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Camden National (NASDAQ: CAC) reports record Q2 2026 profit and EPS

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Camden National Corporation reported record second-quarter 2026 results, with net income of $23.0 million and diluted EPS of $1.35. Net income and EPS each increased 5% from the first quarter of 2026 and 63% from the second quarter of 2025, producing a return on average assets of 1.33%, return on average equity of 12.92%, and return on average tangible equity of 18.47%. For the first six months of 2026, net income was $44.9 million and diluted EPS $2.64, 110% higher than the first half of 2025.

Total revenue for the quarter rose 5% sequentially, driven by net interest income of $52.9 million, a net interest margin of 3.26% (core 2.97%), and non-interest income of $14.5 million, up 21% from the prior quarter. The GAAP efficiency ratio was 55.42%, and non-GAAP efficiency ratio 53.23%. On a non-GAAP basis, adjusted pre-tax, pre-provision income for the first six months of 2026 increased 19% to $58.7 million.

Balance sheet metrics were stable, with total assets of $7.0 billion, loans of $5.0 billion (up 1% in the quarter), deposits of $5.6 billion (down 1%), and a loan-to-deposit ratio of 90% at June 30, 2026. Asset quality remained strong: non-performing loans were 0.24% of total loans, annualized net charge-offs were 0.04%, and the allowance for credit losses was 0.91% of loans with 3.8 times coverage of non-performing loans. Capital ratios were well above regulatory requirements, including a Common Equity Tier 1 ratio of 12.19%. The company repurchased 52,000 shares in the quarter and declared a quarterly dividend of $0.42 per share, a 3.10% annualized yield based on the June 30, 2026 share price.

Positive

  • Record profitability: Q2 2026 net income of $23.0 million and diluted EPS of $1.35, with first-half 2026 net income of $44.9 million, up 110% from $21.4 million a year earlier.
  • Strong asset quality: non-performing loans at 0.24% of total loans, annualized net charge-offs of 0.04%, and allowance for credit losses covering non-performing loans by 3.8x.
  • Robust capital position: Common Equity Tier 1 ratio of 12.19%, total risk-based capital ratio of 14.43%, and Tier 1 leverage ratio of 9.66%, all well above regulatory minimums.

Negative

  • None.

Filing Explained

The release is furnished rather than Section 18-filed, while its $0.42 dividend remains scheduled for July 31, 2026.

On July 28, 2026, Camden National Corporation furnished its second-quarter earnings release as Exhibit 99.1 under Item 2.02; the release expressly is not treated as filed for Section 18 purposes.

The holder-facing structural consequence disclosed is a $0.42 cash dividend, announced for payment on July 31, 2026 to shareholders of record on July 15, 2026.

Form 8-K reports specified material events, with item numbers identifying the event category; here, Item 2.02 identifies the earnings announcement.

The next named milestone is the July 31, 2026 dividend payment date; this filing states that payment is scheduled, not that it has occurred.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 net income $23.0 million Net income for the quarter ended June 30, 2026
Q2 2026 diluted EPS $1.35 Diluted earnings per share for the quarter ended June 30, 2026
First-half 2026 net income $44.9 million Net income for the six months ended June 30, 2026
Total assets $7.0 billion Total assets at June 30, 2026
Total loans $5.0 billion Total loans outstanding at June 30, 2026
Total deposits $5.6 billion Total deposits at June 30, 2026
Common Equity Tier 1 ratio 12.19% Regulatory capital ratio as of June 30, 2026
Non-performing loans to total loans 0.24% Asset quality ratio at June 30, 2026
net interest margin financial
"driven by net interest margin expansion of 2 basis points to 3.26%"
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
"The GAAP efficiency ratio for the second quarter was 55.42%, and the non-GAAP efficiency ratio was 53.23%"
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.
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.
tangible book value per share financial
"tangible book value per share (non-GAAP) increased to $31.64 at June 30, 2026"
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.
pre-tax, pre-provision income financial
"On a non-GAAP basis, adjusted pre-tax, pre-provision income increased 19% to $58.7 million"
Pre-tax, pre-provision income is a measure of a financial firm's earnings before deducting taxes and the money it sets aside to cover potential loan losses. Think of it as the company’s operating profit before accounting for future bad debts and taxes; like a shop’s sales minus running costs but before any emergency savings for damaged goods. Investors use it to see core profitability and to compare operating performance across periods or firms without the noise of loan-loss reserves and tax effects.
purchase accounting financial
"net accretion income on loans from purchase accounting for the three months ended June 30, 2026"
Purchase accounting is the method used to record a company acquisition by treating the buyer as if it bought each asset and assumed each liability at their fair values on the purchase date. It matters to investors because this re‑valuation can create or change visible items like goodwill, cause future earnings to be lower or higher as costs are spread out, and alter balance sheet strength—much like re‑tagging items and debts after buying a house affects your net worth and monthly costs.
Net income $23.0 million up 5% from Q1 2026 and 63% from Q2 2025
Diluted EPS $1.35 up 5% from Q1 2026 and 63% from Q2 2025
Net interest income $52.9 million up 1% from Q1 2026 and 8% from Q2 2025
Total non-interest income $14.5 million up 21% from Q1 2026 and 11% from Q2 2025
Net interest margin (fully taxable-equivalent) 3.26% versus 3.24% in Q1 2026 and 3.06% in Q2 2025
Return on average assets 1.33% versus 1.28% in Q1 2026 and 0.82% in Q2 2025

