Camden National Corporation Reports Third Quarter 2026 Net Income Up 8% Year Over Year

Camden National Corporation Reports Third Quarter 2026 Net Income Up 8% Year Over Year Strong deposit growth, credit quality and disciplined execution drive financial performance

CAMDEN, Maine, Oct. 27, 2026 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC); ("Camden National" or the "Company") reported net income of $22.8 million and diluted earnings per share ("EPS") of $1.34 for the quarter ended September 30, 2026, resulting in a return on average assets of 1.31%, a return on average equity of 12.36%, and a return on average tangible equity (non‑GAAP) of 17.47%.

"Our third-quarter results demonstrate continued momentum across the franchise, with year-over-year earnings growth, meaningful deposit growth, and strong credit performance," said Simon Griffiths, President and Chief Executive Officer of Camden National Corporation. "Strong deposit growth and continued customer acquisition improved our funding mix, reduced reliance on higher-cost borrowings, and expanded net interest margin by 15 basis points from the second quarter to 3.41%. At the same time, we maintained disciplined expense management while investing in our lending teams and future growth. With record earnings through the first nine months of the year and a stronger balance sheet, we are confident that we are well positioned to deliver sustained earnings growth and long-term shareholder value."

For the nine months ended September 30, 2026, the Company reported record net income of $67.7 million and diluted EPS of $3.98, compared to $42.6 million and $2.51, respectively, for the same period of 2025. On a non-GAAP basis, adjusted net income, which excludes acquisition-related costs and other non-recurring items incurred during the nine months ended September 30, 2025, increased 31% between periods.

THIRD QUARTER 2026 HIGHLIGHTS

FINANCIAL OPERATING RESULTS (Q3 2026 vs. Q2 2026)

Net interest income totaled $55.4 million in the third quarter of 2026, an increase of 5% from the prior quarter. Net interest margin expanded 15 basis points to 3.41%, primarily reflecting lower funding costs as 3% growth in average deposits supported a 26% reduction in average borrowings. Net fair value mark accretion income increased $224,000 to $4.2 million and contributed 31 basis points to third-quarter net interest margin.

Provision expense totaled $1.9 million for the third quarter of 2026, compared with $710,000 in the prior quarter. The increase reflected macroeconomic factors that contributed to a 1-basis-point increase in the allowance for credit losses to 0.92% of total loans at September 30, 2026, as well as higher reserves related to growth in unfunded credit commitments. Asset quality remained strong, with non-performing loans and past-due loans at 0.16% and 0.14% of total loans, respectively, as of September 30, 2026, while annualized net charge-offs remained low at 0.07% of average loans.

Non-interest income for the third quarter of 2026 totaled $13.2 million, a decrease of $1.2 million, or 8%, from the prior quarter. The decrease was primarily due to lower mortgage banking and bank-owned life insurance income, driven by quarter-end fair value accounting adjustments reflecting changes in market conditions. Underlying customer activity remained solid, supported by higher debit card income and growing assets under administration within the Company's wealth and brokerage businesses, which increased 1% to $2.6 billion during the quarter.

Non-interest expense for the third quarter of 2026 totaled $37.5 million, an increase of less than 1% from the prior quarter. The Company's GAAP and non‑GAAP efficiency ratios for the third quarter of 2026 were 54.60% and 52.44% compared to 55.42% and 53.23%, respectively, for the second quarter of 2026.

FINANCIAL CONDITION

Total assets were $7.1 billion at September 30, 2026, compared to $7.0 billion at June 30, 2026.

Cash, cash equivalents and restricted cash increased to $248.6 million at September 30, 2026, from $99.9 million at June 30, 2026, primarily reflecting strong third-quarter deposit growth and timing of cash flows.

Investments totaled $1.3 billion at September 30, 2026, representing a 4% decrease from June 30, 2026. The increase in the interest rate environment during the quarter resulted in an increase in unrealized losses on the available-for-sale investment portfolio of $32.6 million to $77.5 million at September 30, 2026.

Total loans were $5.0 billion at September 30, 2026, a decrease of $2.2 million from June 30, 2026. Home equity and residential mortgage loans grew 7% and 1%, respectively, from the prior quarter, while commercial real estate and commercial loans decreased 2% and 3%, respectively, with the declines primarily attributable to several large loan prepayments.

