Camden National Corporation Reports Third Quarter 2025 Earnings

Camden National Reports Record Net Income of $21.2 Million for the Third Quarter

CAMDEN, Maine, Oct. 28, 2025 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; "Camden National" or the "Company") reported earnings for the quarter ended September 30, 2025, of $21.2 million and diluted earnings per share ("EPS") of $1.25, both increases of 51%, compared to the second quarter of 2025. For the third quarter ended September 30, 2025, the Company reported a return on average assets of 1.21%, a return on average equity of 12.75% and a return on average tangible equity (non-GAAP) of 19.14%.

"We are proud to report record third quarter earnings of $21.2 million, setting a new highwater mark for the organization, and diluted earnings per share of $1.25, marking our strongest quarterly performance since 2021," said Simon Griffiths, President and Chief Executive Officer of Camden National. "These financial results reflect the strength and resilience of our core franchise and mark a pivotal moment for the organization. With the successful acquisition and integration of Northway Financial, Inc. earlier this year, we are well-positioned to accelerate growth and deliver sustained value for our shareholders."

THIRD QUARTER 2025 HIGHLIGHTS

FINANCIAL CONDITION

As of September 30, 2025, total assets were $7.0 billion, representing a 1% increase since June 30, 2025.

Investments totaled $1.4 billion on September 30, 2025, representing a 1% increase from June 30, 2025. The duration of the Company's total investment portfolio was 5.1 years as of September 30, 2025, compared to 5.3 years as of June 30, 2025.

Loans totaled $5.0 billion on September 30, 2025, representing a 1% increase compared to the second quarter of 2025. The increase during the third quarter was driven by a 4% increase in the commercial real estate loan portfolio and a 5% increase in the home equity loan portfolio.

Deposits totaled $5.4 billion as of September 30, 2025, representing a 2% decrease from June 30, 2025. Excluding brokered deposits, average deposits grew by 2% during the third quarter of 2025, driven by seasonal inflows during the summer months across our markets. As of September 30, 2025, the Company's loan-to-deposit ratio was 93%, compared to 89% at June 30, 2025.

As of September 30, 2025, the Company's common equity Tier 1 risk-based capital ratio was 11.17%, Tier 1 risk-based capital ratio was 12.47%, total risk-based capital ratio was 13.47% and Tier 1 leverage ratio was 8.94%. The Company's regulatory capital ratios continue to be well in excess of regulatory capital requirements and continue to improve as the Company rebuilds its capital position following the acquisition of Northway Financial, Inc. ("Northway") in the first quarter of 2025.

The Company announced a cash dividend of $0.42 per share, representing an annualized dividend yield of 4.35%, based on the Company's closing share price of $38.59 as reported by NASDAQ on September 30, 2025. The dividend will be payable on October 31, 2025, to shareholders of record on October 15, 2025.

ASSET QUALITY

Overall, the Company's asset quality remains strong as of September 30, 2025, as evident in its asset quality metrics, highlighted by non-performing assets of 0.12% of total assets and past-due loans of 0.16% of total loans.

At June 30, 2025, the Company proactively disclosed and carried a specific reserve of $6.0 million on a syndicated loan in which the Company participated for a telecommunication services company that had entered into bankruptcy. During the third quarter of 2025, the Company charged-off $10.7 million of the $12.2 million carrying value of the loan due to developments in the bankruptcy proceedings.

The allowance for credit losses ("ACL") on loans was 0.91% of total loans as of September 30, 2025, compared to 1.08% at June 30, 2025. The decrease in the ACL on loans between periods reflects the resolution of the syndicated loan discussed above and the continued strength of the overall loan portfolio. At September 30, 2025, the ACL on loans was 5.5 times total non-performing loans.

FINANCIAL OPERATING RESULTS (Q3 2025 vs. Q2 2025)

Net interest income for the third quarter of 2025 was $51.3 million, an increase of $2.1 million, or 4%, compared to the second quarter of 2025. This growth was driven by net interest margin expansion of 10 basis points and average loan growth of 1% during the third quarter of 2025.

Provision expense of $3.0 million was recorded for the third quarter of 2025, compared to provision expense of $6.9 million recorded for the second quarter of 2025. An improvement in our forecasted macroeconomic outlook at September 30, 2025, was offset by additional provision expense of $4.7 million for the third quarter of 2025 associated with the partial charge-off for the aforementioned syndication loan.

Non-interest income for the third quarter of 2025 was $14.1 million, an increase of $1.1 million, or 8%, compared to the second quarter of 2025. In 2025, we continue to see strong momentum within our fee income business lines, highlighted by 11% organic growth in assets under administration across our wealth and brokerage business lines to $2.4 billion at September 30, 2025. Additionally, during the third quarter of 2025, the Company sold two non-branch bank properties recognizing a net gain of $675,000 within non-interest income.

Non-interest expense for the third quarter of 2025 was $35.9 million, a decrease of 4% compared to the second quarter of 2025. The decrease in non-interest expense between periods reflects the reduction in merger and acquisition ("M&A") costs of $1.1 million between periods associated with the Northway acquisition completed on January 2, 2025. Non-interest expense, excluding core deposit intangible amortization and M&A costs, for the third quarter of 2025 totaled $34.1 million, a 2% decrease from the second quarter of 2025, as the Company achieved synergies from the Northway acquisition. For the third quarter of 2025, the Company reported a GAAP and non-GAAP efficiency ratio of 54.94% and 52.47%, respectively, compared to 60.37% and 55.47% for the second quarter of 2025.

