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

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

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) %

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 %

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

—

— %

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) %

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 %

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

(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

1,473

— %

(8) %

Regulatory assessments

862

907

1,127

(5) %

(24) %

Other real estate owned and collection costs, net

(50) %

(97) %

Merger and acquisition costs

—

1,405

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

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

(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 %

3.78 %

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 %

4.94 %

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

(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

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

—

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

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

$ 35,728

ACL established on acquired PCD loans (1)

—

3,071

Provision for loan losses

1,274

806

22,031

19,009

15,469

Charge-offs:

Residential real estate

—

Commercial real estate

—

3,220

218

191

Commercial

1,229

627

12,659

12,320

1,245

Home equity

—

Consumer

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 %

1.08 %

Net charge-offs to average loans (annualized):

Quarter-to-date

0.04 %

0.26 %

0.89 %

0.02 %

Year-to-date

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 %

0.08 %

(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)

(1,473)

(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

1,473

2,708

2,946

Tax impact of above adjustment (1)

(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

1,473

2,708

2,946

Tax impact of above adjustment (1)

(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) %

Net amortization on time deposits and borrowings

from purchase accounting (3)

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 %

SOURCE Camden National Corporation