US Market News
2 months ago
Camden National Corporation Delivers Solid First Quarter 2026 Results with Net Income of $21.9 Million and Diluted EPS of $1.29April 28, 2026 8:15 AM
PR Newswire (US)
CAMDEN, Maine, April 28, 2026 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; "Camden National" or the "Company") reported net income of $21.9 million and diluted earnings per share ("EPS") of $1.29 for the quarter ended March 31, 2026, resulting in a return on average assets of 1.28%, a return on average equity of 12.58%, and a return on average tangible equity (non-GAAP) of 18.17%."Our reported net income of nearly $22 million for the first quarter reflects the benefits of the acquisition we completed last year, including our ability to efficiently scale the combined organization and accelerate our strategy to grow and strengthen our franchise," said Simon Griffiths, President and Chief Executive Officer of Camden National Corporation. "We delivered solid performance in the first quarter through strong asset quality, expense management and deposit growth. Looking ahead, we remain focused on sustained growth and disciplined execution as we continue to meet our customers' evolving needs through advice-based conversations."FIRST QUARTER 2026 HIGHLIGHTSNet income for the first quarter was $21.9 million, compared to $7.3 million for the first quarter of 2025 and $22.6 million for the fourth quarter of 2025 ("linked-quarter"). On a non-GAAP basis, adjusted net income was $21.9 million, compared to $15.8 million for the first quarter of 2025 and $22.6 million for the fourth quarter of 2025, representing a year-over-year increase of 39% and a linked-quarter decrease of 3%.Diluted EPS for the first quarter was $1.29, compared to $0.43 for the first quarter of 2025 and $1.33 for the fourth quarter of 2025. On a non-GAAP basis, adjusted diluted earnings per share was $1.29, compared to $0.93 for the first quarter of 2025 and $1.33 for the fourth quarter of 2025, representing a year-over-year increase of 39% and a linked-quarter decrease of 3%.The GAAP efficiency ratio for the first quarter was 55.50%, and the non-GAAP efficiency ratio was 53.21%, compared to 54.16% and 51.69%, respectively, for the fourth quarter of 2025.Book value per share was $41.98 and tangible book value per share (non-GAAP) was $30.58 at March 31, 2026, representing increases of 11% and 18%, respectively, compared to March 31, 2025.The Company repurchased 33,131 shares of its common stock at a weighted-average price of $44.85 during the first quarter of 2026.FINANCIAL OPERATING RESULTS (Q1 2026 vs. Q4 2025)Net interest income for the first quarter of 2026 totaled $52.4 million, a decrease of 3% from the fourth quarter of 2025. Net interest margin contracted 5 basis points to 3.24% during the first quarter, driven by lower fair value mark accretion income of $956,000 and a 1% decline in average interest-earning assets compared to the prior quarter. Core net interest margin was 2.92% for the first quarter of 2026 and the fourth quarter of 2025.Provision expense was $553,000 for the first quarter of 2026, compared to $3.0 million for the fourth quarter of 2025. Asset quality remained solid during the first quarter, as highlighted by an annualized net charge-offs-to average-loans ratio of 0.04% at March 31, 2026, compared to 0.26% on a quarterly basis at December 31, 2025.Non-interest income for the first quarter of 2026 totaled $12.0 million, compared to $14.1 million for the fourth quarter of 2025. The decrease between quarters was driven by a decline in debit card income, reflecting the timing of recognition of our annual Visa incentive bonus and typical debit card seasonality, as well as lower customer loan swap income and deposit-related service charge income, which we anticipate will normalize in the second quarter of 2026.Non-interest expense for the first quarter of 2026 totaled $35.7 million, a 3% decrease compared to the fourth quarter of 2025. The linked-quarter decline was primarily driven by the timing of certain retirement plan costs related to former Northway employees that were incurred in the fourth quarter of 2025, and lower performance incentive accruals and regulatory assessment fees. The Company's GAAP and non-GAAP efficiency ratios for the first quarter of 2026 were 55.50% and 53.21% compared to 54.16% and 51.69%, respectively, for the fourth quarter of 2025.FINANCIAL CONDITIONTotal assets were $7.0 billion at March 31, 2026 and December 31, 2025.Investments totaled $1.4 billion at March 31, 2026, representing a 3% decrease from December 31, 2025.Total Loans were $5.0 billion at both March 31, 2026 and December 31, 2025, reflecting typical seasonal patterns for the first quarter. The Company entered the second quarter with a committed loan pipeline of $128.3 million.The Company's asset quality continues to be strong, supported by healthy credit metrics, including past-due loans of 0.06% of total loans and non-performing assets of 0.16% of total assets. The allowance for credit losses ("ACL") on loans increased one basis point during the quarter to 0.92% of total loans at March 31, 2026. The ACL coverage ratio was 4.2 times non-performing loans at March 31, 2026, compared to 6.4 times at December 31, 2025.Deposits totaled $5.6 billion at March 31, 2026, representing a 1% increase from December 31, 2025, driven by the success of the Company's high-yield savings product and recent onboarding of new business deposit customers. The increase in deposits enabled the Company to reduce higher-cost, short-term borrowings by $68.3 million during the quarter. As of March 31, 2026, the Company's loan-to-deposit ratio was 89%, compared to 90% at December 31, 2025.As of March 31, 2026, the Company maintained capital ratios well in excess of all regulatory requirements, including a Common Equity Tier 1 ratio of 12.01%, a Tier 1 risk-based ratio of 13.32%, a total risk-based ratio of 14.27%, and a Tier 1 leverage ratio of 9.43%.The Company announced a cash dividend of $0.42 per share, representing an annualized dividend yield of 3.54%, based on the Company's closing share price of $47.45 as reported by NASDAQ on March 31, 2026. The dividend will be payable on April 30, 2026, to shareholders of record on April 15, 2026.Q1 2026 CONFERENCE CALLCamden National Corporation will host a conference call and webcast at 3:00 p.m. Eastern Time on Tuesday, April 28, 2026, to discuss its first 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: 616576518
Live webcast URL: https://events.q4inc.com/attendee/616576518A link to the live webcast will be available on Camden National's website under "About — Investor Relations" at CamdenNational.bank before the meeting, and a replay of the webcast will be available on Camden National's website following the conference call. The conference call transcript will also be available on Camden National's website approximately two days after the conference call.ABOUT CAMDEN NATIONAL CORPORATIONCamden 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 STATEMENTSCertain statements contained in this press release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including certain plans, expectations, goals, projections, and other statements, which are subject to numerous risks, assumptions, and uncertainties. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could," or "may." Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures; inflation; ongoing competition in labor markets and employee turnover; deterioration in the value of Camden National's investment securities; changes in consumer spending and savings habits; changes in the interest rate environment; changes in general economic conditions, including as a result of tariffs and retaliatory tariffs; operational risks including, but not limited to, cybersecurity, fraud, pandemics and natural disasters; legislative and regulatory changes that adversely affect the business in which Camden National is engaged; turmoil and volatility in the financial services industry, including failures or rumors of failures of other depository institutions which could affect Camden National's ability to attract and retain depositors, and could affect the ability of financial services providers, including the Company, to borrow or raise capital; actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions; changes to regulatory capital requirements; changes in the securities markets and other risks and uncertainties disclosed from time to time in Camden National's Annual Report on Form 10-K for the year ended December 31, 2025, as updated by other filings with the Securities and Exchange Commission ("SEC"). Further, statements regarding the potential effects of notable and global current events, including hostilities in Iran and recent rulings on the permissibility of certain tariffs, on the Company's business, financial condition, liquidity and results of operations may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond the Company's control. Camden National does not have any obligation to update forward-looking statements.USE OF NON-GAAP MEASURESIn addition to evaluating the Company's results of operations in accordance with generally accepted accounting principles in the United States ("GAAP"), management supplements this evaluation with certain non-GAAP financial measures such as: adjusted net income; adjusted diluted earnings per share; adjusted return on average assets; adjusted return on average equity; pre-tax, pre-provision income; adjusted pre-tax, pre-provision income; return on average tangible equity and adjusted return on average tangible equity; the efficiency and tangible common equity ratios; core net interest margin; and tangible book value per share. Management utilizes these non-GAAP financial measures for purposes of measuring our performance against our peer group and other financial institutions and analyzing our internal performance. We also believe these non-GAAP financial measures help investors better understand the Company's operating performance and trends and allow for better performance comparisons to other financial institutions. In addition, these non-GAAP financial measures remove the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for GAAP operating results, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other financial institutions. Reconciliations to the comparable GAAP financial measures can be found in this document.ANNUALIZED DATACertain 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 TheThree Months Ended(In thousands, except number of shares and per share data)
March 31,
2026
December 31,
2025
March 31,
2025Financial Condition Data
Loans
$ 4,963,017
$ 4,965,138
$ 4,885,086Total assets
6,961,581
6,974,584
6,964,785Deposits
5,585,352
5,537,781
5,597,478Shareholders' equity
710,007
696,558
640,054Operating Data and Per Share Data
Net income
$ 21,883
$ 22,559
$ 7,326Pre-tax, pre-provision income (non-GAAP)(1)
28,630
31,192
15,603Diluted EPS
1.29
1.33
0.43Profitability Ratios
Return on average assets
1.28 %
1.28 %
0.43 %Return on average equity
12.58 %
13.01 %
4.75 %Return on average tangible equity (non-GAAP)(1)
18.17 %
19.06 %
8.06 %GAAP efficiency ratio
55.50 %
54.16 %
74.02 %Efficiency ratio (non-GAAP)(1)
53.21 %
51.69 %
58.72 %Net interest margin (fully-taxable equivalent)
3.24 %
3.29 %
3.04 %Core net interest margin (fully-taxable equivalent) (non-GAAP)(1)
2.92 %
2.92 %
2.68 %Asset Quality Ratios
ACL on loans to total loans
0.92 %
0.91 %
0.96 %Non-performing loans to total loans
0.22 %
0.14 %
0.15 %Capital Ratios
Common equity ratio
10.20 %
9.99 %
9.19 %Tangible common equity ratio (non-GAAP)(1)
7.64 %
7.41 %
6.49 %Book value per share
$ 41.98
$ 41.16
$ 37.91Tangible book value per share (non-GAAP)(1)
$ 30.58
$ 29.69
$ 26.02Tier 1 leverage capital ratio
9.43 %
9.12 %
8.58 %Total risk-based capital ratio
14.27 %
13.95 %
13.13 %(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)
March 31,
2026
December 31,
2025
March 31,
2025
% Change
Mar 2026
vs. Dec
2025
% Change
Mar 2026
vs. Mar
2025ASSETS
Cash, cash equivalents and restricted cash
$ 133,736
$ 97,492
$ 219,414
37 %
(39) %Investments:
Trading securities
4,383
5,747
4,860
(24) %
(10) %Available-for-sale securities, at fair value
901,617
930,401
836,130
(3) %
8 %Held-to-maturity securities, at amortized cost
473,257
485,292
516,682
(2) %
(8) %Other investments
23,411
26,497
26,284
(12) %
(11) %Total investments
1,402,668
1,447,937
1,383,956
(3) %
1 %Loans held for sale, at fair value
17,618
15,040
11,059
17 %
59 %Loans:
Commercial real estate
2,195,741
2,185,105
2,067,098
— %
6 %Commercial
414,694
417,439
487,409
(1) %
(15) %Residential real estate
1,993,435
2,012,922
2,028,062
(1) %
(2) %Home equity
342,874
332,256
283,491
3 %
21 %Consumer
16,273
17,416
19,026
(7) %
(14) %Total loans
4,963,017
4,965,138
4,885,086
— %
2 % Less: allowance for credit losses on loans
(45,576)
(45,276)
(46,723)
1 %
(2) % Net loans
4,917,441
4,919,862
4,838,363
— %
2 %Goodwill and core deposit intangible assets
192,731
194,085
200,770
(1) %
(4) %Other assets
297,387
300,168
311,223
(1) %
(4) %Total assets
$ 6,961,581
$ 6,974,584
$ 6,964,785
— %
— %LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits:
Non-interest checking
$ 1,077,696
$ 1,113,450
$ 1,132,648
(3) %
(5) %Interest checking
1,770,622
1,703,971
1,714,944
4 %
3 %Savings and money market
1,966,149
1,910,708
1,828,332
3 %
8 %Certificates of deposit
652,002
679,087
703,873
(4) %
(7) %Brokered deposits
118,883
130,565
217,681
(9) %
(45) %Total deposits
5,585,352
5,537,781
5,597,478
1 %
— %Short-term borrowings
513,429
581,780
567,436
(12) %
(10) %Long-term borrowings
1,000
1,000
—
— %
N.M.Junior subordinated debentures
61,590
61,515
61,290
— %
— %Accrued interest and other liabilities
90,203
95,950
98,527
(6) %
(8) %Total liabilities
6,251,574
6,278,026
6,324,731
— %
(1) %Commitments and Contingencies
Shareholders' Equity
Common stock, no par value
214,693
215,797
213,589
(1) %
1 %Retained earnings
559,885
545,149
508,720
3 %
10 %Accumulated other comprehensive loss:
Net unrealized loss on debt securities, net of tax
(71,141)
(70,405)
(89,613)
1 %
(21) %Net unrealized gain on cash flow hedging derivative instruments, net of tax
6,042
5,478
6,953
10 %
(13) %Net unrecognized gain on postretirement plans, net of tax
528
539
405
(2) %
30 %Total accumulated other comprehensive loss
(64,571)
(64,388)
(82,255)
— %
(21) %Total shareholders' equity
710,007
696,558
640,054
2 %
11 %Total liabilities and shareholders' equity
$ 6,961,581
$ 6,974,584
$ 6,964,785
— %
— %N.M. = Not meaningful Consolidated Statements of Income Data(unaudited)
For TheThree Months Ended
(In thousands, except per share data)
March 31,
2026
December 31,
2025
March 31,
2025
% Change
Mar 2026 vs.
Dec 2025
% Change
Mar 2026 vs.
Mar 2025Interest Income
Interest and fees on loans
$ 66,679
$ 70,032
$ 66,549
(5) %
— %Taxable interest on investments
10,296
10,489
9,772
(2) %
5 %Nontaxable interest on investments
455
455
468
— %
(3) %Dividend income
413
457
520
(10) %
(21) %Other interest income
528
610
1,086
(13) %
(51) %Total interest income
78,371
82,043
78,395
(4) %
— %Interest Expense
Interest on deposits
21,648
23,353
24,621
(7) %
(12) %Interest on borrowings
3,476
3,867
4,018
(10) %
(13) %Interest on junior subordinated debentures
889
905
898
(2) %
(1) %Total interest expense
26,013
28,125
29,537
(8) %
(12) %Net interest income
52,358
53,918
48,858
(3) %
7 %Provision for credit losses
553
2,969
9,429
(81) %
N.M.Net interest income after provision for credit losses
51,805
50,949
39,429
2 %
31 %Non-Interest Income
Debit card income
3,422
4,689
3,233
(27) %
6 %Service charges on deposit accounts
2,158
2,558
2,318
(16) %
(7) %Income from fiduciary services
2,014
1,927
1,838
5 %
10 %Brokerage and insurance commissions
1,735
1,674
1,697
4 %
2 %Mortgage banking income, net
828
863
508
(4) %
63 %Bank-owned life insurance
791
820
660
(4) %
20 %Other income
1,032
1,603
942
(36) %
10 %Total non-interest income
11,980
14,134
11,196
(15) %
7 %Non-Interest Expense
Salaries and employee benefits
19,615
20,077
20,243
(2) %
(3) %Furniture, equipment and data processing
4,644
4,571
4,731
2 %
(2) %Net occupancy costs
3,059
2,795
3,033
9 %
1 %Debit card expense
1,616
1,653
1,690
(2) %
(4) %Amortization of core deposit intangible assets
1,354
1,474
1,473
(8) %
(8) %Regulatory assessments
907
1,146
986
(21) %
(8) %Consulting and professional fees
921
999
1,498
(8) %
(39) %Merger and acquisition costs
—
41
7,525
(100) %
(100) %Other real estate owned and collection costs, net
6
43
90
(86) %
(93) %Other expenses
3,586
4,061
3,182
(12) %
13 %Total non-interest expense
35,708
36,860
44,451
(3) %
(20) %Income before income tax expense (benefit)
28,077
28,223
6,174
(1) %
355 %Income Tax Expense (Benefit)
6,194
5,664
(1,152)
9 %
(638) %Net Income
$ 21,883
$ 22,559
$ 7,326
(3) %
199 %Per Share Data
Basic earnings per share
$ 1.29
$ 1.34
$ 0.43
(4) %
200 %Diluted earnings per share
$ 1.29
$ 1.33
$ 0.43
(3) %
200 %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)
March 31,
2026
December 31,
2025
March 31,
2025
March 31,
2026
December 31,
2025
March 31,