Q3 2025 CONFERENCE CALL

Camden National Corporation will host a conference call and webcast at 3:00 p.m. Eastern Time on Tuesday, October 28, 2025, to discuss its third quarter 2025 financial results and outlook. Participants should dial into the call 10 - 15 minutes before it begins. Information about the conference call is as follows:

Live dial-in (Domestic):

(833) 470-1428

Link for live dial-in

(All other locations):

https://www.netroadshow.com/conferencing/global-numbers?confId=89497

Participant access code:

704581

Live webcast:

https://events.q4inc.com/attendee/485415554

A link to the live webcast will be available on Camden National's website under "About — Investor Relations" at CamdenNational.bank before the meeting, and a replay of the webcast will be available on Camden National's website following the conference call. The conference call transcript will also be available on Camden National's website approximately two days after the conference call.

ABOUT CAMDEN NATIONAL CORPORATION

Camden National Corporation (NASDAQ: CAC) is Northern New England's largest publicly traded bank holding company, with $7.0 billion in assets. Founded in 1875, Camden National Bank has 72 banking centers in Maine and New Hampshire, is a full-service community bank offering the latest digital banking, complemented by award-winning, personalized service. Additional information is available at CamdenNational.bank. Member FDIC. Equal Housing Lender.

Comprehensive wealth management, investment, and financial planning services are delivered by Camden National Wealth Management.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including certain plans, expectations, goals, projections, and other statements, which are subject to numerous risks, assumptions, and uncertainties. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could," or "may." Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures; inflation; ongoing competition in labor markets and employee turnover; deterioration in the value of Camden National's investment securities; changes in consumer spending and savings habits; changes in the interest rate environment; changes in general economic conditions, including as a result of tariffs and retaliatory tariffs; operational risks including, but not limited to, cybersecurity, fraud, pandemics and natural disasters; legislative and regulatory changes that adversely affect the business in which Camden National is engaged; turmoil and volatility in the financial services industry, including failures or rumors of failures of other depository institutions which could affect Camden National's ability to attract and retain depositors, and could affect the ability of financial services providers, including the Company, to borrow or raise capital; actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions; changes to regulatory capital requirements; changes in the securities markets and other risks and uncertainties disclosed from time to time in Camden National's Annual Report on Form 10-K for the year ended December 31, 2024, as updated by other filings with the Securities and Exchange Commission ("SEC"). Further, statements regarding the potential effects of notable and global current events on the Company's business, financial condition, liquidity and results of operations may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond the Company's control. Statements relating to the Company's recent acquisition of Northway may also be forward-looking statements. Factors that could cause actual results to differ materially from the forward-looking statements include the reaction to the transaction of the Company's customers, employees and counterparties; customer disintermediation; expected synergies, cost savings and other financial benefits of the transaction might not be realized within the expected timeframes or might be less than projected; and credit and interest rate risks associated with Camden's and Northway's respective businesses, customers, borrowings, repayment, investment and deposit practices. Camden National does not have any obligation to update forward-looking statements.

USE OF NON-GAAP MEASURES

In addition to evaluating the Company's results of operations in accordance with generally accepted accounting principles in the United States ("GAAP"), management supplements this evaluation with certain non-GAAP financial measures such as: adjusted net income; adjusted diluted earnings per share; adjusted return on average assets; adjusted return on average equity; pre-tax, pre-provision income; adjusted pre-tax, pre-provision income; return on average tangible equity and adjusted return on average tangible equity; the efficiency and tangible common equity ratios; core net interest margin; and tangible book value per share. Management utilizes these non-GAAP financial measures for purposes of measuring our performance against our peer group and other financial institutions and analyzing our internal performance. We also believe these non-GAAP financial measures help investors better understand the Company's operating performance and trends and allow for better performance comparisons to other financial institutions. In addition, these non-GAAP financial measures remove the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for GAAP operating results, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other financial institutions. Reconciliations to the comparable GAAP financial measures can be found in this document.

ANNUALIZED DATA

Certain returns, yields and performance ratios are presented on an "annualized" basis. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts. Annualized data may not be indicative of any four-quarter period and is presented for illustrative purposes only.

Selected Financial Data

(unaudited)

At or For The

Three Months Ended

At or For The

Nine Months Ended

(In thousands, except number of shares and per share data)

September 30,

2025

June 30,

2025

September 30,

2024

September 30,

2025

September 30,

2024

Financial Condition Data

Loans

$ 5,002,927

$ 4,931,369

$ 4,116,729

$ 5,002,927

$ 4,116,729

Total assets

6,981,522

6,920,044

5,745,180

6,981,522

5,745,180

Deposits

5,402,758

5,514,712

4,575,226

5,402,758

4,575,226

Shareholders' equity

676,444

652,148

529,900

676,444

529,900

Operating Data and Per Share Data

Net income

$ 21,194

$ 14,081

$ 13,073

$ 42,601

$ 38,338

Pre-tax, pre-provision income (non-GAAP) (1)

29,470

24,680

16,093

69,753

45,845

Diluted EPS

1.25

0.83

0.90

2.51

2.62

Profitability Ratios

Return on average assets

1.21 %

0.82 %

0.91 %

0.82 %

0.89 %

Return on average equity

12.75 %

8.77 %

10.04 %

8.86 %

10.13 %

Return on average tangible equity (non-GAAP) (1)

