FT Markets Data
Camden National Corp

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

CAMDEN, Maine , Jan. 27, 2026 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; "Camden National" or the "Company") today reported earnings for the quarter ended December 31, 2025, of $22.6 million and diluted earnings per share ("EPS") of $1.33, both increases of 6%, when compared to the third quarter of 2025. For the quarter ended December 31, 2025, the Company reported a return on average assets of 1.28%, a return on average equity of 13.01%, and a return on average tangible equity (non-GAAP) of 19.06%.

"We are delighted to report record-breaking quarterly performance, powered by strong execution of our strategic initiatives and continued expansion of our net interest margin, reaching 3.29% for the fourth quarter," said Simon Griffiths, president and chief executive officer of Camden National Corporation. "Our balance sheet remains exceptionally strong and credit metrics continue to trend favorably. I extend my sincere thanks to our colleagues, whose dedication to our customers and communities has positioned us for an outstanding 2026 and an even brighter future. We are more confident than ever in our strategy to build the premier community bank in Northern New England, and our strong 2025 financial results provide a powerful foundation for the growth and opportunities ahead."

For the year ended December 31, 2025, the Company reported net income of $65.2 million and diluted EPS of $3.84, increases of 23% and 6%, respectively, over the year ended December 31, 2024. On a non-GAAP basis, adjusted net income for the year ended December 31, 2025, was $74.4 million and adjusted diluted EPS was $4.39, increases of 39% and 20%, respectively, over the year ended December 31, 2024.

HIGHLIGHTS

  • Net income totaled $22.6 million for the fourth quarter of 2025, an increase of 6% over the third quarter of 2025, and, on a non-GAAP basis, pre-tax, pre-provision income increased 6% over the same period to $31.2 million for the fourth quarter of 2025.
  • Net interest margin for the fourth quarter of 2025 increased 13 basis points over the third quarter of 2025 to 3.29%, and core net interest margin increased 10 basis points over the same period to 2.92%.
  • GAAP efficiency ratio for the fourth quarter of 2025 was 54.16%, while the non-GAAP efficiency ratio was 51.69%, reflecting our strong revenue momentum and our continued disciplined expense management.
  • Book value per share increased 3% from September 30, 2025 to $41.16 as of December 31, 2025, and tangible book value per share (non-GAAP) increased 4% during the same period to $29.69 at year-end.
  • On January 8, 2026, the Company announced a new share repurchase program for up to 850,000 shares of the Company's common stock, or approximately 5% of its outstanding stock as of December 31, 2025.

FINANCIAL OPERATING RESULTS (Q4 2025 vs. Q3 2025)

Net interest income for the fourth quarter of 2025 increased 5% over the third quarter of 2025 to $53.9 million. The increase was driven by a 13 basis point expansion in net interest margin to 3.29% for the fourth quarter. This notable margin improvement was fueled by an 11 basis point reduction in the Company's funding costs during the quarter.

Provision expense totaled $3.0 million for each of the third and fourth quarters of 2025. The provision expense for the fourth quarter of 2025 was primarily attributable to net charge-offs of $3.2 million for the quarter, driven by a $3.0 million charge-off due to the short sale of a large commercial real estate loan that had been designated as a classified asset for nearly two years. During the fourth quarter of 2025, we were presented with the opportunity to exit this asset. After a thorough assessment, we determined exiting the asset was the most prudent and proactive step to limit potential future exposure and further strengthen the Company's credit profile. The transaction closed late in the fourth quarter of 2025.

Non-interest income for the fourth quarter of 2025 totaled $14.1 million, remaining consistent with the third quarter of 2025. Assets under administration within our wealth and brokerage businesses grew organically by 11% during 2025, totaling $2.4 billion as of December 31, 2025. Additionally, during the fourth quarter of 2025, the Company recognized its annual Visa incentive bonus of $979,000 and higher customer loan swap fees of $366,000 on a linked-quarter basis.

Non-interest expense for the fourth quarter of 2025 totaled $36.9 million, and our GAAP and non-GAAP efficiency ratios were 54.16% and 51.69%, respectively. Non-interest expense increased $933,000 on a linked-quarter basis as we recognized certain retirement plan costs for former Northway employees, higher performance incentive accruals due to strong annual Company financial performance, higher health insurance costs, and elevated technology-related costs primarily due to the timing of annual maintenance contracts and ongoing investments in our customer-facing technology platforms.

FINANCIAL CONDITION

As of December 31, 2025 and September 30, 2025, total assets were $7.0 billion. Total assets grew 20% during 2025, primarily due to the acquisition of Northway Financial, inc. ("Northway") and its subsidiary Northway Bank, on January 2, 2025, which bolstered the Company's presence in New Hampshire.

Investments totaled $1.4 billion as of December 31, 2025, an increase of 2% since September 30, 2025. The duration of the bond investment portfolio at December 31, 2025 was 5.1 years.

As of December 31, 2025, loans totaled $5.0 billion, a 1% decrease from September 30, 2025, and for the year ended 2025, loans grew organically 2%. Commercial loan balances decreased $62.0 million during the fourth quarter, primarily due to the $35.9 million decrease in municipal loans. We continued to see strong momentum within our home equity loan portfolio, which grew 6% during the fourth quarter of 2025 and grew organically 18% for the year ended December 31, 2025. At December 31, 2025, our committed loan pipeline totaled $110.3 million, 60% higher than a year ago.

The Company's asset quality remains strong as of December 31, 2025, supported by its healthy credit metrics, including non-performing assets at 0.10% of total assets and past-due loans at 0.16% of total loans. The allowance for credit losses ("ACL") on loans was 0.91% of total loans at December 31, 2025 and September 30, 2025. The ACL on loans was 6.4 times non-performing loans at December 31, 2025, compared to 5.5 times at September 30, 2025.

