Form 8-K

8-K — CAMDEN NATIONAL CORP

Accession: 0000750686-26-000058

Filed: 2026-07-28

Period: 2026-07-28

CIK: 0000750686

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — cac-20260728.htm (Primary)

EX-99.1 (ex991earningsreleaseq226.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

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0000750686false00007506862026-07-282026-07-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (date of earliest event reported): July 28, 2026

Camden National Corporation

(Exact name of registrant as specified in its charter)

Maine

001-13227

01-0413282

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

Two Elm Street

Camden

Maine

04843

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: (207) 236-8821

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, without par value CAC The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

Camden National Corporation (the “Company” or “Camden”) issued a press release on July 28, 2026 announcing earnings for the fiscal quarter ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1. This information is being furnished pursuant to Item 2.02, and the information contained therein shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933.

Item 9.01

Financial Statements and Exhibits.

(d) The following exhibits are filed with this Report:

Exhibit No. Description

99.1

Press release announcing earnings for the fiscal quarter ended June 30, 2026.

101 Cover Page Interactive Data - the cover page XBRL tags are embedded within the Inline XBRL document.

104 Cover Page Interactive Data File - Included in Exhibit 101.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: July 28, 2026

CAMDEN NATIONAL CORPORATION

(Registrant)

By: /s/ MICHAEL R. ARCHER

Michael R. Archer

Chief Financial Officer and Principal Financial & Accounting Officer

EX-99.1

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Document

CONTACT:

Michael Archer

Executive Vice President

Chief Financial Officer

Camden National Corporation

(800) 860-8821

marcher@CamdenNational.bank

FOR IMMEDIATE RELEASE

Camden National Corporation Reports Record Quarterly Net Income of $23.0 Million and Diluted EPS of $1.35 for the Second Quarter of 2026

Record earnings reflect continued momentum and improved profitability

CAMDEN, Maine, July 28, 2026/PRNewswire/--Camden National Corporation (NASDAQ: CAC; “Camden National” or the “Company”) reported net income of $23.0 million and diluted earnings per share (“EPS”) of $1.35 for the quarter ended June 30, 2026, resulting in a return on average assets of 1.33%, a return on average equity of 12.92%, and a return on average tangible equity (non‑GAAP) of 18.47%.

“Our record quarterly earnings reflect the momentum we are building across the franchise as we execute on our long-term strategy,” said Simon Griffiths, President and Chief Executive Officer of Camden National Corporation. “Through continued investment in talent and focused efforts to deepen customer relationships, we delivered 3% annualized loan growth during the quarter and strong revenue performance across our complementary business lines. We enter the second half of the year with confidence in our strategy, disciplined execution, and a continued commitment to creating long-term value for our shareholders.”

For the first six months of 2026, the Company reported record net income of $44.9 million and diluted EPS of $2.64, compared to $21.4 million and $1.26, respectively, for the six months ended June 30, 2025. Results benefited from the successful integration and earnings contribution of Northway Financial, Inc., acquired on January 1, 2025, as well as continued growth in core business activities. On a non-GAAP basis, adjusted pre-tax, pre-provision income increased 19% to $58.7 million for the six months ended June 30, 2026.

SECOND QUARTER 2026 HIGHLIGHTS

•Net income and diluted EPS for the second quarter of 2026 each increased 5% over the first quarter of 2026.

•Total revenue for the second quarter of 2026 increased 5% over the first quarter of 2026, driven by net interest margin expansion of 2 basis points to 3.26% and strong non-interest income growth of 21%.

•The GAAP efficiency ratio for the second quarter was 55.42%, and the non-GAAP efficiency ratio was 53.23%, compared to 55.50% and 53.21%, respectively, for the first quarter of 2026.

•Loans grew 1% during the second quarter of 2026, and the committed loan pipeline increased 45% from the first quarter of 2026.

•Book value per share increased to $42.96 and tangible book value per share (non-GAAP) increased to $31.64 at June 30, 2026, from $41.98 and $30.58, respectively, at March 31, 2026.

•The Company repurchased 52,000 shares of its common stock at a weighted-average price of $47.64 per share during the second quarter of 2026.

FINANCIAL OPERATING RESULTS (Q2 2026 vs. Q1 2026)

Net interest income for the second quarter of 2026 totaled $52.9 million, an increase of 1% from the first quarter of 2026. Net interest margin expanded 2 basis points on a linked-quarter basis to 3.26% for the second quarter of 2026, driven by lower funding costs. On a non-GAAP basis, core net interest margin increased 5 basis points over the same period to 2.97% for the second quarter of 2026. For the second quarter of 2026, net fair value mark accretion income of $4.0 million was recognized, a decrease of $335,000 from the first quarter of 2026.

Provision expense was $710,000 for the second quarter of 2026, compared to $553,000 for the first quarter of 2026. During the second quarter of 2026, loans grew 1% while asset quality remained strong, as evidenced by an annualized net charge-offs-to-average-loans ratio of 0.04% for the quarter.

