--- title: "Camden National Corporation Reports Record Quarterly Net Income of $23.0 Million and Diluted EPS of $1.35 for the Second Quarter of 2026 | CAC Stock News" type: "News" locale: "en" url: "https://longbridge.com/en/news/294065503.md" description: "Camden National Corporation reported record Q2 2026 net income of $23.0 million and diluted EPS of $1.35, driven by a 5% increase in total revenue and strong non-interest income growth. The company achieved a return on average equity of 12.92%, with loans growing 1% and book value per share rising to $42.96. Results benefited from the integration of Northway Financial and disciplined execution of its long-term strategy." datetime: "2026-07-28T04:15:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294065503.md) - [en](https://longbridge.com/en/news/294065503.md) - [zh-HK](https://longbridge.com/zh-HK/news/294065503.md) --- # Camden National Corporation Reports Record Quarterly Net Income of $23.0 Million and Diluted EPS of $1.35 for the Second Quarter of 2026 | CAC Stock News _Record earnings reflect continued momentum and improved profitability_ , /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; "Camden National" or the "Company") reported net income of $23.0 million and diluted earnings per share ("EPS") of $1.35 for the quarter ended June 30, 2026, resulting in a return on average assets of 1.33%, a return on average equity of 12.92%, and a return on average tangible equity (non‑GAAP) of 18.47%. "Our record quarterly earnings reflect the momentum we are building across the franchise as we execute on our long-term strategy," said Simon Griffiths, President and Chief Executive Officer of Camden National Corporation. "Through continued investment in talent and focused efforts to deepen customer relationships, we delivered 3% annualized loan growth during the quarter and strong revenue performance across our complementary business lines. We enter the second half of the year with confidence in our strategy, disciplined execution, and a continued commitment to creating long-term value for our shareholders." For the first six months of 2026, the Company reported record net income of $44.9 million and diluted EPS of $2.64, compared to $21.4 million and $1.26, respectively, for the six months ended June 30, 2025. Results benefited from the successful integration and earnings contribution of Northway Financial, Inc., acquired on January 1, 2025, as well as continued growth in core business activities. On a non-GAAP basis, adjusted pre-tax, pre-provision income increased 19% to $58.7 million for the six months ended June 30, 2026. **SECOND QUARTER 2026 HIGHLIGHTS** - Net income and diluted EPS for the second quarter of 2026 each increased 5% over the first quarter of 2026. - Total revenue for the second quarter of 2026 increased 5% over the first quarter of 2026, driven by net interest margin expansion of 2 basis points to 3.26% and strong non-interest income growth of 21%. - The GAAP efficiency ratio for the second quarter was 55.42%, and the non-GAAP efficiency ratio was 53.23%, compared to 55.50% and 53.21%, respectively, for the first quarter of 2026. - Loans grew 1% during the second quarter of 2026, and the committed loan pipeline increased 45% from the first quarter of 2026. - Book value per share increased to $42.96 and tangible book value per share (non-GAAP) increased to $31.64 at June 30, 2026, from $41.98 and $30.58, respectively, at March 31, 2026. - The Company repurchased 52,000 shares of its common stock at a weighted-average price of $47.64 per share during the second quarter of 2026. **FINANCIAL OPERATING RESULTS (Q2 2026 vs. Q1 2026)** Net interest income for the second quarter of 2026 totaled $52.9 million, an increase of 1% from the first quarter of 2026. Net interest margin expanded 2 basis points on a linked-quarter basis to 3.26% for the second quarter of 2026, driven by lower funding costs. On a non-GAAP basis, core net interest margin increased 5 basis points over the same period to 2.97% for the second quarter of 2026. For the second quarter of 2026, net fair value mark accretion income of $4.0 million was recognized, a decrease of $335,000 from the first quarter of 2026. Provision expense was $710,000 for the second quarter of 2026, compared to $553,000 for the first quarter of 2026. During the second quarter of 2026, loans grew 1% while asset quality remained strong, as evidenced by an annualized net charge-offs-to-average-loans ratio of 0.04% for the quarter. Non-interest income for the second quarter of 2026 totaled $14.5 million, an increase of $2.5 million, or 21% compared to the first quarter of 2026. Quarter-over-quarter, revenue across all non-interest income categories increased, including deposit customer-related revenue, debit card income, and our wealth and brokerage businesses. As of June 30, 2026, assets under administration across our wealth and brokerage businesses totaled $2.6 billion, an increase of 13% over the same period a year ago. Non-interest expense for the second quarter of 2026 totaled $37.4 million, a 5% increase compared to the first quarter of 2026. The increase was primarily driven by annual salary increases and the timing of our