Deposits totaled $5.5 billion on December 31, 2025, an increase of 2% since September 30, 2025. The growth was driven by a 3% increase in non‑maturity deposits, reflecting continued growth in our high‑yield savings product and interest checking during the fourth quarter of 2025. As of December 31, 2025, the Company's loan-to-deposit ratio was 90%, compared to 93% at September 30, 2025.

As of December 31, 2025, the Company's regulatory capital ratios exceeded all regulatory requirements, including a Common Equity Tier 1 ratio of 11.69%, a Tier 1 risk-based ratio of 13.00%, a total risk-based ratio of 13.95%, and a Tier 1 leverage ratio of 9.12%. The Company's regulatory capital ratios continue to rebuild following the Northway acquisition in the first quarter of 2025.

On December 16, 2025, the Company announced a cash dividend of $0.42 per share, representing an annualized dividend yield of 3.87%, based on the Company's closing share price of $43.38 as reported by NASDAQ on December 31, 2025, payable on January 30, 2026, to shareholders of record on January 15, 2026.

Q4 2025 CONFERENCE CALL

Camden National will host a conference call and webcast at 3:00 p.m. Eastern Time, on Tuesday, January 27, 2026, to discuss its fourth quarter 2025 financial results and outlook. Participants should dial in 10 - 15 minutes before the call begins. Information about the conference call is as follows:

Live dial-in (Domestic):


(833) 470-1428

Link for live dial-in

(All other locations):


https://www.netroadshow.com/conferencing/global-numbers?confId=93678

Participant access code:


070467

Live webcast:


https://events.q4inc.com/attendee/950792469

A link to the live webcast will be available on Camden National's website under "About — Investor Relations" at CamdenNational.bank prior to the meeting, and a replay of the webcast will be available on Camden National's website following the conference call. The transcript of the conference call will also be available on Camden National's website approximately two days after the conference call.

ABOUT CAMDEN NATIONAL CORPORATION

Camden National Corporation (NASDAQ: CAC) is Northern New England's largest publicly traded bank holding company, with $7.0 billion in assets. Founded in 1875, Camden National Bank has 72 branches in Maine and New Hampshire, is a full-service community bank offering the latest digital banking, complemented by award-winning, personalized service. Additional information is available at CamdenNational.bank. Member FDIC. Equal Housing Lender.

Comprehensive wealth management, investment, and financial planning services are delivered by Camden National Wealth Management.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including certain plans, expectations, goals, projections, and other statements, which are subject to numerous risks, assumptions, and uncertainties. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could," or "may." Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures; inflation; ongoing competition in labor markets and employee turnover; deterioration in the value of Camden National's investment securities; changes in consumer spending and savings habits; changes in the interest rate environment; changes in general economic conditions, including as a result of tariffs and retaliatory tariffs; operational risks including, but not limited to, cybersecurity, fraud, pandemics and natural disasters; legislative and regulatory changes that adversely affect the business in which Camden National is engaged; turmoil and volatility in the financial services industry, including failures or rumors of failures of other depository institutions which could affect Camden National's ability to attract and retain depositors, and could affect the ability of financial services providers, including the Company, to borrow or raise capital; actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions; changes to regulatory capital requirements; changes in the securities markets and other risks and uncertainties disclosed from time to time in Camden National's Annual Report on Form 10-K for the year ended December 31, 2024, as updated by other filings with the Securities and Exchange Commission ("SEC"). Further, statements regarding the potential effects of notable and global current events on the Company's business, financial condition, liquidity and results of operations may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond the Company's control. Statements relating to the Company's acquisition of Northway may also be forward-looking statements. Factors that could cause actual results to differ materially from the forward-looking statements include the reaction to the transaction of the Company's customers, employees and counterparties; customer disintermediation; expected synergies, cost savings and other financial benefits of the transaction might not be realized within the expected timeframes or might be less than projected; and credit and interest rate risks associated with Camden's and Northway's respective businesses, customers, borrowings, repayment, investment and deposit practices. Camden National does not have any obligation to update forward-looking statements.

USE OF NON-GAAP MEASURES

In addition to evaluating the Company's results of operations in accordance with generally accepted accounting principles in the United States ("GAAP"), management supplements this evaluation with certain non-GAAP financial measures such as: adjusted net income; adjusted diluted earnings per share; adjusted return on average assets; adjusted return on average equity; pre-tax, pre-provision income; adjusted pre-tax, pre-provision income; return on average tangible equity and adjusted return on average tangible equity; the efficiency and tangible common equity ratios; core net interest margin; and tangible book value per share. Management utilizes these non-GAAP financial measures for purposes of measuring our performance against our peer group and other financial institutions and analyzing our internal performance. We also believe these non-GAAP financial measures help investors better understand the Company's operating performance and trends and allow for better performance comparisons to other financial institutions. In addition, these non-GAAP financial measures remove the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for GAAP operating results, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other financial institutions. Reconciliations to the comparable GAAP financial measures can be found in this document.

ANNUALIZED DATA

Certain returns, yields and performance ratios are presented on an "annualized" basis. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts. Annualized data may not be indicative of any four-quarter period and is presented for illustrative purposes only.