Non-interest income for the second quarter of 2026 totaled $14.5 million, an increase of $2.5 million, or 21% compared to the first quarter of 2026. Quarter-over-quarter, revenue across all non-interest income categories increased, including deposit customer-related revenue, debit card income, and our wealth and brokerage businesses. As of June 30, 2026, assets under administration across our wealth and brokerage businesses totaled $2.6 billion, an increase of 13% over the same period a year ago.

Non-interest expense for the second quarter of 2026 totaled $37.4 million, a 5% increase compared to the first quarter of 2026. The increase was primarily driven by annual salary increases and the timing of our annual director equity award grant and recognition event for our top-performing sales team members, both of which occur in the second quarter each year. The Company’s GAAP and non‑GAAP efficiency ratios for the second quarter of 2026 were 55.42% and 53.23% compared to 55.50% and 53.21%, respectively, for the first quarter of 2026.

FINANCIAL CONDITION

Total assets were $7.0 billion at both June 30, 2026 and March 31, 2026.

Investments totaled $1.4 billion at June 30, 2026, representing a 1% decrease from March 31, 2026.

Total loans were $5.0 billion as of June 30, 2026, an increase of 1% from March 31, 2026, driven by increases in our home equity and commercial loan portfolios of 7% and 4%, respectively, during the quarter. The Company ended the second quarter with a committed loan pipeline of $185.7 million, up 45% from the prior quarter.

The Company's asset quality remained strong during the quarter, with past-due loans representing 0.15% and non-performing loans 0.24% of total loans at June 30, 2026. The allowance for credit losses (“ACL”) on loans was 0.91% of total loans, compared with 0.92% at March 31, 2026. The ACL coverage ratio was 3.8 times non-performing loans as of June 30, 2026, compared to 4.2 times as of March 31, 2026.

Deposits totaled $5.6 billion at June 30, 2026, representing a 1% decrease from March 31, 2026, driven by lower brokered deposits and certificates of deposit as the Company continued to optimize its funding mix. Core deposits remained stable during the quarter, supported by continued growth in the Company’s high-yield savings product and the durability of its customer deposit base. As of June 30, 2026, the Company’s loan-to-deposit ratio was 90%, compared with 89% at March 31, 2026.

As of June 30, 2026, the Company maintained capital ratios well in excess of all regulatory requirements, including a Common Equity Tier 1 ratio of 12.19%, a Tier 1 risk-based ratio of 13.48%, a total risk-based ratio of 14.43%, and a Tier 1 leverage ratio of 9.66%.

For the first six months of 2026, the Company repurchased 85,131 shares at a weighted average price of $46.55 per share under its share repurchase program.

The Company announced a cash dividend of $0.42 per share, representing an annualized dividend yield of 3.10%, based on the Company's closing share price of $54.22 as reported by NASDAQ on June 30, 2026. The dividend will be payable on July 31, 2026, to shareholders of record on July 15, 2026.

Q2 2026 CONFERENCE CALL

Camden National Corporation will host a conference call and webcast at 3:00 p.m. Eastern Time on Tuesday, July 28, 2026, to discuss its second quarter of 2026 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) 461-5787

Link to obtain live dial-in

(All other locations): https://help.events.q4inc.com/eahc/international-dial-in-numbers

Meeting ID: 727 027 679

Live webcast URL: https://events.q4inc.com/attendee/727027679

A link to the live webcast will be available on Camden National's website under "Resources — 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 and 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 weakness in the United States economy in general and the regional and local economies within the Northern New England regions, which could result in a deterioration of credit quality, an increase in the allowance for credit losses or a reduced demand for the Company’s credit or fee-based products and services; changes in trade, monetary and fiscal policies and laws, including Federal Reserve interest rate policies or the imposition of tariffs or retaliatory tariffs

and related litigation; increased competitive pressures, including continued industry consolidation and the increased financial services provided by non-banks; inflation; deterioration in the value of Camden National's investment securities; commercial real estate vacancies and their impact on the ability of borrowers to repay loans; changes in consumer spending and savings habits; volatility in the securities markets that could adversely affect the value or credit quality of the Company’s assets, impairment of goodwill, or the availability and terms of funding necessary to meet the Company’s liquidity needs; changes in information technology and other operational risks, including cybersecurity and artificial intelligence, that require increased capital spending and introduce additional risk; changes in tax, banking, securities and insurance laws and regulations; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; changes in accounting policies, practices and standards; the effects of climate change on the Company and its customers, borrowers or service providers; the effects of civil unrest, international hostilities, including the continuation of conflict in the Middle East, or other geopolitical events; the effects of epidemics and pandemics; turmoil and volatility in the financial services industry; actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions; increases in deposit insurance assessments due to bank failures; changes to regulatory capital requirements; questions about the soundness of one or more financial institutions with which the Company does business; changes in the securities markets and other risks and uncertainties disclosed in Camden National’s Annual Report on Form 10-K for the year ended December 31, 2025, as updated by other filings with the Securities and Exchange Commission ("SEC"). Factors other than these risks could also materially affect the Company's financial results and performance, and readers should not consider the risks described above to be a comprehensive description of all potential risks and uncertainties that affect the Company. Readers should not place undue reliance on the Company's forward-looking statements.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 to measure our performance against our peer group and other financial institutions, and to analyze 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 with 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 are included 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

