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.
HIGHLIGHTS
- Net 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 CONDITION
As 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 CALL
Camden 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) 470-1428
Link for live dial-in https://www.netroadshow.com/conferencing/global-
numbers?confId=93678
(All other locations):
Participant access code: 070467
Live webcast: https://events.q4inc.com/attendee/950792469
A 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 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 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 STATEMENTS
Certain statements contained in this press release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including certain plans, expectations, goals, projections, and other statements, which are subject to numerous risks, assumptions, and uncertainties. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could," or "may." Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures; inflation; ongoing competition in labor markets and employee turnover; deterioration in the value of Camden National's investment securities; changes in consumer spending and savings habits; changes in the interest rate environment; changes in general economic conditions, including as a result of tariffs and retaliatory tariffs; operational risks including, but not limited to, cybersecurity, fraud, pandemics and natural disasters; legislative and regulatory changes that adversely affect the business in which Camden National is engaged; turmoil and volatility in the financial services industry, including failures or rumors of failures of other depository institutions which could affect Camden National's ability to attract and retain depositors, and could affect the ability of financial services providers, including the Company, to borrow or raise capital; actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions; changes to regulatory capital requirements; changes in the securities markets and other risks and uncertainties disclosed from time to time in Camden National's Annual Report on Form 10-K for the year ended December 31, 2024, as updated by other filings with the Securities and Exchange Commission ("SEC"). Further, statements regarding the potential effects of notable and global current events on the Company's business, financial condition, liquidity and results of operations may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond the Company's control. Statements relating to the Company's acquisition of Northway may also be forward-looking statements. Factors that could cause actual results to differ materially from the forward-looking statements include the reaction to the transaction of the Company's customers, employees and counterparties; customer disintermediation; expected synergies, cost savings and other financial benefits of the transaction might not be realized within the expected timeframes or might be less than projected; and credit and interest rate risks associated with Camden's and Northway's respective businesses, customers, borrowings, repayment, investment and deposit practices. Camden National does not have any obligation to update forward-looking statements.
USE OF NON-GAAP MEASURES
In addition to evaluating the Company's results of operations in accordance with generally accepted accounting principles in the United States ("GAAP"), management supplements this evaluation with certain non-GAAP financial measures such as: adjusted net income; adjusted diluted earnings per share; adjusted return on average assets; adjusted return on average equity; pre-tax, pre-provision income; adjusted pre-tax, pre-provision income; return on average tangible equity and adjusted return on average tangible equity; the efficiency and tangible common equity ratios; core net interest margin; and tangible book value per share. Management utilizes these non-GAAP financial measures for purposes of measuring our performance against our peer group and other financial institutions and analyzing our internal performance. We also believe these non-GAAP financial measures help investors better understand the Company's operating performance and trends and allow for better performance comparisons to other financial institutions. In addition, these non-GAAP financial measures remove the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for GAAP operating results, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other financial institutions. Reconciliations to the comparable GAAP financial measures can be found in this document.
ANNUALIZED DATA
Certain returns, yields and performance ratios are presented on an "annualized" basis. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts. Annualized data may not be indicative of any four-quarter period and is presented for illustrative purposes only.
