StockNews.AI
CAC
StockNews.AI
21 days

Camden National Corporation Reports Second Quarter 2025 Earnings

1. CAC reports $14.1 million net income, 92% increase over Q1. 2. Diluted EPS of $0.83, up 93% from the previous quarter. 3. Net interest margin rises to 3.06%, indicating improved earnings potential. 4. Total assets decreased by 1% while loans grew by 4% annually. 5. Dividend announced at $0.42 per share with a 4.14% yield.

80m saved
Insight
Article

FAQ

Why Bullish?

Robust earnings and increased margins demonstrate strong financial health, likely to drive positive market sentiment. For instance, similar earnings beats in past quarters generally supported price increases.

How important is it?

Earnings report shows significant growth, likely to attract investor interest, thus impacting stock positively.

Why Short Term?

Immediate market reactions to earnings announcements often reflect in stock price quickly, evidenced by historical cases where positive press releases led to short-term gains.

Related Companies

KEYFHNTSS
Net Income of $14.1 Million and Diluted EPS of $0.83 for the Second Quarter , /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; "Camden National" or the "Company") reported earnings for the quarter ended June 30, 2025, of $14.1 million and diluted earnings per share ("EPS") of $0.83, increases of 92% and 93%, respectively, compared to the first quarter of 2025. "We're pleased to report strong results in our first full quarter as a unified organization following the Northway Financial acquisition," said Simon Griffiths, President and Chief Executive Officer of Camden National. "During the quarter, we began to unlock the financial potential of the combined franchise, with pre-tax, pre-provision income—excluding one-time merger-related expenses—increasing 13% over the prior quarter. This performance reflects achievement of cost synergies and solid revenue growth, reinforcing the strategic value of the acquisition and positioning us for continued net interest margin expansion and earnings growth in the second half of 2025." SECOND QUARTER 2025 HIGHLIGHTS Net interest margin for the second quarter of 2025 increased 2 basis points to 3.06%, compared to the first quarter of 2025. On a non-GAAP basis, our core net interest margin was 2.70% for the second quarter of 2025, compared to 2.68% for the first quarter of 2025. The GAAP efficiency ratio for the second quarter of 2025 decreased to 60.37% and, on a non-GAAP basis, decreased to 55.47%, down from 74.02% and 58.72%, respectively, for the first quarter of 2025. Loans for the second quarter grew 4% on an annualized basis. At June 30, 2025, committed loan pipelines, excluding loans held for sale, were strong and totaled $149.5 million, an increase of 40% since March 31, 2025. Book value per share at June 30, 2025 totaled $38.54, and, on a non-GAAP basis, tangible book value per share totaled $26.90, an increase of 2% and 3%, respectively, for the second quarter of 2025. Loans 30-89 days past due were 0.08% of total loans at June 30, 2025, and annualized net charge-offs for the second quarter of 2025 were 0.02% of average loans. FINANCIAL CONDITION As of June 30, 2025, total assets were $6.9 billion, a decrease of 1% since March 31, 2025. Investments totaled $1.4 billion on June 30, 2025, an increase of 1% since March 31, 2025. The duration of the Company's total investment portfolio was 5.3 years for both June 30, 2025, and March 31, 2025. Loans totaled $4.9 billion on June 30, 2025, an increase of 1% since the first quarter of 2025. Linked-quarter growth in loan balances was across all segments, except for the residential loan portfolio, as we sold 39% of our residential mortgage production during the second quarter of 2025. The allowance for credit losses ("ACL") on loans was 1.08% of total loans as of June 30, 2025, an increase of 12 basis points during the second quarter of 2025. The increase was driven by one commercial loan as the borrower filed for bankruptcy during the quarter, which resulted in an increase in non-performing loans of 22 basis points during the second quarter of 2025 to 0.37% of total loans at June 30, 2025. The Company currently anticipates the commercial loan will be resolved in the second half of this year. Deposits totaled $5.5 billion on June 30, 2025, a decrease of 1% since March 31, 2025. The Company saw normal outflows early in the second quarter and has since begun to see normal deposit