Selected Financial Data

(unaudited)




At or For The

Three Months Ended


At or For The

Year Ended

(In thousands, except number of shares and per share data)


December 31,
2025


September 30,
2025


December 31,
2024


December 31,
2025


December 31,
2024

Financial Condition Data











Loans


$    4,965,138


$    5,002,927


$    4,115,259


$    4,965,138


$    4,115,259

Total assets


6,974,584


6,981,522


5,805,138


6,974,584


5,805,138

Deposits


5,537,781


5,402,758


4,633,167


5,537,781


4,633,167

Shareholders' equity


696,558


676,444


531,231


696,558


531,231

Operating Data and Per Share Data











Net income


$         22,559


$         21,194


$         14,666


$         65,160


$         53,004

Pre-tax, pre-provision income (non-GAAP)(1)


31,192


29,470


19,211


100,945


65,056

Diluted EPS


1.33


1.25


1.00


3.84


3.62

Profitability Ratios











Return on average assets


1.28 %


1.21 %


1.01 %


0.94 %


0.92 %

Return on average equity


13.01 %


12.75 %


10.99 %


9.96 %


10.36 %

Return on average tangible equity (non-GAAP)(1)


19.06 %


19.12 %


13.50 %


15.24 %


12.83 %

GAAP efficiency ratio


54.16 %


54.94 %


59.62 %


60.53 %


63.24 %

Efficiency ratio (non-GAAP)(1)


51.69 %


52.47 %


58.22 %


54.46 %


62.05 %

Net interest margin (fully-taxable equivalent)


3.29 %


3.16 %


2.57 %


3.17 %


2.46 %

Asset Quality Ratios











ACL on loans to total loans


0.91 %


0.91 %


0.87 %


0.91 %


0.87 %

Non-performing loans to total loans


0.14 %


0.17 %


0.12 %


0.14 %


0.12 %

Capital Ratios











Common equity ratio


9.99 %


9.69 %


9.15 %


9.99 %


9.15 %

Tangible common equity ratio (non-GAAP)(1)


7.41 %


7.09 %


7.64 %


7.41 %


7.64 %

Book value per share


$           41.16


$           39.97


$           36.44


$           41.16


$           36.44

Tangible book value per share (non-GAAP)(1)


$           29.69


$           28.42


$           29.91


$           29.69


$           29.91

Tier 1 leverage capital ratio


9.12 %


8.94 %


9.90 %


9.12 %


9.90 %

Total risk-based capital ratio


13.95 %


13.47 %


15.11 %


13.95 %


15.11 %



(1)

This is a non-GAAP measure, please see "Reconciliation of non-GAAP to GAAP Financial Measures (unaudited)."

 

Consolidated Statements of Condition Data

(unaudited)

 

(In thousands)


December 31,
2025


September 30,
2025


December 31,
2024


% Change
Dec 2025
vs. Sep
2025


% Change
Dec 2025
vs. Dec
2024

ASSETS











Cash, cash equivalents and restricted cash


$            97,492


$            98,848


$          214,963


(1) %


(55) %

Investments:











Trading securities


5,747


5,581


5,243


3 %


10 %

Available-for-sale securities, at fair value


930,401


889,765


593,749


5 %


57 %

Held-to-maturity securities, at amortized cost


485,292


495,007


517,778


(2) %


(6) %

Other investments


26,497


31,185


22,514


(15) %


18 %

 Total investments


1,447,937


1,421,538


1,139,284


2 %


27 %

Loans held for sale, at fair value


15,040


9,775


11,049


54 %


36 %

Loans:











Commercial real estate


2,185,105


2,173,748


1,711,964


1 %


28 %

Commercial


417,439


479,461


382,785


(13) %


9 %

Residential real estate


2,012,922


2,017,675


1,752,249


— %


15 %

Home equity


332,256


313,951


253,251


6 %


31 %

Consumer


17,416


18,092


15,010


(4) %


16 %

 Total loans


4,965,138


5,002,927


4,115,259


(1) %


21 %

      Less: allowance for credit losses on loans


(45,276)


(45,501)


(35,728)


— %


27 %

        Net loans


4,919,862


4,957,426


4,079,531


(1) %


21 %

Goodwill and core deposit intangible assets 


194,085


195,558


95,112


(1) %


104 %

Other assets


300,168


298,377


265,199


1 %


13 %

Total assets


$       6,974,584


$       6,981,522


$       5,805,138


— %


20 %

LIABILITIES AND SHAREHOLDERS' EQUITY











Liabilities











Deposits:











Non-interest checking


$       1,113,450


$       1,162,149


$          925,571


(4) %


20 %

Interest checking


1,703,971


1,535,482


1,483,589


11 %


15 %

Savings and money market


1,910,708


1,879,770


1,511,589


2 %


26 %

Certificates of deposit


679,087


701,031


532,424


(3) %


28 %

Brokered deposits


130,565


124,326


179,994


5 %


(27) %

 Total deposits


5,537,781


5,402,758


4,633,167


2 %


20 %

Short-term borrowings


581,780


748,492


500,621


(22) %


16 %

Long-term borrowings


1,000


1,000


—


— %


N.M.

Junior subordinated debentures


61,515


61,441


44,331


— %


39 %

Accrued interest and other liabilities


95,950


91,387


95,788


5 %


— %

Total liabilities


6,278,026


6,305,078


5,273,907


— %


19 %

Commitments and Contingencies











Shareholders' Equity











Common stock, no par value


215,797


215,145


116,425


— %


85 %

Retained earnings


545,149


529,721


509,452


3 %


7 %

Accumulated other comprehensive loss:











Net unrealized loss on debt securities, net of tax


(70,405)


(74,348)


(104,015)


(5) %


(32) %

Net unrealized gain on cash flow hedging derivative instruments, net of tax


5,478


5,532


8,958


(1) %


(39) %

Net unrecognized gain on postretirement plans, net of tax


539


394


411


37 %


31 %

Total accumulated other comprehensive loss


(64,388)


(68,422)


(94,646)


(6) %


(32) %

Total Shareholders' equity


696,558


676,444


531,231


3 %


31 %

Total liabilities and shareholders' equity


$       6,974,584


$       6,981,522


$       5,805,138


— %


20 %


N.M. = Not meaningful

 

Consolidated Statements of Income Data

(unaudited)

 



For the

Three Months Ended


% Change Dec
2025 vs. Sep
2025


% Change Dec
2025 vs. Dec
2024

(In thousands, except per share data)