annual director equity award grant and recognition event for our top-performing sales team members, both of which occur in the second quarter each year. The Company's GAAP and non‑GAAP efficiency ratios for the second quarter of 2026 were 55.42% and 53.23% compared to 55.50% and 53.21%, respectively, for the first quarter of 2026. **FINANCIAL CONDITION** Total assets were $7.0 billion at both June 30, 2026 and March 31, 2026. Investments totaled $1.4 billion at June 30, 2026, representing a 1% decrease from March 31, 2026. Total loans were $5.0 billion as of June 30, 2026, an increase of 1% from March 31, 2026, driven by increases in our home equity and commercial loan portfolios of 7% and 4%, respectively, during the quarter. The Company ended the second quarter with a committed loan pipeline of $185.7 million, up 45% from the prior quarter. The Company's asset quality remained strong during the quarter, with past-due loans representing 0.15% and non-performing loans 0.24% of total loans at June 30, 2026. The allowance for credit losses ("ACL") on loans was 0.91% of total loans, compared with 0.92% at March 31, 2026. The ACL coverage ratio was 3.8 times non-performing loans as of June 30, 2026, compared to 4.2 times as of March 31, 2026. Deposits totaled $5.6 billion at June 30, 2026, representing a 1% decrease from March 31, 2026, driven by lower brokered deposits and certificates of deposit as the Company continued to optimize its funding mix. Core deposits remained stable during the quarter, supported by continued growth in the Company's high-yield savings product and the durability of its customer deposit base. As of June 30, 2026, the Company's loan-to-deposit ratio was 90%, compared with 89% at March 31, 2026. As of June 30, 2026, the Company maintained capital ratios well in excess of all regulatory requirements, including a Common Equity Tier 1 ratio of 12.19%, a Tier 1 risk-based ratio of 13.48%, a total risk-based ratio of 14.43%, and a Tier 1 leverage ratio of 9.66%. For the first six months of 2026, the Company repurchased 85,131 shares at a weighted average price of $46.55 per share under its share repurchase program. The Company announced a cash dividend of $0.42 per share, representing an annualized dividend yield of 3.10%, based on the Company's closing share price of $54.22 as reported by NASDAQ on June 30, 2026. The dividend will be payable on July 31, 2026, to shareholders of record on July 15, 2026. **Q2 2026 CONFERENCE CALL** Camden National Corporation will host a conference call and webcast at 3:00 p.m. Eastern Time on Tuesday, July 28, 2026, to discuss its second quarter of 2026 financial results and outlook. Participants should dial into the call 10 - 15 minutes before it begins. Information about the conference call is as follows: Live dial-in (Domestic): (833) 461-5787 Link to obtain live dial-in (All other locations): https://help.events.q4inc.com/eahc/international-dial-in-numbers Meeting ID: 727 027 679 Live webcast URL: https://events.q4inc.com/attendee/727027679 A link to the live webcast will be available on Camden National's website under "Resources — Investor Relations" at CamdenNational.bank before the meeting, and a replay of the webcast will be available on Camden National's website following the conference call. The conference call transcript will also be available on Camden National's website approximately two days after the conference call. **ABOUT CAMDEN NATIONAL CORPORATION** Camden National Corporation (NASDAQ: CAC) is Northern New England's largest publicly traded bank holding company, with $7.0 billion in assets. Founded in 1875, Camden National Bank has 72 banking centers in Maine and New Hampshire and is a full-service community bank offering the latest digital banking, complemented by award-winning, personalized service. Additional information is available at CamdenNational.bank. Member FDIC. Equal Housing Lender. Comprehensive wealth management, investment, and financial planning services are delivered by Camden National Wealth Management. **FORWARD-LOOKING STATEMENTS** Certain statements contained in this press release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including certain plans, expectations, goals, projections, and other statements, which are subject to numerous risks, assumptions, and uncertainties. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could," or "may." Certain factors that could cause actual results to differ materially from expected results include weakness in the United States economy in general and the regional and local economies within the Northern New England regions, which could result in a deterioration of credit quality, an increase in the allowance for credit losses or a reduced demand for the Company's credit or fee-based products and services; changes in trade, monetary and fiscal policies and laws, including Federal Reserve interest rate policies or the imposition of tariffs or retaliatory tariffs and related litigation; increased competitive pressures, including continued industry consolidation and the increased financial services provided by non-banks; inflation; deterioration in the value of Camden National's investment securities; commercial