inflows as we enter the summer months across our markets. As of June 30, 2025, the Company's loan-to-deposit ratio was 89%, compared to 87% at March 31, 2025. As of June 30, 2025, the Company's common equity Tier 1 risk-based capital ratio was 10.88%, Tier 1 risk-based capital ratio was 12.18%, total risk-based capital ratio was 13.35% and Tier 1 leverage ratio was 8.74%. The Company's regulatory capital ratios continue to be well in excess of regulatory capital requirements and continue to rebuild following the acquisition of Northway Financial, Inc. ("Northway") on January 2, 2025. The Company announced a cash dividend of $0.42 per share, representing an annualized dividend yield of 4.14%, based on the Company's closing share price of $40.58 as reported by NASDAQ on June 30, 2025. The dividend will be payable on July 31, 2025, to shareholders of record on July 15, 2025. FINANCIAL OPERATING RESULTS (Q2 2025 vs. Q1 2025) Net interest income for the second quarter of 2025 was $49.2 million, an increase of $351,000, or 1%, compared to the first quarter of 2025. The increase between periods was driven by the expansion of net interest margin and, on a non-GAAP basis, core net interest margin, which excludes fair value mark accretion, of 2 basis points between periods to 3.06% and 2.70%, respectively, for the second quarter of 2025. The Company recognized $5.0 million of fair value mark accretion income in net interest income for both periods. Provision expense of $6.9 million was recorded for the second quarter of 2025, compared to provision expense of $9.4 million recorded for the first quarter of 2025, which included the $6.3 million provision for non-purchase credit deteriorated ("non-PCD") loans acquired from Northway. The driver for the provision for loan losses for the second quarter of 2025 was the aforementioned commercial loan that was placed on non-accrual during the quarter. Non-interest income for the second quarter of 2025 was $13.1 million, an increase of $1.9 million, or 17%, compared to the first quarter of 2025. The increase between periods was driven by: (1) an increase in mortgage banking income of $552,000, (2) an increase in debit card income of $413,000, and (3) an increase in bank-owned life insurance of $343,000. Non-interest expense for the second quarter of 2025 was $37.6 million, a decrease of $6.9 million, or 15%, compared to the first quarter of 2025. The decrease in non-interest expense between periods reflects the decrease in merger and acquisition costs of $6.2 million associated with the Northway acquisition and expense synergies following the integration of teams, branches and systems in late-March 2025. The Company anticipates run-rate operating expenses to continue to improve during the second half of 2025 as the full benefit of cost savings is realized. Q2 2025 CONFERENCE CALL Camden National Corporation will host a conference call and webcast at 3:00 p.m., Eastern Time, Tuesday, July 29, 2025 to discuss its second quarter 2025 financial results and outlook. Participants should dial into the call 10 - 15 minutes before it begins. Information about the conference call is as follows: A link to the live webcast will be available on Camden National's website under "About — Investor Relations" at CamdenNational.bank before the meeting, and a replay of the webcast will be available on Camden National's website following the conference call. The conference call transcript will also be available on Camden National's website approximately two days after the conference call. ABOUT CAMDEN NATIONAL CORPORATION Camden National Corporation (NASDAQ: CAC) is Northern New England's largest publicly traded bank holding company, with $6.9 billion in assets. Founded in 1875, Camden National Bank has 72 banking centers 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 recent 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 Six Months Ended (In thousands, except number of shares and per share data) June 30,2025 March 31,2025 June 30,2024 June 30,2025 June 30,2024 Financial Condition Data Loans $  4,931,369 $   4,885,086 $   4,139,361 $   4,931,369 $   4,139,361 Total assets 6,920,044 6,964,785 5,724,380 6,920,044 5,724,380 Deposits 5,514,712 5,597,478 4,514,020 5,514,712 4,514,020 Shareholders' equity 652,148 640,054 508,286 652,148 508,286 Operating Data and Per Share Data Net income $       14,081 $          7,326 $        11,993 $        21,407 $        25,265 Adjusted net