Earnings release
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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 Third Quarter 2026 Net Income Up 8% Year Over Year Strong deposit growth, credit quality and disciplined execution drive financial performance CAMDEN, Maine, October 27, 2026/PRNewswire/--Camden National Corporation (NASDAQ: CAC; “Camden National” or the “Company”) reported net income of $22.8 million and diluted earnings per share (“EPS”) of $1.34 for the quarter ended September 30, 2026, resulting in a return on average assets of 1.31%, a return on average equity of 12.36%, and a return on average tangible equity (non ‐ GAAP) of 17.47%. “Our third-quarter results demonstrate continued momentum across the franchise, with year-over-year earnings growth, meaningful deposit growth, and strong credit performance,” said Simon Griffiths, President and Chief Executive Officer of Camden National Corporation. “Strong deposit growth and continued customer acquisition improved our funding mix, reducedreliance on higher-cost borrowings, and expanded net interest margin by 15 basis points from the second quarter to 3.41%. At the same time, we maintained disciplined expense management while investing in our lending teams and future growth. With record earnings through the first nine months of the year and a stronger balance sheet, we are confident that we are well positioned to deliver sustained earnings growth and long-term shareholder value.” For the nine months ended September 30, 2026, the Company reported record net income of $67.7 million and diluted EPS of $3.98, compared to $42.6 million and $2.51, respectively, for the same period of 2025. On a non-GAAP basis, adjusted net income, which excludes acquisition-related costs and other non-recurring items incurred during the nine months ended September 30, 2025, increased 31% between periods. THIRD QUARTER 2026 HIGHLIGHTS • Net income of $22.8 million and diluted EPS of $1.34 for the third quarter of 2026 increased 8% and 7%, respectively, over the same period last year, and were each 1% lower than reported record financial results for the prior quarter. • Deposits grew 5% during the third quarter of 2026, driven by growth in core deposits (non-GAAP) of 7% since June 30, 2026.
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• Asset quality remained strong, with non-performing loans and past-due loans representing 0.16% and 0.14% of total loans, respectively, at September 30, 2026. • The GAAP efficiency ratio for the third quarter was 54.60%, and the non-GAAP efficiency ratio was 52.44%, compared to 55.42% and 53.23%, respectively, for the second quarter of 2026. • Net interest margin expanded 15 basis points during the third quarter of 2026, compared to the second quarter of 2026, to 3.41%. • Book value per share was $42.65 and tangible book value per share (non-GAAP) was $31.40 at September 30, 2026, an increase of 7% and 10%, respectively, compared to September 30, 2025. FINANCIAL OPERATING RESULTS (Q3 2026 vs. Q2 2026) Net interest income totaled $55.4 million in the third quarter of 2026, an increase of 5% from the prior quarter. Net interest margin expanded 15 basis points to 3.41%, primarily reflecting lower funding costs as 3% growth in average deposits supported a 26% reduction in average borrowings. Net fair value mark accretion income increased $224,000 to $4.2 million and contributed 31 basis points to third-quarter net interest margin. Provision expense totaled $1.9 million for the third quarter of 2026, compared with $710,000 in the prior quarter. The increase reflected macroeconomic factors that contributed to a 1-basis-point increase in the allowance for credit losses to 0.92% of totalloans at September 30, 2026, as well as higher reserves related to growth in unfunded credit commitments. Asset quality remained strong, with non-performing loans and past-due loans at 0.16% and 0.14% of total loans, respectively, as of September 30, 2026, while annualized net charge-offs remained low at 0.07% of average loans. Non-interest income for the third quarter of 2026 totaled $13.2 million, a decrease of $1.2 million, or 8%, from the prior quarter.The decrease was primarily due to lower mortgage banking and bank-owned life insurance income, driven by quarter-end fair value accounting adjustments reflecting changes in market conditions. Underlying customer activity remained solid, supportedby higher debit card income and growing assets under administration within the Company's wealth and brokerage businesses, which increased 1% to $2.6 billion during the quarter. Non-interest expense for the third quarter of 2026 totaled $37.5 million, an increase of less than 1% from the prior quarter. The Company’s GAAP and non ‐ GAAP efficiency ratios for the third quarter of 2026 were 54.60% and 52.44% compared to 55.42% and 53.23%, respectively, for the second quarter of 2026. FINANCIAL CONDITION Total assets were $7.1 billion at September 30, 2026, compared to $7.0 billion at June 30, 2026. Cash, cash equivalents and restricted cash increased to $248.6 million at September 30, 2026, from $99.9 million at June 30, 2026, primarily reflecting strong third-quarter deposit growth and timing of cash flows. Investments totaled $1.3 billion at September 30, 2026, representing a 4% decrease from June 30, 2026. The increase in the interest rate environment during the quarter resulted in an increase in unrealized losses on the available-for-sale investment portfolio of $32.6 million to $77.5 million at September 30, 2026. Total loans were $5.0 billion at September 30, 2026, a decrease of $2.2 million from June 30, 2026. Home equity and residential mortgage loans grew 7% and 1%, respectively, from the prior quarter, while commercial real estate and commercial loans decreased 2% and 3%, respectively, with the declines primarily attributable to several large loan prepayments. Total deposits were $5.8 billion at September 30, 2026, an increase of 5% from June 30, 2026. On a non-GAAP basis, core deposits grew 7% during the third quarter of 2026 to $5.2 billion, and represented 88% of total deposits. Strong core deposit growth from normal seasonal deposit flows in our markets and continued success in
