image1.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 Second Quarter 2025 Earnings
Net Income of $14.1 Million and Diluted EPS of $0.83 for the Second Quarter


CAMDEN, Maine, July 29, 2025/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:

Live dial-in (Domestic): (833) 470-1428
Live dial-in (All other locations): (929) 526-1599
Participant access code: 118700
Live webcast: https://events.q4inc.com/attendee/238427677

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 assets6,920,044 6,964,785 5,724,380 6,920,044 5,724,380 
Deposits5,514,712 5,597,478 4,514,020 5,514,712 4,514,020 
Shareholders' equity652,148 640,054 508,286 652,148 508,286 
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 assets0.82 %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 equity8.77 %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 ratio60.37 %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 loans1.08 %0.96 %0.86 %1.08 %0.86 %
Non-performing loans to total loans0.37 %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 loans0.02 %0.08 %0.04 %0.05 %0.03 %
Capital Ratios
Common equity ratio9.42 %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 ratio8.74 %8.58 %9.64 %8.74 %9.64 %
Total risk-based capital ratio13.35 %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
% Change Jun 2025 vs. Mar 2025
% Change Jun 2025 vs. Jun 2024
ASSETS   
Cash, cash equivalents and restricted cash$113,815 $219,414 $105,560 (48)%8 %
Investments:   
Trading securities5,326 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 investments26,879 26,284 17,105 2 %57 %
Total investments1,401,720 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 estate2,089,977 2,067,098 1,697,979 1 %23 %
Commercial506,883 487,409 409,682 4 %24 %
Residential real estate2,018,332 2,028,062 1,768,357 — %14 %
Consumer and home equity316,177 302,517 263,343 5 %20 %
Total loans4,931,369 4,885,086 4,139,361 1 %19 %
      Less: allowance for credit losses on loans(53,022)(46,723)(35,412)13 %50 %
       Net loans4,878,347 4,838,363 4,103,949 1 %19 %
Goodwill and core deposit intangible assets197,031 200,770 95,390 (2)%107 %
Other assets306,564 311,223 269,962 (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 checking1,663,335 1,714,944 1,465,560 (3)%13 %
Savings and money market1,823,275 1,828,332 1,399,464 — %30 %
Certificates of deposit698,185 703,873 576,563 (1)%21 %
Brokered deposits211,837 217,681 150,828 (3)%40 %
Total deposits5,514,712 5,597,478 4,514,020 (1)%22 %
Short-term borrowings599,367 567,436 552,606 6 %8 %
Junior subordinated debentures61,365 61,290 44,331 — %38 %
Accrued interest and other liabilities92,452 98,527 105,137 (6)%(12)%
Total liabilities6,267,896 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 earnings515,662 508,720 493,974 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 tax6,045 6,953 9,327 (13)%(35)%
Net unrecognized loss on postretirement plans, net of tax400 405 (250)(1)%(260)%
Total accumulated other comprehensive loss(77,879)(82,255)(101,231)(5)%(23)%
Total shareholders’ equity652,148 640,054 508,286 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
% Change Jun 2025 vs. Jun 2024
Interest Income
Interest and fees on loans$67,477 $66,549 $53,422 1 %26 %
Taxable interest on investments10,257 9,772 6,807 5 %51 %
Nontaxable interest on investments455 468 461 (3)%(1)%
Dividend income493 520 521 (5)%(5)%
Other interest income641 1,086 951 (41)%(33)%
Total interest income79,323 78,395 62,162 1 %28 %
Interest Expense
Interest on deposits24,594 24,621 24,169 — %2 %
Interest on borrowings4,620 4,018 5,285 15 %(13)%
Interest on junior subordinated debentures900 898 524 — %72 %
Total interest expense30,114 29,537 29,978 2 %— %
Net interest income49,209 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 income3,646 3,233 3,069 13 %19 %
Service charges on deposit accounts2,405 2,318 2,113 4 %14 %
Income from fiduciary services1,981 1,838 1,870 8 %6 %
Brokerage and insurance commissions1,794 1,697 1,441 6 %24 %
Bank-owned life insurance1,003 660 694 52 %45 %
Mortgage banking income, net1,060 508 516 109 %105 %
Other income1,178 942 942 25 %25 %
Total non-interest income13,067 11,196 10,645 17 %23 %
Non-Interest Expense
Salaries and employee benefits19,392 20,243 15,601 (4)%24 %
Furniture, equipment and data processing4,294 4,731 3,497 (9)%23 %
Net occupancy costs2,693 3,033 1,981 (11)%36 %
Debit card expense1,725 1,690 1,311 2 %32 %
Amortization of core deposit intangible assets1,473 1,473 139 — %N.M.