19.14 %

13.71 %

12.40 %

13.84 %

12.60 %

GAAP efficiency ratio

54.94 %

60.37 %

64.23 %

62.84 %

64.58 %

Efficiency ratio (non-GAAP) (1)

52.47 %

55.47 %

62.08 %

55.47 %

63.46 %

Net interest margin (fully-taxable equivalent)

3.16 %

3.06 %

2.46 %

3.09 %

2.37 %

Asset Quality Ratios

ACL on loans to total loans

0.91 %

1.08 %

0.86 %

0.91 %

0.86 %

Non-performing loans to total loans

0.17 %

0.37 %

0.13 %

0.17 %

0.13 %

Capital Ratios

Common equity ratio

9.69 %

9.42 %

9.22 %

9.69 %

9.22 %

Tangible common equity ratio (non-GAAP) (1)

7.09 %

6.77 %

7.69 %

7.09 %

7.69 %

Book value per share

$ 39.97

$ 38.54

$ 36.35

$ 39.97

$ 36.35

Tangible book value per share (non-GAAP) (1)

$ 28.42

$ 26.90

$ 29.82

$ 28.42

$ 29.82

Tier 1 leverage capital ratio

8.94 %

8.74 %

9.84 %

8.94 %

9.84 %

Total risk-based capital ratio

13.47 %

13.35 %

14.85 %

13.47 %

14.85 %

(1)

This is a non-GAAP measure, please see "Reconciliation of non-GAAP to GAAP Financial Measures (unaudited)."

Consolidated Statements of Condition Data

(unaudited)

(In thousands)

September 30,

2025

June 30,

2025

September

30,

2024

% Change

Sep 2025

vs. Jun

2025

% Change

Sep 2025

vs. Sep

2024

ASSETS

Cash, cash equivalents and restricted cash

$ 98,848

$ 113,815

$ 139,512

(13) %

(29) %

Investments:

Trading securities

5,581

5,326

5,141

5 %

9 %

Available-for-sale securities, at fair value

889,765

860,217

603,211

3 %

48 %

Held-to-maturity securities, at amortized cost

495,007

509,298

526,251

(3) %

(6) %

Other investments

31,185

26,879

22,513

16 %

39 %

Total investments

1,421,538

1,401,720

1,157,116

1 %

23 %

Loans held for sale, at fair value

9,775

22,567

11,706

(57) %

(16) %

Loans:

Commercial real estate

2,173,748

2,089,977

1,707,923

4 %

27 %

Commercial

479,461

506,883

382,507

(5) %

25 %

Residential real estate

2,017,675

2,018,332

1,762,395

— %

14 %

Consumer and home equity

332,043

316,177

263,904

5 %

26 %

Total loans

5,002,927

4,931,369

4,116,729

1 %

22 %

Less: allowance for credit losses on loans

(45,501)

(53,022)

(35,414)

(14) %

28 %

Net loans

4,957,426

4,878,347

4,081,315

2 %

21 %

Goodwill and core deposit intangible assets

195,558

197,031

95,251

(1) %

105 %

Other assets

298,377

306,564

260,280

(3) %

15 %

Total assets

$ 6,981,522

$ 6,920,044

$ 5,745,180

1 %

22 %

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities

Deposits:

Non-interest checking

$ 1,162,149

$ 1,118,080

$ 940,702

4 %

24 %

Interest checking

1,535,482

1,663,335

1,445,828

(8) %

6 %

Savings and money market

1,879,770

1,823,275

1,466,541

3 %

28 %

Certificates of deposit

701,031

698,185

553,481

— %

27 %

Brokered deposits

124,326

211,837

168,674

(41) %

(26) %

Total deposits

5,402,758

5,514,712

4,575,226

(2) %

18 %

Short-term borrowings

748,492

599,367

516,336

25 %

45 %

Long-term borrowings

1,000

—

N.M.

Junior subordinated debentures

61,441

61,365

44,331

— %

39 %

Accrued interest and other liabilities

91,387

92,452

79,387

(1) %

15 %

Total liabilities

6,305,078

6,267,896

5,215,280

1 %

21 %

Commitments and Contingencies

Shareholders' Equity

Common stock, no par value

215,145

214,365

116,072

— %

85 %

Retained earnings

529,721

515,662

500,927

3 %

6 %

Accumulated other comprehensive loss:

Net unrealized loss on debt securities, net of tax

(74,348)

(84,324)

(91,349)

(12) %

(19) %

Net unrealized gain on cash flow hedging derivative instruments, net

of tax

5,532

6,045

4,506

(8) %

23 %

Net unrecognized gain (loss) on postretirement plans, net of tax

394

400

(256)

(2) %

(254) %

Total accumulated other comprehensive loss

(68,422)

(77,879)

(87,099)

(12) %

(21) %

Total shareholders' equity

676,444

652,148

529,900

4 %

28 %

Total liabilities and shareholders' equity

$ 6,981,522

$ 6,920,044

$ 5,745,180

1 %

22 %

N.M. = Not meaningful

Consolidated Statements of Income Data

(unaudited)

For The

Three Months Ended

(In thousands, except per share data)

September 30,

2025

June 30,

2025

September 30,

2024

% Change

Sep 2025 vs.

Jun 2025

% Change

Sep 2025 vs.