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What were Camden National (CAC)'s Q2 2026 earnings?
Camden National reported Q2 2026 net income of $23.0 million and diluted EPS of $1.35. Net income and EPS each increased 5% from Q1 2026 and 63% from Q2 2025, marking the company’s highest quarterly earnings to date.

How did Camden National (CAC)'s revenue and margins perform in Q2 2026?
Total revenue rose 5% over Q1 2026, driven by net interest income of $52.9 million and non-interest income of $14.5 million, up 21%. The fully taxable-equivalent net interest margin was 3.26%, with core net interest margin at 2.97%.

What is Camden National (CAC)'s asset quality as of June 30, 2026?
Asset quality remained strong, with non-performing loans at 0.24% of total loans and loans 30–89 days past due at 0.15%. Annualized net charge-offs were 0.04% of average loans, and the allowance for credit losses was 0.91% of total loans.

How strong are Camden National (CAC)'s capital ratios?
At June 30, 2026, the bank reported a Common Equity Tier 1 ratio of 12.19%, Tier 1 risk-based ratio of 13.48%, total risk-based ratio of 14.43%, and Tier 1 leverage ratio of 9.66%, all comfortably above regulatory requirements.

What were Camden National (CAC)'s loan and deposit levels in Q2 2026?
Total loans were $5.0 billion, up 1% from March 31, 2026, while deposits were $5.6 billion, down 1%. The committed loan pipeline reached $185.7 million, and the loan-to-deposit ratio was 90% at quarter-end.

What shareholder returns did Camden National (CAC) provide in Q2 2026?
The company repurchased 52,000 shares of common stock at a weighted-average price of $47.64. It also declared a quarterly cash dividend of $0.42 per share, a 3.10% annualized yield based on the June 30, 2026 closing price of $54.22.

How did Camden National (CAC)'s first-half 2026 results compare with 2025?
For the first six months of 2026, net income was $44.9 million and diluted EPS $2.64, versus $21.4 million and $1.26 a year earlier. Adjusted pre-tax, pre-provision income rose 19% to $58.7 million, reflecting growth and contributions from the Northway acquisition.
0000750686false00007506862026-07-282026-07-28

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (date of earliest event reported): July 28, 2026
Camden National Corporation
(Exact name of registrant as specified in its charter)

Maine
001-13227
01-0413282
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
Two Elm Street
Camden
Maine
04843
                 (Address of principal executive offices)
(Zip Code)

Registrant's telephone number, including area code: (207) 236-8821


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, without par valueCACThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o





Item 2.02Results of Operations and Financial Condition.
 
Camden National Corporation (the “Company” or “Camden”) issued a press release on July 28, 2026 announcing earnings for the fiscal quarter ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1. This information is being furnished pursuant to Item 2.02, and the information contained therein shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933.

Item 9.01
Financial Statements and Exhibits.

(d)    The following exhibits are filed with this Report:
 
Exhibit No.Description
99.1
Press release announcing earnings for the fiscal quarter ended June 30, 2026.
101Cover Page Interactive Data - the cover page XBRL tags are embedded within the Inline XBRL document.
104Cover Page Interactive Data File - Included in Exhibit 101.