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customer acquisition enabled the Company to optimize its higher-cost deposits and borrowings. At September 30, 2026, borrowings totaled $374.4 million, compared to $571.1 million at June 30, 2026. As of September 30, 2026, the Company's loan- to-deposit ratio was 86%, compared to 90% at June 30, 2026. As of September 30, 2026, the Company maintained capital ratios well in excess of all regulatory requirements, including a Common Equity Tier 1 ratio of 12.53%, a Tier 1 risk-based ratio of 13.83%, a total risk-based ratio of 14.82%, and a Tier 1 leverage ratio of 9.92%. The tangible common equity ratio and tangible book value per share were 7.73% and $31.40, respectively, as of September 30, 2026, compared to 7.91% and $31.64 at June 30, 2026. The decreases reflected a $25.1 million net-of-tax increase in accumulated other comprehensive loss resulting from the increase in unrealized losses on the available-for-sale investment portfolio. The Company did not repurchase any shares of its common stock during the third quarter of 2026. For the nine months ended September 30, 2026, the Company repurchased 85,131 shares at a weighted average price of $46.55 per share under its share repurchase program. The Company announced a cash dividend of $0.42 per share, representing an annualized dividend yield of 3.04%, based on the Company's closing share price of $55.35 as reported by NASDAQ on September 30, 2026. The dividend will be payable on October 30, 2026, to shareholders of record on October 15, 2026. Q3 2026 CONFERENCE CALL Camden National Corporation will host a conference call and webcast at 3:00 p.m. Eastern Time on Tuesday, October 27, 2026, to discuss its third quarter of 2026 financial results and outlook. Participants should dial into the call 10 - 15 minutes before it begins. Information about the conference call is as follows: Live dial-in (Domestic): (833) 461-5787 Link to obtain live dial-in (All other locations): https://help.events.q4inc.com/eahc/international-dial-in-numbers Meeting ID: 616 592 150 Live webcast URL: https://events.q4inc.com/attendee/616592150 A link to the live webcast will be available on Camden National's website under "Resources — Investor Relations" at CamdenNational.bank before the meeting, and a replay of the webcast will be available on Camden National’s website following the conference call. The conference call transcript will also be available on Camden National's website approximately two days after the conference call. ABOUT CAMDEN NATIONAL CORPORATION Camden National Corporation (NASDAQ: CAC) is Northern New England's largest publicly traded bank holding company, with $7.1 billion in assets. Founded in 1875, Camden National Bank has 72 banking centers in Maine and New Hampshire and is a full- service community bank offering the latest digital banking, complemented by award-winning, personalized service. Additional information is available at CamdenNational.bank. Member FDIC. Equal Housing Lender. Comprehensive wealth management, investment, and financial planning services are delivered by Camden National Wealth Management. FORWARD-LOOKING STATEMENTS Certain statements contained in this press release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including certain plans, expectations, goals, projections, and other statements, which are subject to numerous
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risks, assumptions, and uncertainties. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Certain factors that could cause actual results to differ materially from expected results include weakness in the United States economy in general and the regional and local economies within the Northern New England regions, which could result in a deterioration of credit quality, an increase in the allowance for credit losses or a reduced demand for the Company’s credit or fee-based products and services; changes in trade, monetary and fiscal policies and laws, including Federal Reserve interest rate policies or the imposition of tariffs or retaliatory tariffs and related litigation; increased competitive pressures, including continued industry consolidation and the increased financial services provided by non-banks; inflation; deterioration in the value of Camden National's investment securities; commercial real estate vacancies and their impact on the ability of borrowers to repay loans; changes in consumer spending and savings habits; volatility in the securities markets that could adversely affect the value or credit quality of the Company’s assets, impairment of goodwill, or the availability and terms of funding necessary to meet the Company’s liquidity needs; changes in information technology and other operational risks, including cybersecurity and artificial intelligence, that require increased capital spending and introduce additional risk; changes in tax, banking, securities and insurance laws and regulations; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; changes in accounting policies, practices and standards; the effects of climate change on the Company and its customers, borrowers or service providers; the effects of civil unrest, international hostilities, including the continuation of conflict in the Middle East, or other geopolitical events; the effects of epidemics and pandemics; turmoil and volatility in the financial services industry; actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions; increases in deposit insurance assessments due to bank failures; changes to regulatory capital requirements; questions about the soundness of one or more financial institutions with which the Company does business; changes in the securities markets and other risks and uncertainties disclosed in Camden National’s Annual Report on Form 10-K for the year ended December 31, 2025, as updated by other filings with the Securities and Exchange Commission ("SEC"). Factors other than these risks could also materially affect the Company's financial results and performance, and readers should not consider the risks described above to be a comprehensive description of all potential risks and uncertainties that affect the Company. Readers should not place undue reliance on the Company's forward-looking statements. Camden National does not have any obligation to update forward- looking statements. USE OF NON-GAAP MEASURES In addition to evaluating the Company's results of operations in accordance with generally accepted accounting principles in the United States ("GAAP"), management supplements this evaluation with certain non-GAAP financial measures such as: adjusted net income; adjusted diluted earnings per share; adjusted return on average assets; adjusted return on average equity; pre-tax, pre-provision income; adjusted pre-tax, pre-provision income; return on average tangible equity and adjusted return on average tangible equity; the efficiency and tangible common equity ratios; core net interest margin; and tangible book value per share. Management utilizes these non-GAAP financial measures to measure our performance against our peer group and other financial institutions, and to analyze our internal performance. We also believe these non-GAAP financial measures help investors better understand the Company's operating performance and trends and allow for better performance comparisons with other financial institutions. In addition, these non-GAAP financial measures remove the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for GAAP operating results, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other financial institutions. Reconciliations to the comparable GAAP financial measures are included in this document.