December 31,
2025


September 30,
2025


December 31,
2024



Interest Income











Interest and fees on loans


$           70,032


$           69,070


$           54,035


1 %


30 %

Taxable interest on investments


10,489


10,314


6,925


2 %


51 %

Nontaxable interest on investments


455


456


461


— %


(1) %

Dividend income


457


470


408


(3) %


12 %

Other interest income


610


584


1,662


4 %


(63) %

Total interest income


82,043


80,894


63,491


1 %


29 %

Interest Expense











Interest on deposits


23,353


24,719


23,408


(6) %


— %

Interest on borrowings


3,867


4,039


4,134


(4) %


(6) %

Interest on junior subordinated debentures


905


864


540


5 %


68 %

Total interest expense


28,125


29,622


28,082


(5) %


— %

Net interest income


53,918


51,272


35,409


5 %


52 %

Provision for credit losses


2,969


2,972


809


— %


267 %

Net interest income after provision for credit losses


50,949


48,300


34,600


5 %


47 %

Non-Interest Income











Debit card income


4,689


3,704


3,553


27 %


32 %

Service charges on deposit accounts


2,558


2,570


2,136


— %


20 %

Income from fiduciary services


1,927


1,884


1,834


2 %


5 %

Brokerage and insurance commissions


1,674


1,850


1,441


(10) %


16 %

Mortgage banking income, net


863


1,092


933


(21) %


(8) %

Bank-owned life insurance


820


957


720


(14) %


14 %

Other income


1,603


2,068


1,549


(22) %


3 %

Total non-interest income


14,134


14,125


12,166


— %


16 %

Non-Interest Expense











Salaries and employee benefits


20,077


20,089


15,973


— %


26 %

Furniture, equipment and data processing


4,571


4,173


3,660


10 %


25 %

Net occupancy costs


2,795


2,666


1,971


5 %


42 %

Debit card expense


1,653


1,745


1,344


(5) %


23 %

Amortization of core deposit intangible assets


1,474


1,473


139


— %


N.M.

Regulatory assessments


1,146


1,020


804


12 %


43 %

Consulting and professional fees


999


810


786


23 %


27 %

Other real estate owned and collection costs, net


43


46


50


(7) %


(14) %

Merger and acquisition costs


41


315


432


(87) %


(91) %

Other expenses


4,061


3,590


3,205


13 %


27 %

Total non-interest expense


36,860


35,927


28,364


3 %


30 %

Income before income tax expense


28,223


26,498


18,402


7 %


53 %

Income Tax Expense


5,664


5,304


3,736


7 %


52 %

Net Income


$           22,559


$           21,194


$           14,666


6 %


54 %

Per Share Data











Basic earnings per share


$               1.34


$               1.25


$               1.01


7 %


33 %

Diluted earnings per share


$               1.33


$               1.25


$               1.00


6 %


33 %


N.M. = Not meaningful

 

Consolidated Statements of Income Data

(unaudited)

 



For the

Year Ended


% Change Dec
2025 vs. Dec
2024

(In thousands, except per share data)


December 31,
2025


December 31,
2024


Interest Income







Interest and fees on loans


$          273,128


$          214,650


27 %

Taxable interest on investments


40,832


27,381


49 %

Nontaxable interest on investments


1,834


1,849


(1) %

Dividend income


1,940


1,630


19 %

Other interest income


2,921


4,047


(28) %

Total interest income


320,655


249,557


28 %

Interest Expense







Interest on deposits


97,287


95,806


2 %

Interest on borrowings


16,544


19,166


(14) %

Interest on junior subordinated debentures


3,567


2,132


67 %

Total interest expense


117,398


117,104


— %

Net interest income


203,257


132,453


53 %

Provision (credit) for credit losses


22,290


(404)


N.M.

Net interest income after provision (credit) for credit losses


180,967


132,857


36 %

Non-Interest Income







Debit card income


15,272


12,657


21 %

Service charges on deposit accounts


9,851


8,444


17 %

Income from fiduciary services


7,630


7,270


5 %

Brokerage and insurance commissions


7,015


5,535


27 %

Mortgage banking income, net


3,523


3,230


9 %

Bank-owned life insurance


3,440


2,806


23 %

Other income


5,791


4,597


26 %

Total non-interest income


52,522


44,539


18 %

Non-Interest Expense







Salaries and employee benefits


79,801


64,073


25 %

Furniture, equipment and data processing


17,769


14,364


24 %

Net occupancy costs


11,187


7,912


41 %

Merger and acquisition costs


9,286


1,159


N.M.

Debit card expense


6,813


5,287


29 %

Amortization of core deposit intangible assets


5,893


556


N.M.

Consulting and professional fees


4,617


3,583


29 %

Regulatory assessments


4,279


3,258


31 %

Other real estate owned and collection costs, net


270


201


34 %

Other expenses


14,919


11,543


29 %

Total non-interest expense


154,834


111,936


38 %

Income before income tax expense


78,655


65,460


20 %

Income Tax Expense


13,495


12,456


8 %

Net Income


$            65,160


$            53,004


23 %

Per Share Data







Basic earnings per share


$                3.86


$                3.63


6 %

Diluted earnings per share


$                3.84


$                3.62


6 %


N.M. = Not meaningful

 

Quarterly Average Balance and Yield/Rate Analysis

(unaudited)




Average Balance


Yield/Rate



For the Three Months Ended


For the Three Months Ended

(Dollars in thousands)


December 31,
2025


September 30,
2025


December 31,
2024


December 31,
2025


September 30,
2025


December 31,
2024

Assets













Interest-earning assets:













Interest-bearing deposits in other banks
and other interest-earning assets


$          42,711


$           38,170


$        130,405


4.20 %


4.45 %


4.49 %

Investments - taxable


1,393,828


1,380,042


1,150,351


3.18 %


3.17 %


2.61 %

Investments - nontaxable(1)