 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 

Dated: July 28, 2026
 
 CAMDEN NATIONAL CORPORATION
(Registrant)
  
  
By: /s/ MICHAEL R. ARCHER
  Michael R. Archer
Chief Financial Officer and Principal Financial & Accounting Officer
 



     image1a.jpg
CONTACT:                                
Michael Archer
Executive Vice President
Chief Financial Officer
Camden National Corporation
(800) 860-8821
marcher@CamdenNational.bank

FOR IMMEDIATE RELEASE



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

Record earnings reflect continued momentum and improved profitability

CAMDEN, Maine, July 28, 2026/PRNewswire/--Camden National Corporation (NASDAQ: CAC; “Camden National” or the “Company”) reported net income of $23.0 million and diluted earnings per share (“EPS”) of $1.35 for the quarter ended June 30, 2026, resulting in a return on average assets of 1.33%, a return on average equity of 12.92%, and a return on average tangible equity (non‑GAAP) of 18.47%.

“Our record quarterly earnings reflect the momentum we are building across the franchise as we execute on our long-term strategy,” said Simon Griffiths, President and Chief Executive Officer of Camden National Corporation. “Through continued investment in talent and focused efforts to deepen customer relationships, we delivered 3% annualized loan growth during the quarter and strong revenue performance across our complementary business lines. We enter the second half of the year with confidence in our strategy, disciplined execution, and a continued commitment to creating long-term value for our shareholders.”

For the first six months of 2026, the Company reported record net income of $44.9 million and diluted EPS of $2.64, compared to $21.4 million and $1.26, respectively, for the six months ended June 30, 2025. Results benefited from the successful integration and earnings contribution of Northway Financial, Inc., acquired on January 1, 2025, as well as continued growth in core business activities. On a non-GAAP basis, adjusted pre-tax, pre-provision income increased 19% to $58.7 million for the six months ended June 30, 2026.

SECOND QUARTER 2026 HIGHLIGHTS

•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 assets6,950,980 6,961,581 6,920,044 6,950,980 6,920,044 
Deposits5,555,104 5,585,352 5,514,712 5,555,104 5,514,712 
Shareholders' equity725,926 710,007 652,148 725,926 652,148 
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 assets1.33 %1.28 %0.82 %1.31 %0.63 %
Return on average equity12.92 %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 loans0.91 %0.92 %1.08 %0.91 %1.08 %
Non-performing loans to total loans0.24 %0.22 %0.37 %0.24 %0.37 %
Capital Ratios
Common equity ratio10.44 %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 ratio9.66 %9.43 %8.74 %9.66 %8.74 %
Total risk-based capital ratio14.43 %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 securities4,948 4,383 5,326 13 %(7)%
Available-for-sale securities, at fair value892,153 901,617 860,217 (1)%4 %
Held-to-maturity securities, at amortized cost463,318 473,257 509,298 (2)%(9)%
Other investments23,433 23,411 26,879 — %(13)%
Total investments1,383,852 1,402,668 1,401,720 (1)%(1)%
Loans held for sale, at fair value13,890 17,618 22,567 (21)%(38)%
Loans:
Commercial real estate2,191,102 2,195,741 2,089,977 — %5 %
Commercial431,211 414,694 506,883 4 %(15)%
Residential real estate1,997,226 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 loans5,004,468 4,963,017 4,931,369 1 %1 %
      Less: allowance for credit losses on loans(45,604)(45,576)(53,022)— %(14)%
       Net loans4,958,864 4,917,441 4,878,347 1 %2 %
Goodwill and core deposit intangible assets191,377 192,731 197,031 (1)%(3)%
Other assets303,097 297,387 306,564 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 checking1,755,545 1,770,622 1,663,335 (1)%6 %
Savings and money market1,995,303 1,966,149 1,823,275 1 %9 %
Certificates of deposit632,355 652,002 698,185 (3)%(9)%
Brokered deposits91,549 118,883 211,837 (23)%(57)%
Total deposits5,555,104 5,585,352 5,514,712 (1)%1 %
Short-term borrowings508,386 513,429 599,367 (1)%(15)%
Long-term borrowings1,000 1,000 — — %N.M.
Junior subordinated debentures61,665 61,590 61,365 — %— %
Accrued interest and other liabilities98,899 90,203 92,452 10 %7 %
Total liabilities6,225,054 6,251,574 6,267,896 — %(1)%
Commitments and Contingencies 
Shareholders’ Equity  
Common stock, no par value213,018 214,693 214,365 (1)%(1)%
Retained earnings575,804 559,885 515,662 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 tax6,656 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’ equity725,926 710,007 652,148 2 %11 %
Total liabilities and shareholders’ equity$6,950,980 $6,961,581 $6,920,044 — %— %
N.M. = Not meaningful