income (non-GAAP)(1) 15,191 16,047 11,993 31,238 24,546 Adjusted pre-tax, pre-provision income (non-GAAP)(1) 26,085 23,128 15,519 49,213 29,752 Diluted EPS 0.83 0.43 0.81 1.26 1.72 Adjusted diluted EPS (non-GAAP)(1) 0.89 0.95 0.81 1.84 1.67 Profitability Ratios Return on average assets 0.82 % 0.43 % 0.84 % 0.63 % 0.89 % Adjusted return on average assets (non-GAAP)(1) 0.89 % 0.94 % 0.84 % 0.91 % 0.87 % Return on average equity 8.77 % 4.75 % 9.60 % 6.80 % 10.18 % Adjusted return on average equity (non-GAAP)(1) 9.47 % 10.40 % 9.60 % 9.92 % 9.89 % Adjusted return on average tangible equity (non-GAAP)(1) 14.71 % 16.40 % 11.96 % 15.53 % 12.34 % GAAP efficiency ratio 60.37 % 74.02 % 63.77 % 67.07 % 64.76 % Efficiency ratio (non-GAAP)(1) 55.47 % 58.72 % 63.21 % 57.06 % 64.19 % Net interest margin (fully-taxable equivalent) 3.06 % 3.04 % 2.36 % 3.05 % 2.32 % Core net interest margin (fully-taxable equivalent) (non-GAAP)(1) 2.70 % 2.68 % 2.36 % 2.69 % 2.32 % Asset Quality Ratios ACL on loans to total loans 1.08 % 0.96 % 0.86 % 1.08 % 0.86 % Non-performing loans to total loans 0.37 % 0.15 % 0.19 % 0.37 % 0.19 % Loans 30-89 days past due to total loans 0.08 % 0.07 % 0.05 % 0.08 % 0.05 % Annualized net charge-offs to average loans 0.02 % 0.08 % 0.04 % 0.05 % 0.03 % Capital Ratios Common equity ratio 9.42 % 9.19 % 8.88 % 9.42 % 8.88 % Tangible common equity ratio (non-GAAP)(1) 6.77 % 6.49 % 7.34 % 6.77 % 7.34 % Book value per share $         38.54 $          37.91 $          34.89 $          38.54 $          34.89 Tangible book value per share (non-GAAP)(1) $         26.90 $          26.02 $          28.34 $          26.90 $          28.34 Tier 1 leverage capital ratio 8.74 % 8.58 % 9.64 % 8.74 % 9.64 % Total risk-based capital ratio 13.35 % 13.13 % 14.46 % 13.35 % 14.46 % (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 30,2025 March 31,2025 June 30,2024 % ChangeJun 2025 vs. Mar2025 % Change Jun 2025 vs. Jun 2024 ASSETS Cash, cash equivalents and restricted cash $          113,815 $          219,414 $          105,560 (48) % 8 % Investments: Trading securities 5,326 4,860 4,959 10 % 7 % Available-for-sale securities, at fair value 860,217 836,130 579,534 3 % 48 % Held-to-maturity securities, at amortized cost 509,298 516,682 533,600 (1) % (5) % Other investments 26,879 26,284 17,105 2 % 57 % Total investments 1,401,720 1,383,956 1,135,198 1 % 23 % Loans held for sale, at fair value 22,567 11,059 14,321 104 % 58 % Loans: Commercial real estate 2,089,977 2,067,098 1,697,979 1 % 23 % Commercial 506,883 487,409 409,682 4 % 24 % Residential real estate 2,018,332 2,028,062 1,768,357 — % 14 % Consumer and home equity 316,177 302,517 263,343 5 % 20 % Total loans 4,931,369 4,885,086 4,139,361 1 % 19 %       Less: allowance for credit losses on loans (53,022) (46,723) (35,412) 13 % 50 %        Net loans 4,878,347 4,838,363 4,103,949 1 % 19 % Goodwill and core deposit intangible assets 197,031 200,770 95,390 (2) % 107 % Other assets 306,564 311,223 269,962 (1) % 14 % Total assets $       6,920,044 $       6,964,785 $       5,724,380 (1) % 21 % LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Deposits: Non-interest checking $       1,118,080 $       1,132,648 $          921,605 (1) % 21 % Interest checking 1,663,335 1,714,944 1,465,560 (3) % 13 % Savings and money market 1,823,275 1,828,332 1,399,464 — % 30 % Certificates of deposit 698,185 703,873 576,563 (1) % 21 % Brokered deposits 211,837 217,681 150,828 (3) % 40 % Total deposits 5,514,712 5,597,478 4,514,020 (1) % 22 % Short-term borrowings 599,367 567,436 552,606 6 % 8 % Junior subordinated debentures 61,365 61,290 44,331 — % 38 % Accrued interest and other liabilities 92,452 98,527 105,137 (6) % (12) % Total liabilities 6,267,896 6,324,731 5,216,094 (1) % 20 % Commitments and Contingencies Shareholders' Equity Common stock, no par value 214,365 213,589 115,543 — % 86 % Retained earnings 515,662 508,720 493,974 1 % 4 % Accumulated other comprehensive loss: Net unrealized loss on debt securities, net of tax (84,324) (89,613) (110,308) (6) % (24) % Net unrealized gain on cash flow hedging derivative instruments, net of tax 6,045 6,953 9,327 (13) % (35) % Net unrecognized loss on postretirement plans, net of tax 400 405 (250) (1) % (260) %  Total accumulated other comprehensive loss (77,879) (82,255) (101,231) (5) % (23) %  Total shareholders' equity 652,148 640,054 508,286 2 % 28 %  Total liabilities and shareholders' equity $       6,920,044 $       6,964,785 $       5,724,380 (1) % 21 % Consolidated Statements of Income Data (unaudited) For The Three Months Ended (In thousands, except per share data) June 30,2025 March 31,2025 June 30,2024 % Change Jun 2025 vs. Mar 2025 % ChangeJun 2025 vs.Jun 2024 Interest Income Interest and fees on loans $            67,477 $            66,549 $            53,422 1 % 26 % Taxable interest on investments 10,257 9,772 6,807 5 % 51 % Nontaxable interest on investments 455 468 461 (3) % (1) % Dividend income 493 520 521 (5) % (5) % Other interest income 641 1,086 951 (41) % (33) % Total interest income 79,323 78,395 62,162 1 % 28 % Interest Expense Interest on deposits 24,594 24,621 24,169 — % 2 % Interest on borrowings 4,620 4,018 5,285 15 % (13) % Interest on junior subordinated debentures 900 898 524 — % 72 % Total interest expense 30,114 29,537 29,978 2 % — % Net interest income 49,209 48,858 32,184 1 % 53 % Provision for credit losses 6,920 9,429 650 (27) % N.M. Net interest income after provision for credit losses 42,289 39,429 31,534 7 % 34 % Non-Interest Income Debit card income 3,646 3,233 3,069 13 % 19 % Service charges on deposit accounts 2,405 2,318 2,113 4 % 14 % Income from fiduciary services 1,981 1,838 1,870 8 % 6 % Brokerage and insurance commissions 1,794 1,697 1,441 6 % 24 % Bank-owned life insurance 1,003 660 694 52 % 45 % Mortgage banking income, net 1,060 508 516 109 % 105 % Other income 1,178 942 942 25 % 25 % Total non-interest income 13,067 11,196 10,645 17 % 23 % Non-Interest Expense Salaries and employee benefits 19,392 20,243 15,601 (4) % 24 % Furniture, equipment and data processing 4,294 4,731 3,497 (9) % 23 % Net occupancy costs 2,693 3,033 1,981 (11) % 36 % Debit card expense 1,725 1,690 1,311 2 % 32 % Amortization of core deposit intangible assets 1,473 1,473 139 — % N.M. Merger and acquisition costs 1,405 7,525 — (81) % N.M. Consulting and professional fees 1,310 1,498 1,149 (13) % 14 % Regulatory assessments 1,127 986 813 14 % 39 % Other real estate owned and collection costs, net 91 90 47 1 % 94 % Other expenses 4,086 3,182 2,772 28 % 47 % Total non-interest expense 37,596 44,451 27,310 (15) % 38 % Income before income tax expense (benefit) 17,760 6,174 14,869 188 % 19 % Income Tax Expense (Benefit) 3,679 (1,152) 2,876 (419) % 28 % Net Income $            14,081 $              7,326 $            11,993 92 % 17 % Per Share Data Basic earnings per share $                0.84 $                 0.43 $                 0.82 95 % 2 % Diluted earnings per share $                0.83 $                 0.43 $                 0.81 93 % 2 % Consolidated Statements of Income Data (unaudited) For The Six Months Ended (In thousands, except per share data) June 30,2025 June 30,2024 % Change Jun 2025 vs. Jun 2024 Interest Income Interest and fees on loans $          134,026 $          105,131 27 % Taxable interest on investments 20,029 13,834 45 % Nontaxable interest on investments 923 926 — % Dividend income 1,013 833 22 % Other interest income 1,727 1,621 7 % Total interest income 157,718 122,345 29 % Interest Expense Interest on deposits 49,215 47,347 4 % Interest on borrowings 8,638 10,483 (18) % Interest on junior subordinated debentures 1,798 1,058 70 % Total interest expense 59,651 58,888 1 % Net interest income 98,067 63,457 55 % Provision (credit) for credit losses 16,349 (1,452) N.M. Net interest income after provision (credit) for credit losses 81,718 64,909 26 % Non-Interest Income Debit card income 6,879 5,935 16 % Service charges on deposit accounts 4,723 4,140 14 % Income from fiduciary services 3,819 3,619 6 % Brokerage and insurance commissions 3,491 2,680 30 % Bank-owned life insurance 1,663 1,377 21 % Mortgage banking income, net 1,568 1,324 18 % Other income 2,120 1,892 12 % Total non-interest income 24,263 20,967 16 % Non-Interest Expense Salaries and employee benefits 39,635 31,555 26 % Furniture, equipment and data processing 9,025 7,126 27 % Merger and acquisition costs 8,930 — N.M. Net occupancy costs 5,726 4,051 41 % Debit card expense 3,415 2,575 33 % Amortization of core deposit intangible assets 2,946 278 N.M. Consulting and professional fees 2,808 2,009 40 % Regulatory assessments 2,113 1,670 27 % Other real estate owned and collection costs, net 181 57 218 % Other expenses 7,268 5,351 36 % Total non-interest expense 82,047 54,672 50 % Income before income tax expense 23,934 31,204 (23) % Income Tax Expense 2,527 5,939 (57) % Net Income $            21,407 $            