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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.
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Selected Financial Data (unaudited) At or For TheThree Months Ended At or For TheNine Months Ended (In thousands, except number of shares and pershare data) September 30,2026 June 30,2026 September 30,2025 September 30,2026 September 30,2025 Financial Condition Data Loans $ 5,002,228 $ 5,004,468 $ 5,002,927 $ 5,002,228 $ 5,002,927 Total assets 7,053,049 6,950,980 6,981,522 7,053,049 6,981,522 Deposits 5,849,336 5,555,104 5,402,758 5,849,336 5,402,758 Shareholders' equity 720,641 725,926 676,444 720,641 676,444 Operating Data and Per Share Data Net income $ 22,821 $ 23,021 $ 21,194 $ 67,725 $ 42,601 Pre-tax, pre-provision income (non-GAAP) 31,173 30,051 29,470 89,854 69,753 Diluted EPS 1.34 1.35 1.25 3.98 2.51 Profitability Ratios Return on average assets 1.31 % 1.33 % 1.21 % 1.31 % 0.82 % Return on average equity 12.36 % 12.92 % 12.75 % 12.62 % 8.86 % Return on average tangible equity (non-GAAP) 17.47 % 18.47 % 19.12 % 18.03 % 13.82 % GAAP efficiency ratio 54.60 % 55.42 % 54.94 % 55.17 % 62.84 % Efficiency ratio (non-GAAP) 52.44 % 53.23 % 52.47 % 52.95 % 55.47 % Net interest margin (fully-taxable equivalent) 3.41 % 3.26 % 3.16 % 3.30 % 3.09 % Core net interest margin (fully-taxable equivalent)(non-GAAP) 3.10 % 2.97 % 2.82 % 3.00 % 2.73 % Asset Quality Ratios ACL on loans to total loans 0.92 % 0.91 % 0.91 % 0.92 % 0.91 % Non-performing loans to total loans 0.16 % 0.24 % 0.17 % 0.16 % 0.17 % Capital Ratios Common equity ratio 10.22 % 10.44 % 9.69 % 10.22 % 9.69 % Tangible common equity ratio (non-GAAP) 7.73 % 7.91 % 7.09 % 7.73 % 7.09 % Book value per share $ 42.65 $ 42.96 $ 39.97 $ 42.65 $ 39.97 Tangible book value per share (non-GAAP) $ 31.40 $ 31.64 $ 28.42 $ 31.40 $ 28.42 Tier 1 leverage capital ratio 9.92 % 9.66 % 8.94 % 9.92 % 8.94 % Total risk-based capital ratio 14.82 % 14.43 % 13.47 % 14.82 % 13.47 % (1) This is a non-GAAP measure, please see "Reconciliation of non-GAAP to GAAP Financial Measures (unaudited).” (1) (1) (1) (1) (1) (1)
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Consolidated Statements of Condition Data (unaudited) (In thousands) September 30,2026 June 30,2026 September 30,2025 % ChangeSep 2026 vs.Jun 2026 % ChangeSep 2026 vs.Sep 2025 ASSETS Cash, cash equivalents and restricted cash $ 248,570 $ 99,900 $ 98,848 149 % 151 % Investments: Trading securities 5,120 4,948 5,581 3 % (8)% Available-for-sale securities, at fair value 869,951 892,153 889,765 (2)% (2)% Held-to-maturity securities, at amortized cost 442,568 463,318 495,007 (4)% (11)% Other investments 15,259 23,433 31,185 (35)% (51)% Total investments 1,332,898 1,383,852 1,421,538 (4)% (6)% Loans held for sale, at fair value 6,355 13,890 9,775 (54)% (35)% Loans: Commercial real estate 2,154,943 2,191,102 2,173,748 (2)% (1)% Commercial 417,924 431,211 479,461 (3)% (13)% Residential real estate 2,021,365 1,997,226 2,017,675 1 % — % Home equity 392,032 367,818 313,951 7 % 25 % Consumer 15,964 17,111 18,092 (7)% (12)% Total loans 5,002,228 5,004,468 5,002,927 — % — % Less: allowance for credit losses on loans (46,217) (45,604) (45,501) 1 % 2 % Net loans 4,956,011 4,958,864 4,957,426 — % — % Goodwill and core deposit intangible assets 190,023 191,377 195,558 (1)% (3)% Other assets 319,192 303,097 298,377 5 % 7 % Total assets $ 7,053,049 $ 6,950,980 $ 6,981,522 1 % 1 % LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities Deposits: Non-interest checking $ 1,183,481 $ 1,080,352 $ 1,162,149 10 % 2 % Interest checking 1,914,395 1,755,545 1,535,482 9 % 25 % Savings and money market 2,065,050 1,995,303 1,879,770 3 % 10 % Certificates of deposit 605,912 632,355 701,031 (4)% (14)% Brokered deposits 80,498 91,549 124,326 (12)% (35)% Total deposits 5,849,336 5,555,104 5,402,758 5 % 8 % Short-term borrowings 311,691 508,386 748,492 (39)% (58)% Long-term borrowings 1,000 1,000 1,000 — % — % Junior subordinated debentures 61,740 61,665 61,441 — % — % Accrued interest and other liabilities 108,641 98,899 91,387 10 % 19 % Total liabilities 6,332,408 6,225,054 6,305,078 2 % — % Commitments and Contingencies Shareholders’ Equity Common stock, no par value 213,795 213,018 215,145 — % (1)% Retained earnings 591,507 575,804 529,721 3 % 12 % Accumulated other comprehensive loss: Net unrealized loss on debt securities, net of tax (93,704) (70,070) (74,348) 34 % 26 % Net unrealized gain on cash flow hedging derivative instruments,net of tax 8,536 6,656 5,532 28 % 54 % Net unrecognized gain on postretirement plans, net of tax 507 518 394 (2)% 29 % Total accumulated other comprehensive loss (84,661) (62,896) (68,422) 35 % 24 % Total shareholders’ equity 720,641 725,926 676,444 (1)% 7 % Total liabilities and shareholders’ equity $ 7,053,049 $ 6,950,980 $ 6,981,522 1 % 1 %