real estate vacancies and their impact on the ability of borrowers to repay loans; changes in consumer spending and savings habits; volatility in the securities markets that could adversely affect the value or credit quality of the Company's assets, impairment of goodwill, or the availability and terms of funding necessary to meet the Company's liquidity needs; changes in information technology and other operational risks, including cybersecurity and artificial intelligence, that require increased capital spending and introduce additional risk; changes in tax, banking, securities and insurance laws and regulations; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; changes in accounting policies, practices and standards; the effects of climate change on the Company and its customers, borrowers or service providers; the effects of civil unrest, international hostilities, including the continuation of conflict in the Middle East, or other geopolitical events; the effects of epidemics and pandemics; turmoil and volatility in the financial services industry; actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions; increases in deposit insurance assessments due to bank failures; changes to regulatory capital requirements; questions about the soundness of one or more financial institutions with which the Company does business; changes in the securities markets and other risks and uncertainties disclosed in Camden National's Annual Report on Form 10-K for the year ended December 31, 2025, as updated by other filings with the Securities and Exchange Commission ("SEC"). Factors other than these risks could also materially affect the Company's financial results and performance, and readers should not consider the risks described above to be a comprehensive description of all potential risks and uncertainties that affect the Company. Readers should not place undue reliance on the Company's forward-looking statements. Camden National does not have any obligation to update forward-looking statements. **USE OF NON-GAAP MEASURES** In addition to evaluating the Company's results of operations in accordance with generally accepted accounting principles in the United States ("GAAP"), management supplements this evaluation with certain non-GAAP financial measures such as: adjusted net income; adjusted diluted earnings per share; adjusted return on average assets; adjusted return on average equity; pre-tax, pre-provision income; adjusted pre-tax, pre-provision income; return on average tangible equity and adjusted return on average tangible equity; the efficiency and tangible common equity ratios; core net interest margin; and tangible book value per share. Management utilizes these non-GAAP financial measures to measure our performance against our peer group and other financial institutions, and to analyze our internal performance. We also believe these non-GAAP financial measures help investors better understand the Company's operating performance and trends and allow for better performance comparisons with other financial institutions. In addition, these non-GAAP financial measures remove the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for GAAP operating results, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other financial institutions. Reconciliations to the comparable GAAP financial measures are included in this document. **ANNUALIZED DATA** Certain returns, yields and performance ratios are presented on an "annualized" basis. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts. Annualized data may not be indicative of any four-quarter period and is presented for illustrative purposes only. **Selected Financial Data** **(unaudited)** **At or For The** **Three Months Ended** **At or For The** **Six Months Ended** _(In thousands, except number of shares and per share_ _data)_ **June 30,** **2026** **March 31,** **2026** **June 30,** **2025** **June 30,** **2026** **June 30,** **2025** **Financial Condition Data** Loans $ 5,004,468 $ 4,963,017 $ 4,931,369 $ 5,004,468 $ 4,931,369 Total assets 6,950,980 6,961,581 6,920,044 6,950,980 6,920,044 Deposits 5,555,104 5,585,352 5,514,712 5,555,104 5,514,712 Shareholders' equity 725,926 710,007 652,148 725,926 652,148 **Operating Data and Per Share Data** Net income $ 23,021 $ 21,883 $ 14,081 $ 44,904 $ 21,407 Pre-tax, pre-provision income (non-GAAP)(1) 30,051 28,630 24,680 58,681 40,283 Diluted EPS 1.35 1.29 0.83 2.64 1.26 **Profitability Ratios** Return on average assets 1.33 % 1.28 % 0.82 % 1.31 % 0.63 % Return on average equity 12.92 % 12.58 % 8.77 % 12.75 % 6.80 % Return on average tangible equity (non-GAAP)(1) 18.47 % 18.17 % 13.69 % 18.32 % 10.95 % GAAP efficiency ratio 55.42 % 55.50 % 60.37 % 55.46 % 67.07 % Efficiency ratio (non-GAAP)(1) 53.23 % 53.21 % 55.47 % 53.22 % 57.06 % Net interest margin (fully-taxable equivalent) 3.26 % 3.24 % 3.06 % 3.25 % 3.05 % Core net interest margin (fully-taxable equivalent) (non- GAAP)(1) 2.97 % 2.92 % 2.70 % 2.94 % 2.69 % **Asset Quality Ratios** ACL on loans to total loans 0.91 % 0.92 % 1.08 % 0.91 % 1.08 % Non-performing loans to total loans 0.24 % 0.22 % 0.37 % 0.24 % 0.37 % **Capital Ratios** Common equity ratio 10.44 % 10.20 % 9.42 % 10.44 % 9.42 % Tangible common equity ratio (non-GAAP)(1) 7.91 % 7.64 % 6.77 % 7.91 % 6.77 % Book value per share $ 42.96 $ 41.98 $ 38.54 $ 42.96 $ 38.54 Tangible book value per share (non-GAAP)(1) $ 31.64 $ 30.58 $ 26.90 $ 31.64 $ 26.90 Tier 1 leverage capital ratio 9.66 % 9.43 % 8.74 % 9.66 % 8.74 % Total risk-based capital ratio 14.43 % 14.27 % 13.35 % 14.43 % 13.35 % (1) This is a non-GAAP measure, please see "Reconciliation of non-GAAP to GAAP Financial Measures (unaudited)." **Consolidated Statements of Condition Data** **(unaudited)** _(In_ _thousands)_ **June 30,** **2026** **March 31,** **2026** **June 30,** **2025** **% Change** **Jun 2026** **vs. Mar** **2026** **% Change** **Jun 2026** **vs. Jun** **2025** **ASSETS** Cash, cash equivalents and restricted cash $ 99,900 $ 133,736 $ 113,815 (25) % (12) % Investments: Trading securities 4,948 4,383 5,326 13 % (7) % Available-for-sale securities, at fair value 892,153 901,617 860,217 (1) % 4 % Held-to-maturity securities, at amortized cost 463,318 473,257 509,298 (2) % (9) % Other investments 23,433 23,411 26,879 — % (13) % Total investments 1,383,852 1,402,668 1,401,720 (1) % (1) % Loans held for sale, at fair value 13,890 17,618 22,567 (21) % (38) % Loans: Commercial real estate 2,191,102 2,195,741 2,089,977 — % 5 % Commercial 431,211 414,694 506,883 4 % (15) % Residential real estate 1,997,226 1,993,435 2,018,332 — % (1) % Home equity 367,818 342,874 297,963 7 % 23 % Consumer 17,111 16,273 18,214 5 % (6) % Total loans 5,004,468 4,963,017 4,931,369 1 % 1 % Less: allowance for credit losses on loans (45,604) (45,576) (53,022) — % (14) % Net loans 4,958,864 4,917,441 4,878,347 1 % 2 % Goodwill and core deposit intangible assets 191,377 192,731 197,031 (1) % (3) % Other assets 303,097 297,387 306,564 2 % (1) % **Total assets** **$ 6,950,980** **$ 6,961,581** **$ 6,920,044** **— %** **— %** **LIABILITIES AND SHAREHOLDERS' EQUITY** **Liabilities** Deposits: Non-interest checking $ 1,080,352 $ 1,077,696 $ 1,118,080 — % (3) % Interest checking 1,755,545 1,770,622 1,663,335 (1) % 6 % Savings and money market 1,995,303 1,966,149 1,823,275 1 % 9 % Certificates of deposit 632,355 652,002 698,185 (3) % (9) % Brokered deposits 91,549 118,883 211,837 (23) % (57) % Total deposits 5,555,104 5,585,352 5,514,712 (1) % 1 % Short-term borrowings 508,386 513,429 599,367 (1) % (15) % Long-term borrowings 1,000 1,000 — — % N.M. Junior subordinated debentures 61,665 61,590 61,365 — % — % Accrued interest and other liabilities 98,899 90,203 92,452 10 % 7 % **Total liabilities** **6,225,054** **6,251,574** **6,267,896** **— %** **(1) %** **Commitments and Contingencies** **Shareholders' Equity** Common stock, no par value 213,018 214,693 214,365 (1) % (1) % Retained earnings 575,804 559,885 515,662 3 % 12 % Accumulated other comprehensive loss: Net unrealized loss on debt securities, net of tax (70,070) (71,141) (84,324) (2) % (17) % Net unrealized gain on cash flow hedging derivative instruments, net of tax 6,656 6,042 6,045 10 % 10 % Net unrecognized gain on postretirement plans, net of tax 518 528 400 (2) % 30 % Total accumulated other comprehensive loss (62,896) (64,571) (77,879) (3) % (19) % **Total shareholders' equity** 725,926 710,007 652,148 2 % 11 % **Total liabilities and shareholders' equity** **$ 6,950,980** **$ 6,961,581** **$ 6,920,044** **— %** **— %** **Consolidated Statements of Income Data** **(unaudited)** **For The** **Three Months Ended** _(In_ _thousands,_ _except per share_ _data)_ **June 30,** **2026** **March 31,** **2026** **June 30,** **2025** **% Change** **Jun 2026 vs.** **Mar 2026** **% Change** **Jun 2026 vs.** **Jun 2025** **Interest Income** Interest and fees on loans $ 67,258 $ 66,679 $ 67,477 1 % — % Taxable interest on investments 10,245 10,296 10,257 — % — % Nontaxable interest on investments 451 455 455 (1) % (1) % Dividend income 377 413 493 (9) % (24) % Other interest income 660 528 641 25 % 3 % **Total interest income** 78,991 78,371 79,323 1 % — % **Interest Expense** Interest on deposits 22,305 21,648 24,594 3 % (9) % Interest on borrowings 2,843 3,476 4,620 (18) % (38) % Interest on junior subordinated debentures 904 889 900 2 % — % **Total interest expense** 26,052 26,013 30,114 — % (13) % **Net interest income** 52,939 52,358 49,209 1 % 8 % **Provision for credit losses** 710 553 6,920 28 % N.M. **Net interest income after provision for credit losses** 52,229 51,805 42,289 1 % 24 % **Non-Interest Income** Debit card income 3,786 3,422 3,646 11 % 4 % Service charges on deposit accounts 2,701 2,158 2,405 25 % 12 % Income from fiduciary services 2,220 2,014 1,981 10 % 12 % Brokerage and insurance commissions 2,029 1,735 1,794 17 % 13 % Bank-owned life insurance 1,244 791 1,003 57 % 24 % Mortgage banking income, net 1,161 828 1,060 40 % 10 % Other income 1,329 1,032 1,178 29 % 13 % **Total non-interest income** 14,470 11,980 13,067 21 % 11 % **Non-Interest Expense** Salaries and employee benefits 20,030 19,615 19,392 2 % 3 % Furniture, equipment and data processing 4,791 4,644 4,294 3 % 12 % Net occupancy costs 2,789 3,059 2,693 (9) % 4 % Debit card expense 1,690 1,616 1,725 5 % (2) % Consulting and professional fees 1,405 921 1,310 53 % 7 % Amortization of core deposit