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CAC, Camden National Corporation

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Latest annual: FY2025 10-K

CAC · Camden National Corporation

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$256M

+44.5% YoY · 6% 5-yr CAGR

Vital signs · FY2025, with 5-yr average

Revenue $256M 5-yr avg $194M

Return on equity 9% 5-yr avg 11%

Return on tangible equity 13% 5-yr avg 14%

Efficiency ratio 61% 5-yr avg 60%

Equity / assets 10.0% 5-yr avg 9.1%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not an earnings multiple, and the worst year of credit losses matters more than the best. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on equity has hovered around the cost of equity (median 11%, above 12% in 4 of 10 years). It runs at a 61% efficiency ratio, about average. The cycle and the loan book decide this one; weigh the recession years in the record, not the average, and read the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25
										Income statement
$153M	$154M	$159M	$170M	$187M	$187M	$188M	$163M	$177M	$256M	RevenueRevenue
$113M	$115M	$120M	$128M	$136M	$137M	$148M	$132M	$132M	$203M	Net interest incomeNet int.
$40M	$39M	$38M	$42M	$50M	$50M	$41M	$31M	$45M	$53M	Noninterest incomeFee inc.
$5M	$3M	$847K	$3M	$12M	($3M)	$5M	$2M	—	—	Credit-loss provisionProvision
$40M	$28M	$53M	$57M	$59M	$69M	$61M	$43M	$53M	$65M	Net incomeNet inc.
30%	54%	19%	20%	20%	20%	20%	19%	19%	17%	Effective tax rateTax rate
										Cash flow & returns
1.0%	0.7%	1.2%	1.3%	1.2%	1.3%	1.1%	0.8%	0.9%	0.9%	Return on assetsROA
10%	7%	12%	12%	11%	13%	14%	9%	10%	9%	Return on equityROE
7%	4%	8%	8%	7%	9%	8%	4%	5%	5%	Retained to equityRetained/eq
14%	9%	16%	15%	14%	16%	17%	11%	12%	13%	Return on tangible equityROTCE
59%	58%	58%	56%	54%	55%	57%	66%	63%	61%	Efficiency ratioEffic.
										Balance sheet
$3.9B	$4.1B	$4.3B	$4.4B	$4.9B	$5.5B	$5.7B	$5.7B	$5.8B	$7.0B	Total assetsAssets
$2.8B	$3.0B	$3.5B	$3.5B	$4.0B	$4.6B	$4.8B	$4.6B	$4.6B	$5.5B	DepositsDeposits
$95M	$95M	$95M	$95M	$95M	$95M	$95M	$95M	$95M	$152M	GoodwillGoodwill
$392M	$403M	$436M	$473M	$529M	$541M	$451M	$495M	$531M	$697M	Shareholders’ equityEquity
										Per share
15.5M	15.6M	15.6M	15.5M	15.0M	15.0M	14.7M	14.6M	14.6M	17.0M	Shares out (diluted)Shares
$2.58	$1.83	$3.40	$3.70	$3.96	$4.61	$4.18	$2.97	$3.62	$3.84	EPS (diluted)EPS
$0.80	$0.92	$1.10	$1.20	$1.32	$1.41	$1.60	$1.68	$1.68	$1.68	Dividends / shareDiv/sh
$25.25	$25.88	$27.89	$30.64	$35.23	$36.15	$30.70	$33.89	$36.30	$41.03	Book value / shareBVPS
$18.71	$19.49	$21.56	$24.28	$28.74	$29.68	$24.15	$27.34	$29.80	$29.60	Tangible book / shareTBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+4.8%/yr	+3.9%/yr
Owner earnings / share	−0.5%/yr	+27.5%/yr
EPS	+4.5%/yr	−0.6%/yr
Dividends / share	+8.6%/yr	+4.9%/yr
Capital spending / share	+13.5%/yr	+11.5%/yr
Book value / share	+5.5%/yr	+3.1%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

17Mpeak FY2025

Revenue

$256Mlow FY2016

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Is it a good business?