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Consolidated Statements of Income Data (unaudited) For TheThree Months Ended (In thousands, except per share data) September 30,2026 June 30,2026 September 30,2025 % ChangeSep 2026 vs.Jun 2026 % ChangeSep 2026 vs.Sep 2025 Interest Income Interest and fees on loans $ 69,111 $ 67,258 $ 69,070 3 % — % Taxable interest on investments 10,002 10,245 10,314 (2)% (3)% Nontaxable interest on investments 457 451 456 1 % — % Dividend income 296 377 470 (21)% (37)% Other interest income 653 660 584 (1)% 12 % Total interest income 80,519 78,991 80,894 2 % — % Interest Expense Interest on deposits 22,716 22,305 24,719 2 % (8)% Interest on borrowings 1,467 2,843 4,039 (48)% (64)% Interest on junior subordinated debentures 917 904 864 1 % 6 % Total interest expense 25,100 26,052 29,622 (4)% (15)% Net interest income 55,419 52,939 51,272 5 % 8 % Provision for credit losses 1,893 710 2,972 167 % (36)% Net interest income after provision for credit losses 53,526 52,229 48,300 2 % 11 % Non-Interest Income Debit card income 3,887 3,786 3,704 3 % 5 % Service charges on deposit accounts 2,656 2,701 2,570 (2)% 3 % Income from fiduciary services 2,081 2,220 1,884 (6)% 10 % Brokerage and insurance commissions 1,970 2,029 1,850 (3)% 6 % Bank-owned life insurance 714 1,244 957 (43)% (25)% Mortgage banking income, net 666 1,161 1,092 (43)% (39)% Other income 1,272 1,329 2,068 (4)% (38)% Total non-interest income 13,246 14,470 14,125 (8)% (6)% Non-Interest Expense Salaries and employee benefits 21,009 20,030 20,089 5 % 5 % Furniture, equipment and data processing 4,891 4,791 4,173 2 % 17 % Net occupancy costs 2,761 2,789 2,666 (1)% 4 % Debit card expense 1,777 1,690 1,745 5 % 2 % Amortization of core deposit intangible assets 1,354 1,354 1,473 — % (8)% Consulting and professional fees 888 1,405 810 (37)% 10 % Regulatory assessments 883 862 1,020 2 % (13)% Other real estate owned and collection (recoveries) costs,net (11) 3 46 N.M. N.M. Merger and acquisition costs — — 315 N.M. N.M. Other expenses 3,940 4,434 3,590 (11)% 10 % Total non-interest expense 37,492 37,358 35,927 — % 4 % Income before income tax expense 29,280 29,341 26,498 — % 10 % Income Tax Expense 6,459 6,320 5,304 2 % 22 % Net Income $ 22,821 $ 23,021 $ 21,194 (1)% 8 % Per Share Data Basic earnings per share $ 1.36 $ 1.36 $ 1.25 — % 9 % Diluted earnings per share $ 1.34 $ 1.35 $ 1.25 (1)% 7 % N.M. = Not meaningful
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Consolidated Statements of Income Data (unaudited) For theNine Months Ended (In thousands, except per share data) September 30,2026 September 30,2025 % ChangeSep 2026 vs.Sep 2025 Interest Income Interest and fees on loans $ 203,048 $ 203,096 — % Taxable interest on investments 30,543 30,343 1 % Nontaxable interest on investments 1,363 1,379 (1)% Dividend income 1,086 1,483 (27)% Other interest income 1,841 2,311 (20)% Total interest income 237,881 238,612 — % Interest Expense Interest on deposits 66,669 73,934 (10)% Interest on borrowings 7,786 12,677 (39)% Interest on junior subordinated debentures 2,710 2,662 2 % Total interest expense 77,165 89,273 (14)% Net interest income 160,716 149,339 8 % Provision for credit losses 3,156 19,321 N.M. Net interest income after provision for credit losses 157,560 130,018 21 % Non-Interest Income Debit card income 11,095 10,583 5 % Service charges on deposit accounts 7,515 7,293 3 % Income from fiduciary services 6,315 5,703 11 % Brokerage and insurance commissions 5,734 5,341 7 % Bank-owned life insurance 2,749 2,620 5 % Mortgage banking income, net 2,655 2,660 — % Other income 3,633 4,188 (13)% Total non-interest income 39,696 38,388 3 % Non-Interest Expense Salaries and employee benefits 60,654 59,724 