intangible assets 1,354 1,354 1,473 — % (8) % Regulatory assessments 862 907 1,127 (5) % (24) % Other real estate owned and collection costs, net 3 6 91 (50) % (97) % Merger and acquisition costs — — 1,405 N.M. N.M. Other expenses 4,434 3,586 4,086 24 % 9 % **Total non-interest expense** 37,358 35,708 37,596 5 % (1) % **Income before income tax expense** 29,341 28,077 17,760 5 % 65 % **Income Tax Expense** 6,320 6,194 3,679 2 % 72 % **Net Income** **$ 23,021** **$ 21,883** **$ 14,081** **5 %** **63 %** **Per Share Data** Basic earnings per share $ 1.36 $ 1.29 $ 0.84 5 % 62 % Diluted earnings per share $ 1.35 $ 1.29 $ 0.83 5 % 63 % **Consolidated Statements of Income Data** **(unaudited)** **For The** **Six Months Ended** _(In_ _thousands,_ _except per share_ _data)_ **June 30,** **2026** **June 30,** **2025** **% Change** **Jun 2026 vs.** **Jun 2025** **Interest Income** Interest and fees on loans $ 133,937 $ 134,026 — % Taxable interest on investments 20,541 20,029 3 % Nontaxable interest on investments 906 923 (2) % Dividend income 790 1,013 (22) % Other interest income 1,188 1,727 (31) % **Total interest income** 157,362 157,718 — % **Interest Expense** Interest on deposits 43,953 49,215 (11) % Interest on borrowings 6,319 8,638 (27) % Interest on junior subordinated debentures 1,793 1,798 — % **Total interest expense** 52,065 59,651 (13) % **Net interest income** 105,297 98,067 7 % **Provision for credit losses** 1,263 16,349 N.M. **Net interest income after provision for credit losses** 104,034 81,718 27 % **Non-Interest Income** Debit card income 7,208 6,879 5 % Service charges on deposit accounts 4,859 4,723 3 % Income from fiduciary services 4,234 3,819 11 % Brokerage and insurance commissions 3,764 3,491 8 % Bank-owned life insurance 2,035 1,663 22 % Mortgage banking income, net 1,989 1,568 27 % Other income 2,361 2,120 11 % **Total non-interest income** 26,450 24,263 9 % **Non-Interest Expense** Salaries and employee benefits 39,645 39,635 — % Furniture, equipment and data processing 9,435 9,025 5 % Net occupancy costs 5,848 5,726 2 % Debit card expense 3,306 3,415 (3) % Amortization of core deposit intangible assets 2,708 2,946 (8) % Consulting and professional fees 2,326 2,808 (17) % Regulatory assessments 1,769 2,113 (16) % Other real estate owned and collection costs, net 9 181 (95) % Merger and acquisition costs — 8,930 N.M. Other expenses 8,020 7,268 10 % **Total non-interest expense** 73,066 82,047 (11) % **Income before income tax expense** 57,418 23,934 140 % **Income Tax Expense** 12,514 2,527 395 % **Net Income** **$ 44,904** **$ 21,407** **110 %** **Per Share Data** Basic earnings per share $ 2.65 $ 1.27 109 % Diluted earnings per share $ 2.64 $ 1.26 110 % **Quarterly Average Balance and Yield/Rate Analysis** **(unaudited)** **Average Balance** **Yield/Rate** **For The Three Months Ended** **For The Three Months Ended** _(Dollars in thousands)_ **June 30,** **2026** **March 31,** **2026** **June 30,** **2025** **June 30,** **2026** **March 31,** **2026** **June 30,** **2025** **Assets** **Interest-earning assets:** Interest-bearing deposits in other banks and other interest-earning assets $ 53,143 $ 32,360 $ 43,530 3.81 % 4.70 % 4.47 % Investments - taxable 1,369,968 1,395,629 1,396,669 3.14 % 3.11 % 3.12 % Investments - nontaxable(1) 60,631 61,137 61,044 3.77 % 3.77 % 3.78 % Loans(2): Commercial real estate 2,186,127 2,183,289 2,076,129 5.62 % 5.61 % 5.72 % Commercial(1) 368,331 360,451 407,677 6.08 % 6.12 % 6.17 % Municipal(1) 52,139 51,070 82,768 4.63 % 5.18 % 4.68 % Residential real estate 2,004,972 2,018,838 2,037,852 4.74 % 4.77 % 4.84 % Home equity 354,025 336,593 290,354 6.66 % 6.67 % 7.25 % Consumer 16,542 16,769 18,584 10.38 % 9.43 % 9.13 % Total loans 4,982,136 4,967,010 4,913,364 5.38 % 5.39 % 5.48 % **Total interest-earning assets** 6,465,878 6,456,136 6,414,607 4.88 % 4.88 % 4.94 % Other assets 467,752 477,500 471,188 **Total assets** **$ 6,933,630** **$ 6,933,636** **$ 6,885,795** **Liabilities & Shareholders' Equity** **Deposits:** Non-interest checking $ 1,078,793 $ 1,088,115 $ 1,103,025 — % — % — % Interest checking 1,753,513 1,682,848 1,636,620 1.69 % 1.60 % 1.84 % Savings 1,166,720 1,114,741 959,987 1.49 % 1.41 % 1.20 % Money market 792,802 815,112 848,604 2.34 % 2.32 % 2.66 % Certificates of deposit 641,532 665,552 703,091 3.01 % 3.17 % 3.57 % **Total deposits** 5,433,360 5,366,368 5,251,327 1.56 % 1.54 % 1.70 % **Borrowings:** Brokered deposits 114,043 129,178 207,672 4.01 % 3.99 % 4.53 % Customer repurchase agreements 269,272 256,619 234,491 0.84 % 0.93 % 1.31 % Junior subordinated debentures 61,624 61,545 61,325 5.89 % 5.85 % 5.88 % Other borrowings 258,621 324,853 398,408 3.54 % 3.60 % 3.88 % **Total borrowings** 703,560 772,195 901,896 2.79 % 2.96 % 3.50 % **Total funding liabilities** 6,136,920 6,138,563 6,153,223 1.70 % 1.72 % 1.96 % Other liabilities 81,941 89,737 88,790 Shareholders' equity 714,769 705,336 643,782 **Total liabilities & shareholders' equity** **$ 6,933,630** **$ 6,933,636** **$ 6,885,795** **Net interest rate spread (fully-taxable equivalent)** **3.18 %** **3.16 %** **2.98 %** **Net interest margin (fully-taxable equivalent)** **3.26 %** **3.24 %** **3.06 %** **Core net interest