Six Months Ended

(In thousands, except number of shares and per share data) June 30,

2026 March 31,

2026 June 30,

2025 June 30,

2026 June 30,

2025

Financial Condition Data

Loans $ 5,004,468 $ 4,963,017 $ 4,931,369 $ 5,004,468 $ 4,931,369

Total assets 6,950,980 6,961,581 6,920,044 6,950,980 6,920,044

Deposits 5,555,104 5,585,352 5,514,712 5,555,104 5,514,712

Shareholders' equity 725,926 710,007 652,148 725,926 652,148

Operating Data and Per Share Data

Net income $ 23,021 $ 21,883 $ 14,081 $ 44,904 $ 21,407

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

30,051 28,630 24,680 58,681 40,283

Diluted EPS

1.35 1.29 0.83 2.64 1.26

Profitability Ratios

Return on average assets 1.33 % 1.28 % 0.82 % 1.31 % 0.63 %

Return on average equity 12.92 % 12.58 % 8.77 % 12.75 % 6.80 %

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

18.47 % 18.17 % 13.69 % 18.32 % 10.95 %

GAAP efficiency ratio

55.42 % 55.50 % 60.37 % 55.46 % 67.07 %

Efficiency ratio (non-GAAP)(1)

53.23 % 53.21 % 55.47 % 53.22 % 57.06 %

Net interest margin (fully-taxable equivalent) 3.26 % 3.24 % 3.06 % 3.25 % 3.05 %

Core net interest margin (fully-taxable equivalent) (non-GAAP)(1)

2.97 % 2.92 % 2.70 % 2.94 % 2.69 %

Asset Quality Ratios

ACL on loans to total loans 0.91 % 0.92 % 1.08 % 0.91 % 1.08 %

Non-performing loans to total loans 0.24 % 0.22 % 0.37 % 0.24 % 0.37 %

Capital Ratios

Common equity ratio 10.44 % 10.20 % 9.42 % 10.44 % 9.42 %

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

7.91 % 7.64 % 6.77 % 7.91 % 6.77 %

Book value per share

$ 42.96 $ 41.98 $ 38.54 $ 42.96 $ 38.54

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

$ 31.64 $ 30.58 $ 26.90 $ 31.64 $ 26.90

Tier 1 leverage capital ratio 9.66 % 9.43 % 8.74 % 9.66 % 8.74 %

Total risk-based capital ratio 14.43 % 14.27 % 13.35 % 14.43 % 13.35 %

(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) June 30,

2026 March 31,

2026 June 30,

2025 % Change Jun 2026 vs. Mar 2026 % Change Jun 2026 vs. Jun 2025

ASSETS

Cash, cash equivalents and restricted cash $ 99,900 $ 133,736 $ 113,815 (25) % (12) %

Investments:

Trading securities 4,948 4,383 5,326 13 % (7) %

Available-for-sale securities, at fair value 892,153 901,617 860,217 (1) % 4 %

Held-to-maturity securities, at amortized cost 463,318 473,257 509,298 (2) % (9) %

Other investments 23,433 23,411 26,879 — % (13) %

Total investments 1,383,852 1,402,668 1,401,720 (1) % (1) %

Loans held for sale, at fair value 13,890 17,618 22,567 (21) % (38) %

Loans:

Commercial real estate 2,191,102 2,195,741 2,089,977 — % 5 %

Commercial 431,211 414,694 506,883 4 % (15) %

Residential real estate 1,997,226 1,993,435 2,018,332 — % (1) %

Home equity

367,818 342,874 297,963 7 % 23 %

Consumer

17,111 16,273 18,214 5 % (6) %

Total loans 5,004,468 4,963,017 4,931,369 1 % 1 %

Less: allowance for credit losses on loans (45,604) (45,576) (53,022) — % (14) %

Net loans 4,958,864 4,917,441 4,878,347 1 % 2 %

Goodwill and core deposit intangible assets 191,377 192,731 197,031 (1) % (3) %

Other assets 303,097 297,387 306,564 2 % (1) %

Total assets $ 6,950,980 $ 6,961,581 $ 6,920,044 — % — %

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities

Deposits:

Non-interest checking $ 1,080,352 $ 1,077,696 $ 1,118,080 — % (3) %

Interest checking 1,755,545 1,770,622 1,663,335 (1) % 6 %

Savings and money market 1,995,303 1,966,149 1,823,275 1 % 9 %

Certificates of deposit 632,355 652,002 698,185 (3) % (9) %

Brokered deposits 91,549 118,883 211,837 (23) % (57) %

Total deposits 5,555,104 5,585,352 5,514,712 (1) % 1 %

Short-term borrowings 508,386 513,429 599,367 (1) % (15) %

Long-term borrowings 1,000 1,000 — — % N.M.