2025Assets
Interest-earning assets:
Interest-bearing deposits in other banks and other interest-earning assets
$ 32,360
$ 42,711
$ 84,211
4.70 %
4.20 %
4.44 %Investments - taxable
1,395,629
1,393,828
1,375,818
3.11 %
3.18 %
3.04 %Investments - nontaxable(1)
61,137
61,184
62,485
3.77 %
3.77 %
3.79 %Loans(2):
Commercial real estate
2,183,289
2,182,891
2,065,534
5.61 %
5.79 %
5.69 %Commercial(1)
360,451
371,987
409,037
6.12 %
6.36 %
6.37 %Municipal(1)
51,070
93,664
90,554
5.18 %
4.65 %
6.17 %Residential real estate
2,018,838
2,031,695
2,034,024
4.77 %
4.87 %
4.71 %Home equity
336,593
323,238
283,516
6.67 %
6.94 %
7.27 %Consumer
16,769
17,718
19,631
9.43 %
9.40 %
9.13 % Total loans
4,967,010
5,021,193
4,902,296
5.39 %
5.52 %
5.45 %Total interest-earning assets
6,456,136
6,518,916
6,424,810
4.88 %
5.00 %
4.91 %Other assets
477,500
479,563
477,556
Total assets
$ 6,933,636
$ 6,998,479
$ 6,902,366
Liabilities & Shareholders' Equity
Deposits:
Non-interest checking
$ 1,088,115
$ 1,174,537
$ 1,107,398
— %
— %
— %Interest checking
1,682,848
1,674,762
1,703,056
1.60 %
1.73 %
1.85 %Savings
1,114,741
1,059,967
894,803
1.41 %
1.36 %
0.98 %Money market
815,112
832,435
918,637
2.32 %
2.46 %
2.63 %Certificates of deposit
665,552
690,278
706,851
3.17 %
3.38 %
3.72 %Total deposits
5,366,368
5,431,979
5,330,745
1.54 %
1.61 %
1.70 %Borrowings:
Brokered deposits
129,178
127,995
196,510
3.99 %
4.21 %
4.62 %Customer repurchase agreements
256,619
264,926
236,437
0.93 %
1.05 %
1.29 %Junior subordinated debentures
61,545
61,479
61,282
5.85 %
5.84 %
5.94 %Other borrowings
324,853
338,290
348,402
3.60 %
3.71 %
3.80 %Total borrowings
772,195
792,690
842,631
2.96 %
3.07 %
3.44 %Total funding liabilities
6,138,563
6,224,669
6,173,376
1.72 %
1.79 %
1.94 %Other liabilities
89,737
85,874
103,201
Shareholders' equity
705,336
687,936
625,789
Total liabilities & shareholders' equity
$ 6,933,636
$ 6,998,479
$ 6,902,366
Net interest rate spread (fully-taxable equivalent)
3.16 %
3.21 %
2.97 %Net interest margin (fully-taxable equivalent)
3.24 %
3.29 %
3.04 %Core net interest margin (fully-taxable equivalent)(3)
2.92 %
2.92 %
2.68 %(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 theThree Months EndedMarch 31, 2026
At or for theYear EndedDecember 31, 2025
At or for theNine Months EndedSeptember 30, 2025
At or for theSix Months EndedJune 30, 2025
At or for theThree Months EndedMarch 31, 2025Non-accrual loans:
Residential real estate
$ 2,252
$ 2,667
$ 3,393
$ 3,678
$ 4,322Commercial real estate
5,420
639
134
145
271Commercial
2,689
3,042
4,103
13,514
1,803Home equity
596
672
697
834
848Consumer
2
3
3
6
7Total non-accrual loans
10,959
7,023
8,330
18,177
7,251Accruing loans past due 90 days
—
—
—
—
—Total non-performing loans
10,959
7,023
8,330
18,177
7,251Other real estate owned
—
—
—
72
72Total non-performing assets
$ 10,959
$ 7,023
$ 8,330
$ 18,249
$ 7,323Loans 30-89 days past due:
Residential real estate
$ 772
$ 1,565
$ 725
$ 1,519
$ 1,754Commercial real estate
569
5,284
5,014
1,120
380Commercial
1,350
541
1,865
884
767Home equity
328
713
456
457
301Consumer
58
59
37
134
139Total loans 30-89 days past due
$ 3,077
$ 8,162
$ 8,097
$ 4,114
$ 3,341ACL on loans at the beginning of the period
$ 45,276
$ 35,728
$ 35,728
$ 35,728
$ 35,728ACL established on acquired PCD loans(1)
—
3,071
3,071
3,071
3,071Provision for loan losses
806
22,031
19,009
15,469
8,873Charge-offs:
Residential real estate
—
4
4
4
4Commercial real estate
—
3,220
218
191
191Commercial
627
12,659
12,320
1,245
896Home equity
—
21
21
3
3Consumer
43
185
152
102
26Total charge-offs
670
16,089
12,715
1,545
1,120Total recoveries
(164)
(535)
(408)
(299)
(171)Net charge-offs
506
15,554
12,307
1,246
949ACL on loans at the end of the period
$ 45,576
$ 45,276
$ 45,501
$ 53,022
$ 46,723Components of ACL:
ACL on loans
$ 45,576
$ 45,276
$ 45,501
$ 53,022
$ 46,723ACL on off-balance sheet credit exposures(2)
2,810
3,064
3,117
3,685
3,362ACL, end of period
$ 48,386
$ 48,340
$ 48,618
$ 56,707
$ 50,085Ratios:
Non-performing loans to total loans
0.22 %
0.14 %
0.17 %
0.37 %
0.15 %Non-performing assets to total assets
0.16 %
0.10 %
0.12 %
0.26 %
0.11 %ACL on loans to total loans
0.92 %
0.91 %
0.91 %
1.08 %
0.96 %Net charge-offs to average loans (annualized):
Quarter-to-date
0.04 %
0.26 %
0.89 %
0.02 %
0.08 %Year-to-date
0.04 %
0.31 %
0.33 %
0.05 %
0.08 %ACL on loans to non-performing loans
415.88 %
644.68 %
546.23 %
291.70 %
644.37 %Loans 30-89 days past due to total loans
0.06 %
0.16 %
0.16 %
0.08 %
0.07 %(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 theThree Months Ended(In thousands, except number of shares, per share data and ratios)
March 31,
2026
December 31,
2025
March 31,
2025Adjusted Net Income:
Net income, as presented
$ 21,883
$ 22,559
$ 7,326Adjustments before taxes:
Provision for non-PCD acquired loans
—
—
6,294Provision for acquired unfunded commitments
—
—
249Merger and acquisition costs
—
41
7,525Total adjustments before taxes
—
41
14,068Tax impact of above adjustments, as applicable(1)
—
(9)
(3,205)Adjustment for deferred tax valuation adjustment(2)
—
—
(2,421)Adjusted net income
$ 21,883
$ 22,591
$ 15,768
Adjusted Diluted Earnings per Share:
Diluted earnings per share, as presented
$ 1.29
$ 1.33
$ 0.43Adjustments before taxes:
Provision for non-PCD acquired loans
—
—
0.37Provision for acquired unfunded commitments
—
—
0.01Merger and acquisition costs
—
—
0.45Total adjustments before taxes
—
—
0.83Tax impact of above adjustments, as applicable(1)
—
—
(0.19)Adjustment for deferred tax valuation adjustment(2)
—
—
(0.14)Adjusted diluted earnings per share
$ 1.29
$ 1.33
$ 0.93
Adjusted Return on Average Assets:
Return on average assets, as presented
1.28 %
1.28 %
0.43 %Adjustments before taxes:
Provision for non-PCD acquired loans
— %
— %
0.37 %Provision for acquired unfunded commitments
— %
— %
0.01 %Merger and acquisition costs
— %
— %
0.44 %Total adjustments before taxes
— %
— %
0.82 %Tax impact of above adjustments, as applicable(1)
— %
— %
(0.19) %Adjustment for deferred tax valuation adjustment(2)
— %
— %
(0.14) %Adjusted return on average assets
1.28 %
1.28 %
0.92 %
Adjusted Return on Average Equity:
Return on average equity, as presented
12.58 %
13.01 %
4.75 %Adjustments before taxes:
Provision for non-PCD acquired loans
— %
— %
4.08 %Provision for acquired unfunded commitments
— %
— %
0.16 %Merger and acquisition costs
— %
0.02 %
4.88 %Total adjustments before taxes
— %
0.02 %
9.12 %Tax impact of above adjustments, as applicable(1)
— %
— %
(2.08) %Adjustment for deferred tax valuation adjustment(2)
— %
— %
(1.57) %Adjusted return on average equity
12.58 %
13.03 %
10.22 %(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 theThree Months Ended(In thousands)
March 31,
2026
December 31,
2025
March 31,
2025Net income, as presented
$ 21,883
$ 22,559
$ 7,326Adjustment for provision for credit losses
553
2,969
9,429Adjustment for income tax expense (benefit)
6,194
5,664
(1,152) Pre-tax, pre-provision income
28,630
31,192
15,603Adjustment for merger and acquisition costs
—
41
7,525Adjusted pre-tax, pre-provision income
$ 28,630
$ 31,233
$ 23,128 Efficiency Ratio:
For theThree Months Ended(Dollars in thousands)
March 31,
2026
December 31,
2025
March 31,
2025Non-interest expense, as presented
$ 35,708
$ 36,860
$ 44,451Adjustment for merger and acquisition costs
—
(41)
(7,525)Adjustment for amortization of core deposit intangible assets
(1,354)
(1,474)
(1,473)Adjusted non-interest expense
$ 34,354
$ 35,345
$ 35,453Net interest income, as presented
$ 52,358
$ 53,918
$ 48,858Adjustment for the effect of tax-exempt income(1)
225
331
326Non-interest income, as presented
11,980
14,134
11,196Adjusted net interest income plus non-interest income
$ 64,563
$ 68,383
$ 60,380GAAP efficiency ratio
55.50 %
54.16 %
74.02 %Non-GAAP efficiency ratio
53.21 %
51.69 %
58.72 %(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 theThree Months Ended(Dollars in thousands)
March 31,
2026
December 31,
2025
March 31,
2025Return on Average Tangible Equity:
Net income, as presented
$ 21,883
$ 22,559
$ 7,326Adjustment for amortization of core deposit intangible assets
1,354
1,474
1,473Tax impact of above adjustment(1)
(311)
(339)
(339)Net income, adjusted for amortization of core deposit intangible assets
$ 22,926
$ 23,694
$ 8,460Average equity, as presented
$ 705,336
$ 687,936
$ 625,789Adjustment for average goodwill and core deposit intangible assets
(193,554)
(194,800)
(200,125)Average tangible equity
$ 511,782
$ 493,136
$ 425,664Return on average equity
12.58 %
13.01 %
4.75 %Return on average tangible equity
18.17 %
19.06 %