Selected Financial Data
(unaudited)
At or For The At or For The
Three Months Ended Year Ended
(In thousands, except number of shares and per share data) December 31, September 30, December 31, December 31, December 31,
2025 2025 2024 2025 2024
Financial Condition Data
Loans $4,965,138 $5,002,927 $4,115,259 $4,965,138 $4,115,259
Total assets 6,974,584 6,981,522 5,805,138 6,974,584 5,805,138
Deposits 5,537,781 5,402,758 4,633,167 5,537,781 4,633,167
Shareholders' equity 696,558 676,444 531,231 696,558 531,231
Operating Data and Per Share Data
Net income $22,559 $21,194 $14,666 $65,160 $53,004
Pre-tax, pre-provision income (non-GAAP)(1) 31,192 29,470 19,211 100,945 65,056
Diluted EPS 1.33 1.25 1.00 3.84 3.62
Profitability 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 $36.44
Tangible book value per share (non-GAAP)(1) $29.69 $28.42 $29.91 $29.69 $29.91
Tier 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, September 30, December 31, % Change % Change
2025 2025 2024 Dec 2025 Dec 2025
vs. Sep vs. Dec
2025 2024
ASSETS
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 the % Change Dec % Change Dec
2025 vs. Sep 2025 vs. Dec
Three Months Ended 2025 2024
(In thousands, except per share data) December 31, September 30, December 31,
2025 2025 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 % Change Dec
2025 vs. Dec
Year Ended 2024
(In thousands, except per share data) December 31, December 31,
2025 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, September 30, December 31, December 31, September 30, December 31,
2025 2025 2024 2025 2025 2024
Assets
Interest-earning assets:
Interest-bearing deposits in other banks $42,711 $38,170 $130,405 4.20 % 4.45 % 4.49 %
and other interest-earning assets
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, December 31, December 31, December 31,
2025 2024 2025 2024
Assets
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, December 31, Northway For the Year Ended
Acquisition
2025 2024 Purchase December 31, 2025
Accounting(1)
Organic 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 the At or for the At or for the At or for the At or for the
Year Ended Nine Months Ended Six Months Ended Three Months Ended Year Ended
December 31, 2025 September 30,
2025 June 30, 2025 March 31, 2025 December 31, 2024
Non-accrual loans:
Residential real estate $2,667 $3,393 $3,678 $4,322 $1,891
Commercial real estate 639 134 145 271 559
Commercial 3,042 4,103 13,514 1,803 1,927
Home equity 672 697 834 848 434
Consumer 3 3 6 7 18
Total non-accrual loans 7,023 8,330 18,177 7,251 4,829
Accruing loans past due 90 days
Total non-performing loans 7,023 8,330 18,177 7,251 4,829
Other real estate owned 72 72
Total non-performing assets $7,023 $8,330 $18,249 $7,323 $4,829
Loans 30-89 days past due:
Residential real estate $1,565 $725 $1,519 $1,754 $558
Commercial real estate 5,284 5,014 1,120 380 689
Commercial 541 1,865 884 767 393
Home equity 713 456 457 301 552
Consumer 59 37 134 139 69
Total loans 30-89 days past due $8,162 $8,097 $4,114 $3,341 $2,261
ACL on loans at the beginning of the period $35,728 $35,728 $35,728 $35,728 $36,935
ACL 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 53
Charge-offs:
Residential real estate 4 4 4 4
Commercial real estate 3,220 218 191 191
Commercial 12,659 12,320 1,245 896 1,784
Home equity 21 21 3 3 1
Consumer 185 152 102 26 98
Total charge-offs 16,089 12,715 1,545 1,120 1,883
Total recoveries (535) (408) (299) (171) (623)
Net charge-offs 15,554 12,307 1,246 949 1,260
ACL on loans at the end of the period $45,276 $45,501 $53,022 $46,723 $35,728
Components of ACL:
ACL on loans $45,276 $45,501 $53,022 $46,723 $35,728
ACL on off-balance sheet credit exposures(2) 3,064 3,117 3,685 3,362 2,806
ACL, end of period $48,340 $48,618 $56,707 $50,085 $38,534
Ratios:
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 the For the
Three Months Ended Year Ended
(In thousands, except number of shares, per share data and ratios) December 31, September 30, December 31, December 31, December 31,
2025 2025 2024 2025 2024
Adjusted Net Income:
Net income, as presented $22,559 $21,194 $14,666 $65,160 $53,004
Adjustments 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 1,159
Gain on sale of premises and equipment, net (675) (675)
Signature Bank bond recovery (910)
Total adjustments before taxes 41 (360) 432 15,154 249