Junior subordinated debentures 61,665 61,590 61,365 — % — %

Accrued interest and other liabilities 98,899 90,203 92,452 10 % 7 %

Total liabilities 6,225,054 6,251,574 6,267,896 — % (1) %

Commitments and Contingencies

Shareholders’ Equity

Common stock, no par value 213,018 214,693 214,365 (1) % (1) %

Retained earnings 575,804 559,885 515,662 3 % 12 %

Accumulated other comprehensive loss:

Net unrealized loss on debt securities, net of tax (70,070) (71,141) (84,324) (2) % (17) %

Net unrealized gain on cash flow hedging derivative instruments, net of tax 6,656 6,042 6,045 10 % 10 %

Net unrecognized gain on postretirement plans, net of tax

518 528 400 (2) % 30 %

Total accumulated other comprehensive loss (62,896) (64,571) (77,879) (3) % (19) %

Total shareholders’ equity 725,926 710,007 652,148 2 % 11 %

Total liabilities and shareholders’ equity $ 6,950,980 $ 6,961,581 $ 6,920,044 — % — %

N.M. = Not meaningful

Consolidated Statements of Income Data

(unaudited)

For The

Three Months Ended

(In thousands, except per share data) June 30,

2026 March 31,

2026 June 30,

2025

% Change Jun 2026 vs. Mar 2026

% Change Jun 2026 vs. Jun 2025

Interest Income

Interest and fees on loans $ 67,258 $ 66,679 $ 67,477 1 % — %

Taxable interest on investments 10,245 10,296 10,257 — % — %

Nontaxable interest on investments 451 455 455 (1) % (1) %

Dividend income 377 413 493 (9) % (24) %

Other interest income 660 528 641 25 % 3 %

Total interest income 78,991 78,371 79,323 1 % — %

Interest Expense

Interest on deposits 22,305 21,648 24,594 3 % (9) %

Interest on borrowings 2,843 3,476 4,620 (18) % (38) %

Interest on junior subordinated debentures 904 889 900 2 % — %

Total interest expense 26,052 26,013 30,114 — % (13) %

Net interest income 52,939 52,358 49,209 1 % 8 %

Provision for credit losses

710 553 6,920 28 % N.M.

Net interest income after provision for credit losses

52,229 51,805 42,289 1 % 24 %

Non-Interest Income

Debit card income 3,786 3,422 3,646 11 % 4 %

Service charges on deposit accounts 2,701 2,158 2,405 25 % 12 %

Income from fiduciary services 2,220 2,014 1,981 10 % 12 %

Brokerage and insurance commissions 2,029 1,735 1,794 17 % 13 %

Bank-owned life insurance 1,244 791 1,003 57 % 24 %

Mortgage banking income, net 1,161 828 1,060 40 % 10 %

Other income 1,329 1,032 1,178 29 % 13 %

Total non-interest income 14,470 11,980 13,067 21 % 11 %

Non-Interest Expense

Salaries and employee benefits 20,030 19,615 19,392 2 % 3 %

Furniture, equipment and data processing 4,791 4,644 4,294 3 % 12 %

Net occupancy costs 2,789 3,059 2,693 (9) % 4 %

Debit card expense 1,690 1,616 1,725 5 % (2) %

Consulting and professional fees 1,405 921 1,310 53 % 7 %

Amortization of core deposit intangible assets 1,354 1,354 1,473 — % (8) %

Regulatory assessments 862 907 1,127 (5) % (24) %

Other real estate owned and collection costs, net

3 6 91 (50) % (97) %

Merger and acquisition costs

— — 1,405 N.M. N.M.

Other expenses 4,434 3,586 4,086 24 % 9 %

Total non-interest expense 37,358 35,708 37,596 5 % (1) %

Income before income tax expense 29,341 28,077 17,760 5 % 65 %

Income Tax Expense 6,320 6,194 3,679 2 % 72 %

Net Income $ 23,021 $ 21,883 $ 14,081 5 % 63 %

Per Share Data

Basic earnings per share $ 1.36 $ 1.29 $ 0.84 5 % 62 %

Diluted earnings per share $ 1.35 $ 1.29 $ 0.83 5 % 63 %

N.M. = Not meaningful

Consolidated Statements of Income Data

(unaudited)

For The

Six Months Ended

(In thousands, except per share data) June 30,

2026 June 30,

2025

% Change Jun 2026 vs. Jun 2025

Interest Income

Interest and fees on loans $ 133,937 $ 134,026 — %

Taxable interest on investments 20,541 20,029 3 %

Nontaxable interest on investments 906 923 (2) %

Dividend income 790 1,013 (22) %

Other interest income 1,188 1,727 (31) %

Total interest income 157,362 157,718 — %

Interest Expense

Interest on deposits 43,953 49,215 (11) %

Interest on borrowings 6,319 8,638 (27) %

Interest on junior subordinated debentures 1,793 1,798 — %

Total interest expense 52,065 59,651 (13) %

Net interest income 105,297 98,067 7 %

Provision for credit losses

1,263 16,349 N.M.