8.06 %Adjusted Return on Average Tangible Equity:
Adjusted net income (refer to the "Adjusted Net Income" non-GAAP reconciliation table)
$ 21,883
$ 22,591
$ 15,768Adjustment for amortization of core deposit intangible assets
1,354
1,474
1,473Tax impact of above adjustment(1)
(311)
(339)
(339)Adjusted net income, adjusted for amortization of core deposit intangible assets
$ 22,926
$ 23,726
$ 16,902Adjusted return on average tangible equity
18.17 %
19.09 %
16.10 %(1)Calculated using an estimated combined marginal income tax rate of 23%. Core Net Interest Margin (fully-taxable equivalent):
For theThree Months Ended(In thousands)
March 31,
2026
December 31,
2025
March 31,
2025Net interest margin, tax equivalent, as presented
3.24 %
3.29 %
3.04 %Net accretion income on loans from purchase accounting(1)
(0.26) %
(0.31) %
(0.30) %Net accretion income on investments from purchase accounting(2)
(0.06) %
(0.07) %
(0.07) %Net amortization on time deposits and borrowings from purchase accounting(3)
— %
0.01 %
0.01 %Core net interest margin (fully-taxable equivalent)
2.92 %
2.92 %
2.68 %
(1)Recognized $3.7 million, $4.6 million and $4.3 million of net accretion income on loans from purchase accounting for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively.(2)Recognized $759,000, $857,000 and $831,000 of net accretion income on investments from purchase accounting for the three ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively.(3)Recognized $75,000 of amortization expense on borrowings from purchase accounting for the three months ended March, 31, 2026 and $131,000 of amortization expense on time deposits and borrowings from purchase accounting for the three months ended December 31, 2025 and March 31, 2025. Tangible Book Value Per Share and Tangible Common Equity Ratio:(In thousands, except number of shares, per share data and ratios)
March 31,
2026
December 31,
2025
March 31,
2025Tangible Book Value Per Share:
Shareholders' equity, as presented
$ 710,007
$ 696,558
$ 640,054Adjustment for goodwill and core deposit intangible assets
(192,731)
(194,085)
(200,770)Tangible shareholders' equity
$ 517,276
$ 502,473
$ 439,284Shares outstanding at period end
16,914,371
16,924,310
16,885,571Book value per share
$ 41.98
$ 41.16
$ 37.91Tangible book value per share
$ 30.58
$ 29.69
$ 26.02Tangible Common Equity Ratio:Total assets
$ 6,961,581
$ 6,974,584
$ 6,964,785Adjustment for goodwill and core deposit intangible assets
(192,731)
(194,085)
(200,770)Tangible assets
$ 6,768,850
$ 6,780,499
$ 6,764,015Common equity ratio
10.20 %
9.99 %
9.19 %Tangible common equity ratio
7.64 %
7.41 %
6.49 %
View original content to download multimedia:https://www.prnewswire.com/news-releases/camden-national-corporation-delivers-solid-first-quarter-2026-results-with-net-income-of-21-9-million-and-diluted-eps-of-1-29--302754700.htmlSOURCE Camden National Corporation
Original: Camden National Corporation Delivers Solid First Quarter 2026 Results with Net Income of $21.9 Million and Diluted EPS of $1.29
US Market News
5 months ago
Camden National Corporation Announces Another Record with Fourth Quarter 2025 Net Income of $22.6 Million and Diluted EPS of $1.33January 27, 2026 1:15 PM
PR Newswire (US)
CAMDEN, Maine, Jan. 27, 2026 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; "Camden National" or the "Company") today reported earnings for the quarter ended December 31, 2025, of $22.6 million and diluted earnings per share ("EPS") of $1.33, both increases of 6%, when compared to the third quarter of 2025. For the quarter ended December 31, 2025, the Company reported a return on average assets of 1.28%, a return on average equity of 13.01%, and a return on average tangible equity (non-GAAP) of 19.06%."We are delighted to report record-breaking quarterly performance, powered by strong execution of our strategic initiatives and continued expansion of our net interest margin, reaching 3.29% for the fourth quarter," said Simon Griffiths, president and chief executive officer of Camden National Corporation. "Our balance sheet remains exceptionally strong and credit metrics continue to trend favorably. I extend my sincere thanks to our colleagues, whose dedication to our customers and communities has positioned us for an outstanding 2026 and an even brighter future. We are more confident than ever in our strategy to build the premier community bank in Northern New England, and our strong 2025 financial results provide a powerful foundation for the growth and opportunities ahead."For the year ended December 31, 2025, the Company reported net income of $65.2 million and diluted EPS of $3.84, increases of 23% and 6%, respectively, over the year ended December 31, 2024. On a non-GAAP basis, adjusted net income for the year ended December 31, 2025, was $74.4 million and adjusted diluted EPS was $4.39, increases of 39% and 20%, respectively, over the year ended December 31, 2024.HIGHLIGHTSNet income totaled $22.6 million for the fourth quarter of 2025, an increase of 6% over the third quarter of 2025, and, on a non-GAAP basis, pre-tax, pre-provision income increased 6% over the same period to $31.2 million for the fourth quarter of 2025.Net interest margin for the fourth quarter of 2025 increased 13 basis points over the third quarter of 2025 to 3.29%, and core net interest margin increased 10 basis points over the same period to 2.92%.GAAP efficiency ratio for the fourth quarter of 2025 was 54.16%, while the non-GAAP efficiency ratio was 51.69%, reflecting our strong revenue momentum and our continued disciplined expense management.Book value per share increased 3% from September 30, 2025 to $41.16 as of December 31, 2025, and tangible book value per share (non-GAAP) increased 4% during the same period to $29.69 at year-end.On January 8, 2026, the Company announced a new share repurchase program for up to 850,000 shares of the Company's common stock, or approximately 5% of its outstanding stock as of December 31, 2025.FINANCIAL OPERATING RESULTS (Q4 2025 vs. Q3 2025)Net interest income for the fourth quarter of 2025 increased 5% over the third quarter of 2025 to $53.9 million. The increase was driven by a 13 basis point expansion in net interest margin to 3.29% for the fourth quarter. This notable margin improvement was fueled by an 11 basis point reduction in the Company's funding costs during the quarter.Provision expense totaled $3.0 million for each of the third and fourth quarters of 2025. The provision expense for the fourth quarter of 2025 was primarily attributable to net charge-offs of $3.2 million for the quarter, driven by a $3.0 million charge-off due to the short sale of a large commercial real estate loan that had been designated as a classified asset for nearly two years. During the fourth quarter of 2025, we were presented with the opportunity to exit this asset. After a thorough assessment, we determined exiting the asset was the most prudent and proactive step to limit potential future exposure and further strengthen the Company's credit profile. The transaction closed late in the fourth quarter of 2025.Non-interest income for the fourth quarter of 2025 totaled $14.1 million, remaining consistent with the third quarter of 2025. Assets under administration within our wealth and brokerage businesses grew organically by 11% during 2025, totaling $2.4 billion as of December 31, 2025. Additionally, during the fourth quarter of 2025, the Company recognized its annual Visa incentive bonus of $979,000 and higher customer loan swap fees of $366,000 on a linked-quarter basis.Non-interest expense for the fourth quarter of 2025 totaled $36.9 million, and our GAAP and non-GAAP efficiency ratios were 54.16% and 51.69%, respectively. Non-interest expense increased $933,000 on a linked-quarter basis as we recognized certain retirement plan costs for former Northway employees, higher performance incentive accruals due to strong annual Company financial performance, higher health insurance costs, and elevated technology-related costs primarily due to the timing of annual maintenance contracts and ongoing investments in our customer-facing technology platforms.FINANCIAL CONDITIONAs of December 31, 2025 and September 30, 2025, total assets were $7.0 billion. Total assets grew 20% during 2025, primarily due to the acquisition of Northway Financial, inc. ("Northway") and its subsidiary Northway Bank, on January 2, 2025, which bolstered the Company's presence in New Hampshire.Investments totaled $1.4 billion as of December 31, 2025, an increase of 2% since September 30, 2025. The