Sep 2024

Interest Income

Interest and fees on loans

$ 69,070

$ 67,477

$ 55,484

2 %

24 %

Taxable interest on investments

10,314

10,257

6,622

1 %

56 %

Nontaxable interest on investments

456

455

462

— %

(1) %

Dividend income

470

493

389

(5) %

21 %

Other interest income

584

641

764

(9) %

(24) %

Total interest income

80,894

79,323

63,721

2 %

27 %

Interest Expense

Interest on deposits

24,719

24,594

25,051

1 %

(1) %

Interest on borrowings

4,039

4,620

4,549

(13) %

(11) %

Interest on junior subordinated debentures

864

900

534

(4) %

62 %

Total interest expense

29,622

30,114

30,134

(2) %

Net interest income

51,272

49,209

33,587

4 %

53 %

Provision for credit losses

2,972

6,920

239

(57) %

N.M.

Net interest income after provision for credit losses

48,300

42,289

33,348

14 %

45 %

Non-Interest Income

Debit card income

3,704

3,646

3,169

2 %

17 %

Service charges on deposit accounts

2,570

2,405

2,168

7 %

19 %

Income from fiduciary services

1,884

1,981

1,817

(5) %

4 %

Brokerage and insurance commissions

1,850

1,794

1,414

3 %

31 %

Mortgage banking income, net

1,092

1,060

973

3 %

12 %

Bank-owned life insurance

957

1,003

709

(5) %

35 %

Other income

2,068

1,178

1,156

76 %

79 %

Total non-interest income

14,125

13,067

11,406

8 %

24 %

Non-Interest Expense

Salaries and employee benefits

20,089

19,392

16,545

4 %

21 %

Furniture, equipment and data processing

4,173

4,294

3,578

(3) %

17 %

Net occupancy costs

2,666

2,693

1,890

(1) %

41 %

Debit card expense

1,745

1,725

1,368

1 %

28 %

Amortization of core deposit intangible assets

1,473

139

— %

N.M.

Regulatory assessments

1,020

1,127

784

(9) %

30 %

Consulting and professional fees

810

1,310

788

(38) %

3 %

Merger and acquisition costs

315

1,405

727

(78) %

(57) %

Other real estate owned and collection costs, net

(49) %

(51) %

Other expenses

3,590

4,086

2,987

(12) %

20 %

Total non-interest expense

35,927

37,596

28,900

(4) %

24 %

Income before income tax expense

26,498

17,760

15,854

49 %

67 %

Income Tax Expense

5,304

3,679

2,781

44 %

91 %

Net Income

$ 21,194

$ 14,081

$ 13,073

51 %

62 %

Per Share Data

Basic earnings per share

$ 1.25

$ 0.84

$ 0.90

49 %

39 %

Diluted earnings per share

$ 1.25

$ 0.83

$ 0.90

51 %

39 %

N.M. = Not meaningful

Consolidated Statements of Income Data

(unaudited)

For The

Nine Months Ended

(In thousands, except per share data)

September 30,

2025

September 30,

2024

% Change

Sep 2025 vs.

Sep 2024

Interest Income

Interest and fees on loans

$ 203,096

$ 160,615

26 %

Taxable interest on investments

30,343

20,456

48 %

Nontaxable interest on investments

1,379

1,388

(1) %

Dividend income

1,483

1,222

21 %

Other interest income

2,311

2,385

(3) %

Total interest income

238,612

186,066

28 %

Interest Expense

Interest on deposits

73,934

72,398

2 %

Interest on borrowings

12,677

15,032

(16) %

Interest on junior subordinated debentures

2,662

1,592

67 %

Total interest expense

89,273

89,022

— %

Net interest income

149,339

97,044

54 %

Provision (credit) for credit losses

19,321

(1,213)

N.M.

Net interest income after provision (credit) for credit losses

130,018

98,257

32 %

Non-Interest Income

Debit card income

10,583

9,104

16 %

Service charges on deposit accounts

7,293

6,308

16 %

Income from fiduciary services

5,703

5,436

5 %

Brokerage and insurance commissions

5,341

4,094

30 %

Mortgage banking income, net

2,660

2,297

16 %

Bank-owned life insurance

2,620

2,086

26 %

Other income

4,188

3,048

37 %

Total non-interest income

38,388

32,373

19 %

Non-Interest Expense

Salaries and employee benefits

59,724

48,100

24 %

Furniture, equipment and data processing

13,198

10,704

23 %

Merger and acquisition costs

9,245

727

N.M.

Net occupancy costs

8,392

5,941

41 %

Debit card expense

5,160

3,943

31 %

Amortization of core deposit intangible assets

4,419

417

N.M.

Consulting and professional fees

3,618

2,797

29 %

Regulatory assessments

3,133

2,454

28 %

Other real estate owned and collection costs, net

227

151

50 %

Other expenses

10,858

8,338

30 %

Total non-interest expense

117,974

83,572

41 %

Income before income tax expense

50,432

47,058

7 %

Income Tax Expense

7,831

8,720

(10) %

Net Income

$ 42,601

$ 38,338

11 %

Per Share Data

Basic earnings per share

$ 2.52

$ 2.63

(4) %

Diluted earnings per share

$ 2.51

$ 2.62

(4) %

N.M. = Not meaningful

Quarterly Average Balance and Yield/Rate Analysis

(unaudited)

Average Balance

Yield/Rate

For The Three Months Ended

(Dollars in thousands)

September 30,

2025

June 30,

2025

September 30,

2024

September 30,

2025

June 30,

2025

September 30,

2024

Assets

Interest-earning assets:

Interest-bearing deposits in other banks

and other interest-earning assets

$ 38,170

$ 43,530

$ 48,914

4.45 %

4.47 %

4.66 %

Investments - taxable

1,380,042

1,396,669

1,138,979

3.17 %

3.12 %

2.53 %

Investments - nontaxable (1)