2 % Furniture, equipment and data processing 14,326 13,198 9 % Net occupancy costs 8,609 8,392 3 % Debit card expense 5,083 5,160 (1)% Amortization of core deposit intangible assets 4,062 4,419 (8)% Consulting and professional fees 3,214 3,618 (11)% Regulatory assessments 2,652 3,133 (15)% Other real estate owned and collection (recoveries) costs, net (2) 227 (101)% Merger and acquisition costs — 9,245 N.M. Other expenses 11,960 10,858 10 % Total non-interest expense 110,558 117,974 (6)% Income before income tax expense 86,698 50,432 72 % Income Tax Expense 18,973 7,831 142 % Net Income $ 67,725 $ 42,601 59 % Per Share Data Basic earnings per share $ 4.01 $ 2.52 59 % Diluted earnings per share $ 3.98 $ 2.51 59 % N.M. = Not meaningful
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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) September 30,2026 June 30,2026 September 30,2025 September 30,2026 June 30,2026 September 30,2025 Assets Interest-earning assets: Interest-bearing deposits in other banksand other interest-earning assets $ 50,351 $ 53,143 $ 38,170 4.08 % 3.81 % 4.45 % Investments - taxable 1,333,039 1,369,968 1,380,042 3.13 % 3.14 % 3.17 % Investments - nontaxable 60,591 60,631 61,114 3.82 % 3.77 % 3.77 % Loans: Commercial real estate 2,175,981 2,186,127 2,123,138 5.68 % 5.62 % 5.72 % Commercial 373,930 368,331 398,870 6.06 % 6.08 % 6.26 % Municipal 51,169 52,139 97,113 4.82 % 4.63 % 4.76 % Residential real estate 2,015,870 2,004,972 2,033,136 4.87 % 4.74 % 4.86 % Home equity 379,346 354,025 305,140 6.55 % 6.66 % 7.27 % Consumer 16,536 16,542 18,613 9.64 % 10.38 % 9.17 % Total loans 5,012,832 4,982,136 4,976,010 5.45 % 5.38 % 5.50 % Total interest-earning assets 6,456,813 6,465,878 6,455,336 4.95 % 4.88 % 4.98 % Other assets 479,844 467,752 469,590 Total assets $ 6,936,657 $ 6,933,630 $ 6,924,926 Liabilities & Shareholders' Equity Deposits: Non-interest checking $ 1,149,238 $ 1,078,793 $ 1,163,310 — % — % — % Interest checking 1,781,772 1,753,513 1,622,869 1.70 % 1.69 % 1.82 % Savings 1,246,325 1,166,720 1,011,847 1.54 % 1.49 % 1.34 % Money market 788,461 792,802 842,043 2.39 % 2.34 % 2.69 % Certificates of deposit 621,383 641,532 698,948 2.98 % 3.01 % 3.50 % Total deposits 5,587,179 5,433,360 5,339,017 1.55 % 1.56 % 1.69 % Borrowings: Brokered deposits 84,182 114,043 176,508 3.92 % 4.01 % 4.51 % Customer repurchase agreements 246,169 269,272 246,775 0.86 % 0.84 % 1.18 % Junior subordinated debentures 61,694 61,624 61,404 5.90 % 5.89 % 5.58 % Other borrowings 129,257 258,621 354,099 2.86 % 3.54 % 3.70 % Total borrowings 521,302 703,560 838,786 2.45 % 2.79 % 3.27 % Total funding liabilities 6,108,481 6,136,920 6,177,803 1.63 % 1.70 % 1.90 % Other liabilities 95,493 81,941 87,495 Shareholders' equity 732,683 714,769 659,628 Total liabilities & shareholders' equity $ 6,936,657 $ 6,933,630 $ 6,924,926 Net interest rate spread (fully-taxable equivalent) 3.32 % 3.18 % 3.08 % Net interest margin (fully-taxable equivalent) 3.41 % 3.26 % 3.16 % Core net interest margin (fully-taxable equivalent) 3.10 % 2.97 % 2.82 % (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).” (1) (2) (1) (1) (3)
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Year-to-Date Average Balance and Yield/Rate Analysis (unaudited) Average Balance Yield/Rate For The Nine Months Ended For The Nine Months Ended (Dollars in thousands) September 30,2026 September 30,2025 September 30,2026 September 30,2025 Assets Interest-earning assets: Interest-bearing deposits in other banks and other interest-earning assets $ 45,350 $ 55,276 4.12 % 4.44 % Investments - taxable 1,365,983 1,384,151 3.13 % 3.11 % Investments - nontaxable 60,785 61,547 3.79 % 3.78 % Loans: Commercial real estate 2,181,772 2,088,486 5.64 % 5.71 % Commercial 367,620 405,140 6.08 % 6.27 % Municipal 51,460 90,161 4.87 % 5.20 % Residential real estate 2,013,216 2,035,004 4.79 % 4.80 % Home equity 356,811 293,086 6.62 % 7.26 % Consumer 16,615 18,938 9.82 % 9.15 % Total loans 4,987,494 4,930,815 5.41 % 5.48 % Total interest-earning assets 6,459,612 6,431,789 4.90 % 4.94 % Other assets 475,040 472,744 Total assets $ 6,934,652 $ 6,904,533 Liabilities & Shareholders' Equity Deposits: Non-interest checking $ 1,105,606 $ 1,124,809 — % — % Interest checking 1,739,740 1,653,975 1.67 % 1.84 % Savings 