25,265 (15) % Per Share Data Basic earnings per share $                1.27 $                 1.73 (27) % Diluted earnings per share $                1.26 $                 1.72 (27) % Quarterly Average Balance and Yield/Rate Analysis (unaudited) Average Balance Yield/Rate For The Three Months Ended For The Three Months Ended (Dollars in thousands) June 30,2025 March 31,2025 June 30,2024 June 30,2025 March 31,2025 June 30,2024 Assets Interest-earning assets: Interest-bearing deposits in other banksand other interest-earning assets $           43,530 $            84,211 $            50,266 4.47 % 4.44 % 6.06 % Investments - taxable 1,396,669 1,375,818 1,162,941 3.12 % 3.04 % 2.58 % Investments - nontaxable(1) 61,044 62,485 61,794 3.78 % 3.79 % 3.78 % Loans(2):  Commercial real estate 2,076,129 2,065,534 1,701,431 5.72 % 5.69 % 5.09 %  Commercial(1) 407,677 409,037 387,337 6.17 % 6.37 % 6.51 %  Municipal(1) 82,768 90,554 16,351 4.68 % 6.17 % 4.84 %  Residential real estate 2,037,852 2,034,024 1,772,707 4.84 % 4.71 % 4.48 %  Consumer and home equity 308,938 303,147 260,384 7.36 % 7.39 % 7.93 %       Total loans  4,913,364 4,902,296 4,138,210 5.48 % 5.45 % 5.14 % Total interest-earning assets 6,414,607 6,424,810 5,413,211 4.94 % 4.91 % 4.58 % Other assets 471,188 477,556 323,065 Total assets $      6,885,795 $       6,902,366 $       5,736,276 Liabilities & Shareholders' Equity Deposits: Non-interest checking $      1,103,025 $       1,107,398 $          901,774 — % — % — % Interest checking 1,636,620 1,703,056 1,479,201 1.84 % 1.85 % 2.52 % Savings 959,987 894,803 624,034 1.20 % 0.98 % 0.52 % Money market 848,604 918,637 760,844 2.66 % 2.63 % 3.41 % Certificates of deposit 703,091 706,851 583,282 3.57 % 3.72 % 3.90 %  Total deposits 5,251,327 5,330,745 4,349,135 1.70 % 1.70 % 2.05 % Borrowings: Brokered deposits 207,672 196,510 150,799 4.53 % 4.62 % 5.28 % Customer repurchase agreements 234,491 236,437 185,729 1.31 % 1.29 % 1.81 % Junior subordinated debentures 61,325 61,282 44,331 5.88 % 5.94 % 4.75 % Other borrowings 398,408 348,402 401,144 3.88 % 3.80 % 4.46 %  Total borrowings 901,896 842,631 782,003 3.50 % 3.44 % 4.00 % Total funding liabilities 6,153,223 6,173,376 5,131,138 1.96 % 1.94 % 2.35 % Other liabilities 88,790 103,201 102,658 Shareholders' equity 643,782 625,789 502,480 Total liabilities & shareholders' equity $      6,885,795 $       6,902,366 $       5,736,276 Net interest rate spread (fully-taxable equivalent) 2.98 % 2.97 % 2.23 % Net interest margin (fully-taxable equivalent) 3.06 % 3.04 % 2.36 % Core net interest margin (fully-taxable equivalent)(3) 2.70 % 2.68 % 2.36 % (1) Reported on a tax-equivalent basis calculated using the federal corporate income tax rate of 21%, including certain commercial loans. (2) Non-accrual loans and loans held for sale are included in total average loans. (3) This is a non-GAAP measure. Please see "Reconciliation of non-GAAP to GAAP Financial Measures (unaudited)." Year-to-Date Average Balance and Yield/Rate Analysis (unaudited) Average Balance Yield/Rate For The Six Months Ended For The Six Months Ended (Dollars in thousands) June 30,2025 June 30,2024 June 30,2025 June 30,2024 Assets Interest-earning assets: Interest-bearing deposits in other banks and other interest-earning assets $            63,971 $            47,376 4.44 % 5.25 % Investments - taxable 1,386,239 1,175,320 3.08 % 2.56 % Investments - nontaxable(1) 61,766 62,090 3.78 % 3.78 % Loans(2):  Commercial real estate 2,070,874 1,692,015 5.70 % 5.02 %  Commercial(1) 408,327 388,678 6.27 % 6.28 %  Municipal(1) 86,627 15,502 5.46 % 4.63 %  Residential real estate 2,035,954 1,772,892 4.78 % 4.45 %  Consumer and home equity 306,062 258,844 7.38 % 7.91 %       Total loans  4,907,844 4,127,931 5.47 % 5.07 % Total interest-earning assets 6,419,820 5,412,717 4.92 % 4.51 % Other assets 474,347 314,411 Total assets $       6,894,167 $       5,727,128 Liabilities & Shareholders' Equity Deposits: Non-interest checking $       1,105,239 $          917,547 — % — % Interest checking 1,669,786 1,484,693 1.84 % 2.53 % Savings 927,622 611,913 1.09 % 0.37 % Money market 883,374 762,715 2.65 % 3.35 % Certificates of deposit 704,952 583,044 3.65 % 3.84 %  Total deposits 5,290,973 4,359,912 1.70 % 2.01 % Borrowings: Brokered deposits 202,339 142,092 4.57 % 5.29 % Customer repurchase agreements 235,479 184,108 1.30 % 1.71 % Junior subordinated debentures 61,304 44,331 5.91 % 4.80 % Other borrowings 373,277 