Net interest income after provision for credit losses

104,034 81,718 27 %

Non-Interest Income

Debit card income 7,208 6,879 5 %

Service charges on deposit accounts 4,859 4,723 3 %

Income from fiduciary services 4,234 3,819 11 %

Brokerage and insurance commissions 3,764 3,491 8 %

Bank-owned life insurance 2,035 1,663 22 %

Mortgage banking income, net 1,989 1,568 27 %

Other income 2,361 2,120 11 %

Total non-interest income 26,450 24,263 9 %

Non-Interest Expense

Salaries and employee benefits 39,645 39,635 — %

Furniture, equipment and data processing 9,435 9,025 5 %

Net occupancy costs 5,848 5,726 2 %

Debit card expense 3,306 3,415 (3) %

Amortization of core deposit intangible assets 2,708 2,946 (8) %

Consulting and professional fees 2,326 2,808 (17) %

Regulatory assessments 1,769 2,113 (16) %

Other real estate owned and collection costs, net

9 181 (95) %

Merger and acquisition costs

— 8,930 N.M.

Other expenses 8,020 7,268 10 %

Total non-interest expense 73,066 82,047 (11) %

Income before income tax expense

57,418 23,934 140 %

Income Tax Expense

12,514 2,527 395 %

Net Income $ 44,904 $ 21,407 110 %

Per Share Data

Basic earnings per share $ 2.65 $ 1.27 109 %

Diluted earnings per share $ 2.64 $ 1.26 110 %

N.M. = Not meaningful

Quarterly Average Balance and Yield/Rate Analysis

(unaudited)

Average Balance

Yield/Rate

For The Three Months Ended For The Three Months Ended

(Dollars in thousands) June 30,

2026 March 31,

2026 June 30,

2025 June 30,

2026 March 31,

2026 June 30,

2025

Assets

Interest-earning assets:

Interest-bearing deposits in other banks

and other interest-earning assets

$ 53,143 $ 32,360 $ 43,530 3.81 % 4.70 % 4.47 %

Investments - taxable 1,369,968 1,395,629 1,396,669 3.14 % 3.11 % 3.12 %

Investments - nontaxable(1)

60,631 61,137 61,044 3.77 % 3.77 % 3.78 %

Loans(2):

Commercial real estate 2,186,127 2,183,289 2,076,129 5.62 % 5.61 % 5.72 %

Commercial(1)

368,331 360,451 407,677 6.08 % 6.12 % 6.17 %

Municipal(1)

52,139 51,070 82,768 4.63 % 5.18 % 4.68 %

Residential real estate 2,004,972 2,018,838 2,037,852 4.74 % 4.77 % 4.84 %

Home equity

354,025 336,593 290,354 6.66 % 6.67 % 7.25 %

Consumer

16,542 16,769 18,584 10.38 % 9.43 % 9.13 %

Total loans 4,982,136 4,967,010 4,913,364 5.38 % 5.39 % 5.48 %

Total interest-earning assets 6,465,878 6,456,136 6,414,607 4.88 % 4.88 % 4.94 %

Other assets 467,752 477,500 471,188

Total assets $ 6,933,630 $ 6,933,636 $ 6,885,795

Liabilities & Shareholders' Equity

Deposits:

Non-interest checking $ 1,078,793 $ 1,088,115 $ 1,103,025 — % — % — %

Interest checking 1,753,513 1,682,848 1,636,620 1.69 % 1.60 % 1.84 %

Savings 1,166,720 1,114,741 959,987 1.49 % 1.41 % 1.20 %

Money market 792,802 815,112 848,604 2.34 % 2.32 % 2.66 %

Certificates of deposit 641,532 665,552 703,091 3.01 % 3.17 % 3.57 %

Total deposits 5,433,360 5,366,368 5,251,327 1.56 % 1.54 % 1.70 %

Borrowings:

Brokered deposits 114,043 129,178 207,672 4.01 % 3.99 % 4.53 %

Customer repurchase agreements 269,272 256,619 234,491 0.84 % 0.93 % 1.31 %

Junior subordinated debentures 61,624 61,545 61,325 5.89 % 5.85 % 5.88 %

Other borrowings 258,621 324,853 398,408 3.54 % 3.60 % 3.88 %

Total borrowings 703,560 772,195 901,896 2.79 % 2.96 % 3.50 %

Total funding liabilities 6,136,920 6,138,563 6,153,223 1.70 % 1.72 % 1.96 %

Other liabilities 81,941 89,737 88,790

Shareholders' equity 714,769 705,336 643,782

Total liabilities & shareholders' equity $ 6,933,630 $ 6,933,636 $ 6,885,795

Net interest rate spread (fully-taxable equivalent) 3.18 % 3.16 % 2.98 %

Net interest margin (fully-taxable equivalent) 3.26 % 3.24 % 3.06 %

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

2.97 % 2.92 % 2.70 %

(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 Six Months Ended For The Six Months Ended

(Dollars in thousands) June 30,

2026 June 30,

2025 June 30,

2026 June 30,

2025

Assets

Interest-earning assets:

Interest-bearing deposits in other banks and other interest-earning assets $ 42,808 $ 63,971 4.15 % 4.44 %

Investments - taxable 1,382,728 1,386,239 3.13 % 3.08 %

Investments - nontaxable(1)