1,176,411 956,006 1.48 % 1.18 % Money market 798,694 869,446 2.35 % 2.66 % Certificates of deposit 642,660 702,929 3.05 % 3.60 % Total deposits 5,463,111 5,307,165 1.55 % 1.70 % Borrowings: Brokered deposits 108,969 193,634 3.98 % 4.55 % Customer repurchase agreements 257,315 239,286 0.88 % 1.26 % Junior subordinated debentures 61,622 61,337 5.88 % 5.80 % Other borrowings 236,861 366,814 3.44 % 3.80 % Total borrowings 664,767 861,071 2.76 % 3.41 % Total funding liabilities 6,127,878 6,168,236 1.68 % 1.94 % Other liabilities 89,078 93,096 Shareholders' equity 717,696 643,201 Total liabilities & shareholders' equity $ 6,934,652 $ 6,904,533 Net interest rate spread (fully-taxable equivalent) 3.22 % 3.00 % Net interest margin (fully-taxable equivalent) 3.30 % 3.09 % Core net interest margin (fully-taxable equivalent) 3.00 % 2.73 % (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).” (1) (2) (1) (1) (3)
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Asset Quality Data (unaudited) (In thousands) At or for theNine MonthsEndedSeptember 30,2026 At or for theSix Months EndedJune 30,2026 At or for theThree MonthsEndedMarch 31,2026 At or for theYear EndedDecember 31,2025 At or for theNine MonthsEndedSeptember 30,2025 Non-accrual loans: Residential real estate $ 2,828 $ 2,715 $ 2,252 $ 2,667 $ 3,393 Commercial real estate 2,247 6,054 5,420 639 134 Commercial 2,480 2,871 2,689 3,042 4,103 Home equity 445 501 596 672 697 Consumer 9 1 2 3 3 Total non-accrual loans 8,009 12,142 10,959 7,023 8,330 Accruing loans past due 90 days — — — — — Total non-performing loans 8,009 12,142 10,959 7,023 8,330 Other real estate owned — — — — — Total non-performing assets $ 8,009 $ 12,142 $ 10,959 $ 7,023 $ 8,330 Loans 30-89 days past due: Residential real estate $ 947 $ 1,542 $ 772 $ 1,565 $ 725 Commercial real estate 4,698 2,839 569 5,284 5,014 Commercial 806 2,424 1,350 541 1,865 Home equity 266 424 328 713 456 Consumer 67 46 58 59 37 Total loans 30-89 days past due $ 6,784 $ 7,275 $ 3,077 $ 8,162 $ 8,097 ACL on loans at the beginning of the period$ 45,276 $ 45,276 $ 45,276 $ 35,728 $ 35,728 ACL established on acquired PCD loans — — — 3,071 3,071 Provision for loan losses 2,800 1,274 806 22,031 19,009 Charge-offs: Residential real estate 24 24 — 4 4 Commercial real estate 80 — — 3,220 218 Commercial 2,259 1,229 627 12,659 12,320 Home equity — — — 21 21 Consumer 132 91 43 185 152 Total charge-offs 2,495 1,344 670 16,089 12,715 Total recoveries (636) (398) (164) (535) (408) Net charge-offs 1,859 946 506 15,554 12,307 ACL on loans at the end of the period $ 46,217 $ 45,604 $ 45,576 $ 45,276 $ 45,501 Components of ACL: ACL on loans $ 46,217 $ 45,604 $ 45,576 $ 45,276 $ 45,501 ACL on off-balance sheet credit exposures 3,419 3,052 2,810 3,064 3,117 ACL, end of period $ 49,636 $ 48,656 $ 48,386 $ 48,340 $ 48,618 Ratios: Non-performing loans to total loans 0.16 % 0.24 % 0.22 % 0.14 % 0.17 % Non-performing assets to total assets 0.11 % 0.17 % 0.16 % 0.10 % 0.12 % ACL on loans to total loans 0.92 % 0.91 % 0.92 % 0.91 % 0.91 % Net charge-offs to average loans (annualized): Quarter-to-date 0.07 % 0.04 % 0.04 % 0.26 % 0.89 % Year-to-date 0.05 % 0.04 % 0.04 % 0.31 % 0.33 % ACL on loans to non-performing loans 577.06 % 375.59 % 415.88 % 644.68 % 546.23 % Loans 30-89 days past due to total loans 0.14 % 0.15 % 0.06 % 0.16 % 0.16 % (1) Purchase credit deteriorated (“PCD”). (2) Presented within accrued interest and other liabilities on the consolidated statements of condition. (1) (2)
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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 theThree Months Ended For theNine Months Ended (In thousands, except number of shares, per sharedata and ratios) September 30,2026 June 30,2026 September 30,2025 September 30,2026 September 30,2025 Adjusted Net Income: Net income, as presented $ 22,821 $ 23,021 $ 21,194 $ 67,725 $ 42,601 Adjustments before taxes: Provision for non-PCD acquired loans — — — — 6,294 Provision for acquired unfunded commitments — — — — 249 Merger and acquisition costs — — 315 — 9,245 Gain on sale of premises and equipment, net — — (675) — (675) Total adjustments before taxes — — (360) — 15,113 Tax impact of above adjustments, as applicable — — 83 — (3,445) Adjustment for deferred tax valuationadjustment — — — — (2,421) Adjusted