401,413 3.85 % 4.47 %  Total borrowings 872,399 771,944 3.47 % 3.98 % Total funding liabilities 6,163,372 5,131,856 1.95 % 2.31 % Other liabilities 95,944 96,275 Shareholders' equity 634,851 498,997 Total liabilities & shareholders' equity $       6,894,167 $       5,727,128 Net interest rate spread (fully-taxable equivalent) 2.97 % 2.20 % Net interest margin (fully-taxable equivalent) 3.05 % 2.32 % Core net interest margin (fully-taxable equivalent)(3) 2.69 % 2.32 % (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 Organic Loans And Deposits Growth  (Unaudited) (A) (B) (C) (D) = (A) - (B) - (C) (In thousands) June 30, 2025 December 31, 2024 NorthwayAcquisitionPurchaseAccounting(1) Six Months Ended June 30, 2025 Organic Growth Loans: Commercial real estate $       2,089,977 $       1,711,964 $          360,272 $          17,741 1 % Commercial 506,883 382,785 106,487 17,611 5 % Residential real estate 2,018,332 1,752,249 273,349 (7,266) — % Consumer and home equity 316,177 268,261 35,555 12,361 5 %     Total loans $       4,931,369 $       4,115,259 $          775,663 $          40,447 1 % Deposits: Non-interest checking $       1,118,080 $          925,571 $          197,320 $           (4,811) (1) % Interest checking 1,663,335 1,483,589 315,891 (136,145) (9) % Savings and money market 1,823,275 1,511,589 285,889 25,797 2 % Certificates of deposit 698,185 532,424 172,573 (6,812) (1) % Brokered deposits 211,837 179,994 — 31,843 18 % Total deposits $       5,514,712 $       4,633,167 $          971,673 $         (90,128) (2) % (1) Represents fair value marks recorded on loans and deposits as of the acquisition date, January 2, 2025. Asset Quality Data (unaudited) (In thousands) 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 At or for the Nine Months Ended September 30, 2024 At or for the Six Months Ended June 30, 2024 Non-accrual loans: Residential real estate $             3,678 $             4,322 $             1,891 $             2,497 $             2,497 Commercial real estate 145 271 559 130 79 Commercial 13,514 1,803 1,927 2,057 4,409 Consumer and home equity 840 855 452 666 810 Total non-accrual loans 18,177 7,251 4,829 5,350 7,795 Accruing loans past due 90 days — — — — — Total non-performing loans 18,177 7,251 4,829 5,350 7,795 Other real estate owned 72 72 — — — Total non-performing assets $           18,249 $             7,323 $             4,829 $             5,350 $             7,795 Loans 30-89 days past due: Residential real estate $             1,519 $             1,754 $                558 $                216 $                400 Commercial real estate 1,120 380 689 239 678 Commercial 884 767 393 578 539 Consumer and home equity 591 440 621 358 628 Total loans 30-89 days past due $             4,114 $             3,341 $             2,261 $             1,391 $             2,245 ACL on loans at the beginning of the period $           35,728 $           35,728 $           36,935 $           36,935 $           36,935 ACL established on acquired PCD loans(1) 3,071 3,071 — — — Provision (credit) for loan losses 15,469 8,873 53 (693) (976) Charge-offs: Residential real estate 4 4 — — — Commercial real estate 191 191 — — — Commercial 1,245 896 1,784 1,157 763 Consumer and home equity 105 29 99 83 55 Total charge-offs  1,545 1,120 1,883 1,240 818 Total recoveries  (299) (171) (623) (412) (271) Net charge-offs 1,246 949 1,260 828 547 ACL on loans at the end of the period $           53,022 $           46,723 $           35,728 $           35,414 $           35,412 Components of ACL: ACL on loans $           53,022 $           46,723 $           35,728 $           35,414 $           35,412 ACL on off-balance sheet credit exposures(2) 3,685 3,362 2,806 2,743 2,787 ACL, end of period $           56,707 $           50,085 $           38,534 $           38,157 $           38,199 Ratios: Non-performing loans to total loans 0.37 % 0.15 % 0.12 % 0.13 % 0.19 % Non-performing assets to total assets 0.26 % 0.11 % 0.08 % 0.09 % 0.14 % ACL on loans to total loans 1.08 % 0.96 % 0.87 % 0.86 % 0.86 % Net charge-offs to average loans (annualized): Quarter-to-date 0.02 % 0.08 % 0.04 % 0.03 % 0.04 % Year-to-date 0.05 % 0.08 % 0.03 % 0.03 % 0.03 % ACL on loans to non-performing loans 291.70 % 644.37 % 553.07 % 506.28 % 367.31 % Loans 30-89 days past due to total loans 0.08 % 0.07 % 0.05 % 0.03 % 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; 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 