61,114

61,044

61,864

3.77 %

3.78 %

Loans (2):

Commercial real estate

2,123,138

2,076,129

1,706,509

5.72 %

5.41 %

Commercial (1)

398,870

407,677

375,944

6.26 %

6.17 %

6.51 %

Municipal (1)

97,113

82,768

17,186

4.76 %

4.68 %

5.17 %

Residential real estate

2,033,136

2,037,852

1,780,665

4.86 %

4.84 %

4.53 %

Consumer and home equity

323,753

308,938

264,178

7.38 %

7.36 %

7.96 %

Total loans

4,976,010

4,913,364

4,144,482

5.50 %

5.48 %

5.29 %

Total interest-earning assets

6,455,336

6,414,607

5,394,239

4.98 %

4.94 %

4.69 %

Other assets

469,590

471,188

317,319

Total assets

$ 6,924,926

$ 6,885,795

$ 5,711,558

Liabilities & Shareholders' Equity

Deposits:

Non-interest checking

$ 1,163,310

$ 1,103,025

$ 934,403

— %

Interest checking

1,622,869

1,636,620

1,440,374

1.82 %

1.84 %

2.56 %

Savings

1,011,847

959,987

679,118

1.34 %

1.20 %

0.95 %

Money market

842,043

848,604

760,977

2.69 %

2.66 %

3.46 %

Certificates of deposit

698,948

703,091

565,063

3.50 %

3.57 %

3.85 %

Total deposits

5,339,017

5,251,327

4,379,935

1.69 %

1.70 %

2.09 %

Borrowings:

Brokered deposits

176,508

207,672

156,618

4.51 %

4.53 %

5.25 %

Customer repurchase agreements

246,775

234,491

190,936

1.18 %

1.31 %

1.92 %

Junior subordinated debentures

61,404

61,325

44,331

5.58 %

5.88 %

4.79 %

Other borrowings

354,099

398,408

336,899

3.70 %

3.88 %

4.28 %

Total borrowings

838,786

901,896

728,784

3.27 %

3.50 %

3.90 %

Total funding liabilities

6,177,803

6,153,223

5,108,719

1.90 %

1.96 %

2.35 %

Other liabilities

87,495

88,790

84,617

Shareholders' equity

659,628

643,782

518,222

Total liabilities & shareholders' equity

$ 6,924,926

$ 6,885,795

$ 5,711,558

Net interest rate spread (fully-taxable equivalent)

3.08 %

2.98 %

2.34 %

Net interest margin (fully-taxable equivalent)

3.16 %

3.06 %

2.46 %

Core net interest margin (fully-taxable equivalent) (3)

2.82 %

2.70 %

2.46 %

(1)

Reported on a tax-equivalent basis calculated using the federal corporate income tax rate of 21%, including certain commercial loans.

(2)

Non-accrual loans and loans held for sale are included in total average loans.

(3)

This is a non-GAAP measure. Please see "Reconciliation of non-GAAP to GAAP Financial Measures (unaudited)."

Year-to-Date Average Balance and Yield/Rate Analysis

(unaudited)

Average Balance

Yield/Rate

For The Nine Months Ended

(Dollars in thousands)

September 30,

2025

September 30,

2024

September 30,

2025

September 30,

2024

Assets

Interest-earning assets:

Interest-bearing deposits in other banks and other interest-earning assets

$ 55,276

$ 47,893

4.44 %

5.05 %

Investments - taxable

1,384,151

1,163,118

3.11 %

2.55 %

Investments - nontaxable (1)

61,547

62,014

3.78 %

Loans (2):

Commercial real estate

2,088,486

1,696,882

5.71 %

5.15 %

Commercial (1)

405,140

384,402

6.27 %

6.35 %

Municipal (1)

90,161

16,067

5.20 %

4.82 %

Residential real estate

2,035,004

1,775,502

4.80 %

4.47 %

Consumer and home equity

312,024

260,635

7.38 %

7.93 %

Total loans

4,930,815

4,133,488

5.48 %

5.15 %

Total interest-earning assets

6,431,789

5,406,513

4.94 %

4.57 %

Other assets

472,744

315,387

Total assets

$ 6,904,533

$ 5,721,900

Liabilities & Shareholders' Equity

Deposits:

Non-interest checking

$ 1,124,809

$ 923,207

— %

Interest checking

1,653,975

1,469,812

1.84 %

2.54 %

Savings

956,006

634,478

1.18 %

0.57 %

Money market

869,446

762,131

2.66 %

3.39 %

Certificates of deposit

702,929

577,007

3.60 %

3.84 %

Total deposits

5,307,165

4,366,635

1.70 %

2.04 %

Borrowings:

Brokered deposits

193,634

146,969

4.55 %

5.28 %

Customer repurchase agreements

239,286

186,401

1.26 %

1.78 %

Junior subordinated debentures

61,337

44,331

5.80 %

4.80 %

Other borrowings

366,814

379,751

3.80 %

4.41 %

Total borrowings

861,071

757,452

3.41 %

3.96 %

Total funding liabilities

6,168,236

5,124,087

1.94 %

2.32 %

Other liabilities

93,096

92,361

Shareholders' equity

643,201

505,452

Total liabilities & shareholders' equity

$ 6,904,533

$ 5,721,900

Net interest rate spread (fully-taxable equivalent)

3.00 %

2.25 %

Net interest margin (fully-taxable equivalent)

3.09 %

2.37 %

Core net interest margin (fully-taxable equivalent) (3)

2.73 %

2.37 %

(1)

Reported on a tax-equivalent basis calculated using the federal corporate income tax rate of 21%, including certain commercial loans.

