Camden National Q2 net income rises on loan growth

• Non-interest income growth — Second-quarter non-interest income rose 21% from the first quarter, with increases across all categories including deposit customer-related revenue, debit card income, and wealth and brokerage businesses.
• Loan growth — Total loans grew 1% in the quarter, led by 7% growth in home equity and 4% growth in commercial loan portfolios.
• Net interest margin expansion — Net interest margin expanded by 2 basis points to 3.26%, driven by lower funding costs.

The current average analyst rating on the shares is hold, with 1 strong buy or buy, 3 hold and no sell or strong sell recommendations.

The average consensus recommendation for the banks peer group is buy.

Wall Street's median 12-month price target for Camden National Corp is $52.50, about 4.2% below its July 27 closing price of $54.81. The stock recently traded at 10 times the next 12-month earnings versus a P/E of 9 three months ago.