Total deposits were $5.8 billion at September 30, 2026, an increase of 5% from June 30, 2026. On a non-GAAP basis, core deposits grew 7% during the third quarter of 2026 to $5.2 billion, and represented 88% of total deposits. Strong core deposit growth from normal seasonal deposit flows in our markets and continued success in customer acquisition enabled the Company to optimize its higher-cost deposits and borrowings. At September 30, 2026, borrowings totaled $374.4 million, compared to $571.1 million at June 30, 2026. As of September 30, 2026, the Company's loan-to-deposit ratio was 86%, compared to 90% at June 30, 2026.

As of September 30, 2026, the Company maintained capital ratios well in excess of all regulatory requirements, including a Common Equity Tier 1 ratio of 12.53%, a Tier 1 risk-based ratio of 13.83%, a total risk-based ratio of 14.82%, and a Tier 1 leverage ratio of 9.92%.

The tangible common equity ratio and tangible book value per share were 7.73% and $31.40, respectively, as of September 30, 2026, compared to 7.91% and $31.64 at June 30, 2026. The decreases reflected a $25.1 million net-of-tax increase in accumulated other comprehensive loss resulting from the increase in unrealized losses on the available-for-sale investment portfolio.

The Company did not repurchase any shares of its common stock during the third quarter of 2026. For the nine months ended September 30, 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 3.04%, based on the Company's closing share price of $55.35 as reported by NASDAQ on September 30, 2026. The dividend will be payable on October 30, 2026, to shareholders of record on October 15, 2026.

Q3 2026 CONFERENCE CALL

Camden National Corporation will host a conference call and webcast at 3:00 p.m. Eastern Time on Tuesday, October 27, 2026, to discuss its third 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:

616 592 150

Live webcast URL:

https://events.q4inc.com/attendee/616592150

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 $7.1 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

Nine Months Ended

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

September 30,

2026

June 30,

2026

September 30,

2025

September 30,

2026

September 30,

2025

Financial Condition Data

Loans

$ 5,002,228

$ 5,004,468

$ 5,002,927

$ 5,002,228

$ 5,002,927

Total assets

7,053,049

6,950,980

6,981,522

7,053,049

6,981,522

Deposits

5,849,336

5,555,104

5,402,758

5,849,336

5,402,758

Shareholders' equity

720,641

725,926

676,444

720,641

676,444

Operating Data and Per Share Data

Net income

$ 22,821

$ 23,021

$ 21,194

$ 67,725

$ 42,601

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

31,173

30,051

29,470

89,854

69,753

Diluted EPS

1.34

1.35

1.25

3.98

2.51

Profitability Ratios

Return on average assets

1.31 %

1.33 %

1.21 %

1.31 %

0.82 %

Return on average equity

12.36 %

12.92 %

12.75 %

12.62 %

8.86 %

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

17.47 %

18.47 %

19.12 %

18.03 %

13.82 %

GAAP efficiency ratio

54.60 %

55.42 %

54.94 %

55.17 %

62.84 %

Efficiency ratio (non-GAAP) (1)

52.44 %

53.23 %

52.47 %

52.95 %

55.47 %

Net interest margin (fully-taxable equivalent)

3.41 %

3.26 %

3.16 %

3.30 %

3.09 %

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

3.10 %

2.97 %

2.82 %

3.00 %

2.73 %

Asset Quality Ratios

ACL on loans to total loans

0.92 %

0.91 %

0.92 %

0.91 %

Non-performing loans to total loans

0.16 %

0.24 %

0.17 %

0.16 %

0.17 %

Capital Ratios

Common equity ratio

10.22 %

10.44 %

9.69 %

10.22 %

9.69 %

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

7.73 %

7.91 %

7.09 %

7.73 %

7.09 %

Book value per share

$ 42.65

$ 42.96

$ 39.97

$ 42.65

$ 39.97

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

$ 31.40

$ 31.64

$ 28.42

$ 31.40

$ 28.42

Tier 1 leverage capital ratio

9.92 %

9.66 %

8.94 %

9.92 %

8.94 %

Total risk-based capital ratio

14.82 %

14.43 %

13.47 %

14.82 %

13.47 %

(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,

2026

June 30,

2026

September 30,

2025

% Change

Sep 2026

vs. Jun

2026

% Change

Sep 2026

vs. Sep

2025

ASSETS

Cash, cash equivalents and restricted cash

$ 248,570

$ 99,900

$ 98,848

149 %

151 %

Investments:

Trading securities

5,120

4,948

5,581

3 %

(8) %

Available-for-sale securities, at fair value

869,951

892,153

889,765

(2) %

Held-to-maturity securities, at amortized cost

442,568

463,318

495,007

(4) %

(11) %

Other investments

15,259

23,433

31,185

(35) %

(51) %

Total investments

1,332,898

1,383,852

1,421,538

(4) %

(6) %

Loans held for sale, at fair value

6,355

13,890

9,775

(54) %

(35) %

Loans:

Commercial real estate

2,154,943

2,191,102

2,173,748

(2) %

(1) %

Commercial

417,924

431,211

479,461

(3) %

(13) %

Residential real estate

2,021,365

1,997,226

2,017,675

1 %

— %

Home equity

392,032

367,818

313,951

7 %

25 %

Consumer

15,964

17,111

18,092

(7) %

(12) %

Total loans

5,002,228

5,004,468

5,002,927

— %

Less: allowance for credit losses on loans

(46,217)

(45,604)

(45,501)

1 %

2 %

Net loans

4,956,011

4,958,864

4,957,426

— %

Goodwill and core deposit intangible assets

190,023

191,377

195,558

(1) %

(3) %

Other assets

319,192

303,097

298,377

5 %

7 %

Total assets

$ 7,053,049

$ 6,950,980

$ 6,981,522

1 %

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities

Deposits:

Non-interest checking

$ 1,183,481

$ 1,080,352

$ 1,162,149

10 %

2 %

Interest checking

1,914,395

1,755,545

1,535,482

9 %

25 %

Savings and money market

2,065,050

1,995,303

1,879,770

3 %

10 %

Certificates of deposit

605,912

632,355

701,031

(4) %

(14) %

Brokered deposits

80,498

91,549

124,326

(12) %

(35) %

Total deposits

5,849,336

5,555,104

5,402,758

5 %

8 %

Short-term borrowings

311,691

508,386

748,492

(39) %

(58) %

Long-term borrowings

1,000

— %

Junior subordinated debentures

61,740

61,665

61,441

— %

Accrued interest and other liabilities

108,641

98,899

91,387

10 %

19 %

Total liabilities

6,332,408

6,225,054

6,305,078

2 %

— %

Commitments and Contingencies

Shareholders' Equity

Common stock, no par value

213,795

213,018

215,145

— %

(1) %

Retained earnings

591,507

575,804

529,721

3 %

12 %

Accumulated other comprehensive loss:

Net unrealized loss on debt securities, net of tax

(93,704)

(70,070)

(74,348)

34 %

26 %

Net unrealized gain on cash flow hedging derivative instruments, net of tax

8,536

6,656

5,532

28 %

54 %

Net unrecognized gain on postretirement plans, net of tax

507

518

394

(2) %

29 %

Total accumulated other comprehensive loss

(84,661)

(62,896)

(68,422)

35 %

24 %

Total shareholders' equity

720,641

725,926

676,444

(1) %

7 %

Total liabilities and shareholders' equity

$ 7,053,049

$ 6,950,980

$ 6,981,522

1 %

Consolidated Statements of Income Data

(unaudited)

For The

Three Months Ended

(In thousands, except per share data)

September 30,

2026

June 30,

2026

September 30,

2025

% Change

Sep 2026 vs.

Jun 2026

% Change

Sep 2026 vs.

