margin decreased 14 basis points to 2.40%, compared to the first quarter of 2023, as funding costs increased 36 basis points, partially offset by an increase in interest-earning asset yields of 20 basis points. “Camden National is well-positioned to weather the current turbulent markets, highlighted by prolonged and steep yield curve inversion that has caused significant profitability pressure across the banking industry. Our strong capital levels, asset quality, and reserves provide us with stability for the future,” said Gregory Dufour, President and CEO. “As I shared last quarter, our short-term organizational priorities continue to be centered around deposits and net interest margin optimization and maintaining our strong asset quality through proactive management and early identification of any credit-related trends.”