net income $ 22,821 $ 23,021 $ 20,917 $ 67,725 $ 51,848 Adjusted Diluted Earnings per Share: Diluted earnings per share, as presented $ 1.34 $ 1.35 $ 1.25 $ 3.98 $ 2.51 Adjustments before taxes: Provision for non-PCD acquired loans — — — — 0.37 Provision for acquired unfunded commitments — — — — 0.01 Merger and acquisition costs — — 0.02 — 0.55 Gain on sale of premises and equipment, net — — (0.04) — (0.04) Total adjustments before taxes — — (0.02) — 0.89 Tax impact of above adjustments, as applicable — — 0.01 — (0.20) Adjustment for deferred tax valuationadjustment — — — — (0.14) Adjusted diluted earnings per share $ 1.34 $ 1.35 $ 1.24 $ 3.98 $ 3.06 Adjusted Return on Average Assets: Return on average assets, as presented 1.31 % 1.33 % 1.21 % 1.31 % 0.82 % Adjustments before taxes: Provision for non-PCD acquired loans — % — % — % — % 0.12 % Provision for acquired unfunded commitments — % — % — % — % 0.01 % Merger and acquisition costs — % — % 0.02 % — % 0.18 % Gain on sale of premises and equipment, net — % — % (0.04)% — % (0.01)% Total adjustments before taxes — % — % (0.02)% — % 0.30 % Tax impact of above adjustments, as applicable — % — % — % — % (0.07)% Adjustment for deferred tax valuationadjustment — % — % — % — % (0.05)% Adjusted return on average assets 1.31 % 1.33 % 1.19 % 1.31 % 1.00 % Adjusted Return on Average Equity: Return on average equity, as presented 12.36 % 12.92 % 12.75 % 12.62 % 8.86 % Adjustments before taxes: Provision for non-PCD acquired loans — % — % — % — % 1.31 % Provision for acquired unfunded commitments — % — % — % — % 0.05 % Merger and acquisition costs — % — % 0.19 % — % 1.92 % Gain on sale of premises and equipment, net — % — % (0.41)% — % (0.14)% Total adjustments before taxes — % — % (0.22)% — % 3.14 % Tax impact of above adjustments, as applicable — % — % 0.05 % — % (0.72)% Adjustment for deferred tax valuationadjustment — % — % — % — % (0.50)% Adjusted return on average equity 12.36 % 12.92 % 12.58 % 12.62 % 10.78 % (1) Calculated using an estimated combined marginal income tax rate of 23%. (2) A one-time deferred tax valuation adjustment of $2.4 million resulted from a change in the apportionment of state income taxes due to the Northway acquisition. (1) (2) (1) (2) (1) (2) (1) (2)
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Pre-Tax, Pre-Provision Income and Adjusted Pre-Tax, Pre-Provision Income: For theThree Months Ended For theNine Months Ended (In thousands) September 30,2026 June 30,2026 September 30,2025 September 30,2026 September 30,2025 Net income, as presented $ 22,821 $ 23,021 $ 21,194 $ 67,725 $ 42,601 Adjustment for provision for credit losses 1,893 710 2,972 3,156 19,321 Adjustment for income tax expense 6,459 6,320 5,304 18,973 7,831 Pre-tax, pre-provision income 31,173 30,051 29,470 89,854 69,753 Adjustment for merger and acquisition costs — — 315 — 9,245 Adjustment for gain on sale of premises andequipment, net — — (675) — (675) Adjusted pre-tax, pre-provision income $ 31,173 $ 30,051 $ 29,110 $ 89,854 $ 78,323 Efficiency Ratio: For theThree Months Ended For theNine Months Ended (Dollars in thousands) September 30,2026 June 30,2026 September 30,2025 September 30,2026 September 30,2025 Non-interest expense, as presented $ 37,492 $ 37,358 $ 35,927 $ 110,558 $ 117,974 Adjustment for merger and acquisition costs — — (315) — (9,245) Adjustment for amortization of core depositintangible assets (1,354) (1,354) (1,473) (4,062) (4,419) Adjusted non-interest expense $ 36,138 $ 36,004 $ 34,139 $ 106,496 $ 104,310 Net interest income, as presented $ 55,419 $ 52,939 $ 51,272 $ 160,716 $ 149,339 Adjustment for the effect of tax-exemptincome 242 229 344 696 982 Adjusted net interest income 55,661 53,168 51,616 161,412 150,321 Non-interest income, as presented 13,246 14,470 14,125 39,696 38,388 Adjustment for gain on sale of premises andequipment, net — — (675) — (675) Adjusted non-interest income 13,246 14,470 13,450 39,696 37,713 Adjusted net interest income plus non-interestincome $ 68,907 $ 67,638 $ 65,066 $ 201,108 $ 188,034 GAAP efficiency ratio 54.60 % 55.42 % 54.94 % 55.17 % 62.84 % Non-GAAP efficiency ratio 52.44 % 53.23 % 52.47 % 52.95 % 55.47 % (1) Reported on a tax-equivalent basis using a 21% income tax rate. (1)