Tax impact of above adjustments, as applicable(1) (9) 83 (12) (3,454) 179
Adjustment 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 $3.62
Adjustments before taxes:
Provision for non-PCD acquired loans 0.37
Provision for acquired unfunded commitments 0.01
Merger and acquisition costs 0.02 0.03 0.55 0.08
Gain on sale of premises and equipment, net (0.04) (0.04)
Signature Bank bond recovery (0.06)
Total adjustments before taxes (0.02) 0.03 0.89 0.02
Tax impact of above adjustments, as applicable(1) (0.20) 0.01
Adjustment 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 the For the
Three Months Ended Year Ended
(In thousands, except number of shares, per share data and ratios) December 31, September 30, December 31, December 31, December 31,
2025 2025 2024 2025 2024
Adjusted 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 the For the
Three Months Ended Year Ended
(In thousands) December 31, September 30, December 31, December 31, December 31,
2025 2025 2024 2025 2024
Net income, as presented $22,559 $21,194 $14,666 $65,160 $53,004
Adjustment 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 12,456
Pre-tax, pre-provision income 31,192 29,470 19,211 100,945 65,056
Adjustment for merger and acquisition costs 41 315 432 9,286 1,159
Adjustment 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 the For the
Three Months Ended Year Ended
(Dollars in thousands) December 31, September 30, December 31, December 31, December 31,
2025 2025 2024 2025 2024
Non-interest expense, as presented $36,860 $35,927 $28,364 $154,834 $111,936
Adjustment 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 $110,221
Net interest income, as presented $53,918 $51,272 $35,409 $203,257 $132,453
Adjustment for the effect of tax-exempt income(1) 331 344 162 1,314 637
Adjusted net interest income 54,249 51,616 35,571 204,571 133,090
Non-interest income, as presented 14,134 14,125 12,166 52,522 44,539
Adjustment for gain on sale of premises and equipment, net (675) (675)
Adjusted non-interest income 14,134 13,450 12,166 51,847 44,539
Adjusted net interest income plus adjusted non-interest income $68,383 $65,066 $47,737 $256,418 $177,629
GAAP 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 the For the
Three Months Ended Year Ended
(Dollars in thousands) December 31, September 30, December 31, December 31, December 31,
2025 2025 2024 2025 2024
Return on Average Tangible Equity:
Net income, as presented $22,559 $21,194 $14,666 $65,160 $53,004
Adjustment for amortization of core deposit intangible assets 1,474 1,473 139 5,893 556
Tax 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 $53,443
Average equity, as presented $687,936 $659,628 $530,759 $654,477 $511,813
Adjustment 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 $416,424
Return 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 $53,432
Adjustment for amortization of core deposit intangible assets 1,474 1,473 139 5,893 556
Tax 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 $53,871
Adjusted 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 the For the
Three Months Ended Year Ended
(In thousands) December 31, September 30, December 31, December 31, December 31,
2025 2025 2024 2025 2024
Net 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, September 30, December 31,
2025 2025 2024
(In thousands, except number of shares and per share data)
Tangible Book Value Per Share:
---
Shareholders' equity, as presented $696,558 $676,444 $531,231
Adjustment for goodwill and core deposit intangible assets (194,085) (195,558) (95,112)
Tangible shareholders' equity $502,473 $480,886 $436,119
Shares outstanding at period end 16,924,310 16,922,225 14,579,339
Book value per share $41.16 $39.97 $36.44
Tangible book value per share 29.69 28.42 29.91
Tangible Common Equity Ratio:
---
Total assets $6,974,584 $6,981,522 $5,805,138
Adjustment for goodwill and core deposit intangible assets (194,085) (195,558) (95,112)
Tangible assets $6,780,499 $6,785,964 $5,710,026
Common equity ratio 9.99 % 9.69 % 9.15 %
Tangible common equity ratio 7.41 % 7.09 % 7.64 %
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SOURCE Camden National Corporation
Michael Archer, Executive Vice President, Chief Financial Officer, Camden National Corporation, (800) 860-8821, marcher@camdennational.bank