duration of the bond investment portfolio at December 31, 2025 was 5.1 years.As of December 31, 2025, loans totaled $5.0 billion, a 1% decrease from September 30, 2025, and for the year ended 2025, loans grew organically 2%. Commercial loan balances decreased $62.0 million during the fourth quarter, primarily due to the $35.9 million decrease in municipal loans. We continued to see strong momentum within our home equity loan portfolio, which grew 6% during the fourth quarter of 2025 and grew organically 18% for the year ended December 31, 2025. At December 31, 2025, our committed loan pipeline totaled $110.3 million, 60% higher than a year ago.The Company's asset quality remains strong as of December 31, 2025, supported by its healthy credit metrics, including non-performing assets at 0.10% of total assets and past-due loans at 0.16% of total loans. The allowance for credit losses ("ACL") on loans was 0.91% of total loans at December 31, 2025 and September 30, 2025. The ACL on loans was 6.4 times non-performing loans at December 31, 2025, compared to 5.5 times at September 30, 2025.Deposits totaled $5.5 billion on December 31, 2025, an increase of 2% since September 30, 2025. The growth was driven by a 3% increase in non-maturity deposits, reflecting continued growth in our high-yield savings product and interest checking during the fourth quarter of 2025. As of December 31, 2025, the Company's loan-to-deposit ratio was 90%, compared to 93% at September 30, 2025.As of December 31, 2025, the Company's regulatory capital ratios exceeded all regulatory requirements, including a Common Equity Tier 1 ratio of 11.69%, a Tier 1 risk-based ratio of 13.00%, a total risk-based ratio of 13.95%, and a Tier 1 leverage ratio of 9.12%. The Company's regulatory capital ratios continue to rebuild following the Northway acquisition in the first quarter of 2025.On December 16, 2025, the Company announced a cash dividend of $0.42 per share, representing an annualized dividend yield of 3.87%, based on the Company's closing share price of $43.38 as reported by NASDAQ on December 31, 2025, payable on January 30, 2026, to shareholders of record on January 15, 2026.Q4 2025 CONFERENCE CALLCamden National will host a conference call and webcast at 3:00 p.m. Eastern Time, on Tuesday, January 27, 2026, to discuss its fourth quarter 2025 financial results and outlook. Participants should dial in 10 - 15 minutes before the call begins. Information about the conference call is as follows:Live dial-in (Domestic):
(833) 470-1428Link for live dial-in(All other locations):
https://www.netroadshow.com/conferencing/global-numbers?confId=93678Participant access code:
070467Live webcast:
https://events.q4inc.com/attendee/950792469A link to the live webcast will be available on Camden National's website under "About — Investor Relations" at CamdenNational.bank prior to the meeting, and a replay of the webcast will be available on Camden National's website following the conference call. The transcript of the conference call will also be available on Camden National's website approximately two days after the conference call.ABOUT CAMDEN NATIONAL CORPORATIONCamden 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 branches in Maine and New Hampshire, is a full-service community bank offering the latest digital banking, complemented by award-winning, personalized service. Additional information is available at CamdenNational.bank. Member FDIC. Equal Housing Lender.Comprehensive wealth management, investment, and financial planning services are delivered by Camden National Wealth Management.FORWARD-LOOKING STATEMENTSCertain statements contained in this press release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including certain plans, expectations, goals, projections, and other statements, which are subject to numerous risks, assumptions, and uncertainties. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could," or "may." Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures; inflation; ongoing competition in labor markets and employee turnover; deterioration in the value of Camden National's investment securities; changes in consumer spending and savings habits; changes in the interest rate environment; changes in general economic conditions, including as a result of tariffs and retaliatory tariffs; operational risks including, but not limited to, cybersecurity, fraud, pandemics and natural disasters; legislative and regulatory changes that adversely affect the business in which Camden National is engaged; turmoil and volatility in the financial services industry, including failures or rumors of failures of other depository institutions which could affect Camden National's ability to attract and retain depositors, and could affect the ability of financial services providers, including the Company, to borrow or raise capital; actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions; changes to regulatory capital requirements; changes in the securities markets and other risks and uncertainties disclosed from time to time in Camden National's Annual Report on Form 10-K for the year ended December 31, 2024, as updated by other filings with the Securities and Exchange Commission ("SEC"). Further, statements regarding the potential effects of notable and global current events on the Company's business, financial condition, liquidity and results of operations may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond the Company's control. Statements relating to the Company's acquisition of Northway may also be forward-looking statements. Factors that could cause actual results to differ materially from the forward-looking statements include the reaction to the transaction of the Company's customers, employees and counterparties; customer disintermediation; expected synergies, cost savings and other financial benefits of the transaction might not be realized within the expected timeframes or might be less than projected; and credit and interest rate risks associated with Camden's and Northway's respective businesses, customers, borrowings, repayment, investment and deposit practices. Camden National does not have any obligation to update forward-looking statements.USE OF NON-GAAP MEASURESIn addition to evaluating the Company's results of operations in accordance with generally accepted accounting principles in the United States ("GAAP"), management supplements this evaluation with certain non-GAAP financial measures such as: adjusted net income; adjusted diluted earnings per share; adjusted return on average assets; adjusted return on average equity; pre-tax, pre-provision income; adjusted pre-tax, pre-provision income; return on average tangible equity and adjusted return on average tangible equity; the efficiency and tangible common equity ratios; core net interest margin; and tangible book value per share. Management utilizes these non-GAAP financial measures for purposes of measuring our performance against our peer group and other financial institutions and analyzing our internal performance. We also believe these non-GAAP financial measures help investors better understand the Company's operating performance and trends and allow for better performance comparisons to other financial institutions. In addition, these non-GAAP financial measures remove the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for GAAP operating results, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other financial institutions. Reconciliations to the comparable GAAP financial measures can be found in this document.ANNUALIZED DATACertain 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 TheThree Months Ended
At or For TheYear Ended(In thousands, except number of shares and per share data)
December 31,
2025
September 30,
2025
December 31,
2024
December 31,
2025
December 31,
2024Financial Condition Data
Loans
$ 4,965,138
$ 5,002,927
$ 4,115,259
$ 4,965,138
$ 4,115,259Total assets
6,974,584
6,981,522
5,805,138
6,974,584
5,805,138Deposits
5,537,781
5,402,758
4,633,167
5,537,781
4,633,167Shareholders' equity
696,558
676,444
531,231
696,558
531,231Operating Data and Per Share Data
Net income
$ 22,559
$ 21,194
$ 14,666
$ 65,160
$ 53,004Pre-tax, pre-provision income (non-GAAP)(1)
31,192
29,470
19,211
100,945
65,056Diluted EPS
1.33
1.25
1.00
3.84
3.62Profitability Ratios
Return on average assets
1.28 %
1.21 %
1.01 %
0.94 %
0.92 %Return on average equity
13.01 %
12.75 %
10.99 %
9.96 %
10.36 %Return on average tangible equity (non-GAAP)(1)
19.06 %
19.12 %
13.50 %
15.24 %
