Camden National Corporation Announces Another Record with Fourth Quarter 2025 Net Income of $22.6 Million and Diluted EPS of $1.33

Rhea-AI Summary

Camden National Corporation (NASDAQ: CAC) reported fourth-quarter 2025 net income of $22.6 million and diluted EPS of $1.33, each up 6% sequentially. Net interest margin rose to 3.29% (up 13 bps QoQ) and core NIM to 2.92%. Full-year 2025 net income was $65.2 million and diluted EPS $3.84; adjusted net income was $74.4 million and adjusted EPS $4.39. Total assets reached $7.0 billion after the Northway acquisition; the company announced a share repurchase program for up to 850,000 shares (~5%) and a cash dividend of $0.42 per share.

Positive

• Net income +6% sequentially to $22.6M
• Diluted EPS $1.33, +6% QoQ
• Net interest margin 3.29%, +13 bps QoQ
• Total assets $7.0B after Northway acquisition
• Share repurchase program up to 850,000 shares

Negative

• Loans down 1% QoQ to $5.0B
• Net charge-offs $3.2M in Q4, including $3.0M CRE sale
• Non-interest expense rose due to retirement and tech costs
• GAAP efficiency ratio 54.16% (cost pressure)

News Market Reaction

+0.40%

1 alert

+0.40% News Effect

On the day this news was published, CAC gained 0.40%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 net income: $22.6M Q4 2025 diluted EPS: $1.33 Return on average assets: 1.28% +5 more

8 metrics

Q4 2025 net income $22.6M Quarter ended December 31, 2025; up 6% vs Q3 2025

Q4 2025 diluted EPS $1.33 Quarter ended December 31, 2025; up 6% vs Q3 2025

Return on average assets 1.28% Quarter ended December 31, 2025

Return on average equity 13.01% Quarter ended December 31, 2025

Net interest margin 3.29% Q4 2025, up 13 bps vs Q3 2025

2025 net income $65.2M Year ended December 31, 2025; up 23% vs 2024

2025 diluted EPS $3.84 Year ended December 31, 2025; up 6% vs 2024

Adjusted 2025 EPS $4.39 Non-GAAP, year ended December 31, 2025; up 20% vs 2024

Market Reality Check

Price: $50.14 Vol: Volume 197,819 is 2.27x t...

high vol

$50.14 Last Close

Volume Volume 197,819 is 2.27x the 20-day average of 86,968, showing elevated interest ahead of and around earnings. high

Technical Shares at $47.19 are trading above the 200-day MA of $40.39 and sit 2.1% below the 52-week high of $48.20.

Peers on Argus

CAC gained 3.58% with strong earnings. Multiple regional peers also traded highe...

CAC gained 3.58% with strong earnings. Multiple regional peers also traded higher (e.g., SPFI +1.15%, NBBK +1.08%, IBCP +0.63%, THFF +0.43%), while GSBC slipped -0.67%, suggesting both stock-specific strength and supportive sector tone.

Previous Earnings Reports

5 past events · Latest: Oct 28 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Oct 28	Q3 2025 earnings	Positive	+1.6%	Record Q3 2025 earnings with higher NIM, efficiency and dividend maintained.
Jul 29	Q2 2025 earnings	Positive	-10.2%	Strong Q2 growth post-Northway acquisition but shares fell sharply afterward.
May 06	Q1 2025 earnings	Positive	-0.6%	Q1 earnings and Northway closing; integration costs weighed on reaction.
Jan 28	Q4 2024 & FY 2024	Positive	+2.2%	Q4 2024 earnings growth and outline of Northway merger and scale benefits.
Oct 29	Q3 2024 earnings	Positive	+1.8%	Q3 2024 earnings growth and announcement of planned Northway merger.

Pattern Detected

Earnings releases have generally produced modest positive moves for CAC, though Q2 2025 saw a sharp selloff despite strong reported growth, showing occasional divergence between fundamentals and near-term price reaction.

Recent Company History

Over the past five earnings cycles, Camden National has reported steadily improving results, including record Q3 2025 net income of $21.2M and earlier growth tied to the Northway acquisition that lifted assets toward $7.0B. Net interest margin expanded from 2.46% in Q3 2024 to the low-3% range in 2025, while dividends held at $0.42 per quarter. The latest announcement of record Q4 and full-year 2025 earnings continues this trajectory of margin expansion, scale benefits and stable capital/asset quality metrics.

Historical Comparison

earnings

+3.3 %

Average Historical Move

Historical Analysis

Past earnings headlines moved CAC by an average of 3.28% over five events. Today’s 3.58% gain sits close to that pattern, suggesting a typical-sized response to record results.

Typical Pattern

Earnings have progressed from Q3 2024 growth, through Q4 2024 and Q1 2025 tied to the Northway deal, into stronger Q2–Q3 2025 metrics with rising net interest margin and scale benefits. The current Q4 2025 record quarter and full-year 2025 results extend this post-acquisition earnings and efficiency improvement trend.

Market Pulse Summary

This announcement details record Q4 and full-year 2025 performance, with net income of $22.6M for th...

