CAC

Camden National's FY2025 results are dominated by a closed acquisition: total assets jumped 20.1% to $6.97B, loans rose ~21% to $4.97B, goodwill nearly doubled to $151.5M and core deposit intangibles ballooned from $0.4M to $42.6M, with $9.3M of explicit M&A costs and a 16% jump in share count to 16.9M. The deal is working at the top line — net interest income surged from $132.5M to $203.3M and non-interest income climbed to $52.5M — but the cost of getting there shows up everywhere: provision for credit losses swung from a $0.4M credit to a $22.3M charge (Day-1 CECL on acquired loans is the most plausible read given the loan growth), salaries jumped 25%, CDI amortization ran $5.9M, and a $10.3M loss on securities sales suggests a balance-sheet restructuring around the deal. Diluted EPS still grew, but only +6.1% to $3.84 because earnings were spread across many more shares.

The balance sheet is workable but not pristine. Stockholders' equity of $697M against $6.28B of liabilities is a 9.0x leverage typical of a bank, ROE of 9.4% is decent-but-sub-peer for a clean community bank (good ones run 11–13%), and the bond book carries embedded pain: AFS fair value $930M versus amortized cost $972.7M, HTM fair value $458M versus amortized cost $485M, and AOCI a $64.4M loss. Cash collapsed 54.6% to $97.5M as deposits were redeployed into the larger loan book, and short-term borrowings of $582M now fund a meaningful chunk of the balance sheet — exactly the funding/liquidity risk the 10-K calls out as a top concern alongside interest-rate risk on a ~$1.45B investment portfolio.