30,2025 March 31,2025 June 30,2024 June 30,2025 June 30,2024 Adjusted Net Income: Net income, as presented $          14,081 $            7,326 $          11,993 $          21,407 $          25,265 Adjustments before taxes: Provision for non-PCD acquired loans — 6,294 — 6,294 — Provision for acquired unfunded commitments — 249 — 249 — Merger and acquisition costs 1,405 7,525 — 8,930 — Signature Bank bond recovery — — — — (910) Total adjustments before taxes 1,405 14,068 — 15,473 (910) Tax impact of above adjustments(1) (295) (2,926) — (3,221) 191 Adjustment for deferred tax valuation adjustment(2) — (2,421) — (2,421) — Adjusted net income $          15,191 $          16,047 $          11,993 $          31,238 $          24,546 Adjusted Diluted Earnings per Share: Diluted earnings per share, as presented $              0.83 $              0.43 $              0.81 $              1.26 $              1.72 Adjustments before taxes: Provision for non-PCD acquired loans — 0.37 — 0.37 — Provision for acquired unfunded commitments — 0.01 — 0.01 — Merger and acquisition costs 0.08 0.45 — 0.53 — Signature Bank bond recovery — — — — (0.06) Total adjustments before taxes 0.08 0.83 — 0.91 (0.06) Tax impact of above adjustments(1) (0.02) (0.17) — (0.19) 0.01 Adjustment for deferred tax valuation adjustment(2) — (0.14) — (0.14) — Adjusted diluted earnings per share $              0.89 $              0.95 $              0.81 $              1.84 $              1.67 Adjusted Return on Average Assets: Return on average assets, as presented 0.82 % 0.43 % 0.84 % 0.63 % 0.89 % Adjustments before taxes: Provision for non-PCD acquired loans — % 0.37 % — % 0.18 % — % Provision for acquired unfunded commitments — % 0.01 % — % 0.01 % — % Merger and acquisition costs 0.09 % 0.44 % — % 0.26 % — % Signature Bank bond recovery — % — % — % — % (0.03) % Total adjustments before taxes 0.09 % 0.82 % — % 0.45 % (0.03) % Tax impact of above adjustments(1) (0.02) % (0.17) % — % (0.10) % 0.01 % Adjustment for deferred tax valuation adjustment(2) — % (0.14) % — % (0.07) % — % Adjusted return on average assets 0.89 % 0.94 % 0.84 % 0.91 % 0.87 % Adjusted Return on Average Equity: Return on average equity, as presented 8.77 % 4.75 % 9.60 % 6.80 % 10.18 % Adjustments before taxes: Provision for non-PCD acquired loans — % 4.08 % — % 2.00 % — % Provision for acquired unfunded commitments — % 0.16 % — % 0.08 % — % Merger and acquisition costs 0.88 % 4.88 % — % 2.83 % — % Signature Bank bond recovery — % — % — % — % (0.37) % Total adjustments before taxes 0.88 % 9.12 % — % 4.91 % (0.37) % Tax impact of above adjustments(1) (0.18) % (1.90) % — % (1.02) % 0.08 % Adjustment for deferred tax valuation adjustment(2) — % (1.57) % — % (0.77) % — % Adjusted return on average equity 9.47 % 10.40 % 9.60 % 9.92 % 9.89 % (1) Assumed a 21% tax rate. (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 Six Months Ended (In thousands) June 30,2025 March 31,2025 June 30,2024 June 30,2025 June 30,2024 Net income, as presented $              14,081 $                7,326 $              11,993 $              21,407 $              25,265 Adjustment for provision (credit) for credit losses 6,920 9,429 650 16,349 (1,452) Adjustment for income tax expense (benefit) 3,679 (1,152) 2,876 2,527 5,939  Pre-tax, pre-provision income 24,680 15,603 15,519 40,283 29,752 Adjustment for merger and acquisition costs 1,405 7,525 — $                8,930 $                     — Adjusted pre-tax, pre-provision income $              26,085 $              23,128 $              15,519 $              49,213 $              29,752 Efficiency Ratio: For the Three Months Ended For the Six Months Ended (Dollars in thousands) June 30,2025 March 31,2025 June 30,2024 June 30,2025 June 30,2024 Non-interest expense, as presented $           37,596 $           44,451 $           27,310 $           82,047 $           54,672 Adjustment for merger and acquisition costs (1,405) (7,525) — (8,930) — Adjustment for amortization of core deposit intangible assets (1,473) (1,473) (139) (2,946) (278) Adjusted non-interest expense $           34,718 $           35,453 $           27,171 $           70,171 $           54,394 Net interest income, as presented $           49,209 $           48,858 $           32,184 $           98,067 $           63,457 Adjustment for the effect of tax-exempt income(1) 312 326 159 638 309 Non-interest income, as presented 13,067 11,196 10,645 24,263 20,967 Adjusted net