Sep 2025

Interest Income

Interest and fees on loans

$ 69,111

$ 67,258

$ 69,070

3 %

— %

Taxable interest on investments

10,002

10,245

10,314

(2) %

(3) %

Nontaxable interest on investments

457

451

456

1 %

— %

Dividend income

296

377

470

(21) %

(37) %

Other interest income

653

660

584

(1) %

12 %

Total interest income

80,519

78,991

80,894

2 %

— %

Interest Expense

Interest on deposits

22,716

22,305

24,719

2 %

(8) %

Interest on borrowings

1,467

2,843

4,039

(48) %

(64) %

Interest on junior subordinated debentures

917

904

864

1 %

6 %

Total interest expense

25,100

26,052

29,622

(4) %

(15) %

Net interest income

55,419

52,939

51,272

5 %

8 %

Provision for credit losses

1,893

710

2,972

167 %

(36) %

Net interest income after provision for credit losses

53,526

52,229

48,300

2 %

11 %

Non-Interest Income

Debit card income

3,887

3,786

3,704

3 %

5 %

Service charges on deposit accounts

2,656

2,701

2,570

(2) %

3 %

Income from fiduciary services

2,081

2,220

1,884

(6) %

10 %

Brokerage and insurance commissions

1,970

2,029

1,850

(3) %

6 %

Bank-owned life insurance

714

1,244

957

(43) %

(25) %

Mortgage banking income, net

666

1,161

1,092

(43) %

(39) %

Other income

1,272

1,329

2,068

(4) %

(38) %

Total non-interest income

13,246

14,470

14,125

(8) %

(6) %

Non-Interest Expense

Salaries and employee benefits

21,009

20,030

20,089

5 %

Furniture, equipment and data processing

4,891

4,791

4,173

2 %

17 %

Net occupancy costs

2,761

2,789

2,666

(1) %

4 %

Debit card expense

1,777

1,690

1,745

5 %

2 %

Amortization of core deposit intangible assets

1,354

1,473

— %

(8) %

Consulting and professional fees

888

1,405

810

(37) %

10 %

Regulatory assessments

883

862

1,020

2 %

(13) %

Other real estate owned and collection (recoveries) costs, net

(11)

N.M.

Merger and acquisition costs

—

315

N.M.

Other expenses

3,940

4,434

3,590

(11) %

10 %

Total non-interest expense

37,492

37,358

35,927

— %

4 %

Income before income tax expense

29,280

29,341

26,498

— %

10 %

Income Tax Expense

6,459

6,320

5,304

2 %

22 %

Net Income

$ 22,821

$ 23,021

$ 21,194

(1) %

8 %

Per Share Data

Basic earnings per share

$ 1.36

$ 1.25

— %

9 %

Diluted earnings per share

$ 1.34

$ 1.35

$ 1.25

(1) %

7 %

N.M. = Not meaningful

Consolidated Statements of Income Data

(unaudited)

For the

Nine Months Ended

(In thousands, except per share data)

September 30,

2026

September 30,

2025

% Change

Sep 2026 vs.

Sep 2025

Interest Income

Interest and fees on loans

$ 203,048

$ 203,096

— %

Taxable interest on investments

30,543

30,343

1 %

Nontaxable interest on investments

1,363

1,379

(1) %

Dividend income

1,086

1,483

(27) %

Other interest income

1,841

2,311

(20) %

Total interest income

237,881

238,612

— %

Interest Expense

Interest on deposits

66,669

73,934

(10) %

Interest on borrowings

7,786

12,677

(39) %

Interest on junior subordinated debentures

2,710

2,662

2 %

Total interest expense

77,165

89,273

(14) %

Net interest income

160,716

149,339

8 %

Provision for credit losses

3,156

19,321

N.M.

Net interest income after provision for credit losses

157,560

130,018

21 %

Non-Interest Income

Debit card income

11,095

10,583

5 %

Service charges on deposit accounts

7,515

7,293

3 %

Income from fiduciary services

6,315

5,703

11 %

Brokerage and insurance commissions

5,734

5,341

7 %

Bank-owned life insurance

2,749

2,620

5 %

Mortgage banking income, net

2,655

2,660

— %

Other income

3,633

4,188

(13) %

Total non-interest income

39,696

38,388

3 %

Non-Interest Expense

Salaries and employee benefits

60,654

59,724

2 %

Furniture, equipment and data processing

14,326

13,198

9 %

Net occupancy costs

8,609

8,392

3 %

Debit card expense

5,083

5,160

(1) %

Amortization of core deposit intangible assets

4,062

4,419

(8) %

Consulting and professional fees

3,214

3,618

(11) %

Regulatory assessments

2,652

3,133

(15) %

Other real estate owned and collection (recoveries) costs, net

(2)

227

(101) %

Merger and acquisition costs

—

9,245

N.M.

Other expenses

11,960

10,858

10 %

Total non-interest expense

110,558

117,974

(6) %

Income before income tax expense

86,698

50,432

72 %

Income Tax Expense

18,973

7,831

142 %

Net Income

$ 67,725

$ 42,601

59 %

Per Share Data

Basic earnings per share

$ 4.01

$ 2.52

59 %

Diluted earnings per share

$ 3.98

$ 2.51

59 %

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,

2026

June 30,

2026

September 30,

2025

September 30,

2026

June 30,

2026

September 30,

2025

Assets

Interest-earning assets:

Interest-bearing deposits in other banks

and other interest-earning assets

$ 50,351

$ 53,143

$ 38,170

4.08 %

3.81 %

4.45 %

Investments - taxable

1,333,039

1,369,968

1,380,042

3.13 %

3.14 %

3.17 %

Investments - nontaxable (1)