(2)

Non-accrual loans and loans held for sale are included in total average loans.

(3)

This is a non-GAAP measure. Please see "Reconciliation of non-GAAP to GAAP Financial Measures (unaudited)."

Year-to-Date Organic Loans And Deposits Growth

(Unaudited)

(A)

(B)

(C)

(D) = (A) - (B) - (C)

(In thousands)

September 30,

2025

December 31,

2024

Northway

Acquisition

Purchase

Accounting (1)

Nine Months Ended

September 30, 2025

Organic Growth (Decline)

Loans:

Commercial real estate

$ 2,173,748

$ 1,711,964

$ 360,272

$ 101,512

6 %

Commercial

479,461

382,785

106,487

(9,811)

(3) %

Residential real estate

2,017,675

1,752,249

273,349

(7,923)

— %

Consumer and home equity

332,043

268,261

35,555

28,227

11 %

Total loans

$ 5,002,927

$ 4,115,259

$ 775,663

$ 112,005

3 %

Deposits:

Non-interest checking

$ 1,162,149

$ 925,571

$ 197,320

$ 39,258

4 %

Interest checking

1,535,482

1,483,589

315,891

(263,998)

(18) %

Savings and money market

1,879,770

1,511,589

285,889

82,292

5 %

Certificates of deposit

701,031

532,424

172,573

(3,966)

(1) %

Brokered deposits

124,326

179,994

—

(55,668)

(31) %

Total deposits

$ 5,402,758

$ 4,633,167

$ 971,673

$ (202,082)

(4) %

(1)

Represents fair value marks recorded on loans and deposits as of the acquisition date, January 2, 2025.

Asset Quality Data

(unaudited)

(In thousands)

At or for the

Nine Months

Ended

September 30,

2025

At or for the

Six Months

Ended

June 30,

2025

At or for the

Three Months

Ended

March 31,

2025

At or for the

Year Ended

December 31,

2024

At or for the

Nine Months

Ended

September 30,

2024

Non-accrual loans:

Residential real estate

$ 3,393

$ 3,678

$ 4,322

$ 1,891

$ 2,497

Commercial real estate

134

145

271

559

130

Commercial

4,103

13,514

1,803

1,927

2,057

Consumer and home equity

700

840

855

452

666

Total non-accrual loans

8,330

18,177

7,251

4,829

5,350

Accruing loans past due 90 days

—

Total non-performing loans

8,330

18,177

7,251

4,829

5,350

Other real estate owned

—

Total non-performing assets

$ 8,330

$ 18,249

$ 7,323

$ 4,829

$ 5,350

Loans 30-89 days past due:

Residential real estate

$ 725

$ 1,519

$ 1,754

$ 558

$ 216

Commercial real estate

5,014

1,120

380

689

239

Commercial

1,865

884

767

393

578

Consumer and home equity

493

591

440

621

358

Total loans 30-89 days past due

$ 8,097

$ 4,114

$ 3,341

$ 2,261

$ 1,391

ACL on loans at the beginning of the period

$ 35,728

$ 36,935

ACL established on acquired PCD loans (1)

3,071

—

Provision (credit) for loan losses

19,009

15,469

8,873

(693)

Charge-offs:

Residential real estate

—

Commercial real estate

218

191

—

Commercial

12,320

1,245

896

1,784

1,157

Consumer and home equity

173

105

Total charge-offs

12,715

1,545

1,120

1,883

1,240

Total recoveries

(408)

(299)

(171)

(623)

(412)

Net charge-offs

12,307

1,246

949

1,260

828

ACL on loans at the end of the period

$ 45,501

$ 53,022

$ 46,723

$ 35,728

$ 35,414

Components of ACL:

ACL on loans

$ 45,501

$ 53,022

$ 46,723

$ 35,728

$ 35,414

ACL on off-balance sheet credit exposures (2)

3,117

3,685

3,362

2,806

2,743

ACL, end of period

$ 48,618

$ 56,707

$ 50,085

$ 38,534

$ 38,157

Ratios:

Non-performing loans to total loans

0.17 %

0.37 %

0.15 %

0.12 %

0.13 %

Non-performing assets to total assets

0.12 %

0.26 %

0.11 %

0.08 %

0.09 %

ACL on loans to total loans

0.91 %

1.08 %

0.96 %

0.87 %

0.86 %

Net charge-offs to average loans (annualized):

Quarter-to-date

0.89 %

0.02 %

0.08 %

0.04 %

0.03 %

Year-to-date

0.33 %

0.05 %

0.08 %

0.03 %

ACL on loans to non-performing loans

546.23 %

291.70 %

644.37 %

739.86 %

661.94 %

Loans 30-89 days past due to total loans

0.16 %

0.08 %

0.07 %

0.05 %

0.03 %

(1)

Purchase credit deteriorated ("PCD").

(2)

Presented within accrued interest and other liabilities on the consolidated statements of condition.