Consolidated Statements of Income Data
(unaudited)
For The
Three Months Ended
(In thousands, except per share data)June 30,
2026		March 31,
2026		June 30,
2025
% Change Jun 2026 vs. Mar 2026
% Change Jun 2026 vs. Jun 2025
Interest Income
Interest and fees on loans$67,258 $66,679 $67,477 1 %— %
Taxable interest on investments10,245 10,296 10,257 — %— %
Nontaxable interest on investments451 455 455 (1)%(1)%
Dividend income377 413 493 (9)%(24)%
Other interest income660 528 641 25 %3 %
Total interest income78,991 78,371 79,323 1 %— %
Interest Expense
Interest on deposits22,305 21,648 24,594 3 %(9)%
Interest on borrowings2,843 3,476 4,620 (18)%(38)%
Interest on junior subordinated debentures904 889 900 2 %— %
Total interest expense26,052 26,013 30,114 — %(13)%
Net interest income52,939 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 income3,786 3,422 3,646 11 %4 %
Service charges on deposit accounts2,701 2,158 2,405 25 %12 %
Income from fiduciary services2,220 2,014 1,981 10 %12 %
Brokerage and insurance commissions2,029 1,735 1,794 17 %13 %
Bank-owned life insurance1,244 791 1,003 57 %24 %
Mortgage banking income, net1,161 828 1,060 40 %10 %
Other income1,329 1,032 1,178 29 %13 %
Total non-interest income14,470 11,980 13,067 21 %11 %
Non-Interest Expense
Salaries and employee benefits20,030 19,615 19,392 2 %3 %
Furniture, equipment and data processing4,791 4,644 4,294 3 %12 %
Net occupancy costs2,789 3,059 2,693 (9)%4 %
Debit card expense1,690 1,616 1,725 5 %(2)%
Consulting and professional fees1,405 921 1,310 53 %7 %
Amortization of core deposit intangible assets1,354 1,354 1,473 — %(8)%
Regulatory assessments862 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 expenses4,434 3,586 4,086 24 %9 %
Total non-interest expense37,358 35,708 37,596 5 %(1)%
Income before income tax expense29,341 28,077 17,760 5 %65 %
Income Tax Expense6,320 6,194 3,679 2 %72 %
Net Income$23,021 $21,883 $14,081 5 %63 %
Per Share Data
Basic earnings per share$1.36 $1.29 $0.84 5 %62 %
Diluted earnings per share$1.35 $1.29 $0.83 5 %63 %
N.M. = Not meaningful



Consolidated Statements of Income Data
(unaudited)
For The
Six Months Ended
(In thousands, except per share data)June 30,
2026		June 30,
2025
% Change Jun 2026 vs. Jun 2025
Interest Income
Interest and fees on loans$133,937 $134,026 — %
Taxable interest on investments20,541 20,029 3 %
Nontaxable interest on investments906 923 (2)%
Dividend income790 1,013 (22)%
Other interest income1,188 1,727 (31)%
Total interest income157,362 157,718 — %
Interest Expense
Interest on deposits43,953 49,215 (11)%
Interest on borrowings6,319 8,638 (27)%
Interest on junior subordinated debentures1,793 1,798 — %
Total interest expense52,065 59,651 (13)%
Net interest income105,297 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 income7,208 6,879 5 %
Service charges on deposit accounts4,859 4,723 3 %
Income from fiduciary services4,234 3,819 11 %
Brokerage and insurance commissions3,764 3,491 8 %
Bank-owned life insurance2,035 1,663 22 %
Mortgage banking income, net1,989 1,568 27 %
Other income2,361 2,120 11 %
Total non-interest income26,450 24,263 9 %
Non-Interest Expense
Salaries and employee benefits39,645 39,635 — %
Furniture, equipment and data processing9,435 9,025 5 %
Net occupancy costs5,848 5,726 2 %
Debit card expense3,306 3,415 (3)%
Amortization of core deposit intangible assets2,708 2,946 (8)%
Consulting and professional fees2,326 2,808 (17)%
Regulatory assessments1,769 2,113 (16)%
Other real estate owned and collection costs, net
9 181 (95)%
Merger and acquisition costs
— 8,930 N.M.
Other expenses8,020 7,268 10 %
Total non-interest expense73,066 82,047 (11)%
Income before income tax expense
57,418 23,934 140 %
Income Tax Expense
12,514 2,527 395 %
Net Income$44,904 $21,407 110 %
Per Share Data
Basic earnings per share$2.65 $1.27 109 %
Diluted earnings per share$2.64 $1.26 110 %
N.M. = Not meaningful