Merger and acquisition costs
1,405 7,525 — (81)%N.M.
Consulting and professional fees1,310 1,498 1,149 (13)%14 %
Regulatory assessments1,127 986 813 14 %39 %
Other real estate owned and collection costs, net
91 90 47 1 %94 %
Other expenses4,086 3,182 2,772 28 %47 %
Total non-interest expense37,596 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 %
N.M. = Not meaningful














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 investments20,029 13,834 45 %
Nontaxable interest on investments923 926 — %
Dividend income1,013 833 22 %
Other interest income1,727 1,621 7 %
Total interest income157,718 122,345 29 %
Interest Expense
Interest on deposits49,215 47,347 4 %
Interest on borrowings8,638 10,483 (18)%
Interest on junior subordinated debentures1,798 1,058 70 %
Total interest expense59,651 58,888 1 %
Net interest income98,067 63,457 55 %
Provision (credit) for credit losses16,349 (1,452)N.M.
Net interest income after provision (credit) for credit losses81,718 64,909 26 %
Non-Interest Income
Debit card income6,879 5,935 16 %
Service charges on deposit accounts4,723 4,140 14 %
Income from fiduciary services3,819 3,619 6 %
Brokerage and insurance commissions3,491 2,680 30 %
Bank-owned life insurance1,663 1,377 21 %
Mortgage banking income, net1,568 1,324 18 %
Other income2,120 1,892 12 %
Total non-interest income24,263 20,967 16 %
Non-Interest Expense
Salaries and employee benefits39,635 31,555 26 %
Furniture, equipment and data processing9,025 7,126 27 %
Merger and acquisition costs
8,930 — N.M.
Net occupancy costs5,726 4,051 41 %
Debit card expense3,415 2,575 33 %
Amortization of core deposit intangible assets2,946 278 N.M.
Consulting and professional fees2,808 2,009 40 %
Regulatory assessments2,113 1,670 27 %
Other real estate owned and collection costs, net
181 57 218 %
Other expenses7,268 5,351 36 %
Total non-interest expense82,047 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)%
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,
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 banks and other interest-earning assets$43,530 $84,211 $50,266 4.47 %4.44 %6.06 %
Investments - taxable1,396,669 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 estate2,076,129 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 estate2,037,852 2,034,024 1,772,707 4.84 %4.71 %4.48 %
Consumer and home equity308,938 303,147 260,384 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 assets6,414,607 6,424,810 5,413,211 4.94 %4.91 %4.58 %
Other assets471,188 477,556 323,065 
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 checking1,636,620 1,703,056 1,479,201 1.84 %1.85 %2.52 %
Savings959,987 894,803 624,034 1.20 %0.98 %0.52 %
Money market848,604 918,637 760,844 2.66 %2.63 %3.41 %
Certificates of deposit703,091 706,851 583,282 3.57 %3.72 %3.90 %
Total deposits5,251,327 5,330,745 4,349,135 1.70 %1.70 %2.05 %
Borrowings:
Brokered deposits207,672 196,510 150,799 4.53 %4.62 %5.28 %
Customer repurchase agreements234,491 236,437 185,729 1.31 %1.29 %1.81 %
Junior subordinated debentures61,325 61,282 44,331 5.88 %5.94 %4.75 %
Other borrowings398,408 348,402 401,144 3.88 %3.80 %4.46 %
Total borrowings901,896 842,631 782,003 3.50 %3.44 %4.00 %
Total funding liabilities6,153,223 6,173,376 5,131,138 1.96 %1.94 %2.35 %
Other liabilities88,790 103,201 102,658 
Shareholders' equity643,782 625,789 502,480 
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 - taxable1,386,239 1,175,320 3.08 %2.56 %
Investments - nontaxable(1)
61,766 62,090 3.78 %3.78 %
Loans(2):
Commercial real estate2,070,874 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 estate2,035,954 1,772,892 4.78 %4.45 %
Consumer and home equity306,062 258,844 7.38 %7.91 %
     Total loans 4,907,844 4,127,931 5.47 %5.07 %
Total interest-earning assets6,419,820 5,412,717 4.92 %4.51 %
Other assets474,347 314,411 
Total assets$6,894,167 $5,727,128 
Liabilities & Shareholders' Equity
Deposits:
Non-interest checking$1,105,239 $917,547 — %— %
Interest checking1,669,786 1,484,693 1.84 %2.53 %