Reconciliation of non-GAAP to GAAP Financial Measures

(unaudited)

Adjusted Net Income; Adjusted Diluted Earnings per Share; Adjusted Return on Average Assets; and Adjusted Return on Average Equity:

For the

Three Months Ended

For the

Nine Months Ended

(In thousands, except number of shares, per share

data and ratios)

September 30,

2025

June 30,

2025

September 30,

2024

September 30,

2025

September 30,

2024

Adjusted Net Income:

Net income, as presented

$ 21,194

$ 14,081

$ 13,073

$ 42,601

$ 38,338

Adjustments before taxes:

Provision for non-PCD acquired loans

—

6,294

—

Provision for acquired unfunded commitments

—

249

—

Merger and acquisition costs

315

1,405

727

9,245

727

Gain on sale of premises and equipment, net

(675)

—

(675)

—

Signature Bank bond recovery

—

(910)

Total adjustments before taxes

(360)

1,405

727

15,113

(183)

Tax impact of above adjustments (1)

(295)

(153)

(3,145)

Adjustment for deferred tax valuation adjustment (2)

—

(2,421)

—

Adjusted net income

$ 20,910

$ 15,191

$ 13,647

$ 52,148

$ 38,193

Adjusted Diluted Earnings per Share:

Diluted earnings per share, as presented

$ 1.25

$ 0.83

$ 0.90

$ 2.51

$ 2.62

Adjustments before taxes:

Provision for non-PCD acquired loans

—

0.37

—

Provision for acquired unfunded commitments

—

0.01

—

Merger and acquisition costs

0.02

0.08

0.05

0.55

0.05

Gain on sale of premises and equipment, net

(0.04)

—

(0.04)

—

Signature Bank bond recovery

—

(0.06)

Total adjustments before taxes

(0.02)

0.08

0.05

0.89

(0.01)

Tax impact of above adjustments (1)

0.01

(0.02)

(0.01)

(0.18)

—

Adjustment for deferred tax valuation adjustment (2)

—

(0.14)

—

Adjusted diluted earnings per share

$ 1.24

$ 0.89

$ 0.94

$ 3.08

$ 2.61

Adjusted Return on Average Assets:

Return on average assets, as presented

1.21 %

0.82 %

0.91 %

0.82 %

0.89 %

Adjustments before taxes:

Provision for non-PCD acquired loans

— %

0.12 %

— %

Provision for acquired unfunded commitments

— %

0.01 %

— %

Merger and acquisition costs

0.02 %

0.09 %

0.05 %

0.18 %

0.02 %

Gain on sale of premises and equipment, net

(0.04) %

— %

(0.01) %

— %

Signature Bank bond recovery

— %

(0.02) %

Total adjustments before taxes

(0.02) %

0.09 %

0.05 %

0.30 %

— %

Tax impact of above adjustments (1)

— %

(0.02) %

(0.01) %

(0.06) %

— %

Adjustment for deferred tax valuation adjustment (2)

— %

(0.05) %

— %

Adjusted return on average assets

1.19 %

0.89 %

0.95 %

1.01 %

0.89 %

Adjusted Return on Average Equity:

Return on average equity, as presented

12.75 %

8.77 %

10.04 %

8.86 %

10.13 %

Adjustments before taxes:

Provision for non-PCD acquired loans

— %

1.31 %

— %

Provision for acquired unfunded commitments

— %

0.05 %

— %

Merger and acquisition costs

0.19 %

0.88 %

0.56 %

1.92 %

0.19 %

Gain on sale of premises and equipment, net

(0.41) %

— %

(0.14) %

— %

Signature Bank bond recovery

— %

(0.24) %

Total adjustments before taxes

(0.22) %

0.88 %

0.56 %

3.14 %

(0.05) %

Tax impact of above adjustments (1)

0.05 %

(0.18) %

(0.12) %

(0.66) %

0.01 %

Adjustment for deferred tax valuation adjustment (2)

— %

(0.50) %

— %

Adjusted return on average equity

12.58 %

9.47 %

10.48 %

10.84 %

10.09 %

(1)

Assumed a 21% tax rate.

(2)

A one-time deferred tax valuation adjustment of $2.4 million resulted from a change in the apportionment of state income taxes due to the Northway merger.

Pre-Tax, Pre-Provision Income and Adjusted Pre-Tax, Pre-Provision Income:

For the

Three Months Ended

For the

Nine Months Ended

(In thousands)

September 30,

2025

June 30,

2025

September 30,

2024

September 30,

2025

September 30,

2024

Net income, as presented

$ 21,194

$ 14,081

$ 13,073

$ 42,601

$ 38,338

Adjustment for provision (credit) for credit losses

2,972

6,920

239

19,321

(1,213)

Adjustment for income tax expense

5,304

3,679

2,781

7,831

8,720

Pre-tax, pre-provision income

29,470

24,680

16,093

69,753

45,845

Adjustment for merger and acquisition costs

315

1,405

727

9,245

727

Adjustment for gain on sale of premises and

equipment, net

(675)

—

(675)

—

Adjusted pre-tax, pre-provision income

$ 29,110

$ 26,085

$ 16,820

$ 78,323

$ 46,572

Efficiency Ratio:

For the

Three Months Ended

For the

Nine Months Ended

(Dollars in thousands)

September 30,

2025

June 30,

2025

September 30,

2024

September 30,

2025

September 30,

2024

Non-interest expense, as presented

$ 35,927

$ 37,596

$ 28,900

$ 117,974

$ 83,572

Adjustment for merger and acquisition costs

(315)

(1,405)

(727)

(9,245)

(727)

Adjustment for amortization of core deposit

intangible assets

(1,473)

(139)

(4,419)

(417)