Analysis

This announcement details record Q4 and full-year 2025 performance, with net income of $22.6M for the quarter and $65.2M for the year, alongside diluted EPS of $1.33 and $3.84, respectively. Net interest margin expanded to 3.29%, efficiency ratios improved, and credit quality and capital metrics remained strong following the Northway acquisition. Investors may watch future trends in loan growth, deposit mix, margin sustainability, and asset quality to assess how durable these results prove over coming periods.

Key Terms

net interest margin, efficiency ratio, tangible book value per share, allowance for credit losses, +4 more

8 terms

net interest margin financial

"continued expansion of our net interest margin, reaching 3.29% for the fourth quarter"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

efficiency ratio financial

"GAAP efficiency ratio for the fourth quarter of 2025 was 54.16%, while the non-GAAP efficiency ratio"

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

tangible book value per share financial

"tangible book value per share (non-GAAP) increased 4% during the same period to $29.69"

Tangible book value per share is the company's total physical and financial assets minus its liabilities and intangible items (like goodwill and brand value), divided by the number of outstanding shares. It gives investors a conservative, per‑share estimate of what would remain if the business sold only its hard assets and paid its debts—useful for judging whether a stock is priced above or below its underlying, tangible worth, like valuing a property by its bricks and cash rather than its reputation.

allowance for credit losses financial

"The allowance for credit losses ("ACL") on loans was 0.91% of total loans"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

common equity tier 1 ratio regulatory

"including a Common Equity Tier 1 ratio of 11.69%, a Tier 1 risk-based ratio of 13.00%"

The common equity tier 1 ratio is a measure of a bank's financial strength, showing how much high-quality core capital it has compared to its total risk-weighted assets. Think of it as a safety buffer or cushion that helps ensure the bank can withstand economic shocks. For investors, a higher ratio indicates a stronger, more resilient bank, making it a key indicator of its financial health.

tier 1 leverage ratio regulatory

"a total risk-based ratio of 13.95%, and a Tier 1 leverage ratio of 9.12%"

Tier 1 leverage ratio measures a bank’s core capital — the money that can absorb losses — as a share of its total assets, showing how much of its balance sheet is funded by real loss-absorbing capital rather than borrowed money. Investors use it like a safety gauge: a higher ratio means a bigger cushion against shocks and lower risk of insolvency, similar to how a thicker spare tire reduces the chance of being stranded.

total risk-based ratio regulatory

"a Tier 1 risk-based ratio of 13.00%, a total risk-based ratio of 13.95%"

A total risk-based ratio compares a firm’s available capital to the amount of capital regulators say it should hold given the risks on its balance sheet, producing a percentage that shows how well the company can absorb losses. Think of it like a safety margin: higher percentages mean more cushion against unexpected setbacks, so investors use it to judge financial strength and the likelihood of regulatory action or solvency problems.

non-performing assets financial

"including non-performing assets at 0.10% of total assets and past-due loans"

Loans or other credit exposures that are not producing expected income because borrowers have stopped making scheduled payments for a significant period (commonly around 90 days). Think of it like a business lending money that has gone quiet — the cash flow stops while the lender still carries the debt on its books. High levels of non-performing assets matter to investors because they reduce a lender’s earnings, tie up capital that could be used for growth, and signal higher risk of future losses.

AI-generated analysis. Not financial advice.

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 (All other locations):		https://www.netroadshow.com/conferencing/global-numbers?confId=93678
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 Three Months Ended						At or For The Year 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, 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, 2025		September 30, 2025		December 31, 2024		% Change Dec 2025 vs. Sep 2025		% Change Dec 2025 vs. Dec 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 Three 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, 2024
Assets
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, 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, 2025		December 31, 2024		Northway Acquisition Purchase Accounting(1)		For the Year Ended December 31, 2025 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 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		At or for the Three Months Ended March 31, 2025		At or for the Year Ended 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 Three Months Ended						For the Year 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, 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 Three Months Ended						For the Year 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, 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 Three Months Ended						For the Year Ended
(In thousands)		December 31, 2025		September 30, 2025		December 31, 2024		December 31, 2025		December 31, 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 Three Months Ended						For the Year Ended
(Dollars in thousands)		December 31, 2025		September 30, 2025		December 31, 2024		December 31, 2025		December 31, 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 Three Months Ended						For the Year Ended
(Dollars in thousands)		December 31, 2025		September 30, 2025		December 31, 2024		December 31, 2025		December 31, 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 Three Months Ended						For the Year Ended
(In thousands)		December 31, 2025		September 30, 2025		December 31, 2024		December 31, 2025		December 31, 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, 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		$          531,231
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

FAQ

What were Camden National (CAC) Q4 2025 net income and EPS?

Camden National reported Q4 2025 net income $22.6M and diluted EPS $1.33.

How did Camden National's net interest margin change in Q4 2025?

Net interest margin rose to 3.29%, an increase of 13 basis points versus Q3 2025.

What is the size of Camden National's announced share buyback (CAC)?

The company authorized repurchases of up to 850,000 shares, about 5% of outstanding stock as of Dec 31, 2025.

Did Camden National pay a dividend for late 2025 and what was the yield?

Yes; a cash dividend of $0.42 per share was declared, an annualized yield of 3.87% based on the Dec 31, 2025 close.

How did the Northway acquisition affect Camden National's 2025 balance sheet?

Total assets increased to $7.0 billion, driven primarily by the January 2, 2025 acquisition of Northway.