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Return on Average Tangible Equity and Adjusted Return on Average Tangible Equity: For theThree Months Ended For theNine Months Ended (Dollars in thousands) September 30,2026 June 30,2026 September 30,2025 September 30,2026 September 30,2025 Return on Average Tangible Equity: Net income, as presented $ 22,821 $ 23,021 $ 21,194 $ 67,725 $ 42,601 Adjustment for amortization of core depositintangible assets 1,354 1,354 1,473 4,062 4,419 Tax impact of above adjustment (311) (311) (339) (934) (1,016) Net income, adjusted for amortization of coredeposit intangible assets $ 23,864 $ 24,064 $ 22,328 $ 70,853 $ 46,004 Average equity, as presented $ 732,683 $ 714,769 $ 659,628 $ 717,696 $ 643,201 Adjustment for average goodwill and coredeposit intangible assets (190,803) (192,126) (196,279) (192,151) (198,072) Average tangible equity $ 541,880 $ 522,643 $ 463,349 $ 525,545 $ 445,129 Return on average equity 12.36 % 12.92 % 12.75 % 12.62 % 8.86 % Return on average tangible equity 17.47 % 18.47 % 19.12 % 18.03 % 13.82 % Adjusted Return on Average Tangible Equity: Adjusted net income (refer to the "Adjusted NetIncome" non-GAAP reconciliation table) $ 22,821 $ 23,021 $ 20,917 $ 67,725 $ 51,848 Adjustment for amortization of core depositintangible assets 1,354 1,354 1,473 4,062 4,419 Tax impact of above adjustment (311) (311) (339) (934) (1,016) Adjusted net income, adjusted for amortizationof core deposit intangible assets $ 23,864 $ 24,064 $ 22,051 $ 70,853 $ 55,251 Adjusted return on average tangible equity 17.47 % 18.47 % 18.88 % 18.03 % 16.60 % (1) Calculated using an estimated combined marginal income tax rate of 23%. Core Net Interest Margin (fully-taxable equivalent): For theThree Months Ended For theNine Months Ended September 30,2026 June 30,2026 September 30,2025 September 30,2026 September 30,2025 Net interest margin, tax-equivalent, as presented 3.41 % 3.26 % 3.16 % 3.30 % 3.09 % Net accretion income on loans from purchaseaccounting (0.25)% (0.23)% (0.27)% (0.24)% (0.30)% Net accretion income on investments frompurchase accounting (0.07)% (0.07)% (0.08)% (0.07)% (0.07)% Net amortization on time deposits and borrowingsfrom purchase accounting 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % Core net interest margin (fully-taxable equivalent) 3.10 % 2.97 % 2.82 % 3.00 % 2.73 % (1) Recognized $3.4 million, $10.4 million and $3.3 million of net accretion income on loans from purchase accounting for the three and nine months ended September 30, 2026 and three months ended June 30, 2026, respectively, and $3.8 million and $12.4 million for the three and nine months ended September 30, 2025, respectively. (2) Recognized $875,000, $2.5 million and $818,000 of net accretion income on investments from purchase accounting for the three and nine months ended September 30, 2026, and three months ended June 30, 2026, respectively, and $937,000 and $2.6 million for the three and nine months ended September 30, 2025, respectively. (3) Recognized $75,000, $225,000 and $75,000 of amortization expense on borrowings from purchase accounting for the three and nine months ended September 30, 2026 and three months ended June 30, 2026, respectively, and $132,000 and $394,000 of amortization expense on time deposits and borrowings from purchase accounting for the three and nine months ended September 30, 2025. (1) (1) (1) (2) (3)
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Tangible Book Value Per Share and Tangible Common Equity Ratio: (In thousands, except number of shares, per share data and ratios) September 30,2026 June 30,2026 September 30,2025 Tangible Book Value Per Share: Shareholders' equity, as presented $ 720,641 $ 725,926 $ 676,444 Adjustment for goodwill and core deposit intangible assets (190,023) (191,377) (195,558) Tangible shareholders' equity $ 530,618 $ 534,549 $ 480,886 Shares outstanding at period end 16,898,044 16,896,273 16,922,225 Book value per share $ 42.65 $ 42.96 $ 39.97 Tangible book value per share $ 31.40 $ 31.64 $ 28.42 Tangible Common Equity Ratio: Total assets $ 7,053,049 $ 6,950,980 $ 6,981,522 Adjustment for goodwill and core deposit intangible assets (190,023) (191,377) (195,558) Tangible assets $ 6,863,026 $ 6,759,603 $ 6,785,964 Common equity ratio 10.22 % 10.44 % 9.69 % Tangible common equity ratio 7.73 % 7.91 % 7.09 %