60,591

60,631

61,114

3.82 %

3.77 %

Loans (2):

Commercial real estate

2,175,981

2,186,127

2,123,138

5.68 %

5.62 %

5.72 %

Commercial (1)

373,930

368,331

398,870

6.06 %

6.08 %

6.26 %

Municipal (1)

51,169

52,139

97,113

4.82 %

4.63 %

4.76 %

Residential real estate

2,015,870

2,004,972

2,033,136

4.87 %

4.74 %

4.86 %

Home equity

379,346

354,025

305,140

6.55 %

6.66 %

7.27 %

Consumer

16,536

16,542

18,613

9.64 %

10.38 %

9.17 %

Total loans

5,012,832

4,982,136

4,976,010

5.45 %

5.38 %

5.50 %

Total interest-earning assets

6,456,813

6,465,878

6,455,336

4.95 %

4.88 %

4.98 %

Other assets

479,844

467,752

469,590

Total assets

$ 6,936,657

$ 6,933,630

$ 6,924,926

Liabilities & Shareholders' Equity

Deposits:

Non-interest checking

$ 1,149,238

$ 1,078,793

$ 1,163,310

— %

Interest checking

1,781,772

1,753,513

1,622,869

1.70 %

1.69 %

1.82 %

Savings

1,246,325

1,166,720

1,011,847

1.54 %

1.49 %

1.34 %

Money market

788,461

792,802

842,043

2.39 %

2.34 %

2.69 %

Certificates of deposit

621,383

641,532

698,948

2.98 %

3.01 %

3.50 %

Total deposits

5,587,179

5,433,360

5,339,017

1.55 %

1.56 %

1.69 %

Borrowings:

Brokered deposits

84,182

114,043

176,508

3.92 %

4.01 %

4.51 %

Customer repurchase agreements

246,169

269,272

246,775

0.86 %

0.84 %

1.18 %

Junior subordinated debentures

61,694

61,624

61,404

5.90 %

5.89 %

5.58 %

Other borrowings

129,257

258,621

354,099

2.86 %

3.54 %

3.70 %

Total borrowings

521,302

703,560

838,786

2.45 %

2.79 %

3.27 %

Total funding liabilities

6,108,481

6,136,920

6,177,803

1.63 %

1.70 %

1.90 %

Other liabilities

95,493

81,941

87,495

Shareholders' equity

732,683

714,769

659,628

Total liabilities & shareholders' equity

$ 6,936,657

$ 6,933,630

$ 6,924,926

Net interest rate spread (fully-taxable equivalent)

3.32 %

3.18 %

3.08 %

Net interest margin (fully-taxable equivalent)

3.41 %

3.26 %

3.16 %

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

3.10 %

2.97 %

2.82 %

(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,

2026

September 30,

2025

September 30,

2026

September 30,

2025

Assets

Interest-earning assets:

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

$ 45,350

$ 55,276

4.12 %

4.44 %

Investments - taxable

1,365,983

1,384,151

3.13 %

3.11 %

Investments - nontaxable (1)

60,785

61,547

3.79 %

3.78 %

Loans (2):

Commercial real estate

2,181,772

2,088,486

5.64 %

5.71 %

Commercial (1)

367,620

405,140

6.08 %

6.27 %

Municipal (1)

51,460

90,161

4.87 %

5.20 %

Residential real estate

2,013,216

2,035,004

4.79 %

4.80 %

Home equity

356,811

293,086

6.62 %

7.26 %

Consumer

16,615

18,938

9.82 %

9.15 %

Total loans

4,987,494

4,930,815

5.41 %

5.48 %

Total interest-earning assets

6,459,612

6,431,789

4.90 %

4.94 %

Other assets

475,040

472,744

Total assets

$ 6,934,652

$ 6,904,533

Liabilities & Shareholders' Equity

Deposits:

Non-interest checking

$ 1,105,606

$ 1,124,809

— %

Interest checking

1,739,740

1,653,975

1.67 %

1.84 %

Savings

1,176,411

956,006

1.48 %

1.18 %

Money market

798,694

869,446

2.35 %

2.66 %

Certificates of deposit

642,660

702,929

3.05 %

3.60 %

Total deposits

5,463,111

5,307,165

1.55 %

1.70 %

Borrowings:

Brokered deposits

108,969

193,634

3.98 %

4.55 %

Customer repurchase agreements

257,315

239,286

0.88 %

1.26 %

Junior subordinated debentures

61,622

61,337

5.88 %

5.80 %

Other borrowings

236,861

366,814

3.44 %

3.80 %

Total borrowings

664,767

861,071

2.76 %

3.41 %

Total funding liabilities

6,127,878

6,168,236

1.68 %

1.94 %

Other liabilities

89,078

93,096

Shareholders' equity

717,696

643,201

Total liabilities & shareholders' equity

$ 6,934,652

$ 6,904,533

Net interest rate spread (fully-taxable equivalent)

3.22 %

3.00 %

Net interest margin (fully-taxable equivalent)

3.30 %

3.09 %

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

3.00 %

2.73 %

(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

Nine Months Ended

September 30,

2026

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

Non-accrual loans:

Residential real estate

$ 2,828

$ 2,715

$ 2,252

$ 2,667

$ 3,393

Commercial real estate

2,247

6,054

5,420

639

134

Commercial

2,480

2,871

2,689

3,042

4,103

Home equity

445

501

596

672

697

Consumer

Total non-accrual loans

8,009

12,142

10,959

7,023

8,330

Accruing loans past due 90 days

—

Total non-performing loans

8,009

12,142

10,959

7,023

8,330

Other real estate owned

—

Total non-performing assets

$ 8,009

$ 12,142

$ 10,959

$ 7,023

$ 8,330

Loans 30-89 days past due:

Residential real estate

$ 947

$ 1,542

$ 772

$ 1,565

$ 725

Commercial real estate

4,698

2,839

569

5,284

5,014

Commercial

806

2,424

1,350

541

1,865

Home equity

266

424

328

713

456

Consumer

Total loans 30-89 days past due

$ 6,784

$ 7,275

$ 3,077

$ 8,162

$ 8,097

ACL on loans at the beginning of the period

$ 45,276

$ 35,728

ACL established on acquired PCD loans (1)

—

3,071

Provision for loan losses

2,800

1,274

806

22,031

19,009

Charge-offs:

Residential real estate

—

Commercial real estate

—

3,220

218

Commercial

2,259

1,229

627

12,659

12,320

Home equity

—

Consumer

132

185

152

Total charge-offs

2,495

1,344

670

16,089

12,715

Total recoveries

(636)

(398)

(164)

(535)

(408)

Net charge-offs

1,859

946

506

15,554

12,307

ACL on loans at the end of the period

$ 46,217

$ 45,604

$ 45,576

$ 45,276

$ 45,501

Components of ACL:

ACL on loans

$ 46,217

$ 45,604

$ 45,576

$ 45,276

$ 45,501

ACL on off-balance sheet credit exposures (2)

3,419

3,052

2,810

3,064

3,117

ACL, end of period

$ 49,636

$ 48,656

$ 48,386

$ 48,340

$ 48,618

Ratios:

Non-performing loans to total loans

0.16 %

0.24 %

0.22 %

0.14 %

0.17 %

Non-performing assets to total assets

0.11 %

0.17 %

0.16 %

0.10 %

0.12 %

ACL on loans to total loans

0.92 %

0.91 %

0.92 %

0.91 %

Net charge-offs to average loans (annualized):

Quarter-to-date

0.07 %

0.04 %

0.26 %

0.89 %

Year-to-date

0.05 %

0.04 %

0.31 %

0.33 %

ACL on loans to non-performing loans

577.06 %

375.59 %

415.88 %

644.68 %

546.23 %

Loans 30-89 days past due to total loans

0.14 %

0.15 %

0.06 %

0.16 %

(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,

2026

June 30,

2026

September 30,

2025

September 30,

2026

September 30,

2025

Adjusted Net Income:

Net income, as presented

$ 22,821

$ 23,021

$ 21,194

$ 67,725

$ 42,601

Adjustments before taxes:

Provision for non-PCD acquired loans

—

6,294

Provision for acquired unfunded commitments

—

249

Merger and acquisition costs

—

315

—

9,245

Gain on sale of premises and equipment, net

—

(675)

—

(675)

Total adjustments before taxes

—

(360)

—

15,113

Tax impact of above adjustments, as applicable (1)

—

(3,445)

Adjustment for deferred tax valuation adjustment (2)

—

(2,421)

Adjusted net income

$ 22,821

$ 23,021

$ 20,917

$ 67,725

$ 51,848

Adjusted Diluted Earnings per Share:

Diluted earnings per share, as presented

$ 1.34

$ 1.35

$ 1.25

$ 3.98

$ 2.51

Adjustments before taxes:

Provision for non-PCD acquired loans

—

0.37

Provision for acquired unfunded commitments

—

0.01

Merger and acquisition costs

—

0.02

—

0.55

Gain on sale of premises and equipment, net

—

(0.04)

—

(0.04)

Total adjustments before taxes

—

(0.02)

—

0.89

Tax impact of above adjustments, as applicable (1)

—

0.01

—

(0.20)

Adjustment for deferred tax valuation adjustment (2)

—

(0.14)

Adjusted diluted earnings per share

$ 1.34

$ 1.35

$ 1.24

$ 3.98

$ 3.06

Adjusted Return on Average Assets:

Return on average assets, as presented

1.31 %

1.33 %

1.21 %

1.31 %

0.82 %

Adjustments before taxes:

Provision for non-PCD acquired loans

— %

0.12 %

Provision for acquired unfunded commitments

— %

0.01 %

Merger and acquisition costs

— %

0.02 %

— %

0.18 %

Gain on sale of premises and equipment, net

— %

(0.04) %

— %

(0.01) %

Total adjustments before taxes

— %

(0.02) %

— %

0.30 %

Tax impact of above adjustments, as applicable (1)

— %

(0.07) %

Adjustment for deferred tax valuation adjustment (2)

— %

(0.05) %

Adjusted return on average assets

1.31 %

1.33 %

1.19 %

1.31 %

1.00 %

Adjusted Return on Average Equity:

Return on average equity, as presented

12.36 %

12.92 %

12.75 %

12.62 %

8.86 %

Adjustments before taxes:

Provision for non-PCD acquired loans

— %

1.31 %

Provision for acquired unfunded commitments

— %

0.05 %

Merger and acquisition costs

— %

0.19 %

— %

1.92 %

Gain on sale of premises and equipment, net

— %

(0.41) %

— %

(0.14) %

Total adjustments before taxes

— %

(0.22) %

— %

3.14 %

Tax impact of above adjustments, as applicable (1)

— %

0.05 %

— %

(0.72) %

Adjustment for deferred tax valuation adjustment (2)

— %

(0.50) %

Adjusted return on average equity

12.36 %

12.92 %

12.58 %

12.62 %

10.78 %

(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

Nine Months Ended

(In thousands)

September 30,

2026

June 30,

2026

September 30,

2025

September 30,

2026

September 30,

2025

Net income, as presented

$ 22,821

$ 23,021

$ 21,194

$ 67,725

$ 42,601

Adjustment for provision for credit losses

1,893

710

2,972

3,156

19,321

Adjustment for income tax expense

6,459

6,320

5,304

18,973

7,831

Pre-tax, pre-provision income

31,173

30,051

29,470

89,854

69,753

Adjustment for merger and acquisition costs

—

315

—

9,245

Adjustment for gain on sale of premises and equipment, net

—

(675)

—

(675)

Adjusted pre-tax, pre-provision income

$ 31,173

$ 30,051

$ 29,110

$ 89,854

$ 78,323

Efficiency Ratio:

For the

Three Months Ended

For the

Nine Months Ended

(Dollars in thousands)

September 30,

2026

June 30,

2026

September 30,

2025

September 30,

2026

September 30,

2025

Non-interest expense, as presented

$ 37,492

$ 37,358

$ 35,927

$ 110,558

$ 117,974

Adjustment for merger and acquisition costs

—

(315)

—

(9,245)

Adjustment for amortization of core deposit intangible assets

(1,354)

(1,473)

(4,062)

(4,419)

Adjusted non-interest expense

$ 36,138

$ 36,004

$ 34,139

$ 106,496

$ 104,310

Net interest income, as presented

$ 55,419

$ 52,939

$ 51,272

$ 160,716

$ 149,339

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

242

229

344

696

982

Adjusted net interest income

55,661

53,168

51,616

161,412

150,321

Non-interest income, as presented

13,246

14,470

14,125

39,696

38,388

Adjustment for gain on sale of premises and equipment, net

—

(675)

—

(675)

Adjusted non-interest income

13,246

14,470

13,450

39,696

37,713

Adjusted net interest income plus non-interest income

$ 68,907

$ 67,638

$ 65,066

$ 201,108

$ 188,034

GAAP efficiency ratio

54.60 %

55.42 %

54.94 %

55.17 %

62.84 %

Non-GAAP efficiency ratio

52.44 %

53.23 %

52.47 %

52.95 %

55.47 %

(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

Nine Months Ended

(Dollars in thousands)