margin (fully-taxable equivalent)****(3)** **2.97 %** **2.92 %** **2.70 %** (1) Reported on a tax-equivalent basis calculated using the federal corporate income tax rate of 21%, including certain commercial loans. (2) Non-accrual loans and loans held for sale are included in total average loans. (3) This is a non-GAAP measure. Please see "Reconciliation of non-GAAP to GAAP Financial Measures (unaudited)." **Year-to-Date Average Balance and Yield/Rate Analysis** **(unaudited)** **Average Balance** **Yield/Rate** **For The Six Months Ended** **For The Six Months Ended** _(Dollars in thousands)_ **June 30,** **2026** **June 30,** **2025** **June 30,** **2026** **June 30,** **2025** **Assets** **Interest-earning assets:** Interest-bearing deposits in other banks and other interest-earning assets $ 42,808 $ 63,971 4.15 % 4.44 % Investments - taxable 1,382,728 1,386,239 3.13 % 3.08 % Investments - nontaxable(1) 60,883 61,766 3.77 % 3.78 % Loans(2): Commercial real estate 2,184,716 2,070,874 5.61 % 5.70 % Commercial(1) 364,413 408,327 6.10 % 6.27 % Municipal(1) 51,607 86,627 4.90 % 5.46 % Residential real estate 2,011,867 2,035,954 4.76 % 4.78 % Home equity 345,357 286,958 6.66 % 7.26 % Consumer 16,655 19,104 9.91 % 9.13 % Total loans 4,974,615 4,907,844 5.38 % 5.47 % **Total interest-earning assets** 6,461,034 6,419,820 4.88 % 4.92 % Other assets 472,599 474,347 **Total assets** **$ 6,933,633** **$ 6,894,167** **Liabilities & Shareholders' Equity** **Deposits:** Non-interest checking $ 1,083,429 $ 1,105,239 — % — % Interest checking 1,718,376 1,669,786 1.65 % 1.84 % Savings 1,140,874 927,622 1.45 % 1.09 % Money market 803,895 883,374 2.33 % 2.65 % Certificates of deposit 653,475 704,952 3.09 % 3.65 % **Total deposits** 5,400,049 5,290,973 1.55 % 1.70 % **Borrowings:** Brokered deposits 121,569 202,339 4.00 % 4.57 % Customer repurchase agreements 262,980 235,479 0.88 % 1.30 % Junior subordinated debentures 61,585 61,304 5.87 % 5.91 % Other borrowings 291,554 373,277 3.57 % 3.85 % **Total borrowings** 737,688 872,399 2.88 % 3.47 % **Total funding liabilities** 6,137,737 6,163,372 1.71 % 1.95 % Other liabilities 85,817 95,944 Shareholders' equity 710,079 634,851 **Total liabilities & shareholders' equity** **$ 6,933,633** **$ 6,894,167** **Net interest rate spread (fully-taxable equivalent)** **3.17 %** **2.97 %** **Net interest margin (fully-taxable equivalent)** **3.25 %** **3.05 %** **Core net interest margin (fully-taxable equivalent)****(3)** **2.94 %** **2.69 %** (1) Reported on a tax-equivalent basis calculated using the federal corporate income tax rate of 21%, including certain commercial loans. (2) Non-accrual loans and loans held for sale are included in total average loans. (3) This is a non-GAAP measure. Please see "Reconciliation of non-GAAP to GAAP Financial Measures (unaudited)." **Asset Quality Data** **(unaudited)** _(In thousands)_ **At or for the** **Six Months** **Ended** **June 30,** **2026** **At or for the** **Three Months** **Ended** **March 31,** **2026** **At or for the** **Year** **Ended** **December 31, 2025** **At or for the** **Nine Months** **Ended** **September 30, 2025** **At or for the** **Six Months** **Ended** **June 30,** **2025** **Non-accrual loans:** Residential real estate $ 2,715 $ 2,252 $ 2,667 $ 3,393 $ 3,678 Commercial real estate 6,054 5,420 639 134 145 Commercial 2,871 2,689 3,042 4,103 13,514 Home equity 501 596 672 697 834 Consumer 1 2 3 3 6 **Total non-accrual loans** 12,142 10,959 7,023 8,330 18,177 Accruing loans past due 90 days — — — — — **Total non-performing loans** 12,142 10,959 7,023 8,330 18,177 **Other real estate owned** — — — — 72 **Total non-performing assets** **$ 12,142** **$ 10,959** **$ 7,023** **$ 8,330** **$ 18,249** **Loans 30-89 days past due:** Residential real estate $ 1,542 $ 772 $ 1,565 $ 725 $ 1,519 Commercial real estate 2,839 569 5,284 5,014 1,120 Commercial 2,424 1,350 541 1,865 884 Home equity 424 328 713 456 457 Consumer 46 58 59 37 134 **Total loans 30-89 days past due** **$ 7,275** **$ 3,077** **$ 8,162** **$ 8,097** **$ 4,114** **ACL on loans at the beginning of the period** $ 45,276 $ 45,276 $ 35,728 $ 35,728 $ 35,728 ACL established on acquired PCD loans(1) — — 3,071 3,071 3,071 Provision for loan losses 1,274 806 22,031 19,009 15,469 Charge-offs: Residential real estate 24 — 4 4 4 Commercial real estate — — 3,220 218 191 Commercial 1,229 627 12,659 12,320 1,245 Home equity — — 21 21 3 Consumer 91 43 185 152 102 Total charge-offs 1,344 670 16,089 12,715 1,545 Total recoveries (398) (164) (535) (408) (299) Net charge-offs 946 506 15,554 12,307 1,246 **ACL on loans at the end of the period** **$ 45,604** **$ 45,576** **$ 45,276** **$ 45,501** **$ 53,022** **Components of ACL:** ACL on loans $ 45,604 $ 45,576 $ 45,276 $ 45,501 $ 53,022 ACL on off-balance sheet credit exposures(2) 3,052 2,810 3,064 3,117 3,685 **ACL, end of period** **$ 48,656** **$ 48,386** **$ 48,340** **$ 48,618** **$ 56,707** **Ratios:** Non-performing loans to total loans 0.24 % 0.22 % 0.14 % 0.17 % 0.37 % Non-performing assets to total assets 0.17 % 0.16 % 0.10 % 0.12 % 0.26 % ACL on loans to total loans 0.91 % 0.92 % 0.91 % 0.91 % 1.08 % Net charge-offs to average loans (annualized): Quarter-to-date 