61,184


61,114


61,929


3.77 %


3.77 %


3.77 %

Loans(2):













 Commercial real estate


2,182,891


2,123,138


1,707,914


5.79 %


5.72 %


5.36 %

 Commercial(1)


371,987


398,870


359,954


6.36 %


6.26 %


6.29 %

 Municipal(1)


93,664


97,113


15,237


4.65 %


4.76 %


5.30 %

 Residential real estate


2,031,695


2,033,136


1,766,143


4.87 %


4.86 %


4.45 %

 Home equity


322,941


305,037


250,184


6.78 %


7.12 %


7.42 %

 Consumer


18,015


18,716


16,881


12.25 %


11.59 %


8.89 %

Total loans 


5,021,193


4,976,010


4,116,313


5.52 %


5.50 %


5.19 %

Total interest-earning assets


6,518,916


6,455,336


5,458,998


5.00 %


4.98 %


4.61 %

Other assets


479,563


469,590


315,181







Total assets


$     6,998,479


$      6,924,926


$     5,774,179




















Liabilities & Shareholders' Equity













Deposits:













Non-interest checking


$     1,174,537


$      1,163,310


$        948,015


— %


— %


— %

Interest checking


1,674,762


1,622,869


1,449,281


1.73 %


1.82 %


2.29 %

Savings


1,059,967


1,011,847


726,179


1.36 %


1.34 %


1.06 %

Money market


832,435


842,043


779,893


2.46 %


2.69 %


3.09 %

Certificates of deposit


690,278


698,948


537,922


3.38 %


3.50 %


3.67 %

 Total deposits


5,431,979


5,339,017


4,441,290


1.61 %


1.69 %


1.91 %

Borrowings:













Brokered deposits


127,995


176,508


170,638


4.21 %


4.51 %


4.93 %

Customer repurchase agreements


264,926


246,775


182,017


1.05 %


1.18 %


1.58 %

Junior subordinated debentures


61,479


61,404


44,331


5.84 %


5.58 %


4.84 %

Other borrowings


338,290


354,099


325,000


3.71 %


3.70 %


4.17 %

 Total borrowings


792,690


838,786


721,986


3.07 %


3.27 %


3.74 %

Total funding liabilities


6,224,669


6,177,803


5,163,276


1.79 %


1.90 %


2.16 %

Other liabilities


85,874


87,495


80,144







Shareholders' equity


687,936


659,628


530,759







Total liabilities & shareholders' equity


$     6,998,479


$      6,924,926


$     5,774,179







Net interest rate spread (fully-taxable equivalent)


3.21 %


3.08 %


2.45 %

Net interest margin (fully-taxable equivalent)


3.29 %


3.16 %


2.57 %

Core net interest margin (fully-taxable equivalent)(3)


2.92 %


2.82 %


2.57 %



(1)

Reported on tax-equivalent basis calculated using the federal corporate income tax rate of 21%, including certain commercial loans.

(2)

Non-accrual loans and loans held for sale are included in total average loans.

(3)

This is a non-GAAP measure. Please see "Reconciliation of non-GAAP to GAAP Financial Measures (unaudited)."

 

Year-to-Date Average Balance and Yield/Rate Analysis

(unaudited)




Average Balance


Yield/Rate



For the Year Ended


For the Year Ended

(Dollars in thousands)


December 31,
2025


December 31,
2024


December 31,
2025


December 31,
2024

Assets









Interest-earning assets:









Interest-bearing deposits in other banks and other interest-earning assets


$           52,109


$           68,633


4.45 %


4.86 %

Investments - taxable


1,386,590


1,159,910


3.13 %


2.56 %

Investments - nontaxable(1)


61,455


61,992


3.78 %


3.78 %

Loans(2):









 Commercial real estate


2,112,281


1,699,655


5.81 %


5.29 %

 Commercial(1)


396,783


378,257


6.38 %


6.44 %

 Municipal(1)


91,044


15,859


5.06 %


4.94 %

 Residential real estate


2,034,170


1,773,149


4.82 %


4.47 %

 Home equity


300,630


244,332


7.02 %


7.74 %

 Consumer


18,687


17,919


11.70 %


9.00 %

Total loans 


4,953,595


4,129,171


5.53 %


5.20 %

Total interest-earning assets


6,453,749


5,419,706


4.99 %


4.62 %

Other assets


474,464


315,335





Total assets


$      6,928,213


$      5,735,041














Liabilities & Shareholders' Equity









Deposits:









Non-interest checking


$      1,137,343


$         929,443


— %


— %

Interest checking


1,659,215


1,464,651


1.81 %


2.48 %

Savings


982,210


657,529


1.23 %


0.71 %

Money market


860,117


766,596


2.61 %


3.31 %

Certificates of deposit


699,740


567,182


3.54 %


3.80 %

Total deposits


5,338,625


4,385,401


1.67 %


2.00 %

Borrowings:









Brokered deposits


177,089


152,918


4.49 %


5.18 %

Customer repurchase agreements


245,748


185,299


1.20 %


1.73 %

Junior subordinated debentures


61,373


44,331


5.81 %


4.81 %

Other borrowings


359,625


365,989


3.78 %


4.36 %

Total borrowings


843,835


748,537


3.33 %


3.90 %

Total funding liabilities


6,182,460


5,133,938


1.90 %


2.28 %

Other liabilities


91,276


89,290





Shareholders' equity


654,477


511,813





Total liabilities & shareholders' equity


$      6,928,213


$      5,735,041





Net interest rate spread (fully-taxable equivalent)


3.09 %


2.34 %

Net interest margin (fully-taxable equivalent)


3.17 %


2.46 %

Core net interest margin (fully-taxable equivalent)(3)


2.82 %


2.46 %



(1)

Reported on tax-equivalent basis calculated using the federal corporate income tax rate of 21%, including certain commercial loans.