60,883 61,766 3.77 % 3.78 %

Loans(2):

Commercial real estate 2,184,716 2,070,874 5.61 % 5.70 %

Commercial(1)

364,413 408,327 6.10 % 6.27 %

Municipal(1)

51,607 86,627 4.90 % 5.46 %

Residential real estate 2,011,867 2,035,954 4.76 % 4.78 %

Home equity

345,357 286,958 6.66 % 7.26 %

Consumer

16,655 19,104 9.91 % 9.13 %

Total loans 4,974,615 4,907,844 5.38 % 5.47 %

Total interest-earning assets 6,461,034 6,419,820 4.88 % 4.92 %

Other assets 472,599 474,347

Total assets $ 6,933,633 $ 6,894,167

Liabilities & Shareholders' Equity

Deposits:

Non-interest checking $ 1,083,429 $ 1,105,239 — % — %

Interest checking 1,718,376 1,669,786 1.65 % 1.84 %

Savings 1,140,874 927,622 1.45 % 1.09 %

Money market 803,895 883,374 2.33 % 2.65 %

Certificates of deposit 653,475 704,952 3.09 % 3.65 %

Total deposits 5,400,049 5,290,973 1.55 % 1.70 %

Borrowings:

Brokered deposits 121,569 202,339 4.00 % 4.57 %

Customer repurchase agreements 262,980 235,479 0.88 % 1.30 %

Junior subordinated debentures 61,585 61,304 5.87 % 5.91 %

Other borrowings 291,554 373,277 3.57 % 3.85 %

Total borrowings 737,688 872,399 2.88 % 3.47 %

Total funding liabilities 6,137,737 6,163,372 1.71 % 1.95 %

Other liabilities 85,817 95,944

Shareholders' equity 710,079 634,851

Total liabilities & shareholders' equity $ 6,933,633 $ 6,894,167

Net interest rate spread (fully-taxable equivalent) 3.17 % 2.97 %

Net interest margin (fully-taxable equivalent) 3.25 % 3.05 %

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

2.94 % 2.69 %

(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).”

Asset Quality Data

(unaudited)

(In thousands) At or for the

Six Months Ended

June 30,

2026

At or for the

Three Months Ended

March 31,

2026

At or for the

Year Ended

December 31, 2025

At or for the

Nine Months Ended

September 30, 2025

At or for the

Six Months Ended

June 30,

2025

Non-accrual loans:

Residential real estate $ 2,715 $ 2,252 $ 2,667 $ 3,393 $ 3,678

Commercial real estate 6,054 5,420 639 134 145

Commercial 2,871 2,689 3,042 4,103 13,514

Home equity

501 596 672 697 834

Consumer

1 2 3 3 6

Total non-accrual loans 12,142 10,959 7,023 8,330 18,177

Accruing loans past due 90 days

— — — — —

Total non-performing loans 12,142 10,959 7,023 8,330 18,177

Other real estate owned — — — — 72

Total non-performing assets $ 12,142 $ 10,959 $ 7,023 $ 8,330 $ 18,249

Loans 30-89 days past due:

Residential real estate $ 1,542 $ 772 $ 1,565 $ 725 $ 1,519

Commercial real estate 2,839 569 5,284 5,014 1,120

Commercial 2,424 1,350 541 1,865 884

Home equity

424 328 713 456 457

Consumer

46 58 59 37 134

Total loans 30-89 days past due $ 7,275 $ 3,077 $ 8,162 $ 8,097 $ 4,114

ACL on loans at the beginning of the period $ 45,276 $ 45,276 $ 35,728 $ 35,728 $ 35,728

ACL established on acquired PCD loans(1)

— — 3,071 3,071 3,071

Provision for loan losses

1,274 806 22,031 19,009 15,469

Charge-offs:

Residential real estate 24 — 4 4 4

Commercial real estate — — 3,220 218 191

Commercial 1,229 627 12,659 12,320 1,245

Home equity

— — 21 21 3

Consumer

91 43 185 152 102

Total charge-offs 1,344 670 16,089 12,715 1,545

Total recoveries (398) (164) (535) (408) (299)

Net charge-offs 946 506 15,554 12,307 1,246

ACL on loans at the end of the period $ 45,604 $ 45,576 $ 45,276 $ 45,501 $ 53,022

Components of ACL:

ACL on loans $ 45,604 $ 45,576 $ 45,276 $ 45,501 $ 53,022

ACL on off-balance sheet credit exposures(2)

3,052 2,810 3,064 3,117 3,685

ACL, end of period $ 48,656 $ 48,386 $ 48,340 $ 48,618 $ 56,707

Ratios:

Non-performing loans to total loans 0.24 % 0.22 % 0.14 % 0.17 % 0.37 %

Non-performing assets to total assets 0.17 % 0.16 % 0.10 % 0.12 % 0.26 %

ACL on loans to total loans 0.91 % 0.92 % 0.91 % 0.91 % 1.08 %

Net charge-offs to average loans (annualized):