12.83 %GAAP efficiency ratio
54.16 %
54.94 %
59.62 %
60.53 %
63.24 %Efficiency ratio (non-GAAP)(1)
51.69 %
52.47 %
58.22 %
54.46 %
62.05 %Net interest margin (fully-taxable equivalent)
3.29 %
3.16 %
2.57 %
3.17 %
2.46 %Asset Quality Ratios
ACL on loans to total loans
0.91 %
0.91 %
0.87 %
0.91 %
0.87 %Non-performing loans to total loans
0.14 %
0.17 %
0.12 %
0.14 %
0.12 %Capital Ratios
Common equity ratio
9.99 %
9.69 %
9.15 %
9.99 %
9.15 %Tangible common equity ratio (non-GAAP)(1)
7.41 %
7.09 %
7.64 %
7.41 %
7.64 %Book value per share
$ 41.16
$ 39.97
$ 36.44
$ 41.16
$ 36.44Tangible book value per share (non-GAAP)(1)
$ 29.69
$ 28.42
$ 29.91
$ 29.69
$ 29.91Tier 1 leverage capital ratio
9.12 %
8.94 %
9.90 %
9.12 %
9.90 %Total risk-based capital ratio
13.95 %
13.47 %
15.11 %
13.95 %
15.11 %
(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)
December 31,
2025
September 30,
2025
December 31,
2024
% Change
Dec 2025
vs. Sep
2025
% Change
Dec 2025
vs. Dec
2024ASSETS
Cash, cash equivalents and restricted cash
$ 97,492
$ 98,848
$ 214,963
(1) %
(55) %Investments:
Trading securities
5,747
5,581
5,243
3 %
10 %Available-for-sale securities, at fair value
930,401
889,765
593,749
5 %
57 %Held-to-maturity securities, at amortized cost
485,292
495,007
517,778
(2) %
(6) %Other investments
26,497
31,185
22,514
(15) %
18 % Total investments
1,447,937
1,421,538
1,139,284
2 %
27 %Loans held for sale, at fair value
15,040
9,775
11,049
54 %
36 %Loans:
Commercial real estate
2,185,105
2,173,748
1,711,964
1 %
28 %Commercial
417,439
479,461
382,785
(13) %
9 %Residential real estate
2,012,922
2,017,675
1,752,249
— %
15 %Home equity
332,256
313,951
253,251
6 %
31 %Consumer
17,416
18,092
15,010
(4) %
16 % Total loans
4,965,138
5,002,927
4,115,259
(1) %
21 % Less: allowance for credit losses on loans
(45,276)
(45,501)
(35,728)
— %
27 % Net loans
4,919,862
4,957,426
4,079,531
(1) %
21 %Goodwill and core deposit intangible assets
194,085
195,558
95,112
(1) %
104 %Other assets
300,168
298,377
265,199
1 %
13 %Total assets
$ 6,974,584
$ 6,981,522
$ 5,805,138
— %
20 %LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits:
Non-interest checking
$ 1,113,450
$ 1,162,149
$ 925,571
(4) %
20 %Interest checking
1,703,971
1,535,482
1,483,589
11 %
15 %Savings and money market
1,910,708
1,879,770
1,511,589
2 %
26 %Certificates of deposit
679,087
701,031
532,424
(3) %
28 %Brokered deposits
130,565
124,326
179,994
5 %
(27) % Total deposits
5,537,781
5,402,758
4,633,167
2 %
20 %Short-term borrowings
581,780
748,492
500,621
(22) %
16 %Long-term borrowings
1,000
1,000
—
— %
N.M.Junior subordinated debentures
61,515
61,441
44,331
— %
39 %Accrued interest and other liabilities
95,950
91,387
95,788
5 %
— %Total liabilities
6,278,026
6,305,078
5,273,907
— %
19 %Commitments and Contingencies
Shareholders' Equity
Common stock, no par value
215,797
215,145
116,425
— %
85 %Retained earnings
545,149
529,721
509,452
3 %
7 %Accumulated other comprehensive loss:
Net unrealized loss on debt securities, net of tax
(70,405)
(74,348)
(104,015)
(5) %
(32) %Net unrealized gain on cash flow hedging derivative instruments, net of tax
5,478
5,532
8,958
(1) %
(39) %Net unrecognized gain on postretirement plans, net of tax
539
394
411
37 %
31 %Total accumulated other comprehensive loss
(64,388)
(68,422)
(94,646)
(6) %
(32) %Total Shareholders' equity
696,558
676,444
531,231
3 %
31 %Total liabilities and shareholders' equity
$ 6,974,584
$ 6,981,522
$ 5,805,138
— %
20 %
N.M. = Not meaningful Consolidated Statements of Income Data (unaudited)
For theThree Months Ended
% Change Dec
2025 vs. Sep
2025
% Change Dec
2025 vs. Dec
2024(In thousands, except per share data)
December 31,
2025
September 30,
2025
December 31,
2024
Interest Income
Interest and fees on loans
$ 70,032
$ 69,070
$ 54,035
1 %
30 %Taxable interest on investments
10,489
10,314
6,925
2 %
51 %Nontaxable interest on investments
455
456
461
— %
(1) %Dividend income
457
470
408
(3) %
12 %Other interest income
610
584
1,662
4 %
(63) %Total interest income
82,043
80,894
63,491
1 %
29 %Interest Expense
Interest on deposits
23,353
24,719
23,408
(6) %
— %Interest on borrowings
3,867
4,039
4,134
(4) %
(6) %Interest on junior subordinated debentures
905
864
540
5 %
68 %Total interest expense
28,125
29,622
28,082
(5) %
— %Net interest income
53,918
51,272
35,409
5 %
52 %Provision for credit losses
2,969
2,972
809
— %
267 %Net interest income after provision for credit losses
50,949
48,300
34,600
5 %
47 %Non-Interest Income
Debit card income
4,689
3,704
3,553
27 %
32 %Service charges on deposit accounts
2,558
2,570
2,136
— %
20 %Income from fiduciary services
1,927
1,884
1,834
2 %
5 %Brokerage and insurance commissions
1,674
1,850
1,441
(10) %
16 %Mortgage banking income, net
863
1,092
933
(21) %
(8) %Bank-owned life insurance
820
957
720
(14) %
14 %Other income
1,603
2,068
1,549
(22) %
3 %Total non-interest income
14,134
14,125
12,166
— %
16 %Non-Interest Expense
Salaries and employee benefits
20,077
20,089
15,973
— %
26 %Furniture, equipment and data processing
4,571
4,173
3,660
10 %
25 %Net occupancy costs
2,795
2,666
1,971
5 %
42 %Debit card expense
1,653
1,745
1,344
(5) %
23 %Amortization of core deposit intangible assets
1,474
1,473
139
— %
N.M.Regulatory assessments
1,146
1,020
804
12 %
43 %Consulting and professional fees
999
810
786
23 %
27 %Other real estate owned and collection costs, net
43
46
50
(7) %
(14) %Merger and acquisition costs
41
315
432
(87) %
(91) %Other expenses
4,061
3,590
3,205
13 %
27 %Total non-interest expense
36,860
35,927
28,364
3 %
30 %Income before income tax expense
28,223
26,498
18,402
7 %
53 %Income Tax Expense
5,664
5,304
3,736
7 %
52 %Net Income
$ 22,559
$ 21,194
$ 14,666
6 %
54 %Per Share Data
Basic earnings per share
$ 1.34
$ 1.25
$ 1.01
7 %
33 %Diluted earnings per share
$ 1.33
$ 1.25
$ 1.00
6 %
33 %
N.M. = Not meaningful Consolidated Statements of Income Data (unaudited)
For the Year Ended
% Change Dec
2025 vs. Dec
2024(In thousands, except per share data)
December 31,
2025
December 31,
2024
Interest Income
Interest and fees on loans
$ 273,128
$ 214,650
27 %Taxable interest on investments
40,832
27,381
49 %Nontaxable interest on investments
1,834
1,849
(1) %Dividend income
1,940
1,630
19 %Other interest income
2,921
4,047
(28) %Total interest income
320,655
249,557
28 %Interest Expense
Interest on deposits
97,287
95,806
2 %Interest on borrowings
16,544
19,166
(14) %Interest on junior subordinated debentures
3,567
2,132
67 %Total interest expense
117,398
117,104
— %Net interest income
203,257
132,453
53 %Provision (credit) for credit losses
22,290
(404)
N.M.Net interest income after provision (credit) for credit losses
180,967
132,857
36 %Non-Interest Income
Debit card income
15,272
12,657
21 %Service charges on deposit accounts
9,851
8,444
17 %Income from fiduciary services
7,630
7,270
5 %Brokerage and insurance commissions
7,015
5,535
27 %Mortgage banking income, net
3,523
3,230
9 %Bank-owned life insurance
3,440
2,806
23 %Other income
5,791
4,597
26 %Total non-interest income
52,522
44,539
18 %Non-Interest Expense
Salaries and employee benefits
79,801
64,073
25 %Furniture, equipment and data processing
17,769
14,364
24 %Net occupancy costs
11,187
7,912
41 %Merger and acquisition costs
9,286
1,159
N.M.Debit card expense
6,813
5,287
29 %Amortization of core deposit intangible assets
5,893
556
N.M.Consulting and professional fees
4,617
3,583
29 %Regulatory assessments
4,279
3,258
31 %Other real estate owned and collection costs, net
270
201
34 %Other expenses
14,919
11,543
29 %Total non-interest expense
154,834
111,936
38 %Income before income tax expense
78,655
65,460
20 %Income Tax Expense
13,495
12,456
8 %Net Income
$ 65,160
$ 53,004
23 %Per Share Data
Basic earnings per share
$ 3.86
$ 3.63
6 %Diluted earnings per share
$ 3.84
$ 3.62
6 %
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)
December 31,
2025
September 30,
2025
December 31,
2024
December 31,
2025
September 30,
2025
December 31,
2024Assets
Interest-earning assets:
Interest-bearing deposits in other banks
and other interest-earning assets
$ 42,711
$ 38,170
$ 130,405
4.20 %
4.45 %
4.49 %Investments - taxable
1,393,828
1,380,042
1,150,351
3.18 %
3.17 %
2.61 %Investments - nontaxable(1)
61,184
61,114
61,929
3.77 %
3.77 %
3.77 %Loans(2):
Commercial real estate
2,182,891
2,123,138
1,707,914
5.79 %
5.72 %
5.36 % Commercial(1)
371,987
398,870
359,954
6.36 %
6.26 %
6.29 % Municipal(1)
93,664
97,113
15,237
4.65 %
4.76 %
5.30 % Residential real estate
2,031,695
2,033,136
1,766,143
4.87 %
4.86 %
4.45 % Home equity
322,941
305,037
250,184
6.78 %
7.12 %
7.42 % Consumer
18,015