Return on equity 9%

Below the cost of equity

Net income $65M ÷ equity $697M

Industry peers: median 11%

What this means
The bank's north star, what it earns on shareholders' capital. Cost of equity is roughly 10%, so a return durably above that builds value and below it destroys it. One year is noisy; the durability across a full credit cycle is what counts.
Return on tangible equity 13%

Solid

Net income ÷ (equity − goodwill $152M − intangibles $43M)

Industry peers: median 13%

What this means
The cleaner return, stripping out the goodwill paid for past acquisitions. This is the number a buyer of the whole bank actually earns on the hard capital.
Efficiency ratio 61%

Efficient (<65%)

Noninterest expense $155M ÷ (net interest income + fees)

Industry peers: median 63%

What this means
The share of revenue eaten by running costs; lower is better, and below about 60% marks a genuinely efficient operation. A low ratio held for years is the operational side of a moat.

Is it sound?

Capital (equity / assets) 10.0%

Adequate

Equity $697M ÷ assets $7.0B

What this means
A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.
Deposit funding 79%

Deposit-funded

Deposits $5.5B ÷ assets $7.0B

What this means
Low-cost, sticky deposits are a bank's real moat, the cheap raw material it lends out at a spread. A bank funded mostly by deposits earns more durably than one that rents its money in the wholesale market.
Credit cost (provision / NII) 1%

Low

Provision for credit losses $2M ÷ net interest income $203M

What this means
What the bank set aside this year against loans going bad, as a share of its lending income. This swings hard with the cycle, low in good years and spiking in recessions, so read it across the record, not in one year. Disciplined underwriting shows up as low, stable provisions through a downturn.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Named as a competitive risk

Its FY2025 10-K names artificial intelligence as a competitive threat.

“The adoption of new or emerging technologies, such as blockchain and artificial intelligence, or further developments in current technologies may require us to make substantial expenditures to modify or adapt our existing products and services to remain competitive.”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Gregory A. Dufour	$2.4M	$2.3M	$141M
2022	Gregory A. Dufour	$1.3M	$1.6M	$103M
2023	Gregory A. Dufour	$1.5M	$1.4M	$65M
2024	Simon R. Griffiths	$1.9M	$2.0M	$58M
2025	Simon R. Griffiths	$2.3M	$2.5M	$58M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership2.1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$3M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 2% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Peers, Banks

The same industry, side by side on the bank lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	ROE	ROTCE	Efficiency	NII / assets
NEWTNewtekOne Inc.	$285M	17%	18%	63%	1.9%
HAFCHanmi Financial Corporation	$270M	10%	11%	54%	3.1%
WABCWestamerica Bancorporation	$258M	11%	14%	46%	2.7%
CACCamden National Corporation	$256M	11%	14%	58%	2.8%
CBNKCapital Bancorp Inc.	$245M	14%	14%	67%	5.2%
FISIFinancial Institutions Inc.	$245M	11%	13%	61%	2.8%
SHBIShore Bancshares Inc	$225M	8%	9%	64%	3.0%
ALRSAlerus Financial Corporation	$224M	10%	12%	77%	2.8%
Group median	—	11%	13%	62%	2.8%

The price

What a price has to assume.

What the price implies

price / tangible book

A bank is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what Camden National Corporation’s record justifies.

Today’s price $

The assumptions Cost of equity 10% Long-term growth 3%

Tangible book / share, delivered1%/yr’20→’25

The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). A bank earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for a bank.

Enter a price above to run it.

Price / tangible book—

Justified by the return—

Normalized return on tangible equity14%

Price / book—

Earnings yield—

P/E (3-yr avg ’23–’25)—

Graham’s price gate—

Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.

Tangible book $502M on 17M shares, a 14% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the bank keeps earning that return; a credit cycle, a rate shock or a bad acquisition changes it, which is what the record and the 10-K are for.

Weigh CAC against another business →

The owners of CAC: the meeting and the votes →

Cite: Owner Scorecard, "Camden National Corporation (CAC), the owner's record," https://ownerscorecard.com/c/CAC, data as of 2026-07-09.

Manual order: ← CABO its page in the Manual CACC →

Industry order: ← C the Banks chapter CARE →