Quarter-to-date 0.04 % 0.04 % 0.26 % 0.89 % 0.02 %

Year-to-date 0.04 % 0.04 % 0.31 % 0.33 % 0.05 %

ACL on loans to non-performing loans 375.59 % 415.88 % 644.68 % 546.23 % 291.70 %

Loans 30-89 days past due to total loans 0.15 % 0.06 % 0.16 % 0.16 % 0.08 %

(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

Six Months Ended

(In thousands, except number of shares, per share data and ratios) June 30,

2026 March 31,

2026 June 30,

2025 June 30,

2026 June 30,

2025

Adjusted Net Income:

Net income, as presented $ 23,021 $ 21,883 $ 14,081 $ 44,904 $ 21,407

Adjustments before taxes:

Provision for non-PCD acquired loans — — — — 6,294

Provision for acquired unfunded commitments — — — — 249

Merger and acquisition costs — — 1,405 — 8,930

Total adjustments before taxes

— — 1,405 — 15,473

Tax impact of above adjustments, as applicable(1)

— — (292) — (3,559)

Adjustment for deferred tax valuation adjustment(2)

— — — — (2,421)

Adjusted net income

$ 23,021 $ 21,883 $ 15,194 $ 44,904 $ 30,900

Adjusted Diluted Earnings per Share:

Diluted earnings per share, as presented $ 1.35 $ 1.29 $ 0.83 $ 2.64 $ 1.26

Adjustments before taxes:

Provision for non-PCD acquired loans — — — — 0.37

Provision for acquired unfunded commitments — — — — 0.01

Merger and acquisition costs — — 0.08 — 0.53

Total adjustments before taxes

— — 0.08 — 0.91

Tax impact of above adjustments, as applicable(1)

— — (0.02) — (0.21)

Adjustment for deferred tax valuation adjustment(2)

— — — — (0.14)

Adjusted diluted earnings per share

$ 1.35 $ 1.29 $ 0.89 $ 2.64 $ 1.82

Adjusted Return on Average Assets:

Return on average assets, as presented 1.33 % 1.28 % 0.82 % 1.31 % 0.63 %

Adjustments before taxes:

Provision for non-PCD acquired loans — % — % — % — % 0.18 %

Provision for acquired unfunded commitments — % — % — % — % 0.01 %

Merger and acquisition costs — % — % 0.09 % — % 0.26 %

Total adjustments before taxes

— % — % 0.09 % — % 0.45 %

Tax impact of above adjustments, as applicable(1)

— % — % (0.02) % — % (0.10) %

Adjustment for deferred tax valuation adjustment(2)

— % — % — % — % (0.07) %

Adjusted return on average assets

1.33 % 1.28 % 0.89 % 1.31 % 0.91 %

Adjusted Return on Average Equity:

Return on average equity, as presented 12.92 % 12.58 % 8.77 % 12.75 % 6.80 %

Adjustments before taxes:

Provision for non-PCD acquired loans — % — % — % — % 2.00 %

Provision for acquired unfunded commitments — % — % — % — % 0.08 %

Merger and acquisition costs — % — % 0.88 % — % 2.83 %

Total adjustments before taxes

— % — % 0.88 % — % 4.91 %

Tax impact of above adjustments, as applicable(1)

— % — % (0.20) % — % (1.12) %

Adjustment for deferred tax valuation adjustment(2)

— % — % — % — % (0.77) %

Adjusted return on average equity

12.92 % 12.58 % 9.45 % 12.75 % 9.82 %

(1) Calculated using an estimated combined marginal income tax rate of 23%.

(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 acquisition.

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

For the

Three Months Ended For The

Six Months Ended

(In thousands) June 30,

2026 March 31,

2026 June 30,

2025 June 30,

2026 June 30,

2025

Net income, as presented $ 23,021 $ 21,883 $ 14,081 $ 44,904 $ 21,407

Adjustment for provision for credit losses

710 553 6,920 1,263 16,349

Adjustment for income tax expense 6,320 6,194 3,679 12,514 2,527

Pre-tax, pre-provision income

30,051 28,630 24,680 58,681 40,283

Adjustment for merger and acquisition costs — — 1,405 — 8,930

Adjusted pre-tax, pre-provision income

$ 30,051 $ 28,630 $ 26,085 $ 58,681 $ 49,213

Efficiency Ratio:

For the

Three Months Ended For The

Six Months Ended

(Dollars in thousands) June 30,

2026 March 31,

2026 June 30,

2025 June 30,

2026 June 30,

2025

Non-interest expense, as presented $ 37,358 $ 35,708 $ 37,596 $ 73,066 $ 82,047

Adjustment for merger and acquisition costs

— — (1,405) — (8,930)

Adjustment for amortization of core deposit intangible assets (1,354) (1,354) (1,473) (2,708) (2,946)

Adjusted non-interest expense $ 36,004 $ 34,354 $ 34,718 $ 70,358 $ 70,171

Net interest income, as presented $ 52,939 $ 52,358 $ 49,209 $ 105,297 $ 98,067

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

229 225 312 454 638

Non-interest income, as presented 14,470 11,980 13,067 26,450 24,263

Adjusted net interest income plus non-interest income

$ 67,638 $ 64,563 $ 62,588 $ 132,201 $ 122,968

GAAP efficiency ratio

55.42 % 55.50 % 60.37 % 55.46 % 67.07 %

Non-GAAP efficiency ratio 53.23 % 53.21 % 55.47 % 53.22 % 57.06 %

(1) Reported on a tax-equivalent basis using a 21% income tax rate.