18,716
16,881
12.25 %
11.59 %
8.89 %Total loans
5,021,193
4,976,010
4,116,313
5.52 %
5.50 %
5.19 %Total interest-earning assets
6,518,916
6,455,336
5,458,998
5.00 %
4.98 %
4.61 %Other assets
479,563
469,590
315,181
Total assets
$ 6,998,479
$ 6,924,926
$ 5,774,179
Liabilities & Shareholders' Equity
Deposits:
Non-interest checking
$ 1,174,537
$ 1,163,310
$ 948,015
— %
— %
— %Interest checking
1,674,762
1,622,869
1,449,281
1.73 %
1.82 %
2.29 %Savings
1,059,967
1,011,847
726,179
1.36 %
1.34 %
1.06 %Money market
832,435
842,043
779,893
2.46 %
2.69 %
3.09 %Certificates of deposit
690,278
698,948
537,922
3.38 %
3.50 %
3.67 % Total deposits
5,431,979
5,339,017
4,441,290
1.61 %
1.69 %
1.91 %Borrowings:
Brokered deposits
127,995
176,508
170,638
4.21 %
4.51 %
4.93 %Customer repurchase agreements
264,926
246,775
182,017
1.05 %
1.18 %
1.58 %Junior subordinated debentures
61,479
61,404
44,331
5.84 %
5.58 %
4.84 %Other borrowings
338,290
354,099
325,000
3.71 %
3.70 %
4.17 % Total borrowings
792,690
838,786
721,986
3.07 %
3.27 %
3.74 %Total funding liabilities
6,224,669
6,177,803
5,163,276
1.79 %
1.90 %
2.16 %Other liabilities
85,874
87,495
80,144
Shareholders' equity
687,936
659,628
530,759
Total liabilities & shareholders' equity
$ 6,998,479
$ 6,924,926
$ 5,774,179
Net interest rate spread (fully-taxable equivalent)
3.21 %
3.08 %
2.45 %Net interest margin (fully-taxable equivalent)
3.29 %
3.16 %
2.57 %Core net interest margin (fully-taxable equivalent)(3)
2.92 %
2.82 %
2.57 %
(1)Reported on 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 Year Ended
For the Year Ended(Dollars in thousands)
December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024Assets
Interest-earning assets:
Interest-bearing deposits in other banks and other interest-earning assets
$ 52,109
$ 68,633
4.45 %
4.86 %Investments - taxable
1,386,590
1,159,910
3.13 %
2.56 %Investments - nontaxable(1)
61,455
61,992
3.78 %
3.78 %Loans(2):
Commercial real estate
2,112,281
1,699,655
5.81 %
5.29 % Commercial(1)
396,783
378,257
6.38 %
6.44 % Municipal(1)
91,044
15,859
5.06 %
4.94 % Residential real estate
2,034,170
1,773,149
4.82 %
4.47 % Home equity
300,630
244,332
7.02 %
7.74 % Consumer
18,687
17,919
11.70 %
9.00 %Total loans
4,953,595
4,129,171
5.53 %
5.20 %Total interest-earning assets
6,453,749
5,419,706
4.99 %
4.62 %Other assets
474,464
315,335
Total assets
$ 6,928,213
$ 5,735,041
Liabilities & Shareholders' Equity
Deposits:
Non-interest checking
$ 1,137,343
$ 929,443
— %
— %Interest checking
1,659,215
1,464,651
1.81 %
2.48 %Savings
982,210
657,529
1.23 %
0.71 %Money market
860,117
766,596
2.61 %
3.31 %Certificates of deposit
699,740
567,182
3.54 %
3.80 %Total deposits
5,338,625
4,385,401
1.67 %
2.00 %Borrowings:
Brokered deposits
177,089
152,918
4.49 %
5.18 %Customer repurchase agreements
245,748
185,299
1.20 %
1.73 %Junior subordinated debentures
61,373
44,331
5.81 %
4.81 %Other borrowings
359,625
365,989
3.78 %
4.36 %Total borrowings
843,835
748,537
3.33 %
3.90 %Total funding liabilities
6,182,460
5,133,938
1.90 %
2.28 %Other liabilities
91,276
89,290
Shareholders' equity
654,477
511,813
Total liabilities & shareholders' equity
$ 6,928,213
$ 5,735,041
Net interest rate spread (fully-taxable equivalent)
3.09 %
2.34 %Net interest margin (fully-taxable equivalent)
3.17 %
2.46 %Core net interest margin (fully-taxable equivalent)(3)
2.82 %
2.46 %
(1)Reported on tax-equivalent basis calculated using the federal corporate income tax rate of 21%, including certain commercial loans.(2)Non-accrual loans and loans held for sale are included in total average loans.(3)This is a non-GAAP measure. Please see "Reconciliation of non-GAAP to GAAP Financial Measures (unaudited)." Year-to-Date Organic Loans And Deposits Growth (Unaudited)
(A)
(B)
(C)
(D) = (A) - (B) - (C)(In thousands)
December 31, 2025
December 31, 2024
Northway
Acquisition
Purchase
Accounting(1)
For the Year EndedDecember 31, 2025Organic Growth (Decline)Loans:
Commercial real estate
$ 2,185,105
$ 1,711,964
$ 360,272
$ 112,869
7 %Commercial
417,439
382,785
106,487
(71,833)
(19) %Residential real estate
2,012,922
1,752,249
273,349
(12,676)
(1) %Home equity
332,256
253,251
34,304
44,701
18 %Consumer
17,416
15,010
1,251
1,155
8 % Total loans
$ 4,965,138
$ 4,115,259
$ 775,663
$ 74,216
2 %Deposits:
Non-interest checking
$ 1,113,450
$ 925,571
$ 197,320
$ (9,441)
(1) %Interest checking
1,703,971
1,483,589
315,891
(95,509)
(6) %Savings and money market
1,910,708
1,511,589
285,889
113,230
7 %Certificates of deposit
679,087
532,424
172,573
(25,910)
(5) %Brokered deposits
130,565
179,994
—
(49,429)
(27) %Total deposits
$ 5,537,781
$ 4,633,167
$ 971,673
$ (67,059)
(1) %
(1)Represents fair value of loans and deposits as of the acquisition date, January 2, 2025. Asset Quality Data(unaudited) (In thousands)
At or for theYear EndedDecember 31, 2025
At or for theNine Months EndedSeptember 30, 2025
At or for theSix Months EndedJune 30, 2025
At or for theThree Months EndedMarch 31, 2025
At or for theYear EndedDecember 31, 2024Non-accrual loans:
Residential real estate
$ 2,667
$ 3,393
$ 3,678
$ 4,322
$ 1,891Commercial real estate
639
134
145
271
559Commercial
3,042
4,103
13,514
1,803
1,927Home equity
672
697
834
848
434Consumer
3
3
6
7
18Total non-accrual loans
7,023
8,330
18,177
7,251
4,829Accruing loans past due 90 days
—
—
—
—
—Total non-performing loans
7,023
8,330
18,177
7,251
4,829Other real estate owned
—
—
72
72
—Total non-performing assets
$ 7,023
$ 8,330
$ 18,249
$ 7,323
$ 4,829Loans 30-89 days past due:
Residential real estate
$ 1,565
$ 725
$ 1,519
$ 1,754
$ 558Commercial real estate
5,284
5,014
1,120
380
689Commercial
541
1,865
884
767
393Home equity
713
456
457
301
552Consumer
59
37
134
139
69Total loans 30-89 days past due
$ 8,162
$ 8,097
$ 4,114
$ 3,341
$ 2,261ACL on loans at the beginning of the period
$ 35,728
$ 35,728
$ 35,728
$ 35,728
$ 36,935ACL established on acquired PCD loans (1)
3,071
3,071
3,071
3,071
—Provision for credit losses
22,031
19,009
15,469
8,873
53Charge-offs:
Residential real estate
4
4
4
4
—Commercial real estate
3,220
218
191
191
—Commercial
12,659
12,320
1,245
896
1,784Home equity
21
21
3
3
1Consumer
185
152
102
26
98Total charge-offs
16,089
12,715
1,545
1,120
1,883Total recoveries
(535)
(408)
(299)
(171)
(623)Net charge-offs
15,554
12,307
1,246
949
1,260ACL on loans at the end of the period
$ 45,276
$ 45,501
$ 53,022
$ 46,723
$ 35,728Components of ACL:
ACL on loans
$ 45,276
$ 45,501
$ 53,022
$ 46,723
$ 35,728ACL on off-balance sheet credit exposures(2)
3,064
3,117
3,685
3,362
2,806ACL, end of period
$ 48,340
$ 48,618
$ 56,707
$ 50,085
$ 38,534Ratios:
Non-performing loans to total loans
0.14 %
0.17 %
0.37 %
0.15 %
0.12 %Non-performing assets to total assets
0.10 %
0.12 %
0.26 %
0.11 %
0.08 %ACL on loans to total loans
0.91 %
0.91 %
1.08 %
0.96 %
0.87 %Net charge-offs to average loans (annualized)
Quarter-to-date
0.26 %
0.89 %
0.02 %
0.08 %
0.04 %Year-to-date
0.31 %
0.33 %
0.05 %
0.08 %
0.03 %ACL on loans to non-performing loans
644.68 %
546.23 %
291.70 %
644.37 %
739.86 %Loans 30-89 days past due to total loans
0.16 %
0.16 %
0.08 %
0.07 %
0.05 %
(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; and Adjusted Return on Average Assets:
For theThree Months Ended
For theYear Ended(In thousands, except number of shares, per share data and ratios)
December 31,
2025
September 30,
2025
December 31,
2024
December 31,
2025
December 31,
2024Adjusted Net Income:
Net income, as presented
$ 22,559
$ 21,194
$ 14,666
$ 65,160
$ 53,004Adjustments before taxes:
Provision for non-PCD acquired loans
—
—
—
6,294
—Provision for acquired unfunded commitments
—
—
—
249
—Merger and acquisition costs
41
315
432
9,286
1,159Gain on sale of premises and equipment, net
—
(675)
—
(675)
—Signature Bank bond recovery
—
—
—
—
(910)Total adjustments before taxes
41
(360)
432
15,154
249Tax impact of above adjustments, as applicable(1)
(9)
83
(12)
(3,454)
179Adjustment for deferred tax valuation adjustment(2)
—
—
—
(2,421)
—Adjusted net income
$ 22,591
$ 20,917
$ 15,086
$ 74,439
$ 53,432
Adjusted Diluted Earnings per Share:
Diluted earnings per share, as presented
$ 1.33
$ 1.25
$ 1.00
$ 3.84
$ 3.62Adjustments before taxes:
Provision for non-PCD acquired loans
—
—
—
0.37
—Provision for acquired unfunded commitments
—
—
—
0.01
—Merger and acquisition costs
0.02
0.03
0.55
0.08Gain on sale of premises and equipment, net
—
(0.04)
—
(0.04)
—Signature Bank bond recovery
—
—
—
—
(0.06)Total adjustments before taxes
—
(0.02)
0.03
0.89
0.02Tax impact of above adjustments, as applicable(1)
—
—
—
(0.20)
0.01Adjustment for deferred tax valuation adjustment(2)