Quarterly Average Balance and Yield/Rate Analysis
(unaudited)
Average Balance
Yield/Rate
For The Three Months EndedFor 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 - taxable1,369,968 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 estate2,186,127 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 estate2,004,972 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 assets6,465,878 6,456,136 6,414,607 4.88 %4.88 %4.94 %
Other assets467,752 477,500 471,188 
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 checking1,753,513 1,682,848 1,636,620 1.69 %1.60 %1.84 %
Savings1,166,720 1,114,741 959,987 1.49 %1.41 %1.20 %
Money market792,802 815,112 848,604 2.34 %2.32 %2.66 %
Certificates of deposit641,532 665,552 703,091 3.01 %3.17 %3.57 %
Total deposits5,433,360 5,366,368 5,251,327 1.56 %1.54 %1.70 %
Borrowings:
Brokered deposits114,043 129,178 207,672 4.01 %3.99 %4.53 %
Customer repurchase agreements269,272 256,619 234,491 0.84 %0.93 %1.31 %
Junior subordinated debentures61,624 61,545 61,325 5.89 %5.85 %5.88 %
Other borrowings258,621 324,853 398,408 3.54 %3.60 %3.88 %
Total borrowings703,560 772,195 901,896 2.79 %2.96 %3.50 %
Total funding liabilities6,136,920 6,138,563 6,153,223 1.70 %1.72 %1.96 %
Other liabilities81,941 89,737 88,790 
Shareholders' equity714,769 705,336 643,782 
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 BalanceYield/Rate
For The Six Months EndedFor 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 - taxable1,382,728 1,386,239 3.13 %3.08 %
Investments - nontaxable(1)
60,883 61,766 3.77 %3.78 %
Loans(2):
Commercial real estate2,184,716 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 estate2,011,867 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 assets6,461,034 6,419,820 4.88 %4.92 %
Other assets472,599 474,347 
Total assets$6,933,633 $6,894,167 
Liabilities & Shareholders' Equity
Deposits:
Non-interest checking$1,083,429 $1,105,239 — %— %
Interest checking1,718,376 1,669,786 1.65 %1.84 %
Savings1,140,874 927,622 1.45 %1.09 %
Money market803,895 883,374 2.33 %2.65 %
Certificates of deposit653,475 704,952 3.09 %3.65 %
Total deposits5,400,049 5,290,973 1.55 %1.70 %
Borrowings:
Brokered deposits121,569 202,339 4.00 %4.57 %
Customer repurchase agreements262,980 235,479 0.88 %1.30 %
Junior subordinated debentures61,585 61,304 5.87 %5.91 %
Other borrowings291,554 373,277 3.57 %3.85 %
Total borrowings737,688 872,399 2.88 %3.47 %
Total funding liabilities6,137,737 6,163,372 1.71 %1.95 %
Other liabilities85,817 95,944 
Shareholders' equity710,079 634,851 
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 estate6,054 5,420 639 134 145 
Commercial2,871 2,689 3,042 4,103 13,514 
Home equity
501 596 672 697 834 
Consumer
1 2 3 3 6 
Total non-accrual loans12,142 10,959 7,023 8,330 18,177 
Accruing loans past due 90 days
— — — — — 
Total non-performing loans12,142 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 estate2,839 569 5,284 5,014 1,120 
Commercial2,424 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 estate24 — 4 4 4 
Commercial real estate— — 3,220 218 191 
Commercial1,229 627 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-offs946 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 loans0.24 %0.22 %0.14 %0.17 %0.37 %
Non-performing assets to total assets0.17 %0.16 %0.10 %0.12 %0.26 %
ACL on loans to total loans0.91 %0.92 %0.91 %0.91 %1.08 %
Net charge-offs to average loans (annualized):
Quarter-to-date0.04 %0.04 %0.26 %0.89 %0.02 %
Year-to-date0.04 %0.04 %0.31 %0.33 %0.05 %
ACL on loans to non-performing loans375.59 %415.88 %644.68 %546.23 %291.70 %
Loans 30-89 days past due to total loans0.15 %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 presented1.33 %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 presented12.92 %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 presented14,470 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 ratio53.23 %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 assets1,354 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 equity12.92 %12.58 %8.77 %12.75 %6.80 %
Return on average tangible equity18.47 %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 assets1,354 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 end16,896,273 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 ratio10.44 %10.20 %9.42 %
Tangible common equity ratio7.91 %7.64 %6.77 %


Source: View Original Filing on SEC EDGAR

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