September 30,

2026

June 30,

2026

September 30,

2025

September 30,

2026

September 30,

2025

Return on Average Tangible Equity:

Net income, as presented

$ 22,821

$ 23,021

$ 21,194

$ 67,725

$ 42,601

Adjustment for amortization of core deposit

intangible assets

1,354

1,473

4,062

4,419

Tax impact of above adjustment (1)

(311)

(339)

(934)

(1,016)

Net income, adjusted for amortization of core

deposit intangible assets

$ 23,864

$ 24,064

$ 22,328

$ 70,853

$ 46,004

Average equity, as presented

$ 732,683

$ 714,769

$ 659,628

$ 717,696

$ 643,201

Adjustment for average goodwill and core

deposit intangible assets

(190,803)

(192,126)

(196,279)

(192,151)

(198,072)

Average tangible equity

$ 541,880

$ 522,643

$ 463,349

$ 525,545

$ 445,129

Return on average equity

12.36 %

12.92 %

12.75 %

12.62 %

8.86 %

Return on average tangible equity

17.47 %

18.47 %

19.12 %

18.03 %

13.82 %

Adjusted Return on Average Tangible Equity:

Adjusted net income (refer to the "Adjusted Net

Income" non-GAAP reconciliation table)

$ 22,821

$ 23,021

$ 20,917

$ 67,725

$ 51,848

Adjustment for amortization of core deposit intangible assets

1,354

1,473

4,062

4,419

Tax impact of above adjustment (1)

(311)

(339)

(934)

(1,016)

Adjusted net income, adjusted for amortization of

core deposit intangible assets

$ 23,864

$ 24,064

$ 22,051

$ 70,853

$ 55,251

Adjusted return on average tangible equity

17.47 %

18.47 %

18.88 %

18.03 %

16.60 %

(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

Nine Months Ended

September 30,

2026

June 30,

2026

September 30,

2025

September 30,

2026

September 30,

2025

Net interest margin, tax-equivalent, as presented

3.41 %

3.26 %

3.16 %

3.30 %

3.09 %

Net accretion income on loans from purchase accounting (1)

(0.25) %

(0.23) %

(0.27) %

(0.24) %

(0.30) %

Net accretion income on investments from purchase accounting (2)

(0.07) %

(0.08) %

(0.07) %

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

0.01 %

Core net interest margin (fully-taxable equivalent)

3.10 %

2.97 %

2.82 %

3.00 %

2.73 %

(1)

Recognized $3.4 million, $10.4 million and $3.3 million of net accretion income on loans from purchase accounting for the three and nine months ended September 30, 2026 and three months ended June 30, 2026, respectively, and $3.8 million and $12.4 million for the three and nine months ended September 30, 2025, respectively.

(2)

Recognized $875,000, $2.5 million and $818,000 of net accretion income on investments from purchase accounting for the three and nine months ended September 30, 2026, and three months ended June 30, 2026, respectively, and $937,000 and $2.6 million for the three and nine months ended September 30, 2025, respectively.

(3)

Recognized $75,000, $225,000 and $75,000 of amortization expense on borrowings from purchase accounting for the three and nine months ended September 30, 2026 and three months ended June 30, 2026, respectively, and $132,000 and $394,000 of amortization expense on time deposits and borrowings from purchase accounting for the three and nine months ended September 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,

2026

June 30,

2026

September 30,

2025

Tangible Book Value Per Share:

Shareholders' equity, as presented

$ 720,641

$ 725,926

$ 676,444

Adjustment for goodwill and core deposit intangible assets

(190,023)

(191,377)

(195,558)

Tangible shareholders' equity

$ 530,618

$ 534,549

$ 480,886

Shares outstanding at period end

16,898,044

16,896,273

16,922,225

Book value per share

$ 42.65

$ 42.96

$ 39.97

Tangible book value per share

$ 31.40

$ 31.64

$ 28.42

Tangible Common Equity Ratio:

Total assets

$ 7,053,049

$ 6,950,980

$ 6,981,522

Adjustment for goodwill and core deposit intangible assets

(190,023)

(191,377)

(195,558)

Tangible assets

$ 6,863,026

$ 6,759,603

$ 6,785,964

Common equity ratio

10.22 %

10.44 %

9.69 %

Tangible common equity ratio

7.73 %

7.91 %

7.09 %

SOURCE Camden National Corporation