(2)

Non-accrual loans and loans held for sale are included in total average loans.

(3)

This is a non-GAAP measure. Please see "Reconciliation of non-GAAP to GAAP Financial Measures (unaudited)."

 

Year-to-Date Organic Loans And Deposits Growth

 (Unaudited)




(A)


(B)


(C)


(D) = (A) - (B) - (C)

(In thousands)


December 31,

2025


December 31,

2024


Northway
Acquisition
Purchase
Accounting(1)


For the Year Ended

December 31, 2025

Organic Growth (Decline)

Loans:











Commercial real estate


$       2,185,105


$       1,711,964


$          360,272


$        112,869


7 %

Commercial


417,439


382,785


106,487


(71,833)


(19) %

Residential real estate


2,012,922


1,752,249


273,349


(12,676)


(1) %

Home equity


332,256


253,251


34,304


44,701


18 %

Consumer


17,416


15,010


1,251


1,155


8 %

    Total loans


$       4,965,138


$       4,115,259


$          775,663


$          74,216


2 %

Deposits:











Non-interest checking


$       1,113,450


$          925,571


$          197,320


$           (9,441)


(1) %

Interest checking


1,703,971


1,483,589


315,891


(95,509)


(6) %

Savings and money market


1,910,708


1,511,589


285,889


113,230


7 %

Certificates of deposit


679,087


532,424


172,573


(25,910)


(5) %

Brokered deposits


130,565


179,994


—


(49,429)


(27) %

Total deposits


$       5,537,781


$       4,633,167


$          971,673


$         (67,059)


(1) %



(1)

Represents fair value of loans and deposits as of the acquisition date, January 2, 2025.

 

Asset Quality Data

(unaudited)

 

(In thousands)


At or for the

Year Ended

December 31, 2025


At or for the

Nine Months Ended

September 30, 2025


At or for the

Six Months Ended

June 30, 2025


At or for the

Three Months Ended

March 31, 2025


At or for the

Year Ended

December 31, 2024

Non-accrual loans:











Residential real estate


$              2,667


$              3,393


$              3,678


$              4,322


$              1,891

Commercial real estate


639


134


145


271


559

Commercial


3,042


4,103


13,514


1,803


1,927

Home equity


672


697


834


848


434

Consumer


3


3


6


7


18

Total non-accrual loans


7,023


8,330


18,177


7,251


4,829

Accruing loans past due 90 days


—


—


—


—


—

Total non-performing loans


7,023


8,330


18,177


7,251


4,829

Other real estate owned


—


—


72


72


—

Total non-performing assets


$              7,023


$              8,330


$            18,249


$              7,323


$              4,829

Loans 30-89 days past due:











Residential real estate


$              1,565


$                 725


$              1,519


$              1,754


$                 558

Commercial real estate


5,284


5,014


1,120


380


689

Commercial


541


1,865


884


767


393

Home equity


713


456


457


301


552

Consumer


59


37


134


139


69

Total loans 30-89 days past due


$              8,162


$              8,097


$              4,114


$              3,341


$              2,261

ACL on loans at the beginning of the period


$            35,728


$            35,728


$            35,728


$            35,728


$            36,935

ACL established on acquired PCD loans (1)


3,071


3,071


3,071


3,071


—

Provision for credit losses


22,031


19,009


15,469


8,873


53

Charge-offs:











Residential real estate


4


4


4


4


—

Commercial real estate


3,220


218


191


191


—

Commercial


12,659


12,320


1,245


896


1,784

Home equity


21


21


3


3


1

Consumer


185


152


102


26


98

Total charge-offs 


16,089


12,715


1,545


1,120


1,883

Total recoveries 


(535)


(408)


(299)


(171)


(623)

Net charge-offs


15,554


12,307


1,246


949


1,260

ACL on loans at the end of the period


$            45,276


$            45,501


$            53,022


$            46,723


$            35,728

Components of ACL:











ACL on loans


$            45,276


$            45,501


$            53,022


$            46,723


$            35,728

ACL on off-balance sheet credit exposures(2)


3,064


3,117


3,685


3,362


2,806

ACL, end of period


$            48,340


$            48,618


$            56,707


$            50,085


$            38,534

Ratios:











Non-performing loans to total loans


0.14 %


0.17 %


0.37 %


0.15 %


0.12 %

Non-performing assets to total assets


0.10 %


0.12 %


0.26 %


0.11 %


0.08 %

ACL on loans to total loans


0.91 %


0.91 %


1.08 %


0.96 %


0.87 %

Net charge-offs to average loans (annualized)











Quarter-to-date


0.26 %


0.89 %


0.02 %


0.08 %


0.04 %

Year-to-date


0.31 %


0.33 %


0.05 %


0.08 %


0.03 %

ACL on loans to non-performing loans


644.68 %


546.23 %


291.70 %


644.37 %


739.86 %

Loans 30-89 days past due to total loans


0.16 %


0.16 %


0.08 %


0.07 %


0.05 %



(1)

Purchase credit deteriorated ("PCD").

(2)

Presented within accrued interest and other liabilities on the consolidated statements of condition.