—
—
—
(0.14)
—Adjusted diluted earnings per share
$ 1.33
$ 1.23
$ 1.03
$ 4.39
$ 3.65
Adjusted Return on Average Assets:
Return on average assets, as presented
1.28 %
1.21 %
1.01 %
0.94 %
0.92 %Adjustments before taxes:
Provision for non-PCD acquired loans
— %
— %
— %
0.09 %
— %Provision for acquired unfunded commitments
— %
— %
— %
0.01 %
— %Merger and acquisition costs
— %
0.02 %
0.03 %
0.13 %
0.02 %Gain on sale of premises and equipment, net
— %
(0.04) %
— %
(0.01) %
— %Signature Bank bond recovery
— %
— %
— %
— %
(0.02) %Total adjustments before taxes
— %
(0.02) %
0.03 %
0.22 %
— %Tax impact of above adjustments, as applicable(1)
— %
— %
— %
(0.05) %
— %Adjustment for deferred tax valuation adjustment(2)
— %
— %
— %
(0.04) %
— %Adjusted return on average assets
1.28 %
1.19 %
1.04 %
1.07 %
0.92 %
(1)Calculated using an estimated combined marginal income tax rate of 23% and 21% for periods ended in 2025 and 2024, respectively. (2)A one-time deferred tax valuation adjustment of $2.4 million resulted from a change in the apportionment of state income taxes due to the Northway merger. Adjusted Return on Average Equity:
For theThree Months Ended
For theYear Ended(In thousands, except number of shares, per share data and ratios)
December 31,
2025
September 30,
2025
December 31,
2024
December 31,
2025
December 31,
2024Adjusted Return on Average Equity:
Return on average equity, as presented
13.01 %
12.75 %
10.99 %
9.96 %
10.36 %Adjustments before taxes:
Provision for non-PCD acquired loans
— %
— %
— %
0.96 %
— %Provision for acquired unfunded commitments
— %
— %
— %
0.04 %
— %Merger and acquisition costs
0.02 %
0.19 %
0.32 %
1.42 %
0.23 %Gain on sale of premises and equipment, net
— %
(0.41) %
— %
(0.10) %
— %Signature Bank bond recovery
— %
— %
— %
— %
(0.18) %Total adjustments before taxes
0.02 %
(0.22) %
0.32 %
2.32 %
0.05 %Tax impact of above adjustments, as applicable(1)
— %
0.05 %
(0.01) %
(0.53) %
0.04 %Adjustment for deferred tax valuation adjustment(2)
— %
— %
— %
(0.37) %
— %Adjusted return on average equity
13.03 %
12.58 %
11.30 %
11.38 %
10.45 %
(1)Calculated using an estimated combined marginal income tax rate of 23% and 21% for periods ended in 2025 and 2024, respectively.(2)A one-time deferred tax valuation adjustment of $2.4 million resulted from a change in the apportionment of state income taxes due to the Northway merger. Pre-Tax, Pre-Provision Income and Adjusted Pre-Tax, Pre-Provision Income:
For theThree Months Ended
For theYear Ended(In thousands)
December 31,
2025
September 30,
2025
December 31,
2024
December 31,
2025
December 31,
2024Net income, as presented
$ 22,559
$ 21,194
$ 14,666
$ 65,160
$ 53,004Adjustment for provision (credit) for credit losses
2,969
2,972
809
22,290
(404)Adjustment for income tax expense
5,664
5,304
3,736
13,495
12,456Pre-tax, pre-provision income
31,192
29,470
19,211
100,945
65,056Adjustment for merger and acquisition costs
41
315
432
9,286
1,159Adjustment for gain on sale of premises and equipment, net
—
(675)
—
(675)
—Adjusted pre-tax, pre-provision income
$ 31,233
$ 29,110
$ 19,643
$ 109,556
$ 66,215 Efficiency Ratio:
For theThree Months Ended
For theYear Ended(Dollars in thousands)
December 31,
2025
September 30,
2025
December 31,
2024
December 31,
2025
December 31,
2024Non-interest expense, as presented
$ 36,860
$ 35,927
$ 28,364
$ 154,834
$ 111,936Adjustment for merger and acquisition costs
(41)
(315)
(432)
(9,286)
(1,159)Adjustment for amortization of core deposit intangible assets
(1,474)
(1,473)
(139)
(5,893)
(556)Adjusted non-interest expense
$ 35,345
$ 34,139
$ 27,793
$ 139,655
$ 110,221Net interest income, as presented
$ 53,918
$ 51,272
$ 35,409
$ 203,257
$ 132,453Adjustment for the effect of tax-exempt income(1)
331
344
162
1,314
637Adjusted net interest income
54,249
51,616
35,571
204,571
133,090Non-interest income, as presented
14,134
14,125
12,166
52,522
44,539Adjustment for gain on sale of premises and equipment, net
—
(675)
—
(675)
—Adjusted non-interest income
14,134
13,450
12,166
51,847
44,539Adjusted net interest income plus adjusted non-interest income
$ 68,383
$ 65,066
$ 47,737
$ 256,418
$ 177,629GAAP efficiency ratio
54.16 %
54.94 %
59.62 %
60.53 %
63.24 %Non-GAAP efficiency ratio
51.69 %
52.47 %
58.22 %
54.46 %
62.05 %
(1)Calculated using the federal corporate income tax rate of 21%. Return on Average Tangible Equity and Adjusted Return on Average Tangible Equity:
For theThree Months Ended
For theYear Ended(Dollars in thousands)
December 31,
2025
September 30,
2025
December 31,
2024
December 31,
2025
December 31,
2024Return on Average Tangible Equity:
Net income, as presented
$ 22,559
$ 21,194
$ 14,666
$ 65,160
$ 53,004Adjustment for amortization of core deposit intangible assets
1,474
1,473
139
5,893
556Tax impact of above adjustment(1)
(339)
(339)
(29)
(1,355)
(117)Net income, adjusted for amortization of core deposit intangible assets
$ 23,694
$ 22,328
$ 14,776
$ 69,698
$ 53,443Average equity, as presented
$ 687,936
$ 659,628
$ 530,759
$ 654,477
$ 511,813Adjustment for average goodwill and core deposit intangible assets
(194,800)
(196,279)
(95,179)
(197,247)
(95,389)Average tangible equity
$ 493,136
$ 463,349
$ 435,580
$ 457,230
$ 416,424Return on average equity
13.01 %
12.75 %
10.99 %
9.96 %
10.36 %Return on average tangible equity
19.06 %
19.12 %
13.50 %
15.24 %
12.83 %Adjusted Return on Average Tangible Equity:
Adjusted net income (refer to the "Adjusted Net Income" non-GAAP reconciliation table)
$ 22,591
$ 20,917
$ 15,086
$ 74,439
$ 53,432Adjustment for amortization of core deposit intangible assets
1,474
1,473
139
5,893
556Tax impact of above adjustment(1)
(339)
(339)
(29)
(1,355)
(117)Adjusted net income, adjusted for amortization of core deposit intangible assets
$ 23,726
$ 22,051
$ 15,196
$ 78,977
$ 53,871Adjusted return on average tangible equity
19.09 %
18.88 %
13.88 %
17.27 %
12.94 %
(1)Calculated using an estimated combined marginal income tax rate of 23% and 21% for periods ended in 2025 and 2024, respectively. Core Net Interest Margin (fully-taxable equivalent):
For theThree Months Ended
For theYear Ended(In thousands)
December 31,
2025
September 30,
2025
December 31,
2024
December 31,
2025
December 31,
2024Net interest margin, tax equivalent, as presented
3.29 %
3.16 %
2.57 %
3.17 %
2.46 %Net accretion income on loans from purchase accounting(1)
(0.31) %
(0.27) %
—
(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 %
0.01 %
—
0.01 %
—Core net interest margin (fully-taxable equivalent)
2.92 %
2.82 %
2.57 %
2.81 %
2.46 %
(1)Recognized $4.6 million and $17.0 million of net accretion income on loans from purchase accounting for the three months and year ended December 31, 2025, respectively, and $3.8 million for the three months ended September 30, 2025.(2)Recognized $857,000 and $3.5 million of net accretion income on investments from purchase accounting for the three months and year ended December 31, 2025, respectively, and $937,000 for the three months ended September 30, 2025.(3)Recognized $131,000 and $525,000 of amortization expense on time deposits and borrowings from purchase accounting for the three months and year ended December 31, 2025, respectively, and $132,000 for the three months ended September 30, 2025. Tangible Book Value Per Share and Tangible Common Equity Ratio:
December 31,
2025
September 30,
2025
December 31,
2024(In thousands, except number of shares and per share data)
Tangible Book Value Per Share:
Shareholders' equity, as presented
$ 696,558
$ 676,444
$ 531,231Adjustment for goodwill and core deposit intangible assets
(194,085)
(195,558)
(95,112)Tangible shareholders' equity
$ 502,473
$ 480,886
$ 436,119Shares outstanding at period end
16,924,310
16,922,225
14,579,339Book value per share
$ 41.16
$ 39.97
$ 36.44Tangible book value per share
29.69
28.42
29.91Tangible Common Equity Ratio:Total assets
$ 6,974,584
$ 6,981,522
$ 5,805,138Adjustment for goodwill and core deposit intangible assets
(194,085)
(195,558)
(95,112)Tangible assets
$ 6,780,499
$ 6,785,964
$ 5,710,026Common equity ratio
9.99 %
9.69 %
9.15 %Tangible common equity ratio
7.41 %
7.09 %
7.64 %
View original content to download multimedia:https://www.prnewswire.com/news-releases/camden-national-corporation-announces-another-record-with-fourth-quarter-2025-net-income-of-22-6-million-and-diluted-eps-of-1-33--302670340.htmlSOURCE Camden National Corporation
Original: Camden National Corporation Announces Another Record with Fourth Quarter 2025 Net Income of $22.6 Million and Diluted EPS of $1.33
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