Savings927,622 611,913 1.09 %0.37 %
Money market883,374 762,715 2.65 %3.35 %
Certificates of deposit704,952 583,044 3.65 %3.84 %
Total deposits5,290,973 4,359,912 1.70 %2.01 %
Borrowings:
Brokered deposits202,339 142,092 4.57 %5.29 %
Customer repurchase agreements235,479 184,108 1.30 %1.71 %
Junior subordinated debentures61,304 44,331 5.91 %4.80 %
Other borrowings373,277 401,413 3.85 %4.47 %
Total borrowings872,399 771,944 3.47 %3.98 %
Total funding liabilities6,163,372 5,131,856 1.95 %2.31 %
Other liabilities95,944 96,275 
Shareholders' equity634,851 498,997 
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
Northway Acquisition Purchase Accounting(1)
Six Months Ended
June 30, 2025
Organic Growth
Loans:
Commercial real estate$2,089,977 $1,711,964 $360,272 $17,741 1 %
Commercial506,883 382,785 106,487 17,611 5 %
Residential real estate2,018,332 1,752,249 273,349 (7,266)— %
Consumer and home equity316,177 268,261 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 checking1,663,335 1,483,589 315,891 (136,145)(9)%
Savings and money market1,823,275 1,511,589 285,889 25,797 2 %
Certificates of deposit698,185 532,424 172,573 (6,812)(1)%
Brokered deposits211,837 179,994 — 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 estate145 271 559 130 79 
Commercial13,514 1,803 1,927 2,057 4,409 
Consumer and home equity840 855 452 666 810 
Total non-accrual loans18,177 7,251 4,829 5,350 7,795 
Accruing loans past due 90 days
— — — — — 
Total non-performing loans18,177 7,251 4,829 5,350 7,795 
Other real estate owned72 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 estate1,120 380 689 239 678 
Commercial884 767 393 578 539 
Consumer and home equity591 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 estate4 4 — — — 
Commercial real estate191 191 — — — 
Commercial1,245 896 1,784 1,157 763 
Consumer and home equity105 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-offs1,246 949 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 loans0.37 %0.15 %0.12 %0.13 %0.19 %
Non-performing assets to total assets0.26 %0.11 %0.08 %0.09 %0.14 %
ACL on loans to total loans1.08 %0.96 %0.87 %0.86 %0.86 %
Net charge-offs to average loans (annualized):
Quarter-to-date0.02 %0.08 %0.04 %0.03 %0.04 %
Year-to-date0.05 %0.08 %0.03 %0.03 %0.03 %
ACL on loans to non-performing loans291.70 %644.37 %553.07 %506.28 %367.31 %
Loans 30-89 days past due to total loans0.08 %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 costs1,405 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 costs0.08 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 presented0.82 %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 costs0.09 %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 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 Return on Average Equity:
Return on average equity, as presented8.77 %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 costs0.88 %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 costs1,405 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 presented13,067 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 ratio60.37 %74.02 %63.77 %67.07 %64.76 %
Non-GAAP efficiency ratio55.47 %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 assets1,473 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 equity8.77 %4.75 %9.60 %6.80 %10.18 %
Return on average tangible equity13.71 %8.09 %11.96 %10.98 %12.70 %
Adjusted Return on Average Tangible Equity:
Adjusted net income (refer to the "Adjusted Net Income" non-GAAP reconciliation table)
$15,191 $16,047 $11,993 $31,238 $24,546 
Adjustment for amortization of core deposit intangible assets1,473 1,473 139 2,946 278 
Tax impact of above adjustment(1)
(309)(309)(29)(619)(58)
Adjusted net income, adjusted for amortization of core 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 borrowings from 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 end16,919,689 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 ratio9.42 %9.19 %8.88 %
Tangible common equity ratio6.77 %6.49 %7.34 %