 

Reconciliation of non-GAAP to GAAP Financial Measures

 (unaudited)

 


Adjusted Net Income; Adjusted Diluted Earnings per Share; and Adjusted Return on Average Assets:



For the

Three Months Ended


For the

Year Ended

(In thousands, except number of shares, per share data and ratios)


December 31,
2025


September 30,
2025


December 31,
2024


December 31,
2025


December 31,
2024

Adjusted Net Income:











Net income, as presented


$          22,559


$          21,194


$          14,666


$          65,160


$          53,004

Adjustments before taxes:











Provision for non-PCD acquired loans


—


—


—


6,294


—

Provision for acquired unfunded commitments


—


—


—


249


—

Merger and acquisition costs


41


315


432


9,286


1,159

Gain on sale of premises and equipment, net


—


(675)


—


(675)


—

Signature Bank bond recovery


—


—


—


—


(910)

Total adjustments before taxes


41


(360)


432


15,154


249

Tax impact of above adjustments, as applicable(1)


(9)


83


(12)


(3,454)


179

Adjustment for deferred tax valuation adjustment(2)


—


—


—


(2,421)


—

Adjusted net income


$          22,591


$          20,917


$          15,086


$          74,439


$          53,432












Adjusted Diluted Earnings per Share:











Diluted earnings per share, as presented


$              1.33


$              1.25


$              1.00


$              3.84


$              3.62

Adjustments before taxes:











Provision for non-PCD acquired loans


—


—


—


0.37


—

Provision for acquired unfunded commitments


—


—


—


0.01


—

Merger and acquisition costs




0.02


0.03


0.55


0.08

Gain on sale of premises and equipment, net


—


(0.04)


—


(0.04)


—

Signature Bank bond recovery


—


—


—


—


(0.06)

Total adjustments before taxes


—


(0.02)


0.03


0.89


0.02

Tax impact of above adjustments, as applicable(1)


—


—


—


(0.20)


0.01

Adjustment for deferred tax valuation adjustment(2)


—


—


—


(0.14)


—

Adjusted diluted earnings per share


$              1.33


$              1.23


$              1.03


$              4.39


$              3.65












Adjusted Return on Average Assets:











Return on average assets, as presented


1.28 %


1.21 %


1.01 %


0.94 %


0.92 %

Adjustments before taxes:











Provision for non-PCD acquired loans


— %


— %


— %


0.09 %


— %

Provision for acquired unfunded commitments


— %


— %


— %


0.01 %


— %

Merger and acquisition costs


— %


0.02 %


0.03 %


0.13 %


0.02 %

Gain on sale of premises and equipment, net


— %


(0.04) %


— %


(0.01) %


— %

Signature Bank bond recovery


— %


— %


— %


— %


(0.02) %

Total adjustments before taxes


— %


(0.02) %


0.03 %


0.22 %


— %

Tax impact of above adjustments, as applicable(1)


— %


— %


— %


(0.05) %


— %

Adjustment for deferred tax valuation adjustment(2)


— %


— %


— %


(0.04) %


— %

Adjusted return on average assets


1.28 %


1.19 %


1.04 %


1.07 %


0.92 %



(1)

Calculated using an estimated combined marginal income tax rate of 23% and 21% for periods ended in 2025 and 2024, respectively. 

(2)

A one-time deferred tax valuation adjustment of $2.4 million resulted from a change in the apportionment of state income taxes due to the Northway merger.

 

Adjusted Return on Average Equity:



For the

Three Months Ended


For the

Year Ended

(In thousands, except number of shares, per share data and ratios)


December 31,
2025


September 30,
2025


December 31,
2024


December 31,
2025


December 31,
2024

Adjusted Return on Average Equity:











Return on average equity, as presented


13.01 %


12.75 %


10.99 %


9.96 %


10.36 %

Adjustments before taxes:











Provision for non-PCD acquired loans


— %


— %


— %


0.96 %


— %

Provision for acquired unfunded commitments


— %


— %


— %


0.04 %


— %

Merger and acquisition costs


0.02 %


0.19 %


0.32 %


1.42 %


0.23 %

Gain on sale of premises and equipment, net


— %


(0.41) %


— %


(0.10) %


— %

Signature Bank bond recovery


— %


— %


— %


— %


(0.18) %

Total adjustments before taxes


0.02 %


(0.22) %


0.32 %


2.32 %


0.05 %

Tax impact of above adjustments, as applicable(1)


— %


0.05 %


(0.01) %


(0.53) %


0.04 %

Adjustment for deferred tax valuation adjustment(2)


— %


— %


— %


(0.37) %


— %

Adjusted return on average equity


13.03 %


12.58 %


11.30 %


11.38 %


10.45 %



(1)

Calculated using an estimated combined marginal income tax rate of 23% and 21% for periods ended in 2025 and 2024, respectively.

(2)

A one-time deferred tax valuation adjustment of $2.4 million resulted from a change in the apportionment of state income taxes due to the Northway merger.

 

Pre-Tax, Pre-Provision Income and Adjusted Pre-Tax, Pre-Provision Income:



For the

Three Months Ended


For the

Year Ended

(In thousands)


December 31,
2025


September 30,
2025


December 31,
2024


December 31,
2025


December 31,
2024

Net income, as presented


$             22,559


$             21,194


$             14,666


$             65,160


$             53,004

Adjustment for provision (credit) for credit losses


2,969


2,972


809


22,290


(404)

Adjustment for income tax expense


5,664


5,304


3,736


13,495


12,456

Pre-tax, pre-provision income


31,192


29,470


19,211


100,945


65,056

Adjustment for merger and acquisition costs


41


315


432


9,286


1,159

Adjustment for gain on sale of premises and equipment, net


—


(675)


—


(675)


—

Adjusted pre-tax, pre-provision income


$             31,233


$             29,110


$             19,643


$           109,556


$             66,215

 

Efficiency Ratio:



For the

Three Months Ended


For the

Year Ended

(Dollars in thousands)


December 31,
2025


September 30,
2025


December 31,
2024


December 31,
2025


December 31,
2024

Non-interest expense, as presented


$          36,860


$          35,927


$          28,364


$        154,834


$        111,936

Adjustment for merger and acquisition costs


(41)


(315)


(432)


(9,286)


(1,159)