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

For the

Three Months Ended For The

Six Months Ended

(Dollars in thousands) June 30,

2026 March 31,

2026 June 30,

2025 June 30,

2026 June 30,

2025

Return on Average Tangible Equity:

Net income, as presented $ 23,021 $ 21,883 $ 14,081 $ 44,904 $ 21,407

Adjustment for amortization of core deposit intangible assets 1,354 1,354 1,473 2,708 2,946

Tax impact of above adjustment(1)

(311) (311) (339) (623) (678)

Net income, adjusted for amortization of core deposit intangible assets $ 24,064 $ 22,926 $ 15,215 $ 46,989 $ 23,675

Average equity, as presented $ 714,769 $ 705,336 $ 643,782 $ 710,079 $ 634,851

Adjustment for average goodwill and core deposit intangible assets (192,126) (193,554) (197,863) (192,836) (198,984)

Average tangible equity $ 522,643 $ 511,782 $ 445,919 $ 517,243 $ 435,867

Return on average equity 12.92 % 12.58 % 8.77 % 12.75 % 6.80 %

Return on average tangible equity 18.47 % 18.17 % 13.69 % 18.32 % 10.95 %

Adjusted Return on Average Tangible Equity:

Adjusted net income (refer to the "Adjusted Net Income" non-GAAP reconciliation table)

$ 23,021 $ 21,883 $ 15,194 $ 44,904 $ 30,900

Adjustment for amortization of core deposit intangible assets 1,354 1,354 1,473 2,708 2,946

Tax impact of above adjustment(1)

(311) (311) (339) (623) (678)

Adjusted net income, adjusted for amortization of core deposit intangible assets

$ 24,064 $ 22,926 $ 16,328 $ 46,989 $ 33,168

Adjusted return on average tangible equity

18.47 % 18.17 % 14.69 % 18.32 % 15.35 %

(1) Calculated using an estimated combined marginal income tax rate of 23%.

Core Net Interest Margin (fully-taxable equivalent):

For the

Three Months Ended For The

Six Months Ended

(In thousands) June 30,

2026 March 31,

2026 June 30,

2025 June 30,

2026 June 30,

2025

Net interest margin, tax equivalent, as presented

3.26 % 3.24 % 3.06 % 3.25 % 3.05 %

Net accretion income on loans from purchase accounting(1)

(0.23) % (0.26) % (0.30) % (0.25) % (0.30) %

Net accretion income on investments from purchase accounting(2)

(0.07) % (0.06) % (0.07) % (0.07) % (0.07) %

Net amortization on time deposits and borrowings from purchase accounting(3)

0.01 % — % 0.01 % 0.01 % 0.01 %

Core net interest margin (fully-taxable equivalent)

2.97 % 2.92 % 2.70 % 2.94 % 2.69 %

(1) Recognized $3.3 million, $6.9 million and $3.7 million of net accretion income on loans from purchase accounting for the three and six months ended June 30, 2026 and three months ended March 31, 2026, respectively, and $4.3 million and $8.6 million for the three and six months ended June 30, 2025, respectively.

(2) Recognized $818,000, $1.6 million and $759,000 of net accretion income on investments from purchase accounting for the three and six months ended June 30, 2026, and three months ended March 31, 2026, respectively, and $863,000 and $1.7 million for the three and six months ended June 30, 2025, respectively.

(3) Recognized $75,000, $150,000 and $75,000 of amortization expense on borrowings from purchase accounting for the three and six months ended June, 30, 2026 and three months ended March 31, 2026, respectively and $131,000 and $262,000 of amortization expense on time deposits and borrowings from purchase accounting for the three and six 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) June 30,

2026 March 31,

2026 June 30,

2025

Tangible Book Value Per Share:

Shareholders' equity, as presented $ 725,926 $ 710,007 $ 652,148

Adjustment for goodwill and core deposit intangible assets (191,377) (192,731) (197,031)

Tangible shareholders' equity $ 534,549 $ 517,276 $ 455,117

Shares outstanding at period end 16,896,273 16,914,371 16,919,689

Book value per share $ 42.96 $ 41.98 $ 38.54

Tangible book value per share $ 31.64 $ 30.58 $ 26.90

Tangible Common Equity Ratio:

Total assets $ 6,950,980 $ 6,961,581 $ 6,920,044

Adjustment for goodwill and core deposit intangible assets (191,377) (192,731) (197,031)

Tangible assets $ 6,759,603 $ 6,768,850 $ 6,723,013

Common equity ratio 10.44 % 10.20 % 9.42 %

Tangible common equity ratio 7.91 % 7.64 % 6.77 %

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Name of the Exchange on which a security is registered.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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