interest income plus non-interest income $           62,588 $           60,380 $           42,988 $         122,968 $           84,733 GAAP efficiency ratio 60.37 % 74.02 % 63.77 % 67.07 % 64.76 % Non-GAAP efficiency ratio 55.47 % 58.72 % 63.21 % 57.06 % 64.19 % (1) Assumed a 21% 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 30,2025 March 31,2025 June 30,2024 June 30,2025 June 30,2024 Return on Average Tangible Equity: Net income, as presented $           14,081 $             7,326 $           11,993 $           21,407 $           25,265 Adjustment for amortization of core deposit intangible assets 1,473 1,473 139 2,946 278 Tax impact of above adjustment(1) (309) (309) (29) (619) (58) Net income, adjusted for amortization of core deposit intangible assets $           15,245 $             8,490 $           12,103 $           23,734 $           25,485 Average equity, as presented $         643,782 $         625,789 $         502,480 $         634,851 $         498,997 Adjustment for average goodwill and core deposit intangible assets (197,863) (200,125) (95,458) (198,984) (95,531) Average tangible equity $         445,919 $         425,664 $         407,022 $         435,867 $         403,466 Return on average equity 8.77 % 4.75 % 9.60 % 6.80 % 10.18 % Return on average tangible equity 13.71 % 8.09 % 11.96 % 10.98 % 12.70 % Adjusted Return on Average Tangible Equity: Adjusted net income (refer to the "Adjusted NetIncome" non-GAAP reconciliation table) $           15,191 $           16,047 $           11,993 $           31,238 $           24,546 Adjustment for amortization of core deposit intangible assets 1,473 1,473 139 2,946 278 Tax impact of above adjustment(1) (309) (309) (29) (619) (58) Adjusted net income, adjusted for amortization ofcore deposit intangible assets $           16,355 $           17,211 $           12,103 $           33,565 $           24,766 Adjusted return on average tangible equity 14.71 % 16.40 % 11.96 % 15.53 % 12.34 % (1) Assumed a 21% tax rate. Core Net Interest Margin (fully-taxable equivalent): For the Three Months Ended For the Six Months Ended (In thousands) June 30,2025 March 31,2025 June 30,2024 June 30,2025 June 30,2024 Net interest margin, tax equivalent, as presented 3.06 % 3.04 % 2.36 % 3.05 % 2.32 % Net accretion income on loans from purchase accounting(1) (0.30) % (0.30) % — (0.30) % — Net accretion income on investments from purchase accounting(2) (0.07) % (0.07) % — (0.07) % — Net amortization on time deposits and borrowingsfrom purchase accounting(3) 0.01 % 0.01 % — 0.01 % — Core net interest margin (fully-taxable equivalent) 2.70 % 2.68 % 2.36 % 2.69 % 2.32 % (1) Recognized $4.3 million and $8.6 million of net accretion income on loans from purchase accounting for the three and six months ended June 30, 2025, respectively, and $4.3 million for the three months ended March 31, 2025. (2) Recognized $863,000 and $1.7 million of net accretion income on investments from purchase accounting for the three and six months ended June 30, 2025, respectively, and $831,000 for the three months ended March 31, 2025. (3) Recognized $131,000 and $262,000 million of amortization expense on time deposits and borrowings from purchase accounting for the three and six months ended June 30, 2025, respectively, and $131,000 for the three months ended March 31, 2025. Tangible Book Value Per Share and Tangible Common Equity Ratio: (In thousands, except number of shares, per share data and ratios) June 30,2025 March 31,2025 June 30,2024 Tangible Book Value Per Share: Shareholders' equity, as presented $        652,148 $        640,054 $        508,286 Adjustment for goodwill and core deposit intangible assets (197,031) (200,770) (95,390) Tangible shareholders' equity $        455,117 $        439,284 $        412,896 Shares outstanding at period end 16,919,689 16,885,571 14,569,262 Book value per share $            38.54 $            37.91 $            34.89 Tangible book value per share $            26.90 $            26.02 $            28.34 Tangible Common Equity Ratio: Total assets $     6,920,044 $     6,964,785 $     5,724,380 Adjustment for goodwill and core deposit intangible assets (197,031) (200,770) (95,390) Tangible assets $     6,723,013 $     6,764,015 $     5,628,990 Common equity ratio 9.42 % 9.19 % 8.88 % Tangible common equity ratio 6.77 % 6.49 % 7.34 % SOURCE Camden National Corporation WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Related News