Adjustment for amortization of core deposit intangible assets


(1,474)


(1,473)


(139)


(5,893)


(556)

Adjusted non-interest expense


$          35,345


$          34,139


$          27,793


$        139,655


$        110,221

Net interest income, as presented


$          53,918


$          51,272


$          35,409


$        203,257


$        132,453

Adjustment for the effect of tax-exempt income(1)


331


344


162


1,314


637

Adjusted net interest income


54,249


51,616


35,571


204,571


133,090

Non-interest income, as presented


14,134


14,125


12,166


52,522


44,539

Adjustment for gain on sale of premises and equipment, net


—


(675)


—


(675)


—

Adjusted non-interest income


14,134


13,450


12,166


51,847


44,539

Adjusted net interest income plus adjusted non-interest income


$          68,383


$          65,066


$          47,737


$        256,418


$        177,629

GAAP efficiency ratio


54.16 %


54.94 %


59.62 %


60.53 %


63.24 %

Non-GAAP efficiency ratio


51.69 %


52.47 %


58.22 %


54.46 %


62.05 %



(1)

Calculated using the federal corporate income tax rate of 21%.

 

Return on Average Tangible Equity and Adjusted Return on Average Tangible Equity:



For the

Three Months Ended


For the

Year Ended

(Dollars in thousands)


December 31,
2025


September 30,
2025


December 31,
2024


December 31,
2025


December 31,
2024

Return on Average Tangible Equity:











Net income, as presented


$          22,559


$           21,194


$          14,666


$          65,160


$          53,004

Adjustment for amortization of core deposit intangible assets


1,474


1,473


139


5,893


556

Tax impact of above adjustment(1)


(339)


(339)


(29)


(1,355)


(117)

Net income, adjusted for amortization of core deposit intangible assets


$          23,694


$           22,328


$          14,776


$          69,698


$          53,443

Average equity, as presented


$        687,936


$         659,628


$        530,759


$        654,477


$        511,813

Adjustment for average goodwill and core deposit intangible assets


(194,800)


(196,279)


(95,179)


(197,247)


(95,389)

Average tangible equity


$        493,136


$         463,349


$        435,580


$        457,230


$        416,424

Return on average equity


13.01 %


12.75 %


10.99 %


9.96 %


10.36 %

Return on average tangible equity


19.06 %


19.12 %


13.50 %


15.24 %


12.83 %

Adjusted Return on Average Tangible Equity:











Adjusted net income (refer to the "Adjusted Net Income" non-GAAP reconciliation table)


$          22,591


$           20,917


$          15,086


$          74,439


$          53,432

Adjustment for amortization of core deposit intangible assets


1,474


1,473


139


5,893


556

Tax impact of above adjustment(1)


(339)


(339)


(29)


(1,355)


(117)

Adjusted net income, adjusted for amortization of core deposit intangible assets


$          23,726


$           22,051


$          15,196


$          78,977


$          53,871

Adjusted return on average tangible equity


19.09 %


18.88 %


13.88 %


17.27 %


12.94 %



(1)

Calculated using an estimated combined marginal income tax rate of 23% and 21% for periods ended in 2025 and 2024, respectively.

 

Core Net Interest Margin (fully-taxable equivalent):







For the

Three Months Ended


For the

Year Ended

(In thousands)


December 31,
2025


September 30,
2025


December 31,
2024


December 31,
2025


December 31,
2024

Net interest margin, tax equivalent, as presented


3.29 %


3.16 %


2.57 %


3.17 %


2.46 %

Net accretion income on loans from purchase accounting(1)


(0.31) %


(0.27) %


—


(0.30) %


—

Net accretion income on investments from purchase accounting(2)


(0.07) %


(0.08) %


—


(0.07) %


—

Net amortization on time deposits and borrowings from purchase accounting(3)


0.01 %


0.01 %


—


0.01 %


—

Core net interest margin (fully-taxable equivalent)


2.92 %


2.82 %


2.57 %


2.81 %


2.46 %



(1)

Recognized $4.6 million and $17.0 million of net accretion income on loans from purchase accounting for the three months and year ended December 31, 2025, respectively, and $3.8 million for the three months ended September 30, 2025.

(2)

Recognized $857,000 and $3.5 million of net accretion income on investments from purchase accounting for the three months and year ended December 31, 2025, respectively, and $937,000 for the three months ended September 30, 2025.

(3)

Recognized $131,000 and $525,000 of amortization expense on time deposits and borrowings from purchase accounting for the three  months and year ended December 31, 2025, respectively, and $132,000 for the three months ended September 30, 2025.

 

Tangible Book Value Per Share and Tangible Common Equity Ratio:



December 31,
2025


September 30,
2025


December 31,
2024

(In thousands, except number of shares and per share data)


Tangible Book Value Per Share:







Shareholders' equity, as presented


$          696,558


$          676,444


$          531,231

Adjustment for goodwill and core deposit intangible assets


(194,085)


(195,558)


(95,112)

Tangible shareholders' equity


$          502,473


$          480,886


$          436,119

Shares outstanding at period end


16,924,310


16,922,225


14,579,339

Book value per share


$              41.16


$              39.97


$              36.44

Tangible book value per share


29.69


28.42


29.91

Tangible Common Equity Ratio:

Total assets


$       6,974,584


$       6,981,522


$       5,805,138

Adjustment for goodwill and core deposit intangible assets


(194,085)


(195,558)


(95,112)

Tangible assets


$       6,780,499


$       6,785,964


$       5,710,026

Common equity ratio


9.99 %


9.69 %


9.15 %

Tangible common equity ratio


7.41 %


7.09 %


7.64 %

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/camden-national-corporation-announces-another-record-with-fourth-quarter-2025-net-income-of-22-6-million-and-diluted-eps-of-1-33--302670340.html

SOURCE Camden National Corporation