0.04 % 0.04 % 0.26 % 0.89 % 0.02 % Year-to-date 0.04 % 0.04 % 0.31 % 0.33 % 0.05 % ACL on loans to non-performing loans 375.59 % 415.88 % 644.68 % 546.23 % 291.70 % Loans 30-89 days past due to total loans 0.15 % 0.06 % 0.16 % 0.16 % 0.08 % (1) Purchase credit deteriorated ("PCD"). (2) Presented within accrued interest and other liabilities on the consolidated statements of condition. **Reconciliation of non-GAAP to GAAP Financial Measures** **(unaudited)** **_Adjusted Net Income; Adjusted Diluted Earnings per Share; Adjusted Return on Average Assets; and Adjusted Return on Average Equity:_** **For the** **Three Months Ended** **For The** **Six Months Ended** _(In thousands, except number of shares, per share_ _data and ratios)_ **June 30,** **2026** **March 31,** **2026** **June 30,** **2025** **June 30,** **2026** **June 30,** **2025** **_Adjusted Net Income:_** **Net income, as presented** **$ 23,021** **$ 21,883** **$ 14,081** **$ 44,904** **$ 21,407** Adjustments before taxes: Provision for non-PCD acquired loans — — — — 6,294 Provision for acquired unfunded commitments — — — — 249 Merger and acquisition costs — — 1,405 — 8,930 Total adjustments before taxes — — 1,405 — 15,473 Tax impact of above adjustments, as applicable(1) — — (292) — (3,559) Adjustment for deferred tax valuation adjustment(2) — — — — (2,421) **Adjusted net income** **$ 23,021** **$ 21,883** **$ 15,194** **$ 44,904** **$ 30,900** **_Adjusted Diluted Earnings per Share:_** **Diluted earnings per share, as presented** **$ 1.35** **$ 1.29** **$ 0.83** **$ 2.64** **$ 1.26** Adjustments before taxes: Provision for non-PCD acquired loans — — — — 0.37 Provision for acquired unfunded commitments — — — — 0.01 Merger and acquisition costs — — 0.08 — 0.53 Total adjustments before taxes — — 0.08 — 0.91 Tax impact of above adjustments, as applicable(1) — — (0.02) — (0.21) Adjustment for deferred tax valuation adjustment(2) — — — — (0.14) **Adjusted diluted earnings per share** **$ 1.35** **$ 1.29** **$ 0.89** **$ 2.64** **$ 1.82** **_Adjusted Return on Average Assets:_** Return on average assets, as presented **1.33 %** **1.28 %** **0.82 %** **1.31 %** **0.63 %** Adjustments before taxes: Provision for non-PCD acquired loans — % — % — % — % 0.18 % Provision for acquired unfunded commitments — % — % — % — % 0.01 % Merger and acquisition costs — % — % 0.09 % — % 0.26 % Total adjustments before taxes — % — % 0.09 % — % 0.45 % Tax impact of above adjustments, as applicable(1) — % — % (0.02) % — % (0.10) % Adjustment for deferred tax valuation adjustment(2) — % — % — % — % (0.07) % **Adjusted return on average assets** **1.33 %** **1.28 %** **0.89 %** **1.31 %** **0.91 %** **_Adjusted Return on Average Equity:_** Return on average equity, as presented **12.92 %** **12.58 %** **8.77 %** **12.75 %** **6.80 %** Adjustments before taxes: Provision for non-PCD acquired loans — % — % — % — % 2.00 % Provision for acquired unfunded commitments — % — % — % — % 0.08 % Merger and acquisition costs — % — % 0.88 % — % 2.83 % Total adjustments before taxes — % — % 0.88 % — % 4.91 % Tax impact of above adjustments, as applicable(1) — % — % (0.20) % — % (1.12) % Adjustment for deferred tax valuation adjustment(2) — % — % — % — % (0.77) % **Adjusted return on average equity** **12.92 %** **12.58 %** **9.45 %** **12.75 %** **9.82 %** (1) Calculated using an estimated combined marginal income tax rate of 23%. (2) A one-time deferred tax valuation adjustment of $2.4 million resulted from a change in the apportionment of state income taxes due to the Northway acquisition. **_Pre-Tax, Pre-Provision Income and Adjusted Pre-Tax, Pre-Provision Income:_** **For the** **Three Months Ended** **For The** **Six Months Ended** _(In thousands)_ **June 30,** **2026** **March 31,** **2026** **June 30,** **2025** **June 30,** **2026** **June 30,** **2025** Net income, as presented $ 23,021 $ 21,883 $ 14,081 $ 44,904 $ 21,407 Adjustment for provision for credit losses 710 553 6,920 1,263 16,349 Adjustment for income tax expense 6,320 6,194 3,679 12,514 2,527 Pre-tax, pre-provision income 30,051 28,630 24,680 58,681 40,283 Adjustment for merger and acquisition costs — — 1,405 — 8,930 Adjusted pre-tax, pre-provision income $ 30,051 $ 28,630 $ 26,085 $ 58,681 $ 49,213 **_Efficiency Ratio:_** **For the** **Three Months Ended** **For The** **Six Months Ended** _(Dollars in thousands)_ **June 30,** **2026** **March 31,** **2026** **June 30,** **2025** **June 30,** **2026** **June 30,** **2025** Non-interest expense, as presented $ 37,358 $ 35,708 $ 37,596 $ 73,066 $ 82,047 Adjustment for merger and acquisition costs — — (1,405) — (8,930) Adjustment for amortization of core deposit intangible assets (1,354) (1,354) (1,473) (2,708) (2,946) Adjusted non-interest expense $ 36,004 $ 34,354 $ 34,718 $ 70,358 $ 70,171 Net interest income, as presented $ 52,939 $ 52,358 $ 49,209 $ 105,297 $ 98,067 Adjustment for the effect of tax-exempt income(1) 229 225 312 454 638 Non-interest income, as presented 14,470 11,980 13,067 26,450 24,263 Adjusted net interest income plus non-interest income $ 67,638 $ 64,563 $ 62,588 $ 132,201 $ 122,968 GAAP efficiency ratio 55.42 % 55.50 % 60.37 % 55.46 % 67.07 % Non-GAAP efficiency ratio 53.23 % 53.21 % 55.47 % 53.22 % 57.06 % (1) Reported on a tax-equivalent basis using a 21% income tax rate. **_Return on Average Tangible Equity and Adjusted Return on Average Tangible Equity:_** **For the** **Three Months Ended** **For The** **Six Months Ended** _(Dollars in thousands)_ **June 30,** **2026** **March 31,** **2026** **June 30,** **2025** **June 30,** **2026** **June 30,** **2025** **_Return on Average Tangible Equity:_** Net income, as presented $ 23,021 $ 21,883 $ 14,081 $ 44,904 $ 21,407 Adjustment for amortization of core deposit intangible assets 1,354 1,354 1,473 2,708 2,946 Tax impact of above adjustment(1) (311) (311) (339) (623) (678) Net income, adjusted for amortization of core deposit intangible assets $ 24,064 $ 22,926 $ 15,215 $ 46,989 $ 23,675 Average equity, as presented $ 714,769 $ 705,336 $ 643,782 $ 710,079 $ 634,851 Adjustment for average goodwill and core deposit intangible assets (192,126) (193,554) (197,863) (192,836) (198,984) Average tangible equity $ 522,643 $ 511,782 $ 445,919 $ 517,243 $ 435,867 Return on average equity 12.92 % 12.58 % 8.77 % 12.75 % 6.80 % Return on average tangible equity 18.47 % 18.17 % 13.69 % 18.32 % 10.95 % **_Adjusted Return on Average Tangible Equity:_** Adjusted net income (refer to the "Adjusted Net Income" non-GAAP reconciliation table) $ 23,021 $ 21,883 $ 15,194 $ 44,904 $ 30,900 Adjustment for amortization of core deposit intangible assets 1,354 1,354 1,473 2,708 2,946 Tax impact of above adjustment(1) (311) (311) (339) (623) (678) Adjusted net income, adjusted for amortization of core deposit intangible assets $ 24,064 $ 22,926 $ 16,328 $ 46,989 $ 33,168 Adjusted return on average tangible equity 18.47 % 18.17 % 14.69 % 18.32 % 15.35 % (1) Calculated using an estimated combined marginal income tax rate of 23%. **_Core Net Interest Margin (fully-taxable equivalent):_** **For the** **Three Months Ended** **For The** **Six Months Ended** _(In thousands)_ **June 30,** **2026** **March 31,** **2026** **June 30,** **2025** **June 30,** **2026** **June 30,** **2025** Net interest margin, tax equivalent, as presented 3.26 % 3.24 % 3.06 % 3.25 % 3.05 % Net accretion income on loans from purchase accounting(1) (0.23) % (0.26) % (0.30) % (0.25) % (0.30) % Net accretion income on investments from purchase accounting(2) (0.07) % (0.06) % (0.07) % (0.07) % (0.07) % Net amortization on time deposits and borrowings from purchase accounting(3) 0.01 % — % 0.01 % 0.01 % 0.01 % Core net interest margin (fully-taxable equivalent) 2.97 % 2.92 % 2.70 % 2.94 % 2.69 % (1) Recognized $3.3 million, $6.9 million and $3.7 million of net accretion income on loans from purchase accounting for the three and six months ended June 30, 2026 and three months ended March 31, 2026, respectively, and $4.3 million and $8.6 million for the three and six months ended June 30, 2025, respectively. (2) Recognized $818,000, $1.6 million and $759,000 of net accretion income on investments from purchase accounting for the three and six months ended June 30, 2026, and three months ended March 31, 2026, respectively, and $863,000 and $1.7 million for the three and six months ended June 30, 2025, respectively. (3) Recognized $75,000, $150,000 and $75,000 of amortization expense on borrowings from purchase accounting for the three and six months ended June, 30, 2026 and three months ended March 31, 2026, respectively and $131,000 and $262,000 of amortization expense on time deposits and borrowings from purchase accounting for the three and six months ended June 30, 2025. **_Tangible Book Value Per Share and Tangible Common Equity Ratio:_** _(In thousands, except number of shares, per share data and ratios)_ **June 30,** **2026** **March 31,** **2026** **June 30,** **2025** **_Tangible Book Value Per Share:_** Shareholders' equity, as presented $ 725,926 $ 710,007 $ 652,148 Adjustment for goodwill and core deposit intangible assets (191,377) (192,731) (197,031) Tangible shareholders' equity $ 534,549 $ 517,276 $ 455,117 Shares outstanding at period end 16,896,273 16,914,371 16,919,689 Book value per share $ 42.96 $ 41.98 $ 38.54 Tangible book value per share $ 31.64 $ 30.58 $ 26.90 **_Tangible Common Equity Ratio:_** Total assets $ 6,950,980 $ 6,961,581 $ 6,920,044 Adjustment for goodwill and core deposit intangible assets (191,377) (192,731) (197,031) Tangible assets $ 6,759,603 $ 6,768,850 $ 6,723,013 Common equity ratio 10.44 % 10.20 % 9.42 % Tangible common equity ratio 7.91 % 7.64 % 6.77 % SOURCE Camden National Corporation ### Related Stocks - [CAC.US](https://longbridge.com/en/quote/CAC.US.md) ## Related News & Research - [Camden National Bank Names Josh Nash Chief Technology Officer, Advancing Its Digital Innovation Strategy | CAC Stock News](https://longbridge.com/en/news/294728401.md) - [Cel-Sci GAAP EPS of -$0.47](https://longbridge.com/en/news/296114461.md) - [Elliott Cuts Stake In Southwest Airlines, Raises In HPE](https://longbridge.com/en/news/295978286.md) - [Activist investor Elliott trims stake in Southwest Airlines by nearly 20%](https://longbridge.com/en/news/295980960.md) - [PPG Industries (PPG) Could Be 10% Undervalued After Dividend Yield Draws Fresh Attention](https://longbridge.com/en/news/296318082.md)