Adjusted non-interest expense

$ 34,139

$ 34,718

$ 28,034

$ 104,310

$ 82,428

Net interest income, as presented

$ 51,272

$ 49,209

$ 33,587

$ 149,339

$ 97,044

Adjustment for the effect of tax-exempt income (1)

344

312

165

982

475

Adjusted net interest income

51,616

49,521

33,752

150,321

97,519

Non-interest income, as presented

14,125

13,067

11,406

38,388

32,373

Adjustment for gain on sale of premises and

equipment, net

(675)

—

(675)

—

Adjusted non-interest income

13,450

13,067

11,406

37,713

32,373

Adjusted net interest income plus adjusted non-

interest income

$ 65,066

$ 62,588

$ 45,158

$ 188,034

$ 129,892

GAAP efficiency ratio

54.94 %

60.37 %

64.23 %

62.84 %

64.58 %

Non-GAAP efficiency ratio

52.47 %

55.47 %

62.08 %

55.47 %

63.46 %

(1)

Assumed a 21% tax rate.

Return on Average Tangible Equity and Adjusted Return on Average Tangible Equity:

For the

Three Months Ended

For the

Nine Months Ended

(Dollars in thousands)

September 30,

2025

June 30,

2025

September 30,

2024

September 30,

2025

September 30,

2024

Return on Average Tangible Equity:

Net income, as presented

$ 21,194

$ 14,081

$ 13,073

$ 42,601

$ 38,338

Adjustment for amortization of core deposit

intangible assets

1,473

139

4,419

417

Tax impact of above adjustment (1)

(309)

(29)

(928)

(88)

Net income, adjusted for amortization of core

deposit intangible assets

$ 22,358

$ 15,245

$ 13,183

$ 46,092

$ 38,667

Average equity, as presented

$ 659,628

$ 643,782

$ 518,222

$ 643,201

$ 505,452

Adjustment for average goodwill and core deposit

intangible assets

(196,279)

(197,863)

(95,319)

(198,072)

(95,460)

Average tangible equity

$ 463,349

$ 445,919

$ 422,903

$ 445,129

$ 409,992

Return on average equity

12.75 %

8.77 %

10.04 %

8.86 %

10.13 %

Return on average tangible equity

19.14 %

13.71 %

12.40 %

13.84 %

12.60 %

Adjusted Return on Average Tangible Equity:

Adjusted net income (refer to the "Adjusted Net

Income" non-GAAP reconciliation table)

$ 20,910

$ 15,191

$ 13,647

$ 52,148

$ 38,193

Adjustment for amortization of core deposit

intangible assets

1,473

139

4,419

417

Tax impact of above adjustment (1)

(309)

(29)

(928)

(88)

Adjusted net income, adjusted for amortization of

core deposit intangible assets

$ 22,074

$ 16,355

$ 13,757

$ 55,639

$ 38,522

Adjusted return on average tangible equity

18.90 %

14.71 %

12.94 %

16.71 %

12.55 %

(1)

Assumed a 21% tax rate.

Core Net Interest Margin (fully-taxable equivalent):

For the

Three Months Ended

For the

Nine Months Ended

(In thousands)

September 30,

2025

June 30,

2025

September 30,

2024

September 30,

2025

September 30,

2024

Net interest margin, tax equivalent, as presented

3.16 %

3.06 %

2.46 %

3.09 %

2.37 %

Net accretion income on loans from purchase

accounting (1)

(0.27) %

(0.30) %

—

(0.30) %

—

Net accretion income on investments from purchase

accounting (2)

(0.08) %

(0.07) %

—

(0.07) %

—

Net amortization on time deposits and borrowings

from purchase accounting (3)

0.01 %

—

0.01 %

—

Core net interest margin (fully-taxable equivalent)

2.82 %

2.70 %

2.46 %

2.73 %

2.37 %

(1)

Recognized $3.8 million and $12.4 million of net accretion income on loans from purchase accounting for the three and nine months ended

September 30, 2025, respectively, and $4.3 million for the three months ended June 30, 2025.

(2)

Recognized $937,000 and $2.6 million of net accretion income on investments from purchase accounting for the three and nine months ended

September 30, 2025, respectively, and $863,000 for the three months ended June 30, 2025.

(3)

Recognized $132,000 and $394,000 million of amortization expense on time deposits and borrowings from purchase accounting for the three and

nine months ended September 30, 2025, respectively, and $131,000 for the three months ended June 30, 2025.

Tangible Book Value Per Share and Tangible Common Equity Ratio:

(In thousands, except number of shares, per share data and ratios)

September 30,

2025

June 30,

2025

September 30,

2024

Tangible Book Value Per Share:

Shareholders' equity, as presented

$ 676,444

$ 652,148

$ 529,900

Adjustment for goodwill and core deposit intangible assets

(195,558)

(197,031)

(95,251)

Tangible shareholders' equity

$ 480,886

$ 455,117

$ 434,649

Shares outstanding at period end

16,922,225

16,919,689

14,577,218

Book value per share

$ 39.97

$ 38.54

$ 36.35

Tangible book value per share

$ 28.42

$ 26.90

$ 29.82

Tangible Common Equity Ratio:

Total assets

$ 6,981,522

$ 6,920,044

$ 5,745,180

Adjustment for goodwill and core deposit intangible assets

(195,558)

(197,031)

(95,251)

Tangible assets

$ 6,785,964

$ 6,723,013

$ 5,649,929

Common equity ratio

9.69 %

9.42 %

9.22 %

Tangible common equity ratio

7.09 %

6.77 %

7.69 %

SOURCE Camden National Corporation